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150
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2000

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365

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Greece: Unit Labor Cost relative to major trading partners

200

180

160

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2000

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Agriculture

: Eurostat, Ameco

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Relative ULCs against 6 competitors in tourism


Relative ULCs against 12 trading partners in goods exports

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Relative ULCs against 6 competitors in tourism


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: Eurostat, Ameco,

368

2008

2009

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OECD

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IMF

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BoG

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150
140
130
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2000

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2007

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4%

 Obstfeld and Rogoff (2004) Ruscher and Wolff (2009).

371

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8


120
115
110
105
100
95
90
2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

: Eurostat, Ameco .
8 .
: 2000 , 2009
1,10 . REERNT = REER / REERT
REER (AMECO)
REERT 6. .

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372

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10

 .

373

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120
115
110
105
100
95
2000

2001

2002

2003

2004

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2005

2006

2007

2008

2009

REER tradables

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375

ENO :

, ., . . (2010),
, : ., . . (eds), : , , 2010.

Agenor, P. R. (1995), Competitiveness and External Trade Performance of the French Manufacturing Industry, IMF
Working Paper, No. 95/137.
Chin, M. D. and E. S. Prasad (2003), Medium Term Determinants of Current Accounts in Industrial and Developing
Countries: An Empirical Exploration, Journal of International Economics, vol. 59, pp. 47-76.
European Commission (2009), Competitiveness Developments within the Euro Area. In: European Commission,
Quarterly Report on the Euro Area, vol. 8, No. 1.
Lee, J., G. M. Milesi-Perretti, J. Ostry, A. Prati and L. Ricci (2008), Exchange Rate Assessments: CGER ethodologies,
IMF Occasional Paper, No. 261.
Lipschitz, L. and D. McDonald (1992), Real Exchange Rates and Competitiveness: A Clarification of Concepts, and
Some Measurements for Europe, Empirica, vol. 19, pp. 37-69.
Marsch, I. W. and S. P. Tokarick (1996), An Assessment of Three Measures of Competitiveness, Weltwirtschaftliches
Archiv, vol. 132, pp. 700-732.
Obstfeld, M. and K. Rogoff (2004), The unsustainable US current account position revisited, NBER Working Paper,
No. 10869.
Ruscher, E. and G. B. Wolff (2009), External Rebalancing is not an Exporters Story: Real Exchange Rates, the Nontradable Sector and the Euro, European Commission, European Economy - Economic Paper, No. 375.
Turner, P. and J. Van tdack (1993), Measuring International Competitiveness, BIS Economic Papers, No. 39.


AMECO: Sectoral unit labor cost and price indices.
OECD: REER based on relative consumer prices. Ecowin series code: oe:grc_cpidra
OECD: REER based on unit labor costs of the manufacturing sector. Ecowin series code: oe:grc_ulcmdra
IMF-IFS: REER based on relative consumer prices. Ecowin series code: ifs:s17400reczfy
IMF-IFS: REER based on unit labor costs. Ecowin series code: ifs:s17400relzfa
ECB: Harmonized Competitiveness Indicator, GDP deflator deflated. Series name: Real Harmonized Competitiveness Indicator,
GDP deflator deflated.
ECB: Harmonized Competitiveness Indicator, unit labor costs in total economy deflated. Series name: Real Harmonized
Competitiveness Indicator, unit labor costs in total economy deflated.
Bank of Greece: REER based on relative consumer prices, 2009 Governors Annual Report.
Bank of Greece: REER based on relative unit labor costs in total economy, 2009 Governors Annual Report.

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