In-house work by the Bank of Greece points to similar estimates with the main effect coming from higher total factor productivity (TFP) growth. Fifth, the rebalancing of the economy has been remarkable. The restructuring of the Greek economy towards a new, extrovert, growth model based on tradable goods and services and a higher share of exports in GDP is already underway.
In more detail, the relative prices of tradable goods and services rose by about 10% in the period 2010–2015, making their production more profitable. As a result, the share of tradable goods and services in the private economy has risen in recent years.