Content of GDP revision of June (2005/05/18)
18 May 2005
Content of GDP revision of June
The Czech Statistical Office (CZSO) completed the repeated processing of annual statistical questionnaires covering the years 2000-2003, which is the basic source for compilation of national accounts. This processing reflects all information acquired additionally, particularly on activity of businesses not measured by the statistical survey. When imputing to make the data complete, the CZSO put a special emphasis on mutual comparability within the time series. This work resulted in outputs that are partly different from the hitherto presented results, particularly as regards structure. It is technically impossible to integrate these data in the whole time series of indicators of national accounting in a short time as the original schedule required. That is why the CZSO focused its work on the year 2003, and the revision of indicators for preceding years will be published in March 2006. Semi-definitive national accounts for 2003 will be published according to schedule and scope on 30 June 2005.
Further, the Czech Statistical Office informs users that a time series of quarterly indicators for 2003, 2004 and the 1st quarter of 2005 will be published on 9 June 2005. A solution is going to be used for deflation to constant prices that guarantees consistency with indicators for preceding periods not revised as at 9 June. Already notified new outputs – GDP by income approach, gross fixed capital formation broken down by type of goods, and population and employment – will be part of the presentation.
Allocation of financial intermediation services indirectly measured (FISIM) will be published according to schedule on the same day. For the time being, these data will in 2005 be presented separately as an independent time series since 1995. As this item has a negligible impact on key trends, the CZSO is now not going to change the whole time series on GDP and other indicators.
According to the schedule of publishing outputs of national accounts in 2005 from January 2005, a revised time series of annual and quarterly national accounts since 1995 should be published in June. The complete annual and quarterly revised time series of gross domestic product and its components by kind of activity and by expenditure category since 1995, encompassing all methodological adjustments incl. FISIM, will be published in March 2006.
