Bank of Greece - Annual Report 2004

According to the Bank of Greece's Annual Report 2004, following the satisfactory growth rate of the Greek economy in 2003 (4.7%), economic activity in Greece began to slow down in the second half of 2004.

On the basis on these estimates, the Greek economy is still -along with Ireland and Luxembourg- one of the fastest growing economies in the European Union, significantly outperforming the euro area as a whole.

On the demand side, propitious monetary conditions, fiscal developments and the

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