*  *  *  The main features of economic developments and prospects The main features of economic developments during 2007 were the international financial turmoil and the rise in food and oil prices. These phenomena marked the second half of 2007 and have continued into 2008, leading to an intensification of inflationary pressures and a slowdown of economic activity.
These events in the international economy have, not surprisingly, adversely affected inflation and the rate of growth of the Greek economy. The annual growth rate of GDP showed a significant deceleration during the second half of 2007. Lower growth is also expected to be a feature of 2008. High uncertainty internationally increases the downside risks to growth.