OECD's annual economic report on Greece. Part I analyzes the major features and causes behind the disappointing trends in the manufacturing sector and the unsatisfactory export performance. Part II discusses structural reforms that have been put in place in recent years, and the measures designed to lift bottlenecks, which have contributed to strong stagflation throughout the 80s. Macroeconomic policies in 1992 and 1993 and budget outcomes are examined in Part III. Developments in the real economy, in inflation and balance of payments in 1992, and OECD projections for 1993 and 1994 are presented in Part IV.