At the same time, personal consumption declined, and net exports gave a neutral contribution. Chart 11 GDP growth projection (y-o-y rates, in %)  Chart 12 Contributions to y-o-y GDP growth* (in p.p.)
Product and labour market flexibility is certainly a part of this, but there is also a wider challenge related to reducing bureaucracy, red tape and corruption. Progress has been  BIS central bankers’ speeches  5  made in these areas but Greece still ranks second to last among euro area countries on the World Bank’s Ease of Doing Business Index.