POST‐WAR ECONOMIC GROWTH IN GREECE 1950–61

THE war in Greece ended in the latter part of 1949 and consequently economic development dates from 1950. The twelveyear period 1950-61 had one of the outstandingly high rates of economic growth in Europe. The annual average rate of growth of gross national product in real terms was not far short of that for West Germany, which was the highest in western Europe. Judging by the experience of the past decade, the Greek economy may continue to grow as fast, if not more rapidly, if certain factors in the situation improve. First of all, an important condition of further growth in the agricultural sector is the better exploitation of existing natural resources and extension of new arable land by undertaking new land reclamation projects and irrigation works. Moreover, changes in the crop structure and the implementation of the land consolidation programme should stimulate further growth of agricultural production. A more intensive investment effort in manufacturing industries and particularly in heavy nlanufacturing industries should bring a further growth of industrid production. Another important factor in this connection would be the continuati011 of public investment in electric power supplies, road and rail transport, etc., in order to complete the infrastructure and improve the country's external economies. The development of educational and training facilities in line with the future needs of the Greek economy should also contribute to a rapid longrun rate of economic growth. Analysis of the growth record requires data on changes in the economy as a whole, as well as in the individual sectors, from both output and productivity viewpoints. Estimates of changes in output can be derived from national accounting data.' From this source we can get what we need for measuring changes in