Forecasting Real GDP Rate through Econometric Models: An Empirical Study from Greece
Abstract
Gross Domestic Product (GDP) is an important indicator of economic activity, and is often used by decision makers to plan economic policy. This paper aims at modeling and forecasting real GDP rate in Greece. For this purpose using the Box- Jenkins methodology during the period 1980-2013 with one ARIMA (1,1,1) model. Using this model, we forecast the values of real GDP rate for 2015, 2016 and 2017. Statistical results show that Greece’s real GDP rate is steadily improving.
Full Text: PDF DOI: 10.15640/jibe.v3n1a2
Abstract
Gross Domestic Product (GDP) is an important indicator of economic activity, and is often used by decision makers to plan economic policy. This paper aims at modeling and forecasting real GDP rate in Greece. For this purpose using the Box- Jenkins methodology during the period 1980-2013 with one ARIMA (1,1,1) model. Using this model, we forecast the values of real GDP rate for 2015, 2016 and 2017. Statistical results show that Greece’s real GDP rate is steadily improving.
Full Text: PDF DOI: 10.15640/jibe.v3n1a2
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