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An analysis of the reliability of first (flash) quarterly national account data releases for Greece

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Author Info

  • Nikos G. Zonzilos

    (Bank of Greece)

  • Zacharias G. Bragoudakis

    ()
    (Bank of Greece)

  • Georgia I. Pavlou

    ()
    (Bank of Greece)

Abstract

In this article, the reliability of first (flash) quarterly national account data estimates compiled and released by the National Statistical Service of Greece is examined. The reliability of the flash quarterly estimates is assessed through a set of standard statistics measuring the size, direction and volatility of the revisions. The evaluation of the revisions encompasses all the demand components. The results provide evidence that the first quarterly estimate of total GDP (both the year-on-year and the quarter-on-quarter estimates) is barely revised in prospective NSSG releases, while higher revisions are observed for GDP components.

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File URL: http://www.bankofgreece.gr/BogEkdoseis/econbull200909.pdf
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Bibliographic Info

Article provided by Bank of Greece, Economic Research Department in its journal Economic Bulletin.

Volume (Year): (2009)
Issue (Month): 32 (May)
Pages: 39-51

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Handle: RePEc:bog:econbl:y:2009:i:32:p:39-51

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Web page: http://www.bankofgreece.gr
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Keywords: flash estimates of GDP; Greece;

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References

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  1. Panayiotis Kapopoulos & Sophia Lazaretou, 2007. "Foreign bank presence: the experience of South-East European countries during the transition process," Economic Bulletin, Bank of Greece, Economic Research Department, issue 29, pages 7-35, October.
  2. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, Economic Research Department, issue 23, pages 7-25, July.
  3. Ioannis Theodosiou & Konstantinos Pouliakas, 2005. "Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 83-115, January.
  4. Sofia Lazaretou, 2004. "Monetary System and Macroeconomic Policy in Greece, 1833-2003," Economic Bulletin, Bank of Greece, Economic Research Department, issue 22, pages 33-65, January.
  5. Mitrakos Theodore, 2008. "Child Poverty: Recent Developments and Determinants," Economic Bulletin, Bank of Greece, Economic Research Department, issue 30, pages 57-85, May.
  6. Gibson, Heather D. & Lazaretou, Sophia, 2001. "Leading inflation indicators for Greece," Economic Modelling, Elsevier, vol. 18(3), pages 325-348, August.
  7. Balfoussia Hiona, 2008. "Stock market integration-the athens exchange in the european financial market," Economic Bulletin, Bank of Greece, Economic Research Department, issue 30, pages 29-55, May.
  8. Pavlos Petroulas, 2008. "Foreign Direct Investment in Greece: Productivity and Spillover effects," Economic Bulletin, Bank of Greece, Economic Research Department, issue 31, pages 31-48, November.
  9. Panayiotis P. Athanasoglou & Sophocles N. Brissimis, 2004. "The effect of mergers and acquisitions on bank efficiency in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 22, pages 7-31, January.
  10. Theodore M. Mitrakos & Nicholas G. Zonzilos, 2006. "The impact of exogenous shocks on the dynamics and persistence of inflation: a macroeconomic model-based approach for Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 26, pages 37-57, January.
  11. Panayiotis P. Athanasoglou & Ioannis Asimakopoulos G. & Konstantinos Siriopoulos P., 2006. "External Financing, Growth and capital structure of the firms listed on the Athens Exchange," Economic Bulletin, Bank of Greece, Economic Research Department, issue 26, pages 59-77, January.
  12. Heather D. Gibson, 2005. "Greek Banking Profitability: recent developments," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 7-25, January.
  13. Theodore M. Mitrakos, 2004. "Education and economic inequalities," Economic Bulletin, Bank of Greece, Economic Research Department, issue 23, pages 27-46, July.
  14. Theodore Mitrakos & Stauros Zografakis, 2005. "The redistributional impact of inflation in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 45-82, January.
  15. Panayiotis P. Athanasoglou & Ioannis G. Asimakopoulos & Evangelia A. Georgiou, 2005. "The effect of merger and acquisition announcement on Greek bank stock returns," Economic Bulletin, Bank of Greece, Economic Research Department, issue 24, pages 27-44, January.
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Citations

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Cited by:
  1. Theodoros Mitrakos & Panos Tsaklogou & Ioannis Cholezas, 2010. "Determinants of the wage rates in Greece with an emphasis on the wages of tertiary education graduates," Economic Bulletin, Bank of Greece, Economic Research Department, issue 34, pages 7-40, September.
  2. Heather Gibson & hiona Balfousia, 2010. "The impact of nominal and real uncertainty on macroeconomic aggregates in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 34, pages 57-71, September.
  3. Vassilis Th. Rapanoss & Georgia Kaplanoglou, 2010. "Independent Fiscal Councils and Their Possible Role in Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 33, pages 7-20, May.
  4. Costas N. Kanellopoulos, 2012. "The Size and structure of uninsured employment," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 23-41, December.
  5. Papaspyrou Theodoros, 2012. "EMU sustainability and the prospects of peripheral economies," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 7-29, April.
  6. Petros M Migiakis, 2010. "Determinants of the Greek stock-bond correlation," Economic Bulletin, Bank of Greece, Economic Research Department, issue 33, pages 79-90, May.
  7. Costas N. Kanellopoulos, 2012. "Employment and worker flows during the financial crisis," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 31-41, April.
  8. Theodore Mitrakos & Panos Tsakloglou & Ioannis Cholezas, 2010. "Determining factors of youth unemployment in Greece with emphasis on tertiary education graduates," Economic Bulletin, Bank of Greece, Economic Research Department, issue 33, pages 21-62, May.
  9. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 43-54, December.
  10. Hiona Balfoussia & Heather Gibson, 2010. "Inflation and Nominal Uncertainty: the case of Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 33, pages 63-78, May.
  11. Zacharias Bragoudakis & Stelios Panagiotou, 2010. "Determinants of the receipts from shipping services: the case of Greece," Economic Bulletin, Bank of Greece, Economic Research Department, issue 34, pages 41-55, September.
  12. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, Economic Research Department, issue 37, pages 7-21, December.
  13. Faidon Kalfaoglou, 2012. "Bank capital adequacy framework," Economic Bulletin, Bank of Greece, Economic Research Department, issue 36, pages 43-81, April.

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