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This paper presents Precise Point Positioning (PPP), a method of GPS observation processing from a single receiver that provides coordinates of the highest quality. The requirements for high quality results are an exact mathematical model, high quality GPS biases modelling, and high quality IGS products. On the basis of monthly GPS observations from a permanent station GRAZ in Graz, Austria, we will demonstrate that PPP method is able to determine stations position with the accuracy and precision of a centimetre in the ITRF global coordinate frame. Because of high precision transformation between ITRF and ETRS89, the PPP method can also be used in Slovenia to determine high precision positions in the national coordinate reference system of Slovenia (D96/TM), as it is based on ETRS89.