FOCUS GREECE - December 9th EU Summit: implications for Greece and the euro area (December 13, 2011)
FOCUS GREECE - December 9th EU Summit: implications for Greece and the euro area (December 13, 2011)
Greece Focus Notes
13 Δεκεμβρίου 2011
Part II – Latest domestic fiscal and macro developments
• Real GDP contracts by 5.0%in Q3-2011
• January-November central government deficit undershoots revised 11 –month target
• What’s behind the poor performance of State budget revenue in recent months?
• Recent trends in central government spending and public investment expenditure
• Overshooting risks to the full-year general government deficit target for 2011
• Fiscal multipliers and the efficiency of the applied austerity program
• The recession has affected the real estate market and the construction sector harder than the rest of the economy.
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