quarterly report for the greek economy 2-2017iobe.gr/docs/economy/en/eco_q2_06072017_pre_en.pdf ·...
TRANSCRIPT
July 6th, 2017
Quarterly Report for the Greek Economy
2-2017
2017:Economic Recovery
• GDP growth around 1.5%
• Second assessment
• Third assessment and so forth…
Challenges and Opportunities
• Trade Balance
Imports trend
Exports dynamics
• Budget Balance
Expenditure
Taxation
• Return to international markets
Programme
Conditions
Quarterly Report Overview
International environment: Positive prospects at the beginning of 2017
• Stabilization of global growth at 3.0% in 2016.
Acceleration of growth in 2017 (3.4%) and in 2018 (3.6%)
• Expansion of international trade in 2016 (+2.0%), although it ιs lower
compared to 2015 (+2.8%)
• Significant acceleration of growth rate of international trade, around 3.4%,is expected in 2017, mainly through boost from the developed anddeveloping economies (3.8% in 2018)
• Acceleration of growth in EU and Eurozone in 2017 and in 2018
Growth rates at ΕU & Eurozone: 1.9% and 1.7% in 2017
International environment: Domestic factors are the driving force in Eurozone since 2014
• Acceleration of economic activity in the second half of 2016, both globally and in
Eurozone.
• Further acceleration in the first quarter of 2017.
Source: Eurostat, Processing Data: ΙΟΒΕ
-3
-2
-1
0
1
2
3
4
20
10
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
11
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
12
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
13
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
14
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
15
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
16
Q1
20
16
Q2
20
16
Q3
20
16
Q4
20
17
Q1
GPD and its components in Eurozone
Domestic Demand (Consumption & Investments) Net Exports (Exports- Imports) GPD
International Environment: Existence of uncertainty factors
• Still expected the announced financial expansion in US, risking positive expectations of
consumers and businesses not being verified.
• Asymmetries in the conduct of monetary policy (quantitative easing in Europe and
Japan, restrictive monetary policy in USA), will probably cause significant changes in capital
movement/exchange rates.
• Total NPLs management in European Banks (impact on investment).
• Protectionism trends from new US government affects the prospects of international trade
(although not yet implemented).
• Increased geopolitical risks (Middle East, East Asia due to North Korea).
• China’s transition towards a new economic development model, correcting accumulated
imbalances and creating frictions in the global economy.
But also:
• Mitigating uncertainties in Eurozone from elections (Holland, France).
• Growth continuation of developing economies due to high commodity prices (Brazil,
Russia).
• Small – thus far – the impact of BREXIT in the Eurozone.
GPD growth during Q1/2017
Q1/2017: +0.4%, compared to -1.0% in Q4/2016 and -0.8% in
Q1/2016
Crucial Changes in Q1/2017:
• Growth of household consumption: (+1.7%, against -0.7% in Q1/2016)
• Increase of investment cost (+13.6% after +15.2% inQ1/2016)
Mainly due to higher fixed capital formation (+11.2% against -10.1%)
• High demand for imports (+10.9% after -10.1%)
Relaxation of capital controls
Exceeded the increase of exports (+4.8%) Deterioration of the externalsector balance for the first time since 2014: deficit of €2.2 billion
Government Budget 2017 January – May (cash basis)
• Improvement compared to last year, exceeded revisedtargets (Medium-term Fiscal Strategy 2018-2021)
• Primary surplus of €1.84 billion, from €1.45 billion last yearand against target of €1.05 billion
• Improvement mainly due to expenditure containment:
€584 million less expenses of Regular Budget
€360 million less funding from Public Investment Programme
• Less revenue, solely from lower inflows from EU for the Public
Investment Programme (-€1.18 billion)
Increase of Regular Budget’s net revenue from privatizations and transaction tax
collection (not from direct taxes)
Continuation of increase of industrial production
• Q1/2017: Increase of 7.2% against +0.2% during Q1/2016
Increase in all industrial sectors
• Mining: +12.7% against -17.0%
• Manufacturing: +4.4% against +2.8%
• Electricity: +18.4% against -4.2%
Sources: ELSTAT, Eurostat
Industrial Production Index
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Q1
/20
05
Q2
/20
05
Q3
/20
05
Q4
/20
05
Q1
/20
06
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/20
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/20
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/20
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Q1
/20
08
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08
Q4
/20
08
Q1
/20
09
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/20
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Q3
/20
09
Q4
/20
09
Q1
/20
10
Q2
/20
10
Q3
/20
10
Q4
/20
10
Q1
/20
11
Q2
/20
11
Q3
/20
11
Q4
/20
11
Q1
/20
12
Q2
/20
12
Q3
/20
12
Q4
/20
12
Q1
/20
13
Q2
/20
13
Q3
/20
13
Q4
/20
13
Q1
/20
14
Q2
/20
14
Q3
/20
14
Q4
/20
14
Q1
/20
15
Q2
/20
15
Q3
/20
15
Q4
/20
15
Q1
/20
16
Q2
/20
16
Q3
/20
16
Q4
/20
16
Q1
/20
17
Ap
ril 2
01
7
Eurozone-19 Greece
Construction: Important increase in Q1/2017
Construction Production Index and Building Activity Indicator(quarter y-o-y changes)
Q1/2017: +8.6%
Q1/2017: -8.1%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
-80
-60
-40
-20
0
20
40
60
80
Q1
/20
06
Q2
/20
06
Q3
/20
06
Q4
/20
06
Q1
/20
07
Q2
/20
07
Q3
/20
07
Q4
/20
07
Q1
/20
08
Q2
/20
08
Q3
/20
08
Q4
/20
08
Q1
/20
09
Q2
/20
09
Q3
/20
09
Q4
/20
09
Q1
/20
10
Q2
/20
10
Q3
/20
10
Q4
/20
10
Q1
/20
11
Q2
/20
11
Q3
/20
11
Q4
/20
11
Q1
/20
12
Q2
/20
12
Q3
/20
12
Q4
/20
12
Q1
/20
13
Q2
/20
13
Q3
/20
13
Q4
/20
13
Q1
/20
14
Q2
/20
14
Q3
/20
14
Q4
/20
14
Q1
/20
15
Q2
/20
15
Q3
/20
15
Q4
/20
15
Q1
/20
16
Q2
/20
16
Q3
/20
16
Q4
/20
16
Q1
/20
17
Q2
/20
17
Greek Employment Level (left) Greek Production index (right) Eurozone -19 Production index (right)
Sources: ELSTAT, Eurostat
Slight improvement in Retail Trade
Volume Index in Retail Trade (2010=100) and Business Climate Index in Retail Trade (1996-2006=100)
Sources: IOBE, ELSTAT
January-April 2017: +2.8% against -2.9% last year, even with important loss in Food-
Drink sector (-4.6% against +2.4%) and in Department Stores (-2.1% against +12.0%)
40
50
60
70
80
90
100
110
120
130
40
50
60
70
80
90
100
110
120
130
Q1
/20
05
Q2
/20
05
Q3
/20
05
Q4
/20
05
Q1
/20
06
Q2
/20
06
Q3
/20
06
Q4
/20
06
Q1
/20
07
Q2
/20
07
Q3
/20
07
Q4
/20
07
Q1
/20
08
Q2
/20
08
Q3
/20
08
Q4
/20
08
Q1
/20
09
Q2
/20
09
Q3
/20
09
Q4
/20
09
Q1
/20
10
Q2
/20
10
Q3
/20
10
Q4
/20
10
Q1
/20
11
Q2
/20
11
Q3
/20
11
Q4
/20
11
Q1
/20
12
Q2
/20
12
Q3
/20
12
Q4
/20
12
Q1
/20
13
Q2
/20
13
Q3
/20
13
Q4
/20
13
Q1
/20
14
Q2
/20
14
Q3
/20
14
Q4
/20
14
Q1
/20
15
Q2
/20
15
Q3
/20
15
Q4
/20
15
Q1
/20
16
Q2
/20
16
Q3
/20
16
Q4
/20
16
Q1
/20
17
Ap
ril 2
01
7
Volume of Retail Trade index (left) Entrepreneurial Expectations Index (right)
Slight fluctuation of Economic Sentiment Indicator in 2017, higher compered to last year. In EU and Eurozone the Economic Sentiment Indicator has an upward trend
Sources: ΙΟΒΕ, European Commission
Economic Sentiment Indicator
50
60
70
80
90
100
110
120
Jun
. 20
06
De
c. 2
00
6
Jun
. 20
07
De
c. 2
00
7
Jun
. 20
08
De
c. 2
00
8
Jun
. 20
09
De
c. 2
00
9
Jun
. 20
10
De
c. 2
01
0
Jun
. 20
11
De
c. 2
01
1
Jun
. 20
12
De
c. 2
01
2
Jun
. 20
13
De
c. 2
01
3
Jun
. 20
14
De
c. 2
01
4
Jun
. 20
15
De
c. 2
01
5
Jun
. 20
16
De
c. 2
01
6
Jun
. 20
17
Economic Sentiment EU Economic Sentiment Eurozone Economic Sentiment Greece Greece's Average (2001-2016)
Significant improvement in entrepreneurial expectations, during Q2/2017, in Services, but relative deterioration in Construction, Retail Trade and Manufacturing
Source: ΙΟΒΕ
ConstructionManufacturing
Retail Trade Services
-50
-40
-30
-20
-10
0
10
50
60
70
80
90
100
110
120
Jun
. 20
06
De
c. 2
00
6Ju
n. 2
00
7D
ec.
20
07
Jun
. 20
08
De
c. 2
00
8Ju
n. 2
00
9D
ec.
20
09
Jun
. 20
10
De
c. 2
01
0Ju
n. 2
01
1D
ec.
20
11
Jun
. 20
12
De
c. 2
01
2Ju
n. 2
01
3D
ec.
20
13
Jun
. 20
14
De
c. 2
01
4Ju
n. 2
01
5D
ec.
20
15
Jun
. 20
16
De
c. 2
01
6Ju
n. 2
01
7
Industry - Greece
Greece's Average (2001-2016)
Industry - Eurozone (right)
-40
-30
-20
-10
0
10
0
20
40
60
80
100
120
Jun
. 20
06
De
c. 2
00
6Ju
n. 2
00
7D
ec.
20
07
Jun
. 20
08
De
c. 2
00
8Ju
n. 2
00
9D
ec.
20
09
Jun
. 20
10
De
c. 2
01
0Ju
n. 2
01
1D
ec.
20
11
Jun
. 20
12
De
c. 2
01
2Ju
n. 2
01
3D
ec.
20
13
Jun
. 20
14
De
c. 2
01
4Ju
n. 2
01
5D
ec.
20
15
Jun
. 20
16
De
c. 2
01
6Ju
n. 2
01
7
Construction - Greece
Greece's Average (2001-2016)
Construction- Eurozone (right)
-30
-20
-10
0
10
20
30
40
50
60
70
80
90
100
110
120
Jun
. 20
06
De
c. 2
00
6Ju
n. 2
00
7D
ec.
20
07
Jun
. 20
08
De
c. 2
00
8Ju
n. 2
00
9D
ec.
20
09
Jun
. 20
10
De
c. 2
01
0Ju
n. 2
01
1D
ec.
20
11
Jun
. 20
12
De
c. 2
01
2Ju
n. 2
01
3D
ec.
20
13
Jun
. 20
14
De
c. 2
01
4Ju
n. 2
01
5D
ec.
20
15
Jun
. 20
16
De
c. 2
01
6Ju
n. 2
01
7
Services - Greece
Greece's Average (2002-2016)
Services- Eurozone (right)
-30
-25
-20
-15
-10
-5
0
5
10
0
20
40
60
80
100
120
140
Jun
. 20
06
De
c. 2
00
6Ju
n. 2
00
7D
ec.
20
07
Jun
. 20
08
De
c. 2
00
8Ju
n. 2
00
9D
ec.
20
09
Jun
. 20
10
De
c. 2
01
0Ju
n. 2
01
1D
ec.
20
11
Jun
. 20
12
De
c. 2
01
2Ju
n. 2
01
3D
ec.
20
13
Jun
. 20
14
De
c. 2
01
4Ju
n. 2
01
5D
ec.
20
15
Jun
. 20
16
De
c. 2
01
6Ju
n. 2
01
7
Retail Trade- GreeceGreece's Average (2001-2016)Retail Trade - Eurozone (right)
Recovery of consumer confidence in Q2/2017, from very low levels one year ago
Sources: ΙΟΒΕ, European Commission
Consumer Confidence
-90
-80
-70
-60
-50
-40
-30
-20
-10
0
Jun
-06
Dec
-06
Jun
-07
Dec
-07
Jun
-08
Dec
-08
Jun
-09
Dec
-09
Jun
-10
Dec
-10
Jun
-11
Dec
-11
Jun
-12
Dec
-12
Jun
-13
Dec
-13
Jun
-14
Dec
-14
Jun
-15
Dec
-15
Jun
-16
Dec
-16
Jun
-17
Consumer Confidence in EU Consumer Confidence in EA
Consumer Confidence in Greece Consumer Confidence (2001-2016)
Unemployment continues to decline in Q1/2017
Number of unemployed in Greece Q1/1998-Q1/2017
Unemployment rate at 23.3% in Q1/2017 against 24.9% in Q1/2016 and 23.6% in Q4/2016 Increase of employment in 15 sectors: E.g. Information-Communication (+8.4%), Managerial-Supportive
activities (+8.4%), Human Health activities-Social care (+3.8%), Manufacturing (+3.2%), Public administration-National defense (+3.0%), Construction (+1.4%), Wholesale-Retail trade (+0.9%), Tourism (+0.2%).
Decrease in employment in 6 sectors: E.g. Real Estate (-32.8%), Professional-Scientific-Technical activities (-5.4%).
Source: ELSTAT
532.1 558.9 565.0 532.3 537.1501.2
558.2517.4 488.5 459.1
418.6476.7
600.2
799.6
1,119.1
1,336.0 1,342.31,272.5
1,195.11,114.7
0
200
400
600
800
1,000
1,200
1,400
1,600
1Q
/19
98
1Q
/19
99
1Q
/20
00
1Q
/20
01
1Q
/20
02
1Q
/20
03
1Q
/20
04
1Q
/20
05
1Q
/20
06
1Q
/20
07
1Q
/20
08
1Q
/20
09
1Q
/20
10
1Q
/20
11
1Q
/20
12
1Q
/20
13
1Q
/20
14
1Q
/20
15
1Q
/20
16
1Q
/20
17
Tho
usa
nd
s
Wage cost increase in Q1/2017
Wage cost indicator of total economy (seasonally adjusted)
In Q1/2017, wage cost index of total economy increased by 1% compared toQ1/2016
Source: ELSTAT
-20%
-15%
-10%
-5%
0%
5%
10%
15%
0
20
40
60
80
100
120
140
20
07
/Q1
20
07
/Q2
20
07
/Q3
20
07
/Q4
20
08
/Q1
20
08
/Q2
20
08
/Q3
20
08
/Q4
20
09
/Q1
20
09
/Q2
20
09
/Q3
20
09
/Q4
20
10
/Q1
20
10
/Q2
20
10
/Q3
20
10
/Q4
20
11
/Q1
20
11
/Q2
20
11
/Q3
20
11
/Q4
20
12
/Q1
20
12
/Q2
20
12
/Q3
20
12
/Q4
20
13
/Q1
20
13
/Q2
20
13
/Q3
20
13
/Q4
20
14
/Q1
20
14
/Q2
20
14
/Q3
20
14
/Q4
20
15
/Q1
20
15
/Q2
20
15
/Q3
20
15
/Q4
20
16
/Q1
20
16
/Q2
20
16
/Q3
20
16
/Q4
20
17
/Q1
Index (left) Percentage change (right)
Small Current Account Balance deficit of €3 billion in the first four months of 2017
Current Account Balance, January-April 2002-2017
Source: Bank of Greece
Surplus increase in Service Balances, Primary and Secondary incomes, buttrade deficit swelling
-4.7
-5.7-6.0
-7.5
-10.1
-14.2-13.6
-10.5
-13.2
-8.8
-6.4
-5.0
-3.3
-4.2
-3.2 -3.0
-16.0
-14.0
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Bill
ion
s€
Increase by 27.3% of trade balance deficit in first forth months of 2017
January-April 2017:
• Exports: +17.5% (€9 billion, including fuel)
+3.1% (€6.2 billion excluding fuel and shipping)
• Imports: +21.9% (€17.1 billion)
• Trade deficit: +27.3%
• Decline: Agricultural products (-4.6%), Other non categorized (-5.6%)
• Increase: Fuels (67.1%), Raw materials (34.6%), Industrial products (4.1%)
Markets:
• Losses: Netherlands (4.4%), Spain (3.1%),Portugal (6.4%), Finland (31.3%), Sweden (4.2),Canada (2.9%), Brazil (51.4%)
• Increase: Eurozone (7.6%), EE-28 (7.3%), France(13.6%), Germany (5%), United Kingdom (5.4%),Cyprus (9.4%), Turkey (21%), Denmark (74.2%),Bulgaria (9.4%), Russia (9.2%), USA. (3.3%), Israel(89.1%), China (44%)
Source: ELSTAT
0
5,000
10,000
15,000
20,000
25,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
mill
ion
€
Value of Greek imports and exports in the first four months of period 2008-2017
Deficit Imports Exports
• Consumer Price Index January-May2017: +1.4%, against deflation 1% in2016.
• Increase of prices in all countries ofEurozone, due to fuel price.
• Domestically, additional inflationarypressure due to increase in exciseduty on fuel, natural gas and tobaccoproducts, new fee for telephony andtax in coffee imports.
Inflation after 4 years of deflation
• Producer Price Index January-May 2017: Intense increase of 9.1%, against -9.8% last
year Fluctuations, again due to fuel.
• Energy commodities (except electricity), natural gas (+43%) and Mines-Quarries-
Manufacturing (+11%) show important change compared to the same period last year.
-4%
-3%
-2%
-1%
0%
1%
2%
3%
May
20
12
Au
g. 2
01
2
No
v. 2
01
2
Feb
. 20
13
May
20
13
Au
g. 2
01
3
No
v. 2
01
3
Feb
. 20
14
May
20
14
Au
g. 2
01
4
No
v. 2
01
4
Feb
. 20
15
May
20
15
Au
g. 2
01
5
No
v. 2
01
5
Feb
. 20
16
May
20
16
Au
g. 2
01
6
No
v. 2
01
6
Feb
. 20
17
May
20
17
Harmonized Inflation
Eurozone-19 GreeceSource: Eurostat
Effects of completion of second assessment
Retreat of uncertainty for achieving an agreement:
• Stimulation of investment climate, due to new reforms (investment license facilitation, new spatialplanning, changes in labor relations) Enhancement of employment
• Decrease in the decline of household deposits and gradual reversal of trend, facilitating firmsseeking to get access to liquidity from capital markets
Measures for public debt:
• Not further specification of medium term actions of May 2016
• Possibility to redefine loan repayment terms without Debt Sustainability Analysis Probably inthe coming period
• Commitment for primary surplus for the period 2023-2060 facilitation of debt sustainabilityanalysis
• Examination by IMF Board of Greece’s application for a 14-month funding
Greece will probably enter in the Q-E programme, if the EFSF loan is restructured and if the IMF will provide funding to Greece
Effects of completion of second assessment
Waiting for developments in the banking system
• Results from the new management of non-performing
loans
• Possible inclusion in the Q-E programme Likely to
be exploited in the view of the ECB stress tests in
January 2018
• Slight increase in deposits in the second semester of
2017 (from 2001 levels)
• Most likely a smallercredit shrink, evenwith Q-E
• Slight increase inbusiness loans in thesecond semester of2017
Unchanged fiscal measures for 2017• Most of new measures taken during the second assessment, are for period 2019-
2020
Measures for investment-growth, with medium-term impact• Additional EU resources, and from redistribution of ESPA programme 2014-2020,
funding opportunities from international investment banks, efforts to create a National
Development Bank
Mid-term developments
Pressure from first assessment measures-attenuation in the second
semester.
• Negative effects for households, mainly from tax-free income reduction, pension cuts
• Pressures on freelancers-farmers-wage earners from change in tax scale and in
insurance contributions
• Weakening of impacts of last year’s measures in the second half (base results)
Subdued public sector contribution to liquidity-investments
• Under-implementation of Public Investment Program, due to the low absorption of EU
resources
• Escalation of concession-privatization activities in the Q2/2017 (extension of Athens
International Airport contract, proclamation of Piraeus Port Authority bidder)
But also time consuming procedures for completion of contracts/licensing of investments
• Following a significant repayment of arrears last year, new increase this year, with
additional arrears of around €700 million
However, continuation of public contribution to employment, mainly through OAED’s public
work programmes
Mid-term developments
Effects from external environment
• Continuous oil price decline since April Prices have reached last year’slevels ($45-47)
• Slight increase in €/$ exchange rate after election results in Eurozone anddeclining expectations for fiscal expansion in the US
• Tension in Turkey and in the Middle East favoring the tourism sector
International uncertainty factors
• Outcome of conflicts in the Middle East
• New government policy in the US (fiscal-commercial)
• BREXIT
• Strengthening of national protectionism
Forecasts 2017
• Increase of private consumption (≈ 1.4%) mainly due to increase in employment
Halting of increase from fiscal measures of first assessment, milder in the second half
Technical enhancement from expansion of electronic transactions
• Increase in public consumption (≈ 1.0%)
Slight increase in government expenditure in the first quarter
Facilitating consumers spending from disbursing loan installment
• Investment expansion (≈ 13-15%) from:
New activity growth in tradeable sectors (manufacturing, tourism) and continuous
enhancement of construction activity (public and construction projects)
Liquidity for large firms through capital markets
Positive technical effects from inventories
• But also:
Liquidity from banks (low level of deposits-upcoming stress tests)
The high volatility of the tax-insurance system is dissuasive
GPD growth around 1.5%
External sector
• Exports increase (5.5%), mainly of services, due to:
significant increase in international demand for transportation services
not high energy cost
mild increase in export of goods, other than oil products and tourist receipts
• Higher increase of imports (8.5%) due to:
increase in domestic demand, capital controls easing in June 2016
weakening of relaxation effect (on an annual basis) after one year
Forecast for growth rate of 1.5% in 2017 or slightly
less
Forecasts 2017: Decrease of unemployment, increase of prices
New decrease of unemployment in 2017, at a smaller rate
• Enhancement of employment in tradeable sectors (manufacturing, tourism)
• Completion of assessment and reforms in labor market enhance investment and
employment
• Re-contribution of the public sector, mainly through temporary employment with
OAED’s public work programs, but also through recruitment (e.g. Health Services)
• Pressure of new measures from 01/01/2017 (direct-indirect taxation) in
employment in professional services and in retail trade
Drop of unemployment about 1%: to 22.2%
Inflation 1.5%
• Due to increase of indirect taxes and imposition of new taxes, but also due to
higher oil price
IOBE study:
Effects of reforms in tradeable sectors
Purpose of study
The purpose of this study is to examine the effects in technicalefficiency of tradeable sectors from:
Sectors studied:
Production and distribution of electric energy, Road freight transport, Passengers transport, Cruises-Yachts, Gaming-Casino
Reforms in specific sectors
«Horizontal» reforms that concern total economy (e.g. labor
market, establishment of new firms)
Firm characteristics
(e.g. age, location)
Macroeconomic conditions (e.g. GPD growth, credit
expansion/shrinking)
Study Results
Effects of sectoral reforms
• Positive effects in two sectors (Road freight transport, Passengers transport), slightly negative effect inProduction and distribution of electric energy, no effect in other sectors.
Effects of “horizontal” reforms
• Enhancement of efficiency from reforms in labor market in three sectors (Production and distributionof electric energy, Road freight transport, Passengers transport).
• Facilitation of business establishment favored only Road freight transport sector and reducedefficiency in Passengers transport sector.
Effects of firm characteristics
• Positive effect of age in the efficiency levels of all sectors, except Cruises-Yachts sector.
• Significant effect of location (in Athens or Thessaloniki regions) in all sectors, but positive effect only inPassenger transport sector and in Cruises-Yachts sector.
Effects of microeconomic environment
• Significant effect of recession in all sectors, except Production and distribution of electric energysector
• Credit expansion increases efficiency in Production and distribution of electric energy, Road freighttransport and Cruises-Yachts sectors.
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