PRESS RELEASE. The Hellenic Statistical Authority (ELSTAT) announces the Gross Domestic Product (GDP) for the 4 th quarter of 2017 (provisional data).

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1 HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, March 5, 2018 PRESS RELEASE QUARTERLY NATIONAL ACCOUNTS 4 th Quarter 2017/4 th Quarter 2016: +1.9 (Prvisinal data, seasnally adjusted in vlume terms) ANNUAL NATIONAL ACCOUNTS Year 2017: +1.4 (1st estimatin, nn- seasnally adjusted data in vlume terms) The Hellenic Statistical Authrity (ELSTAT) annunces the Grss Dmestic Prduct (GDP) fr the 4 th quarter f 2017 (prvisinal data). The available seasnally adjusted data 1 indicate that in the 4 th quarter f 2017 the Grss Dmestic Prduct (GDP) in vlume terms increased by 0.1 in cmparisn with the 3 rd quarter f 2017, while in cmparisn with the 4 th quarter f 2016, it increased by 1.9 (Table 1). The available nn-seasnally adjusted data indicate that in the 4 th quarter f 2017 the Grss Dmestic Prduct (GDP) in vlume 2 terms increased by 1.8 in cmparisn with the 4 th quarter f 2016 (Table 2). It is nted that GDP fr the previus quarters (2017Q1-2017Q3) was revised n accunt f updated General Gvernment data (EDP f Octber 2017) and updated Shrt-Term Indices data. Users shuld nte that the seasnally adjusted figures are recalculated every time a new quarter is added in the time series; therefre the seasnal adjusted data are revised every quarter. Grwth rates f majr macrecnmic aggregates based n seasnally adjusted data in vlume terms are as fllws: 1. Quarter n quarter grwth rates Ttal final cnsumptin expenditure decreased by 0.3 in cmparisn with the 3 rd quarter f Grss fixed capital frmatin (GFCF) increased by 27.8 in cmparisn with the 3 rd quarter f Exprts f gds and services decreased by 2.3 in cmparisn with the 3 rd quarter f Exprts f gds decreased by 0.1 while exprts f services decreased by 4.3. Imprts f gds and services increased by 1.7 in cmparisn with the 3 rd quarter f Imprts f gds increased by 2.3 while imprts f services increased by Seasnal and calendar adjustment. 2 Chain linked vlume measure. 1

2 2. Year n year grwth rates Ttal final cnsumptin expenditure recrded a decrease f 0.3 in cmparisn with the 4 th quarter f Grss fixed capital frmatin (GFCF) increased by 28.9 in cmparisn with the 4 th quarter f Exprts f gds and services increased by 5.3 in cmparisn with the 4 th quarter f Exprts f gds increased by 7.1, and exprts f services increased by 2.9. Imprts f gds and services increased by 4.9 in cmparisn with the 4 th quarter f Imprts f gds increased by 3.9, and imprts f services increased by 9.7. In tables 3-9 are presented levels and rates f GDP and cmpnents, with and withut seasnal adjustment. ANNUAL NATIONAL ACCOUNTS: Year 2017 (1st estimatin) The Hellenic Statistical Authrity (ELSTAT) annunces the first estimate f the Grss Dmestic Prduct (GDP) fr the year This estimate is derived frm the sum f the crrespnding (nn-seasnally adjusted) quarterly levels f year 2017 resulted frm incrpratin f updated data frm surces. Accrding t this estimate, GDP fr 2017 in vlume terms amunted t billin eur cmpared with billin eur fr 2016 recrding an increase f 1.4. This increase is n accunt f the specific changes that have been recrded per cmpnent f GDP, which are presented in table 11. GDP at current prices fr 2017 amunted t billin eur cmpared with billin eur fr 2016 recrding an increase f 2.0. This increase is n accunt f the specific changes that have been recrded per cmpnent f GDP, which are presented in table 10. It shuld be nted that accrding t the prcedures fllwed by ESA 2010 Transmissin Prgram, a secnd GDP estimate fr the year 2017 is scheduled t be released n Octber 17, The secnd estimate is based n annual data prvided by the surces (Annual Structural Business Survey, estimates f final cnsumptin expenditure f husehlds frm Husehld Budget Survey, annual Balance f Payments and External Trade data, annual General Gvernment data, etc) and with the methd f supply and use tables per prduct. Infrmatin Natinal Accunts Divisin Quarterly, Reginal & Satellite Accunts Sectin Andriana Dafni, Akis Tsagkurns, Panagitis Lutas, Vasileis Papadimitriu Tel , 2566, 2569, 6071, 2545 Fax a.dafni@statistics.gr, t.tsagkurns@statistics.gr, p.lutas@statistics.gr, v.papadimitriu@statistics.gr 2

3 2008 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q3 Graph 1: Grss Dmestic Prduct in Vlume Terms Seasnally and calendar adjusted figures (Reference Year: 2010) Changes () by quarter (q--q 3 ) and year (y--y 4 ) ,0 2,0 0,0-2,0-4,0-6,0-8,0-10,0-12,0 q--q y--y Graph 2: Grss Dmestic Prduct (GDP) in Vlume Terms (Reference Year: 2010) WITH and WITHOUT Seasnal Adjustment GDP (WITH seasnal Adjustment) GDP (WITHOUT seasnal Adjustment) 3 q--q: Percentage Change with respect t previus quarter. 4 y--y: Percentage Change with respect t the same quarter in previus year. 3

4 Table 1: Grss Dmestic Prduct (GDP) in millin (Seasnally and calendar adjusted figures) Year Quarter Chain Linked Vlumes Reference Year 2010 q--q y--y In current Prices q--q y--y 2008 Ι II ΙΙΙ IV Ι II ΙΙΙ IV Ι II ΙΙΙ IV Ι II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II III IV I II ΙΙΙ IV I ΙΙ ΙΙΙ IV

5 Table 2: Grss Dmestic Prduct (GDP) in millin (Nn-seasnally adjusted figures) Year Quarter Chain Linked Vlumes Reference Year 2010 y--y In current Prices y--y 2008 Ι II ΙΙΙ IV Ι II ΙΙΙ IV Ι II ΙΙΙ IV Ι II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II III IV I II ΙΙΙ IV I ΙΙ ΙΙΙ IV

6 Table 3: Grss Dmestic Prduct (Nn-seasnally adjusted figures) (Ιn millin at current prices) Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Changes in inventries Exprts f gds and services Imprts f gds and services Incme methd Cmpensatin f emplyees Grss perating surplus/mixed incme Taxes n prductin and imprts Subsidies *Small deviatins in sums are due t runding. Table 4: Grss Dmestic Prduct (Nn-seasnally adjusted figures) (In millin. Chain-linked vlumes, reference year 2010) Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Exprts f gds and services Imprts f gds and services *Chain-linking applies t each cmpnent separately. Therefre, chain-linked cmpnents d nt sum up t chainlinked GDP 6

7 Table 5: Grss Dmestic Prduct (Seasnally adjusted figures) (Ιn millin at current prices) Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Changes in inventries Exprts f gds and services Imprts f gds and services Incme methd Cmpensatin f emplyees Grss perating surplus/mixed incme Taxes n prductin and imprts Subsidies *Small deviatins in sums are due t runding. Table 6: Grss Dmestic Prduct (Seasnally adjusted figures) (In millin. Chain-linked vlumes, reference year 2010) Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Exprts f gds and services Imprts f gds and services *Chain-linking applies t each cmpnent separately. Therefre, chain-linked cmpnents d nt sum up t chainlinked GDP 7

8 Table 7: Grss Dmestic Prduct (Seasnally adjusted figures) (Chain-linked vlumes) Change vis-à-vis the same quarter f the preceding year Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Exprts f gds and services Imprts f gds and services Table 8: Grss Dmestic Prduct (Seasnally adjusted figures) (Chain-linked vlumes) Change vis-à-vis the previus quarter Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Exprts f gds and services Imprts f gds and services

9 Table 9: Grss Dmestic Prduct (Nn-seasnally adjusted figures) (Chain-linked vlumes) Change vis-à-vis the same quarter f the preceding year Grss Dmestic Prduct Prductin methd Grss value added Taxes n prducts Subsidies n prducts Expenditure methd Final cnsumptin expenditure Husehlds and NPISH General Gvernment Grss capital frmatin Grss fixed capital frmatin Exprts f gds and services Imprts f gds and services Table 10: Grss Dmestic Prduct nminal change (Ιn millin, at current prices) Cde ESA 2010 PRODUCTION APPROACH Nminal change () B.1 Grss value added D.21 Taxes n prducts D.31 (-)Subsidies n prducts EXPENDITURE APPROACH P.3 Final cnsumptin expenditure Husehlds and NPISH General Gvernment P.5 Grss capital frmatin P.6 Exprts f gds and services P.7 (-)Imprts f gds and services INCOME APPROACH D.1 Cmpensatin f emplyees B.2 Grss perating surplus / mixed incme D.2 Taxes n prductin and imprts D.3 (-)Subsidies n prductin B.1*g GROSS DOMESTIC PRODUCT at market prices *Small deviatins in sums are due t runding. 9

10 Table 10: Grss Dmestic Prduct change in real terms (In millin. Chain-linked vlumes, reference year 2010) Cde ESA 2010 PRODUCTION APPROACH Change in vlume terms () B.1 Grss value added D.21 Taxes n prducts D.31 (-)Subsidies n prducts EXPENDITURE APPROACH P.3 Final cnsumptin expenditure Husehlds and NPISH General Gvernment P.5 Grss capital frmatin P.6 Exprts f gds and services P.7 (-)Imprts f gds and services B.1*g GROSS DOMESTIC PRODUCT at market prices *Chain-linking applies t each cmpnent separately. Therefre, chain-linked cmpnents d nt sum up t chainlinked GDP. Detailed Infrmatin Detailed tables with data f annual natinal accunts are available n the website f ELSTAT at the fllwing URL: 10

11 Generally Legal basis Reference perid Gegraphical cverage Unit f measure Revisin Statistical classificatin Adjustments Publicatin f data EXPLANATORY NOTES Quarterly natinal accunts (QNA) are an integrated system f macrecnmic indicatrs which prvide a cmplete picture f the ecnmic status and are used mainly fr purpses f ecnmic analysis, frecasting, decisin making and plicy design. The main variables are the fllwing: Grss Dmestic Prduct (GDP), Grss Value Added, Final cnsumptin expenditure, Grss fixed capital frmatin, Imprts and Exprts f gds and services, Cmpensatin f emplyees, Emplyment. The QNA are cmpiled in accrdance with the Eurpean System f Accunts -ESA 2010 f the Cuncil Regulatin (EU) N 549/2013 f the Eurpean Parliament and f the Cuncil f 21 May The accunting perid is the quarter. The whle Greek territry. The ecnmic data are published in millin eurs. QNA aggregates are cmpiled at current prices. previus year prices and chained-linked vlumes (reference year :2010) The revisin plicy f natinal accunts data is defined as fllws: 60 calendar days after the end f reference quarter, the estimatin f the reference quarter is calculated as well as pssible revisins f previus quarters f the current year. Additinally, when annual natinal accunts data are revised, the respective quarterly data are als revised, in rder t ensure their internal cherence. The standard fllwed is the Eurpean System f Accunts (ESA 2010). Breakdwns exist fr variables by ecnmic activity and type f nn-financial asset. The classificatin NACE Rev2 is applied fr the breakdwn f ecnmic activities. QNA are cmpiled bth in raw and seasnally adjusted frm. Seasnal adjustments are carried ut using JDemetra+ sftware with Greek calendar regressrs. The seasnal adjustments (including calendar adjustment where relevant) are perfrmed applying TRAMO/SEATS methd. The QNA data are published at abut 60 days after the end f the reference quarter (prvisinal data). The publicatin includes GDP and cmpnents. References Mre infrmatin n the methdlgy and detailed tables are available n the ELSTAT website: 11