Moreover, the improvement in the “structural” primary budget balance by more than 17 percentage points of potential GDP between 2009 and 2016 means that, taking the impact of the economic cycle into account, the fiscal adjustment in Greece was more than double the one achieved in other Member States under similar programmes.
A recouping of the sizeable cumulative loss in labour cost competitiveness vis-à-vis our trading partners between 2000 and 2009. An elimination of the external deficit, which exceeded 15% of GDP in 2008. An increase in the share of exports from 19% of GDP in 2009 to 32% today.