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Discussion with Daniel Gros and Gikas Hardouvelis

Discussion with Daniel Gros and Gikas Hardouvelis. Aristos Doxiadis. GREECE: current account components, % GDP. Percent of GDP, 2008 ( Eurostat ). Percent of GDP, 2008 ( Eurostat ). Self-employment * as % of civilian employment, 2007. Top five OECD countries. Bottom five OECD countries.

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Discussion with Daniel Gros and Gikas Hardouvelis

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  1. Discussion with Daniel Gros and GikasHardouvelis Aristos Doxiadis

  2. GREECE: current account components, % GDP

  3. Percent of GDP, 2008 (Eurostat)

  4. Percent of GDP, 2008 (Eurostat)

  5. Self-employment * as % of civilian employment, 2007 Top five OECD countries Bottom five OECD countries *Including employers and unpaid family members

  6. Self-employment distorts macro figuresShare of wages in GDP (2007)

  7. Greece had the highest % of employed in units of under 10 people among the 27 EU countries Source: Eurostat, Statistics in Focus, 31/2008

  8. NON-TRADABLE TRADABLE Government Utilities Banks Telecoms Manufacturing Airlines Shipping 2.6% 22.5% BIG >250 (6.5%) Tourism Media Retail Tourism Media Retail Small manufacture Agriculture Workshops Digital Applications 52.2% 22.7% SME <25O Shops Lawyers Hairdressers Share in total employment, 2007

  9. Annual compensation per full time equivalent employee

  10. Labor cost index, hourly basis (2008=100) (Eurostat) Puzzle: ULC decreased much less

  11. What constrains growth?

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