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SO SR will revise data on the performance of economy

SO SR will revise data on the performance of economy

Last update: 29.10.2019
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Publisher: Headquarters Bratislava
Publish Date: 12.06.2019

The Statistical Office of the SR will carry out a major benchmark revision of data in the system of national accounts in July to September this year. It will affect both annual and quarterly data for sector and national accounts in some cases starting from 1995 to 2017. The preliminary estimates for the 2018 annual data will also be adjusted.

The expected impact of the revision on the key aggregate - gross domestic product (GDP) is, according to data known so far, from -0.9 to + 1.5% of GDP depending on individual year.  " A major revision is being carried out by all EU countries, and most countries plan to do so in 2019 as do the SO SR. The aim is to refine the data on the most important macroeconomic indicators that monitor the performance of individual economies according to the latest available information," said Alena Illiťová, General Director of the Macroeconomic Statistics Section of the SO SR.

Information from updated data sources, revised foreign trade data and methodological improvements for individual indicators will be incorporated into the entire national accounts system.

The revised annual sectoral and national accounts will be sent to Eurostat at the regular September deadline (30 September 2019). Subsequently, in a short period of time, the SO SR will also revise quarterly national and sector accounts and, in October 2019, publish changes in all relevant databases on the SO SR website.

„ At the same time we recalculate the constant price data compiled by chain-linking volumes to the reference year 2015 (change of reference year from 2010 to 2015). The recalculation will affect the data since 1995.” added Alena Illiťová.

More detailed information on changes in specific indicators will be described in the methodological notes when published on the SO SR website.

In the regular autumn communication on key aggregates the annual GROSS DOMESTIC PRODUCTS (GDP), as well as GROSS NATIONAL INCOME (GNI), including components, data will be adjusted in the 2010-2017 timeline. The Report on the quality of GNI data will also include a description of the impact of the revision.

EU Member States publish national accounts data revised according to ESA 2010 methodology from 2014. Macroeconomic statistics, including national accounts, are produced from different sources. Information used to estimate economic aggregates e.g. GDP, GNI are available with varying degrees of timeliness. Similarly, the applied methodological procedures are being improved over time on the basis of new information.

"We know that revisions of macroeconomic statistics create a burden for users, but are inevitable and very necessary to improve the quality of konwledge of reality," added A. Illiťová.

According to the Harmonized European Revision Policy for Macroeconomic Statistics, Member States should disseminate the results of major (benchmark) revisions of national accounts data in 2019 and 2024.

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