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Greece: any better times or more pitfalls ahead?

Alonso Alonso, Lucas Juan Manuel (2017) Greece: any better times or more pitfalls ahead? Euro Crisis in the Press (01 May 2017). Blog Entry.

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Abstract

In 2015, Greece, an EU state member since 1981 with a population of 10,846,979 people, recorded the highest level of GGD (General Government Gross Debt to GDP ratio) in the EU-28, at 176.9%. Concerning the volume index of GDP (Gross Domestic Product) per capita in PPS (Purchasing Parity Standards) we find Greece’s GDP per capita dropped from 4% lower than the EU-28 average in 2004 to 29% lower in 2015. However, GDP is a measure of a country’s economic activity, and therefore it should not be considered a measure of a country’s well-being. If we take the AIC (Actual Individual Consumption) per capita in PPS (Purchasing Power Standard) as a better indicator to describe the material welfare of households, Greece showed an AIC index per capitalower by some 19% than the EU-28 average in 2015. Labour productivity per hour worked expressed in US $ (which means GDP per hour worked expressed in US $) was estimated among the lowest in the EU-28, at $32 in 2015. Curiously, Greece has the highest average hours worked per year in the EU-28, at 2,042 hours, its average hourly labour cost is among the lowest in the EU-28, at €14.5, its average annual wages at US $25,211 and unemployment rate of 24.90%. 43% of pensioners live on €660/month on average, and many Greek pensioners are also supporting unemployed children and grandchildren.

Item Type: Website (Blog Entry)
Official URL: http://blogs.lse.ac.uk/eurocrisispress/
Additional Information: © 2017 The Author(s)
Subjects: H Social Sciences > HG Finance
H Social Sciences > HN Social history and conditions. Social problems. Social reform
J Political Science > JA Political science (General)
J Political Science > JN Political institutions (Europe)
Sets: Collections > LSE Euro Crisis in the Press Blog
Date Deposited: 18 May 2017 09:31
Last Modified: 18 May 2017 10:53
URI: http://eprints.lse.ac.uk/id/eprint/77580

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