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The Hellenic Statistical Authority revises its GDP growth estimate for 2017 upwards to 1,5%

Greece on Wednesday revised its estimate for GDP growth in 2017 upwards to 1.5 pct, from an initial estimate of 1.4 pct in March.

Hellenic Statistical Authority, in a report released on Wednesday, said this upward revision was attributed to the exploitation of new data and the integration of updated data from various sources such as: household final consumption spending, general government data for 2015-2017, data for the agricultural sector in 2015-2017, balance of payments, employment figures and short-term indexes for 2015-2017.

The statistics service said the Greek Gross Domestic Product approached 180 billion euros in 2017 and noted that final consumption spending grew 0.6 pct (from a 0.2 pct decline initially estimated), with household consumption up 0.9 pct and general government consumption down 0.4 pct. Imports of goods and services rose 7.1 pct (first estimate 7.2 pct) and exports of goods and services rose 6.8 pct (unchanged from the first estimate). Private investments (gross fixed capital formation) rose 9.1 pct.

In current prices, GDP grew 2.1 pct in 2017 (up from a 2.0 pct first estimate in March), reflecting an 1.3 pct increase in final consumption spending, a 12.8 pct increase in imports and a 12.1 pct rise in exports.

Source: AMNA