ECONOMY

Upward revision of GDP data

Greece’s National Statistics Service (NSS) confirmed yesterday it has started procedures to revise upward the country’s gross domestic product (GDP). The move will help the government reduce its budget deficit and public debt figures as both are linked to GDP, which is a measure of the total value of goods and services produced in an economy. The data revision will be based on 2005 and is in accordance with the rules of Eurostat, the European Union’s statistical service, which requires a revision to national GDP figures every five years, according to the NSS. Greece’s last change to GDP data was based on year 2000 figures even though the procedure took place in 2004. «The whole procedure is not expected to be completed before the end of 2010,» the NSS added in a statement. The formal decision to change the figures to Greece’s national accounts will be made in Luxembourg in April.