希腊：选定问题

GREECE SELECTED ISSUES Thisselected IssuespaperonGreecewas prepared by a staff team of the InternationalMonetary Fund as background documentation for the periodic consultation with themember country. It is based on the information available at the time it was completed onApril 30, 2026. Copies of thisreport are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. GREECE SELECTED ISSUES Approved ByEuropean DepartmentPrepared By Tarak Jardak, Summer (Yutian) Cai, andTomohide Mineyama (all EUR). CONTENTS INSIDE GREECE’S HOUSING AFFORDABILITY PARADOXES ________________________ 3 A. Introduction _________________________________________________________________________3B. How Severe are Housing Affordability Challenges? __________________________________5C. Why is the Housing Cost Burden so High? A Micro Perspective______________________7D. What Drives Housing Market Imbalances Despite Ample Stock? __________________10E. Policies _____________________________________________________________________________14F. Conclusions ________________________________________________________________________18 FIGURES 1. Greece Housing Affordability Paradoxes _____________________________________________42. House Price Dynamics________________________________________________________________53. Rent Price Dynamics _________________________________________________________________64. Housing Cost Burdens _______________________________________________________________75. Households Characteristics and Housing Affordability: Who is Affected the Most? __86. Households Joint Wealth-Income Distribution _______________________________________97. Energy Poverty Trap________________________________________________________________108. Housing Demand __________________________________________________________________119. Distribution of Supply by Price and Size Range ____________________________________1210. Supply Bottlenecks________________________________________________________________14 TABLE 1. Impact of STR Intensity on Asking Prices and Rent _________________________________ 13 References____________________________________________________________________________ 19 EXTERNAL SECTOR DYNAMICS AND FIRMS’ COMPETITIVENESS IN GREECE ____________21 A. Motivation _________________________________________________________________________________21B. Shifting Sectoral Saving-Investment Balances ______________________________________________22C. Persistent Domestic Production Gaps ______________________________________________________24D. Cyclical Implications of Structural Challenges ______________________________________________28E. Structural Reforms and Export Competitiveness____________________________________________30F. Policy Recommendations___________________________________________________________________31 BOX 1. External Financial Flows and Debt Service Burdens _________________________________________ 24 FIGURES 1. Current Account Balance ___________________________________________________________________ 212. Sectorial SI Balance_________________________________________________________________________ 223. Sectoral Gross Saving and Investment______________________________________________________ 224. Drivers of Household and NFC Savings_____________________________________________________ 235. Decomposition of Current Account and Trade Balances____________________________________ 256. Exports and Cost Competitiveness _________________________________________________________ 267. Characteristics of Export Sectors ___________________________________________________________ 278. Cost and Non-Cost Competitiveness _______________________________________________________ 289. Estimated Impacts of Recent Developments on CA Balance________________________________ 2910. Structural Impediments and Firms’ Performance __________________________________________ 31 APPENDICES I. Input-Output Analysis ______________________________________________________________________33II. World Bank Enterprise Survey ______________________________________________________________35 References____________________________________________________________________________________38 INSIDE GREECE’S HOUSING AFFORDABILITYPARADOXES1 Like many other European countries, Greece faces growing affordability challenges. House pricesand—more recently rents—have outpaced income gains, reflecting strong and increasinglyconcentrated demand, including from foreigners, alongside structural supply rigidities and supply-demand mismatches. Affordability pressures are compounded by high recurring costs, especially utilitybills, due to old and energy inefficient stock and limited energy upgrades. Policy priority should begiven to mobilizing the underutilized housin