Greece went through an extended economic recovery between 1933 and 1936. This resulted not only from the application of a rationally planned economic policy, but rather developed thanks to co-operation. The state policy in the field of trade was characterized by a similar element of improvization. Greece's trade deficit, together with the lack of foreign exchange, caused the frequency of audits and the restriction of imports.
The expansion of agriculture and industry led to actual development rates of 5% of the gross local product in the period 1932-36. The main causes can be traced in the growth of the cereal harvest, the increase of agricultural purchasing power and in the policy of protecting local products. Undoubtedly, the impact of state regulations was more positive in what was called 'the legacy of Venizelos', and was associated with the reconstruction of agricultural cultivation and institutional modernization (Agricultural Bank, Institute of Cotton etc.). The government of the People's Party under K. Tsaldaris, that succeeded the Liberals in power, broadly accepted the aims and the institutional innovations of its predecessors.