Greek Economic Growth since 1960

Nicholas Leounakis and Plutarchos Sakellaris
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Nicholas Leounakis: Athens University of Economics and Business

No 201416, Working Papers from Athens University Of Economics and Business, Department of Economics

Abstract: We provide consistent annual data on Greek economic growth and its decomposition into the contributions of capital, labor and Total Factor Productivity (TFP) for the years 1960 to 2013. Alternatively, we decompose growth for a subset of that period into the contri- butions of TFP, and capital and labor services. Recent Greek economic history is a succes- sion of long periods of boom with long periods ïf stagnation or depression. The decisive fa- ctor of influence on economic growth during the last fifty-three years has been TFP. Contra- ry to wide spread belief that the credit boom in the eurozone periphery was used to finance unproductive sectors and investments, we show that TFP growth was very healthy before the cri- sis that started in 2008. Furthermore, the performance of TFP proves to have been the main culprit for the fourteen-year recession from 1980 to 1993 as well as for the current depre- ssion.

Keywords: Greek economic growth; Growth accounting; Financial crisis; Total Factor Productivity (search for similar items in EconPapers)
JEL-codes: E32 N10 O40 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2014
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Citations: View citations in EconPapers (4)

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