GDP growth in 2004-05 reached 8.4 percent after recording upward moving growth rates in the preceding three years; inflation during the first five years of the present regime was lower than 4 percent, only in 2004-05 it exceeded 9 percent; manufacturing sector output growth was over 15 percent, exports have doubled in US dollar terms in these five years, tax revenues have risen by 14 percent a year although Tax-GDP ratio is still low.
And although many things have changed, several reforms still need to be reinforced, given the poor initial conditions. In other words, the performance has been impressive in terms of first differences but, given the initial low level of structural competitiveness, Greece still lags behind its peers. Hence, the reform process must be pursued until the final goal is achieved, i.e.