The first shock came after the revision of the predictions concerning the course of Greeceās economic recession during 2013 which stands at 3.9 percent instead of the initial estimation of 3.7 percent. However, this figure is still smaller than the initial prediction. A critical hit was the revision made by the Hellenic Statistical Authority (EL.STAT) on the figures regarding the course of the recession during 2012, which became 7 percent and not 6.4 percent.
If someone examines the individual data thoroughly, it can been seen that the biggest part of the adjustment is consequent to the revision of the predictions made concerning the production of national product. As for last September, a 6.2 percent reduction was estimated but according to EL.STATās data the reduction was at 7 percent.
Another determining factor that led to the revision is the final consumption expenditure of both Greek households and the public sector.
In particular, while it was estimated that the Greek households have reduced their expenditures by 9.1 percent, the real number stood at 9.3 percent. Ā What is more, the expenditures of the public services were reduced by 6.9 percent and not by 4.2 percent as it was initially predicted by EL.STAT
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