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DEVELOPMENT BANKING IN GREECE 1963-2002
Figure 10: GDP rate of change
GDP Rate of Change % (Constant 1982 Prices)
15,0
10,0
5,0
0,0
-5,0
-10,0
-15,0
Source: Author’s calculations
GDP Rate of Change
%
Table 10 gives the summary statistics for GDP growth under the three- period
classification which characterizes the operation of development banks in the Greek
economy. In terms of both means and medians, the respective rates of growth follow
a downward trend as we move through the three periods. In addition, this lowering
of average rates becomes more stable, as can be observed by the diminishing
standard deviations. Furthermore, the range of values also decreases as we move
from the mid-1960s to the mid-1980s and then to the late 1990s.
Table 10: GDP growth rate: summary statistics
GDP growth rate (%)
1965-74 1975-86 1987-2001
Mean 7.71 2.73 2.55
Median 8.95 4.15 3.30
Std. Dev. 6.57 4.67 2.71
Min. -9.70 -3.90 -2.80
Max. 13.20 9.60 7.20
One might argue that, in view of the time series trends in Figure 10, our distinction
between periods of economic development in Greece is not the appropriate one.
However, our intention is not to discern the patterns of growth in the Greek econo-
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