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THE EVOLUTION OF AGRICULTURAL SECTOR THROUGH FINANCIAL STATEMENTS ANALYSIS

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Author(s): Theodore PAPAELIAS | Vasilios PANAGOU | Maria RODOSTHENOUS

Journal: Scientific Bulletin : Economic Sciences
ISSN 1583-1809

Volume: 11;
Issue: 1;
Start page: 25;
Date: 2012;
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Keywords: agricultural sector | financial statements | balance sheet | fixed assets | working capital | European Union

ABSTRACT
In 1950 Hellas was probably the most agricultural country of the West. Within the first thirty years (1950-80) the economic model that was followed had as a consequence the contraction of the sector. Nevertheless, in 1981, when the country entered European Union, it had still an extended agricultural nature. Even in 2010 (after the enlargement of E.U. to 27 members in 2004 and 2007) the labor force percentage of the farming sector was among the highest rates. Herewith it is intended to present the evolution of the sector though the analysis of the balance sheet variations of Greek agriculture. Based on a former extended literature survey, but also extracting data from Agricultural Bank of Greece (ATE), it was tried to evaluate, not only at the country level, but also at the prefectural one, data of assets and liabilities during the post-war era and per decade. The evidence derived from the fixed assets movements suggests that despite the capital accumulation, and the relatively satisfactory lending in working capital by ATE, the sector is moving near the edge of the cliff. Neither the integration of the country in the E.U. or later in the Economic and Monetary Union in 2000 managed to alter the trends formed in the period 1950-80.The contribution hereof lies in the presentation of the financial statements variations, on the one part, a methodology rather rare in Greek bibliography and relatively uncommon in the international one (data being assessed mainly with macroeconomic tools) and on the other part, in the investigation of the consequences of the economic policy applied throughout the post-war period.
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