Greek economy grew faster than initially expected in the third quarter of 2016

Greek economy grew faster than initially expected in the third quarter of 2016 after Hellenic Statistical Authority revised upwards its estimates for the country’s GDP to 1.8 pct on an annual basis, from a previous estimate of 1.5 pct, while on a quarterly basis, the Greek GDP grew 0.8 pct in the July-September period from a 0.5 pct growth rate initially estimated.

The statistics service attributed this positive development to the use of data not originally available, such as monthly figures on balance of payments in September or quarterly data on the turnover of services and workforce.
The statistics service also revised upwards previous quarters’ data due to the adjustment of quarterly national accounts to revised annual figures and updated figures by the general government.

According to non-seasonally adjusted data, the country’s GDP grew 1.6 pct in the third quarter of 2016, compared with the same period last eyar, up from an initial estimate of 1.2 pct.