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

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.