Greece axes stats estimates over data divergence

ATHENS: Greece's statistics agency on Monday said it would no longer publish flash estimates of its growth figures after wide divergences in data called for significant revisions down the line.

"We did not have enough data (for the flash estimates)... it was creating problems", an Elstat official said.

In one notable case earlier this year, revised data showed the Greek economy growing by a slim 0.4 percent in the first three months of 2017, whereas an earlier flash estimate had pointed to a contraction of 0.1 percent for the period.

"We had significant differences in data pertaining to the fourth quarter of 2016 and the first quarter of 2017," the official told AFP.

"We will still send flash estimates to Eurostat, but it will not be published," the official added, speaking on condition of anonymity.

As a result, data for the second quarter of 2017 will be released on September 1.

Greece has spent years rebuilding confidence in its statistics after shocking European authorities in 2009 by admitting to under-reporting the size of its deficit.

However, Athens has no official obligation to publish flash estimates under European rules, the official said.

Trade and state revenue figures were among those insufficiently collected in making the flash estimates, the official noted.