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Greek Statistics Revised – Recession Deeper than Estimated

Revising the  Statistics data seems to turn into a hobby in Greece. Two days after the announcement of the draft budget -which was based on old data – , the Greek Statistics Authority (ELSTAT) revised the Gross Domestic Product. Recession was deeper than estimated. Why bother with balance sheets and writing down figures? Ask any Greek family father or any pensioner. OPS! Do not forget shop owners…

Here is the full news report:

Greek Statistical Authority (ELSTAT) revised GDP data, two days after the announcement of the draft budget, which was based on old data.

The revision shows that recession was deeper than estimated since 2008.

According to a report, growth rates for GDP for the period 2006-2010 were revised as follows: 2006 (to 5.5% from 5.2%); 2007 (to 3.0% from 4.3%); 2008 (to -0.2% from 1.0%); 2009 (to -3.2% from -2.0%); 2010 (to -3.5% from -4.5%).

More specifically for 2010, the revision of the growth rate is mainly due to a smaller decline of final consumption of households and non profit institutions serving households of -3.6% (compared to -4.5% estimated before), a larger decline in imports of -7.2% ( compared with -4.9% before), and a larger increase in exports of 4.2% (compared with 3.8% before).

The main elements contributing to these revisions are:

– New estimates have been obtained for many activities based on the results from new or improved structural business surveys of certain industries, and new surveys of the industries of information and communication, real estate, and professional activities;

– Final consumption expenditure of households has been revised, based in particular on new Household Budget Survey results;

– An improved methodology for estimating gross fixed capital formation on dwellings, using new sources and methods, has been applied;

– New estimates have been used for imports and exports of ships, using a new data source of recording such flows.

 source: economic news portal Capital.gr

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One comment

  1. Very sad… Although the Greek TV channels are having fun with it. My friend said he heard one say on the TV show:

    What is the difference between Greece and the Galopula (turkey) and the answer was that both won’t be around after Christmas. Now, that’s not very funny but dark humor sometimes comes out in a tragedy.