Revision of historical general government deficit and debt data

Hellenic Statistical Authority (ELSTAT) and Eurostat announced today the revised general government (gg) deficit and gross debt figures for 2008-11. It is reminded that statistical services’ previous data (first estimates for 2011) were released last April.

In particular, 2011 gg deficit was revised by 0.6% to €19,686m (from €19,565m before), yet the respective debt-to-GDP ratio worsened by 0.3pp to 9.4% (from 9.1% previously). Furthermore, gross debt was marginally revised by just 0.01% to €355,658m corresponding to 170.6% of GDP (from 165.3% previously). The deterioration of both ratios is entirely attributed to a downward revision of 2011 GDP by €6.6bn or 3.0% to €208,352m (from 215,088m in April).

It is also noteworthy that 2010 gg deficit was revised to €23,732m or 10.7% of GDP (from 10.3% previously), while gross debt was adjusted to €329,513m or 148.3% of GDP (from 145.0% in April), mainly attributed to a downward revision of 2010 GDP by €5.2bn or 2.3% to €222,151m (from €227,318m previously).

ELSTAT also noted that it has updated the register of gg entities in line with the European statistical system standards and practices. Hence, the updated register incorporates a number of small entities that had not been classified within general government, while some small entities that had been part of the register since before 2011 were reclassified into other sectors.

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