Why productivity stays low
Labor productivity in Greece remains low compared to Europe, according to the annual report of the Hellenic Productivity Council highlighting a permanent weakness of the Greek economy.
By contrast, the total productivity of the factors of production have increased in the last four years at three times the rate of the corresponding European one and shifted back to the average rate of the latter.
According to the data in the report, labor productivity in employed persons in Greece is approximately 61% of the EU average and 55% of the eurozone average. Accordingly, Greek productivity in working hours is approximately 49% of the EU-27 average and 43% of the eurozone average.
Professor Panagiotis Liargovas, president of the Center for Planning and Economic Research (KEPE), to which the Hellenic Productivity Council belongs, explained to Kathimerini that the low...