Greece: Clear slowdown of the economy after the Olympia boom

After a very high-powered first quarter and subsequent weakness, the economy gained strength in Greece in 2003. The real gross domestic product increased by 4.2%, according to initial calculations. The situation on the labour market continued to improve, along with increasing employment but also with little change in the unemployment rate (9.3% for the year) because of strong immigration. The rise in the cost of living abated somewhat and stood at 3.4%. This year GDP should increase by 4¼%. The unemployment rate will fall to 8½% for the year. Prices will increase by 3¾%. In 2005 GDP will expand by 3%, the unemployment rate will fall to 8¼%, and consumer prices will increase by 3¾%.