Greek GDP 2013Q2 – Update

Economy View

ELSTAT updated its early flash estimate for the Greek 2013Q2 GDP with revised detailed data. Since I had analyzed the original release, let’s take a look at what has changed since then:

Table 1

Volume change is now -3,8% compared to the original estimate of -4.6%. This is attributed completely to the nominal GDP growth rate which registered at -6.1%, far less than the original -6.9%. The GDP deflator estimate is unchanged, yet nominal values have been revised upwards which is certainly a positive development.

Table 2

Only the income method is not provided in constant prices so I will focus on this one. Labor compensation is still highly negative at -13.9% (from -14.1% in 2013Q1) and the same happened for Gross Operating Surplus/Mixed Income (-3.5%). What actually increased was… taxes, which increased 5.5% and subsidies 10.3%. So it seems that income of both labor and corporations did not…

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