GDP in Greece

Gross Domestic Product (GDP) measures the value of all final goods and services produced in Greece over a period. Published by the Hellenic Statistical Authority (ELSTAT), it is the broadest gauge of the size and pace of the Greek economy.

ELSTAT estimates it via the expenditure, output and income approaches, which must reconcile, using seasonally adjusted data under Eurostat's ESA framework. It is released in levels and as quarter-on-quarter (QoQ) and year-on-year (YoY) growth.

After its debt crisis, growth is central to Greece's fiscal sustainability and to reducing its high public debt. A robust GDP, underpinned by tourism and investment, improves market sentiment and the risk premium, while a relapse would rekindle doubts.

It is released with a lag and the first estimates are later revised, so the flash reading is not final. The heavy weight of tourism introduces marked seasonality, and the economy remains sensitive to confidence and financing cycles.