Greece is classified in the third group of EU Member States with "modest but improving competitiveness," according to the annual report titled "Progress in industrial competitiveness per EU country" that was released yesterday (11.09) by the European Commission in Brussels. Other countries in the group include Estonia, Lithuania, Spain, Latvia, Czech Republic, Hungary, Poland, Portugal, Romania and Slovakia.

The chapter on Greece emphasizes that the country is returning to growth after a long recession, but adds that Athens must implement its adjustment programme in full if it hopes to see a further rebound in 2015.

It goes on to say that Greece’s economy mostly relies on its service sector, while its production share is far below the European average of 15.5%, at just 9.9%. Tourism appears to have been playing a major role in the economic recovery this year, along with the country’s high absorption of EU subsidies for projects such as restarting works on four major highways, worth over €7 billion.

More information for a full country report: Monitoring progress in the Member States