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26 April, 2002
Spending on pension payment in Greece account for 12.7 percent of the country's gross domestic product and cover more than half (51.4 percent) of total social spending, Eurostat said on Thursday.
The EU's executive statistics agency said that spending on pension payment in the EU-15 were also 12.7 percent of the EU's GDP, or 47.9 percent of total social spending. More analytically, in the year 1999, Italy (15.1 percent of GDP) and Austria (14 percent) were the biggest spenders on pension payment, while Ireland (3.8 percent), Spain (9.9 percent) and Portugal (10.1 percent) recorded the lowest spending in the EU.
Greece (51.4 percent) ranks second after Italy (62 percent) in total pension payment spending as a percentage of social spending, with Ireland recording the lowest rate (27.1 percent).
Source: Athens News Agency