WiFo: “Greek GDP 28% less than EU average”

6.2.13

Austrian financial institute WiFo considers a change of strategy and further European assistance as means to escape the crisis, contrary to optimistic reports claiming that the worst is gone.

The institute notes in its report that there will be no change in the Greek situation, should the European partners not change their strategy and commit to further help. According to Deutsche Welle, the report focuses on the importance of structural funds to reduce the income differences amongst EU members.

The Greek income per capita for 2012 was 28% less than the EU average, with the difference being less compared to 1960 (when it was 60%), however the income shortfall has increased.

Institute analysts conclude that Greece must emphasize competitive sectors of industry and service, to extend the tourist season and connect tourism with health services. They also suggest changes to public administration and reforming the tax collection system.