The OECD’s “Government at a Glance” report this week dissected Greece’s fiscal performance over the past several years – in a survey that covered most of the world’s nations as well — noting that revenues have now exceeded pre-crisis (2009) levels: from from 40.4 percent in 2007 to 48.3 percent in 2015.
At the same time, the Organisation for Economic Co-operation and Development (OECD) noted that increasing revenues come amid a major decrease in the country’s GDP, as a result of the unprecedented economic crisis.
Spending by the general government, as a percentage of GDP, were at 49 percent in 2016, down from 54.1 percent in 2009 and 47.1 in 2007.
For instance, the OECD estimated that Greek GDP in 2015 – an annus horribilis even amid the dour crisis years – was 76 percent of the country’s GDP, compared to 2007.
Moreover, the OECD said Greece experienced high increases in the proportion of central government revenues, by 4.7 p.p. in tandem with major reductions in the share of social security (-5.0 p.p.). In terms of government expenditures levels, the percentage for Greece was 54.2 percent of GDP in 2015.
Finally, between 2009 and 2015 expenditures per capita was negative in Greece (-3.8 percent average per year).
