SLIDE 6 Remaining challenges and legacies (2017)
Greece EU28
Overtaxation Average tax wedge, employee with €50K annual take home pay 58,0% 51,0% Disinvestment Net fixed capital formation, % GDP
3,4% Legacy of a depression NPEs as % of exposures (2009 NPL) 47,6% 3,9% Difficult and expensive private sector access to finance Interest rate on new business loans. Loan value up to € 1mio 5,3% 2,3% Corporate sector is small Compensation of employees by corporations, % of GDP 15,0% 33,5% Large share of micro enterpreneurship Employment in businesses with less than 10 employees, % total business employment 57,3% 29,8% Large (and inefficient) public sector Compensation of employees, General Government, % of GDP 12,1% 9,9% High pension expenditure Pension expenditure % of GDP 16,6% 11,5% Low productivity (2009=100) Real labor productivity per hour worked 91,0% 108,9% Low employment Employment 15-64Y , total economy, % of population 15-64Y 53,5% 67,7% Trade deficit (goods) Exports of goods minus imports of goods, % of GDP
0,6%
European Commission AMECO database, Eurostat, SBA Factsheet, ECB, Taxes in Europe Database & OECD Taxing Wages, Bank of Greece, Greek General Government Budget Execution Bulletin, Bank of Greece. Tax wedge with SSCs.
