Greece’s recession-battered economy is showing significant improvement in Stability Pact macroeconomic indices, 10 months before a scheduled end of the third bailout for the country.
According to Eurostat, the figures show a return to normalcy for the country, as foreseen by the Stability Pact.
Specifically, Greece appears to meet the target for an average three-year balance of trade deficit, posting a figure of 1 percent in its balance of trade, compared with GDP, while the maximum acceptable level is 4 percent of GDP.
In terms of productivity and competitiveness, the median nominal labor cost decreased in 2016, compared to 2013, by 3.3 percent.
A structural imbalance is considered as any labor cost increased by more than 9 percent.
Finally, in 2016 private debt was equal to 124.7 percent of GDP, when the maximum ceiling allowed is 133 percent.
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