What kind of economy does greece have

Successive Greek governments, however, failed to push through many of the most unpopular reforms in the face of widespread political opposition, including from the country's powerful labor unions and the general public. Greece, however, struggled to meet the targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for and In , the Greek economy began to turn the corner on the recession. Greece achieved three significant milestones: balancing the budget - not including debt repayments; issuing government debt in financial markets for the first time since ; and generating 0.

Despite the nascent recovery, widespread discontent with austerity measures helped propel the far-left Coalition of the Radical Left SYRIZA party into government in national legislative elections in January To stave off a collapse of the banking system, Greece imposed capital controls in June , then became the first developed nation to miss a loan payment to the IMF, rattling international financial markets.

Industrial output rose 7. GDP bounced back solidly, growing Major Economies. South-Eastern Europe. Sub-Saharan Africa. Central America. Monetary and Financial Sector. Precious Metals. Region Reports. Country Reports. Annual Subscriptions. Greece Economic Outlook September 28, GDP bounced back solidly in annual terms in Q2, largely on rebounding capital and consumer spending. Under intense pressure from the EU and international market participants, the government accepted a bailout program that called on Athens to cut government spending, decrease tax evasion, overhaul the civil-service, health-care, and pension systems, and reform the labor and product markets.

Austerity measures reduced the deficit to 1. Successive Greek governments, however, failed to push through many of the most unpopular reforms in the face of widespread political opposition, including from the country's powerful labor unions and the general public. Greece, however, struggled to meet the targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for and In , the Greek economy began to turn the corner on the recession.