Government finance statistics - quarterly data

Data from 22 July 2016. Seasonal adjustment metadata updated on 22 July 2016. Most recent data: Further Eurostat information, Main tables and Database. Planned update of the article: 24 October 2016.

In recent years Eurostat has significantly expanded the range of integrated quarterly data on government finances available, providing a timely and increasingly high quality picture of the evolution of government finances in the European Union (EU). The data presented in this article reflect both non-financial and financial (quarterly non-financial and financial accounts for general government) transactions and cover all European Union (EU-28) countries as well as Iceland, Norway and Switzerland.

This article is based on data transmitted to Eurostat at the end of June 2016 and during July 2016 and includes data coverage of the first quarter of 2016, and follows ESA 2010 methodology. It is supplemented by non-financial seasonally adjusted data estimated provided on a voluntary basis by EU and EFTA countries' National Statistical Institutes. Eurostat regularly publishes seasonally adjusted and working day adjusted quarterly data on government revenue, expenditure and surplus (+)/ deficit (-), currently for nineteen Member States, Switzerland and the EU aggregates.

Table 1: EA-19 and EU-28 quarterly net lending (+)/ net borrowing (-), total expenditure and total revenue as a percentage of GDP, seasonally adjusted data
Source: Eurostat (gov_10q_ggnfa), seasonally adjusted data: Eurostat and National Statistical Institutes estimates
Table 2: Quarterly net lending (+)/ net borrowing (-) as a percentage of GDP, seasonally adjusted data
Source: Eurostat (gov_10q_ggnfa), seasonally adjusted data: National Statistical Institute estimates
Table 3: Quarterly net lending (+)/ net borrowing (-) by country, non-seasonally adjusted data
Source: Eurostat (gov_10q_ggnfa)
Figure 1: EU-28 and EA-19 quarterly net lending (+)/ net borrowing (-), % of GDP, seasonally adjusted data
Source: Eurostat (gov_10q_ggnfa)
Figure 2: EA-19 total revenue and total expenditure, seasonally and non-adjusted adjusted data, billion euro
Source: Eurostat (gov_10q_ggnfa)
Figure 3: EA-19 total revenue and total expenditure, seasonally and non-adjusted adjusted data, % of GDP
Source: Eurostat (gov_10q_ggnfa)
Figure 4: EA-19 net lending (+)/ net borrowing (-), seasonally and non-adjusted adjusted data, % of GDP and billion euro
Source: Eurostat (gov_10q_ggnfa)
Figure 5: EU-28 components of general government total revenue, billion euro
Source: Eurostat (gov_10q_ggnfa)
Figure 6: EU-28 components of general government total expenditure, billion euro
Source: Eurostat (gov_10q_ggnfa)
Figure 7: EU-28 net financial transactions, transactions in assets and liabilities, billion euro
Source: Eurostat (gov_10q_ggfa)
Figure 8: EA-19 net financial transactions, transactions in assets and liabilities, billion euro
Source: Eurostat (gov_10q_ggfa)
Figure 9: EU-28 net financial worth, stock of assets and liabilities, billion euro and % of GDP
Source: Eurostat (gov_10q_ggfa)
Figure 10: EA-19 net financial worth, stock of assets and liabilities, billion euro and % of GDP
Source: Eurostat (gov_10q_ggfa)
Figure 11: EU-28 stock of assets by financial instrument, % of GDP
Source: Eurostat (gov_10q_ggfa)
Figure 12: EA-19 stock of assets by financial instrument, % of GDP
Source: Eurostat (gov_10q_ggfa)
Figure 13: EU-28 stock of liabilities by financial instrument, % of GDP
Source: Eurostat (gov_10q_ggfa)
Figure 14: EA-19 stock of liabilities by financial instrument, % of GDP
Source: Eurostat (gov_10q_ggfa)
Figure 15: Net financial worth by country, % of GDP.png
Source: Eurostat (gov_10q_ggfa)
Figure 16: General government gross debt, % of GDP, 2016Q1
Source: Eurostat (gov_10q_ggdebt)
Figure 17: Change in general government gross debt, percentage points of GDP, 2016Q1 compared to 2015Q4
Source: Eurostat (gov_10q_ggdebt)

Main statistical findings

In the first quarter of 2016, the seasonally adjusted general government deficit to GDP ratio stood at 1.6% in the euro area (EA19), a decrease compared with 2.3% in the fourth quarter of 2015. In the EU28, the deficit to GDP ratio stood at 1.8%, a decrease compared with 2.3% in the previous quarter.

Quarterly non-financial accounts for general government

Government revenue and expenditure

Both total revenue and expenditure exhibit a clear seasonality. In order to interpret trends for the most recent quarters, seasonally adjusted data is presented in addition to the raw data transmitted by EU Member States (see explanation below).

In the first quarter of 2016, total government revenue in the euro area amounted to 46.3% of GDP, a decrease compared with 46.7% in the fourth quarter of 2015. Total government expenditure in the euro area stood at 48.0% of GDP, compared with 48.9% of GDP in the previous quarter.

In the EU28, total government revenue was 44.9% of GDP in the first quarter of 2016, compared with 45.3% in the fourth quarter of 2015. Total government expenditure in the EU28 was 46.8% of GDP, compared with 47.6% in the previous quarter.

From the fourth quarter of 2010 onwards, a decreasing trend in the level of the total expenditure-to-GDP ratio is visible, reflecting an absolute decrease in total expenditure as well as the effects of renewed growth in the EU and the euro area (all seasonally adjusted). However, in the fourth quarter of 2015, mainly due to one-off effects in several Member States, seasonally adjusted government expenditure increases significantly.

In the fourth quarter of 2012 and in the second quarter of 2013, total expenditure increased slightly in both areas, influenced by interventions to support the banking sector in several Member States, notably in Spain in the fourth quarter of 2012 and in Greece in the second quarter of 2013. Supports to the banking sector in several Member States are also the main reason for the increase in the fourth quarter of 2015.

General government deficit

The difference between general government total revenue and total expenditure is known in ESA2010 terminology as general government net lending (+)/ net borrowing (-) (ESA2010 category B.9) and is usually referred to as government deficit (or surplus). This figure is an important indicator of the overall situation of government finances. It is usually expressed as a percentage of GDP.

In the first quarter of 2016, the seasonally adjusted general government deficit to GDP ratio stood at 1.6% in the euro area (EA19), a decrease compared with 2.3% in the fourth quarter of 2015. In the EU28, the deficit to GDP ratio stood at 1.8%, a decrease compared with 2.3% in the previous quarter.

Due to the economic and financial crisis, which started in 2008, EU government's deficits steadily deteriorated and reached a record level of -7.0 % of GDP (seasonally adjusted) in the third quarter of 2010. The beginning of the consolidation of public finances which can be observed from the fourth quarter of 2010 onwards is due to a reduction in government expenditure not only in terms of GDP, but also in absolute terms as well as continued growth in absolute revenue (seasonally adjusted absolute numbers), which outpaced the growth in GDP. However, from the third quarter of 2011 onwards, general government total expenditure resumed growth when measured in absolute terms.

Seasonally adjusted general government deficit

It should be noted that annualised seasonally adjusted data is not in general equal to annualised non-adjusted data. When using annualised figures, it is more appropriate to use non-seasonally adjusted data. Using seasonally adjusted data is on the contrary more appropriate when looking at quarter-on-quarter growth rates.

The large deficit for Slovenia in the fourth quarter of 2013 is mainly caused by capital injections to support financial institutions. This is also the reason for the relatively large deficit in the first quarter of 2013 and the fourth quarter of 2014. In addition to this, there are one-off effects in the third and fourth quarters of 2013 due to court decisions. In contrast to this, the third quarter of 2013 is positively influenced by dividends from the National Central Bank.

The deficit in the fourth quarter of 2012 for the Czech Republic is negatively influenced by a capital transfer in the context of the restitution of assets to churches.

For Austria, the large deficit in the fourth quarter of 2014 is due largely to a capital injection treated as capital transfer to implement the HETA defeasance structure, while the relatively low deficit in the fourth quarter of 2013 is due to an auction of mobile phone licences. The comparatively large deficit in the third quarter of 2015 is also due to capital injections treated as capital transfers in the context of HETA.

For the United Kingdom, the deficit of the first quarter of 2015 is positively influenced by dividends from the central bank (Bank of England Asset Purchase Facility). This is also the case for several quarters since the first quarter of 2012.

For Malta, total expenditure in the first quarter of 2015 is positively influenced by a capital transfer to a public corporation. This negatively influences the deficit of the first quarter of 2015.

For Portugal, the large deficit in the fourth quarter of 2015 is explained by support to financial corporations.

For Iceland, the large reported surplus in the first quarter of 2016 is due to one-off stability contributions paid by the failed banks.

On Eurobase, seasonally adjusted and calendar day adjusted total revenue and total expenditure data of Member States and EFTA countries, which provide seasonally adjusted and calendar day adjusted data for total revenue, total expenditure and net lending (+)/ net borrowing (-) in addition to the non-seasonally adjusted data, is presented in full detail. This data is provided on a voluntary basis by the National Statistical Institutes.

Quarterly financial accounts for general government

Financial transactions - assets, liabilities and net financial transactions

The government financial accounts notably allow an analysis of how governments finance their deficits or invest their surpluses. They include data on financial transactions (net acquisition of financial assets and the net incurrence of financial liabilities) and balance sheet items (stocks of financial assets and liabilities outstanding at the end of each quarter) for general government and its sub-sectors. Variations in stocks are explained both by the transactions and by other factors such as holding gains and losses and other changes in volume. The aim of this section is to present the main characteristics of the general government financial accounts.

The economic and financial crisis led to significant increases in the fluctuations of net incurrence of liabilities and net acquisition of financial assets.

From the fourth quarter of 2008 onwards, the fluctuation of transactions in both assets and liabilities has increased sharply. The gap between the volume of transactions in assets and liabilities has widened sharply, giving rise to increasing negative figures in net financial transactions (B.9f), which is interpreted as the government deficit/ surplus derived from financial accounts. The increase and peaks in transactions in financial assets can be explained by governments having acquired assets to support financial institutions.

Net financial transactions continued to deteriorate steadily from the second quarter of 2008 to the third quarter of 2009. From the fourth quarter of 2010 onwards a decrease is visible.

Government financial balance sheet

At the level of the EU-28 and EA-19, a significant rise in the stocks of liabilities has been observed since the third quarter of 2008, together with an increase in assets which was less pronounced. The rise in the stock of liabilities is mainly due to debt securities, which are by far the most important financial instrument on the government liability side. The stock of loan liabilities also increased substantially. The remainder of financial liabilities is mainly 'other accounts, payable'.

The stock of financial assets is mainly held in equity and investment fund shares (for example public corporations not classified in general government), with other accounts receivable, currency and deposits (these exhibit a strong seasonality), loans and debt securities also making up important parts. Loans increased substantially during the financial crisis.

The difference between the stock of financial assets and liabilities is the balancing item net financial worth.

Quarterly gross debt for general government

At the end of the first quarter of 2016, the government debt to GDP ratio in the euro area (EA19) stood at 91.7%, compared with 90.7% at the end of the fourth quarter of 2015. In the EU28, the ratio decreased from 85.3% to 84.8%. Compared with the first quarter of 2015, the government debt to GDP ratio fell in both the euro area (from 93.0% to 91.7%) and the EU28 (from 88.1% to 84.8%).

The highest ratios of government debt to GDP at the end of the first quarter of 2016 were recorded in Greece (176.3%), Italy (135.4%) and Portugal (128.9%), and the lowest in Estonia (9.6%), Luxembourg (21.8%) and Bulgaria (30.3%).

Compared with the fourth quarter of 2015, sixteen Member States registered an increase in their debt to GDP ratio at the end of the first quarter of 2016, eleven a decrease and Portugal remained stable. The highest increases in the ratio were recorded in Bulgaria (+3.6 pp), Belgium (+3.2 pp) and Italy (+2.7 pp). The largest decreases were recorded in Lithuania (-2.7 pp), the United Kingdom (-1.2 pp) and Sweden (-1.0 pp).

The decrease of debt in Greece in the first quarter of 2015 is primarily due to the repayment of a loan from EFSF to the HFSF, representing unused funds for the recapitalisation of Greek financial institutions as well as repayments of loans granted by the IMF.

Data sources and availability

Quarterly accounts of general government

Eurostat releases quarterly flow and stock data for the general government sector, using an integrated structure which combines the data from quarterly non-financial accounts for general government (QNFAGG), quarterly financial accounts for general government (QFAGG) and quarterly government debt (QGD). An integrated publication combining data from all three tables is released quarterly on the dedicated Government Finance Statistics (GFS) section of the Eurostat web site and on the dedicated Statistics Explained page Integrated government finance statistics presentation.

Data is transmitted according to the ESA2010 transmission programme for QFAGG and QDEBT. QNFAGG data is transmitted under gentlemen's agreement.

ESA2010

Eurostat publishes for quarterly government finance figures based on the European System of Accounts 2010 (ESA 2010) methodology. The data in this Release include revisions due both to the implementation of ESA2010 and to the incorporation of other statistical adjustments.

Methodological changes in ESA2010 include the treatment of assets of pension schemes transferred to general government as a partial compensation for taking over pension obligations. While the transfer of assets has been treated as a non-financial transaction under ESA95, under ESA2010 such lump sum transfers from (public) corporations are treated as financial, with no impact on general government net lending (+)/ net borrowing (-). Furthermore, the difference between the value of assets received by government and the value of the pension obligations has to be treated as a capital transfer from government to the concerned corporation. For more information, please see the Eurostat decision on the issue: here This has major impact on the quarterly data of the countries concerned. For 2014Q1, the revision (in October 2014) in the EU-28 deficit figure compared to the July 2014 release can be largely attributed to such a revision of the treatment of lump sum transfers of pension scheme assets in Poland.

General government

QNFAGG and QFAGG and QDEBT statistics cover data for general government as defined in ESA2010, paragraph 2.111.

Seasonal adjustment of selected data series

Quarterly government finance statistics are reported to Eurostat in the form of non-seasonally adjusted (raw) figures. However, a certain number of the reported series contain seasonal patterns (explained by the link with the seasonality of economic activity and by the budgetary planning and accounting practices of national governments), which make it difficult to carry out a direct meaningful cross-country and time series analysis using non-adjusted data. The same is true for GDP, which reflects the seasonal pattern of all economic activities in the economy.

To overcome this difficulty and thus to gain a better understanding of trends in addition to the non-seasonally adjusted data, seasonally adjusted data is presented for the EU-28 and EA-19 in this article. The seasonal adjustment aims to remove the seasonality linked to this quarterly data.

It should be noted that annualised seasonally adjusted data is not in general equal to annualised non-adjusted data. When using annualised figures, it is more appropriate to use non-seasonally adjusted data. Using seasonally adjusted data is more appropriate when looking at quarter-on-quarter growth rates.

The seasonal adjustment for total revenue and total expenditure is done using an indirect procedure (at country level) using Tramo-Seats on Demetra+). Where available, National Statistical Institutes own estimates are used as input for the aggregates, which are supplied to Eurostat on a gentlemen's agreement basis. Some country level estimates as well as data for the EU aggregates are published on Eurobase. These estimates are supplemented by Eurostat's own estimates for those countries, which do not yet supply their own estimate. This data is labelled confidential and not published. Net lending (+)/ net borrowing (-) is derived indirectly from the accounting identity: Net lending (+)/ net borrowing (-)= total revenue - total expenditure.

Net lending (+)/ net borrowing (-) is derived indirectly from the accounting identity: Net lending (+)/ net borrowing (-) = total revenue - total expenditure.

EU-28 seasonally adjusted data have been estimated using EU-27 seasonally adjusted data and the available quarterly pattern for Croatia. Croatian quarterly data are available from the first quarter of 2012.

For the following countries, the estimates are produced by the respective National Statistical Institute, which all follow the “ESS guidelines on seasonal adjustment”:

For the following countries, the estimates are produced by the respective National Statistical Institute, which all follow the “ESS guidelines on seasonal adjustment”:

EU aggregates: Estimated indirectly at Eurostat on the basis of Member States' data a far as this is supplied nationally and complemented by Eurostat's own estimates, where no nationally supplied data is available. Tramo-Seats run on Demetra+ is used in all cases. Croatian quarterly data are available from the first quarter of 2012. For the following countries, the estimates are produced by the respective National Statistical Institute, which all follow the “ESS guidelines on seasonal adjustment”:

Belgium: The seasonally adjusted series are computed following an indirect approach. The components of the revenue and of the expenditure of the General Government are seasonally adjusted by means of "Tramo-Seats", taking into account the presence of possible outliers and calendar effects. The model of each component (>20) has been individually validated (no automatic modelling). The absence of residual seasonality after aggregation has been checked. The data are benchmarked on annual totals of the non-adjusted series. The annual benchmarking is computed on each component by means of a multiplicative Denton procedure.

Bulgaria: Tramo-Seats on Demetra +. Total expenditure: no trading days effects, no Easter effect, log-transformation, ARIMA model [(2,1,0)(0,1,1)], outlier: AO[IV-2007], TC[IV-2008], AO[2009-I]. Total revenue: log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outlier: LS[I-2007].

Czech Republic: Tramo-Seats on Demetra +. Total expenditure: No trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO[2003-I], AO[2003-III], AO[2012-IV], TC[2001-IV]. Total revenue: No trading days effects, no Easter effect, ARIMA model [(1,1,0)(0,1,1)], outliers: AO[2003-I], TC[2007-III], AO[2008-III].

Denmark: X12-ARIMA. Total expenditure: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(1,1,0)(1,0,0)], outliers: AO[2005-IV], TC[2011-I]. Total revenue: Log-transformation, trading days effects, no Easter effect, ARIMA model [(0,1,0)(0,1,1)], outliers: TC[2009-II], AO[2008-II], TC[2009-II], LS[2015-I], [2004-I].

Germany: X-12-ARIMA. Total expenditure: Log-transformation, no trading day effects, ARIMA model [(0,1,1) (0,1,1)], outliers AO [1995-I, 1995-III, 2000-III, 2010-III]. Total revenue: Log-transformation, no trading day effects, ARIMA model [(0,1,0) (0,1,1)], no outliers.

Estonia: Tramo-Seats on Demetra +. Total expenditure: Log-transformation, no trading day effect, no Easter effect, ARIMA model [(0,1,0)(0,1,0)], LS[2011-IV] Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)].

France: Seasonally adjusted data is transmitted. Working day adjustment is also done when relevant. An indirect method is used. Seasonal adjustment is done using X-12-ARIMA. For more information, you can read INSEE's methodology (starting on page 21) at the following link (the document is available in both English and French): http://www.insee.fr/en/indicateurs/cnat_trim/Pub_Meth/en_Insee%20M%C3%A9thodes%20n%C2%B0126.pdf.

Latvia: Tramo-Seats on Demetra +. Total expenditure: Log-transformation, ARIMA model [(0,1,1)(0,1,1)], outliers: LS[2006-IV], LS[2009-III]. Total revenue: Log-transformation, ARIMA model [(0,1,0)(0,1,1)], outliers AO[2006-IV].

Malta: Tramo Seats on Demetra+, Total expenditure: no trading days effects, no Easter effects, ARIMA model [(0,1,1)(0,1,1)], 2 outliers detected: AO[2003-IV], AO[2015-IV]. Total revenue: no trading days effects, no Easter effects, ARIMA model [(0,1,1)(0,1,0)], No outliers found.

The Netherlands: More information can be found on the website of the Dutch Central Bureau of Statistics: http://statline.cbs.nl/Statweb/publication/?VW=T&DM=SLEN&PA=82560ENG&D1=0,5,11,14-16,32-34&D2=4-7,9-12,14-17,19-22,24-27,29-32,34-37,39-42,44-47,49-52,54-57,59-62,64-67,69-72,74-77,79-82,84-85&HD=151130-1127&LA=EN&HDR=T&STB=G1.

Austria: Tramo-Seats on Demetra +. Total expenditure: log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers (AO[2009-IV], specific pre-treatment: [2004-II], [2004-IV], [2013-IV], [2014-IV], [2015-III]. Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outlier: LS[2009-II].

Poland: The seasonal adjustment is applied to total expenditure and total revenue and the estimates are derived indirectly on a basis of their components. Total expenditure: P.2 -log transformation; no calendar effect, ARIMA model [(0,0,0)(1,1,2)]; P.5L - log transformation; no calendar effect, ARIMA model [(1,1,0)(0,1,1)], outliers: LS[Q1-2001] AO[Q-12016]; D.1 - log transformation; no calendar effect, ARIMA model [(0,1,1)(0,1,1)]; D.6M - log transformation; no calendar effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO(Q4-2007) LS(Q4-2004) TC(Q3-2000); D.4 - log transformation; no calendar effect, ARIMA model [(0,0,0)(0,1,1)], outliers: LS(Q3-2013); P.29+D.3+… - log transformation; no calendar effect, ARIMA model [(0,1,1)(0,0,1)], outliers: TC(Q1-2004). Total revenue: D.2 - log transformation; no calendar effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO(Q2-2004), TC(Q1-2009); D.4 – no-log transformation; no calendar effect, ARIMA model [(0,0,0)(0,1,1)], outliers: TC(Q3-2007), TC(Q2-2012); D.5 - log transformation; no calendar effect, ARIMA model [(1,0,0)(0,1,0)]; D.61 - log transformation; no calendar effect, ARIMA model [(0,1,0)(0,1,1)], outliers: TC(Q4-2008), AO(Q4-2007), AO(Q3-2011); P.1+D.7+… no seasonality.

Portugal: X13-ARIMA on Demetra+. A manual pre-treatment is performed by identifying and deducting one-off measures. Additional pre-treatment is applied for outlier detection and correction. The seasonal adjustment is applied to total revenue, expenditure except compensation of employees and compensation of employees. Total revenue: no trading day effect; no Easter effect; ARIMA model [(011)(011)]; outliers: AO[2003 IV], AO[2004 IV]. Expenditure except compensation of employees: no trading day effect; no Easter effect; ARIMA model [(001)(011)]; outliers: AO[2002 III], AO[2002 IV], AO[2009 III], LS[2012 I]. Compensation of employees: no trading day effect; no Easter effect; ARIMA model [(011)(011)]; outliers: SO[2012 II IV].

Slovenia: Tramo-Seats on Demetra +. Model for total revenue: Log transformation, 6 variables for trading days effects, Slovenia holidays, Easter effect (6 days), outliers: LS[2008-IV], ARIMA(0,1,0)(0,1,1) model. Model for total expenditure: Log transformation, no trading days effects, no Easter effect, 3 pre-specified outliers (AO[2001-I], AO[2011-I], AO[2013-I]),AO[2013-IV], ARIMA(1,1,0)(0,1,1) model.

Slovakia: Tramo-Seats on JDemetra +. Total expenditure: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: LS[2000-IV], AO[2015-IV], AO[2002-IV]. Total revenue: Log-transformation, no trading days effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outlier: LS[2001-III], AO[2005-IV].

Finland: Tramo-Seats on Demetra 2.2. Pre-treatment is done if necessary, for example for outlier detection and correction. Total revenue and expenditure are estimated indirectly on the basis of their components and on sub-sector data.

Sweden: Tramo-Seats on Demetra +. Total expenditure: no trading days effects, no Easter effect, ARIMA model [(0,1,2)(0,1,1)], outlier AO[2010-IV]. Total revenue: no trading days effects, no Easter effect, ARIMA model [(0,1,0)(0,1,1)].

United Kingdom: Adjustment using X-11 algorithm in X-13ARIMA-SEATS. Net borrowing: log transformation, no trading day effects, no Easter effect, ARIMA model [(0,1,1)(0,1,1)], outliers: AO[2008Q3], AO[2012-II], seasonal moving average: 3x3, trend moving average: 5. Total expenditure: No trading day effects, no Easter effects, multiplicative, ARIMA model[(0,1,1)(0,1,1)], outliers: AO[2008Q3], seasonal moving average: 3x5, trend moving average: 5. Total revenue: no trading day effects, no Easter effects, additive, ARIMA model[(0,1,1)(0,1,1)], outliers: LS[2009Q1], AO[2012Q2], seasonal moving average: 3x5, trend moving average: 5. For the purpose of calculation the EU aggregates, B.9 is derived indirectly. Annualised seasonally adjusted data is benchmarked on the annualised non-adjusted data.

Switzerland: The data reported is trend-cycle data. A Denton-Cholette method is used to temporally disaggregate annual data. The quarterly data is extrapolated using smoothed indicators.


Please refer to the country notes on EMIS for more important information at country level.

Gross domestic product

Throughout this publication, gross domestic product (GDP) at current prices (nominal) is used, either using the non-seasonally adjusted or the seasonally and working-day adjusted forms as appropriate.

See also

Further Eurostat information

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Annual government finance statistics (t_gov_10a)
Government deficit and debt (t_gov_10dd)
Quarterly government finance statistics (t_gov_10q)

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Annual government finance statistics (gov_10a)
Government deficit and debt (gov_10dd)
Quarterly government finance statistics (gov_10q)

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