The share of tradable goods and services in the economy has increased by 10% relative to non-tradables in terms of real gross value added since 2010. On account of improving economic conditions and the reforms implemented, the unemployment rate, although still quite elevated, declined to 19.0% in the second quarter of 2018from 27.8% at the end of 2013.
The banking system has been restructured and recapitalised and its corporate governance has been enhanced. Following three rounds of recapitalisation, Greek banks have capital ratios above the euro area average and maintain buffers sufficient to absorb additional credit losses, as the recently completed pan-European stress test indicated.