GDP growth, by contrast, rose from an annual rate of less than 1% for about 15 years up to the 1990s to almost 4% over the last ten years. This represents a rate which is twice the euro-zone average. Finally, the fiscal deficit also fell significantly from the double digit figures experienced in the early 1990s.
In short, the Greek economy was transformed by euro area entry. Subsequently it was aided by the advantages flowing from the stable macroeconomic environment and low interest rates of the euro area, as well as from the Olympic Games in 2004. On the supply side, liberalization and privatizations as well as a reinvigorated private entrepreneurial spirit have been the principal driving forces.