10 May 2016

The Czech Statistical Office (CZSO) has prepared a new approach to the GDP seasonal adjustment. This new approach takes into account significant changes on the market related to capturing of product taxes, especially from to tobacco products. The update will enable to provide relevant information on the current economic development.

The updated approach to the seasonal adjustment model takes into account the change in the GDP seasonal pattern after 2013. “The new model of seasonal adjustment will be applied for the period since 2014. Owing to that, especially quarter-on-quarter GDP development indices will be refined. This fact will not have an impact on the GDP growth rates for the entire years of 2014 and 2015,” Vladimír Kermiet, Director of the National Accounts Department, says. The GDP time series before 2013 will continue to be adjusted by the so far applied model.

The GDP preliminary estimate for the Q1 2016, including the relevant revision of the time series of seasonally adjusted data since Q1 2014 will be published on 17 May 2016 at 9:00 a.m, in accordance with the Catalogue of Products. The described changes were presented already on 4 April 2016 at a professional seminar. More detailed information was also published in the journal of Statistika&My (http://www.statistikaamy.cz/2016/04/sezonni-ocisteni-a-vypovidaci-schopnost-mezictvrtletnich-indexu-hdp/, Czech only). The May issue of the journal will bring an article which will also deal with this topic in more detail (https://www.czso.cz/documents/11350/33358990/05_2016_statistika_a_my_metodika_eng.pdf/d9e4cc9c-24b0-409f-b79e-ddff84ba0ca6).

Contact:
Vladimír Kermiet
Director of the National Accounts Department
Phone: (+420) 274 054 247
E-mail: vladimir.kermiet@czso.cz