Economy still depends on consumption

The road to changing the country's development model will be long and difficult. The intention to stop Greek GDP being so dependent on consumption has not yet begun to be reflected on the GDP blueprint.

As much as 88% of the annual GDP depends on consumer spending - the sum of the expenses made by households, but also by the general government bodies - with the share of investments having increased in recent years, but remaining at very low level of 13%-14% maximum.

As for the increase in exports - including tourism revenues - they are absorbed in their entirety by the corresponding increases in imports. It is indicative that in the whole of last year - during which the GDP reached in nominal terms the level of 208 billion euros, returning to the levels of 2011 - investments amounted to €28.5 billion, representing 13.7% of GDP.

In 2007-2008, years in which the...