“At end-September, 2006 the Greek authorities announced large revisions to the national accounts for 2000–05. The level of GDP was revised up by about 26 percent, although real growth rates were little changed. Since the nominal values of the general government deficit and public debt were not affected, their ratios as percentage of GDP became markedly smaller. This was the first major revision since the application of ESA79 to the base year of 1988, which resulted in a 20 percent revision of GDP.
The authorities emphasized that the revisions are meant to bring Greece national accounts into conformity with ESA95 and resolve a number of reservations raised by Eurostat regarding earlier estimates. Indeed, the bulk of the revision (20.9 percentage points of the 25.7 percent revision in 2000, the new base year) are accounted for by this latter factor. The estimates for 2002−05 are still provisional because the results of the new surveys have yet to be incorporated.
The revision incorporates the 2001 general census, new surveys on retail and wholesale commerce, transport, hotels, and dwellings, better use of administrative databases, and new estimates of rents, the capital stock, and capital consumption. For 2000, the census raised estimates of total employment of persons by 10.4 percent. More than half the output revision is concentrated in four branches: wholesale trade (16.4 percent), hotels and restaurants (15.4 percent), construction (11.1 percent), and other business activities (10 percent).”
- From the most recent Greece Article IV Staff Report IMF, p. 15
See also
Greece: Selected Issues (IMF); covers the following three main topics-
Greece’s Competitiveness Deficit: How big is it and how could it be unwound?
Greece’s Fiscal Adjustment in an International Context
Credit Growth and Bank Vulnerability in the Euro Area and Greece
1 comment:
Post a Comment