A revision of Greece’s national accounts last year – the first for two decades – showed that the economy has been growing much faster than projected. The revised statistics, which captured more of the fast-growing service sector, raised gross domestic product (GDP) by as much as 25%.
Eurostat, the EU’s audit arm, is expected to approve the new Greek figures this month. One result would be a cut in the budget deficit from 2.6% to 2.2% of GDP, well within the 3% of GDP limit for eurozone members.
