Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
The Macroeconomic Statistics Directorate of the Croatian Bureau of Statistics (hereinafter the CBS) is responsible for compiling annual and quarterly main aggregates, supply and use tables, input-output table, regional accounts, non-financial sector accounts, government accouts and EDP, agriculture and forestry accounts and price statistics. The Directorate consists of five organizational departments: National Accounts Aggregates Department, Non-financial Sector Accounts Department, Government Accounts and Excessive Deficit Procedure Department, Price Statistics and European Comparison Programme Department and Economic Accounts in Agriculture and Forestry Department. The Croatian National Bank is responsible for financial accounts.
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
Croatian Bureau of Statistics, Ilica 3, 10000 Zagreb, Republic of Croatia
1.6. Contact email address
Restricted from publication
1.7. Contact phone number
Restricted from publication
1.8. Contact fax number
Restricted from publication
2.1. Metadata last certified
31 January 2022
2.2. Metadata last posted
31 January 2022
2.3. Metadata last update
31 January 2022
3.1. Data description
National accounts data concern all data produced and disseminated for an economy according to the definitions and guidelines of the European System of Accounts (ESA 2010).
National accounts provide data for the total economy, but may also include breakdowns of the total economy (into sectors, industries, products, regions, etc.). National accounts provide data for several domains: annual and quarterly national accounts (main aggregates), sector accounts, financial accounts, supply and use and input-output tables, regional accounts and government finance statistics.
One of the main aggregates of national accounts is the change rate of the price-adjusted gross domestic product (GDP), which indicates the economic development of a country of region and is also referred to as economic growth rate.
In Eurobase, countries' data are presented following the usual data structure.
At national level, data are commonly available for:
- annual and quarterly national accounts: 'main aggregates'
- annual and quarterly sector accounts
- annual financial accounts and balance sheets
- annual non-financial balance sheets
- supply and use and input-output tables
- annual and quarterly government finance statistics data: 'main aggregates', quarterly financial government accounts and government debt
- regional breakdowns of main national accounts variables and household accounts
- industry breakdowns of main national accounts variables
- detailed data on taxes, social contributions and government expenditure by function
- pension entitlements in social insurance
3.2. Classification system
The ESA 2010 provides a methodology on common standards, definitions, internationally harmonised classifications and accounting rules that are used for compiling national accounts on comparable bases.
The ESA 2010 defines classifications to be used for: institutional sectors, transactions in products, transactions in non-financial non-produced assets, distributive transactions, transactions in financial assets and liabilities, other changes in assets, balancing and net worth items, balance sheet entries, non-financial assets, financial assets and liabilities.
In addition, for several breakdowns ESA 2010 makes use of other classifications: NACE Rev. 2 for economic activities, CPA 2014 for products by economic activities, COFOG for the functions of government, COICOP for individual consumption by purpose, COPNI for classification of the purposes of non-profit institutions serving households, NUTS 2013 for regional breakdowns.
A full overview of classifications is available in:
The Economic Statistics Directorate of Croatian Bureau of Statistics uses following classifications: NACE rev. 2, CPA 2014, NUTS 2013, COICOP and COFOG. There are no other special national classifications.
3.3. Coverage - sector
National accounts describe the total economy of a country. All units that have their centre of predominant economic interest in the economic territory of that country are covered.
In addition, several breakdowns of the total are described. Two of the most important breakdowns are the breakdown by institutional sector and the breakdown by NACE Rev. 2 activity. Exhaustiveness is required for each of the breakdown items.
Concerning the institutional sector breakdown, ESA 2010 distinguishes five mutually exclusive domestic institutional sectors: (a) non-financial corporations; (b) financial corporations; (c) general government; (d) households; (e) non-profit institutions serving households. The five sectors together make up the total domestic economy. Each sector is also divided into subsectors.
Regarding the activity breakdown, ESA 2010 applies NACE Rev.2. Activities can be broken down into several levels of detail, for example into 3, 10, 21, 38, 64 or 88 activities. At the 'highest' level a breakdown into 3 categories is defined: (a) agriculture, forestry and fishing; (b) mining and quarrying, manufacturing, electricity gas steam and air conditioning supply, water supply, sewerage, waste management and remediation activities, construction; (c) services.
For example, regional and quarterly GDP is published at the NACE A10 level, while annual GDP is published at the same level with NACE letter C on division level. However, detailed information about coverage sector and activity breakdown may be found in the QNA Inventory (as of August 2018).
3.4. Statistical concepts and definitions
All statistical concepts and definitions to be used in national accounts are described in Annex A of the ESA 2010 Regulation (link to blue book on ESA2010 methodology). The two main sets of tables concern: (a) the institutional sector accounts; (b) the input-output framework, and the accounts by industry.
The sector accounts provide, by institutional sector, a systematic description of the different stages of the economic process: production, generation of income, distribution of income, redistribution of income, use of income and financial and nonfinancial accumulation. The sector accounts also include balance sheets to describe the stocks of assets, liabilities and net worth at the beginning and the end of the accounting period. The variables/concepts described in the sector accounts include transactions in products, transactions in non-produced non-financial assets, distributive transactions, transactions in financial assets and liabilities, other changes in assets, non-financial and financial assets and liabilities.
The input-output framework, through the supply and use tables, sets out in more detail the production process (cost structure, income generated and employment) and the flows of goods and services (output, imports, exports, final consumption, intermediate consumption and capital formation by product group). These variables are broken down by industry (NACE Rev. 2) and product (CPA 2014).
ESA 2010 also encompasses concepts of population and employment. Such concepts are relevant for the sector accounts, the accounts by industry and the supply and use framework.
Regional accounts provide regional breakdowns for major aggregates such as gross value added by industry, gross fixed capital formation and household income. Regional breakdowns are based on the NUTS classification. National accounts concepts are also used for regional accounts.
In addition Annex A of the ESA 2010 Regulation addresses and defines numerous other concepts and definitions, such as the definition of: statistical units and their groupings, flows and stocks, accounting rules (valuation, time of recording, consolidation and netting). The main features and principles for the compilation of national accounts can be found in Chapter 1.
The Macroeconomic Statistics Directorate follows ESA 2010 methodological guidelines as well as working papers and manuals published by Eurostat. Certain deviation from the ESA 2010 methodology are still present. For the purpose of consistent application of methodologies , CBS conducts data revisions. In recent years, special attention is also given to the problem of consistency of data through different national accounts domain.
3.5. Statistical unit
Following the ESA 2010 guidelines, in national accounts two types of units and two corresponding ways of subdividing the economy are used: (a) institutional unit; (b) local kind-of-activity unit (local KAU). The first type is used for describing income, expenditure and financial flows as well as balance sheets. The second type of units is used for the description of production processes, for input-output analysis and for regional analysis.
An institutional unit is an economic entity characterised by decision-making autonomy in the exercise of its principal function. A resident unit is regarded as constituting an institutional unit in the economic territory where it has its centre of predominant economic interest if it has decision-making autonomy and either keeps a complete set of accounts, or is able to compile a complete set of accounts.
A local KAU groups all the parts of an institutional unit in its capacity as producer which are located in a single site or in closely located sites, and which contribute to the performance of an activity at the class level (four digits) of the NACE Rev. 2.
An institutional unit comprises one or more local KAUs; a local KAU belongs to one and only one institutional unit.
The Croatian annual GDP has been compiled on the institutional unit level, using mainly administrative data sources. The regional accounts is based on LKAU. Sector accounts are compiled on the institutional unit level.
3.6. Statistical population
The national accounts population of a country consists of all resident statistical units (institutional units or local KAUs, see section 3.5). A unit is a resident unit of a country when it has a centre of predominant economic interest on the economic territory of that country, that is, when it engages for an extended period (one year or more) in economic activities on this territory.
National accounts are exhaustive. This means that all resident statistical units are covered.
3.7. Reference area
The reference area for national accounts is the total economy of a country. The total economy of a country can be broken down into regions. The NUTS classification provides a single, uniform breakdown of the economic territory of the Member States of the EU.
The regional accounts are compiled by counties (20 of them plus City of Zagreb) which are aggregated to the NUTS 2 level (the Continental and Adriatic Croatia).
3.8. Coverage - Time
National accounts data are usually compiled for years and quarters.
In general, the ESA 2010 transmission programme requires data starting in 1995 (years) and 1995Q1 (quarters) but some series start later. If backwards data exist, they may have been compiled according to earlier versions of ESA and can present conceptual breaks with those compiled under ESA2010.
Sector accounts are compiled for the years from 2002, derogation on period 1995-2001 is valid until 2020 for ASA.
3.9. Base period
The concept of 'base period' is not applied in national accounts. Instead, for some national accounts variables the concepts of previous year prices and chain-linked volumes are applied, as stipulated in Commission Decision 98/715/EC. Expressing variables at the prices of the previous year allows the calculation of volume indices between the current time period and the previous year. After a reference period is chosen as a benchmark, volume indices can be chain-linked and then applied to variables at current prices of the benchmark year. This generates volume estimates for any period of observation.
Croatia uses 2015 as reference year for the compilation of chain-linked volumes for annual national accounts and T-1 for quarterly national accounts. The quarterly data are available at current prices, constant prices of the previous year and constant prices of a reference year (i.e. 2015). Real growth rates are calculated by using basic chain-linked indices, where the referent year (i.e. 2015) is the base year. Real growth rates are calculated from the original as well as seasonally adjusted data series.
With the exception of some variables concerning population and labour that are usually expressed in number of persons, hours or jobs, the ESA 2010 system shows all flows and stocks in monetary terms: in euros or other national currency. Flows and stocks shall be measured according to their exchange value, i.e. the value at which flows and stocks are in fact, or could be, exchanged for cash. Market prices are, thus, the ESA's reference for valuation.
In addition to measurement in current (market) prices, some national accounts variables are also expressed in previous year's prices and chain-linked volumes, see section 3.9. Furthermore, it is possible to derive growth rates and indices, and various other measures '(e.g. percentages, per capita data, data expressed in purchasing power standards)' can be applied as well.
The Croatian Bureau of Statistics applies the same methods as Eurostat.
The usual reference period to be used for presenting national accounts data is the calendar year for annual data and the quarter for quarterly data.
Two basic kinds of information are recorded: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time (year or quarter), while stocks refer to positions at a point of time (usually the beginning or end of a year or quarter).
The Croatian data takes 2015 as reference year for annual accounts and T-1 as reference year for quarterly accounts. The usual reference period to be used for presenting national accounts data is the calendar year for annual data and the quarter for quarterly data.
6.1. Institutional Mandate - legal acts and other agreements
National accounts are compiled in accordance with the European System of Accounts (ESA 2010) which was published in the Official Journal as Annex A of Regulation (EU) No 549/2013. The ESA 2010 transmission programme is covered in Annex B
The ESA 2010 has the form of a Regulation and it provides for:
a methodology (Annex A) on common standards, definitions, classifications and accounting rules that shall be used for compiling accounts and tables on comparable bases (link to blue book on ESA 2010 methodology);
a programme of data transmission (Annex B) setting out the time limits by which Member States shall transmit to Eurostat the accounts and tables (link to ESA 2010 transmission programme).
Temporary derogations to the data transmission requirements have been granted to Member States, up to 2020, by the Commission Implementing Decision 2014/403/EU of 26 June 2014 thus allowing national data to deviate temporarily from the ESA 2010 transmission requirements.
Some other legal acts with relevance for national accounts concern:
- Commission Decision 98/715 of 30 November 1998 and Commission Decision 2002/990 of 17 December 2002 on measurement of price and volumes in national accounts.
- Legal act on the excessive deficit procedure
Several separate acts, often regarding classifications such as: NACE Rev.2, CPA 2014, COFOG, COICOP, NUTS 2013.
On the Eurostat website, sections 'National accounts' and 'Government finance and EDP', more legal acts relevant for national accounts can be found.
National accounts are compiled and disseminated following the Official Statistics Act. The CBS has agreements with external data providers and institutions such as Memorandum of Understanding with Croatian National Bank and Ministry of finanace for the purpose of the regulation of the responsibility for EDP reporting. CBS has also agreement of data exchange with Croatian Financial Services Supervisory Agency, Tax Administration and Croatian Regulatory Authority for Network Industries.
6.2. Institutional Mandate - data sharing
National accounts data are key datasets used and published by many international organisations to improve data consistency and exploit synergies for data collection and validation. An initiative to improve data sharing for National Accounts was launched in 2016 by the Inter-Agency Group on Economic and Financial Statistics (comprising representatives of the Bank for International Settlements, the European Central Bank, Eurostat, the IMF, the Organization for Economic Co-operation and Development, the United Nations, and the World Bank) under the G20 Data Gap Initiative.
Croatian macroeconomic datasets are used both nationally and internationally by different organisations, such as policy makers, analysts, scientific community and students. The data (final results) are regularly reported to Eurostat throughout ESA 2010 Transmission Programme and to IMF following the Special Data Dissemination Standard (SDDS).
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society. The European Statistics Code of Practice provides further conditions that have to be respected by statistical offices in regard to statistical confidentiality (Principle 5).
Pursuant to the Official Statistics Act in Croatia, confidentiality implies the protection of confidential data related to individual statistical unit, which are collected directly for statistical purposes or indirectly from administrative or other sources, implying the prohibition of use of collected statistical data for non-statistical purposes and their unlawful disclosure. Also, the CBS allow scientists and scientific organisations that conduct statistical analyses for scientific purposes access to confidential data that provide only an indirect identification of the statistical units (Article 65 of the Act).
7.2. Confidentiality - data treatment
In a statistical sense, ‘confidential data’ means data which allow statistical units to be identified, either directly or indirectly, thereby disclosing individual information. To determine whether a statistical unit is identifiable, account shall be taken of all relevant means that might reasonably be used by a third party to identify the statistical unit. Although national accounts data are usually highly aggregated, there may be possible cases for detailed breakdowns of aggregates and/or small economies. In these cases measures should be taken in order not to disclose data of a separate statistical unit. Guidance on how to prevent disclosure can be found in the Handbook on Statistical Disclosure Control.
The CBS reports some data as confidential data not for publishing due to singularity of the units withing certain group/class of economic activities (e.g. extraction of crude petroleum and natural gas, passenger air transport, postal and courier activities). Eurostat may internaly use the data transmitted.
8.1. Release calendar
Good practice requires that new national accounts data and associated news releases are announced in a release calendar that is published well in advance of the respective releases.
The CBS publishes a release calendar on its website (https://www.dzs.hr/default_e.htm). The release calendar covers a full calendar year and includes all scheduled national accounts news releases.
8.2. Release calendar access
Release calendars should be easily available and accessible for users, e.g. by publication on the website of an NSI.
Please see the link below for the CBS' publishing calendar:
In line with the Community legal framework and the European Statistics Code of Practice (Principle 6 on impartiality and objectivity, Principle 13 on timeliness and punctuality and Principle 15 on accessibility and clarity), national accounts data that meet the quality standards, including relevant metadata, should be made available to users. Users should be informed when the data become available and how they can be accessed.
All statistical data published by the CBS are available on the website, for all users, where publications by statistical subject matter areas have been published (both with first releases and accompanied databases via link provided). The publications are published according to the release calendar scheduled at 11 a.m. precisely (i.e. standard daily time set for the release), both in electronic format and hard copy. A link to the regular publications and the release time:
New quarterly national accounts data are published each quarter: 4 times per year. However, depending on circumstances and national practices, initially released quarterly national accounts data may be revised and disseminated again. Annual national accounts data are published at least once a year. But, depending on country practices and revision policy, annual data can also be published more often, e.g. publication of a provisional estimate early in the calendar year and a revised one later in the calendar year.
The CBS publishes national accounts data once per year while quarterly national accounts are published four time per year, all according to the release calendar. Due to methodological issues and revision policy, the data may be published (disseminated) again or at the later stage with a certain time shift (i.e. delay) via extraordinary release.
10.1. Dissemination format - News release
The most important results of national accounts are issued in news releases. New key national accounts data may also be presented in press conferences or press briefings. The exact dates are pre-announced in release calendars (see section 8.1 above).
The CBS always publishes news releases when new compilations are done. The first releases are available on the website and in the form of limited number of hard copies.
10.2. Dissemination format - Publications
In addition to news releases, national accounts data may be disseminated in other publications, such as statistical papers, yearbooks, internal and external articles. Usually this concerns publications in which more in-depth analysis is carried out.
In addition to the news releases, Croatian national accounts are disseminated in: Statistical yearbooks, Statistical Information, Croatia in figures and Statistics in line.
10.3. Dissemination format - online database
In order to enable easy access to national accounts data, all validated national accounts data should be made available to users by publishing them in an online database.
The regularly updated data versions can be found in the MS Excel form using the link below.
The general methodological framework for the compilation of national accounts in the EU is ESA 2010.
In addition, several handbooks have been developed to help compilers to produce national accounts data. Some of the most important methodological manuals are the Handbook on quarterly national accounts, Manual on regional accounts methods, Eurostat Manual of Supply, Use and Input-Output Tables, Manual on Government Deficit and Debt. Also, guidance manuals on specific topics are available, e.g. compilation guide on land estimation, compilation guide on inventories, Manual on measuring Research and Development in ESA 2010.
The manuals above specifically apply to EU national accounts statistics. However, world-wide equivalents are often also available: SNA 2008, Quarterly National Accounts Manual, Handbook on Input-Output Table Compilation and Analysis, Government Finance Statistics Manual.
The CBS national accounts' documentation on sources and methods is available for:
The importance of national accounts requires that documentation should be available on the procedures applied for quality management and quality assessment. Examples of such documentation are national accounts quality reports, quality studies and reports on revision analysis.
For National Accounts there is a legal obligation for preparing Quality Reports on regular basis as well as quality studies and regular reports on data revisions. HR National Accounts provides Quality Report for different domain of national accounts compilation in which there is detail explanation relating to the relevance of the statistical concepts, accuracy of estimates, coherence, comparability of statistical data and timeliness. HR National Accounts provides also Inventories for different national accounts domain (GNI, EDP, PPP, GDP). On our official web site there is QNA Inventory and EDP Inventory. All others are in the Eurostat database.
General overview of the total quality managament is providen on the link below, i.e.
Quality of national accounts data is assured by strict application of ESA 2010 concepts and by applying the guidelines of the ESS handbook for quality reports.
During the overall compilation process, national and regional accounts data undergo several kinds of quality checks, e.g. ex-ante (source statistics), ongoing (results), ex-post (methods used) and external checks (Eurostat, European or national Court of Auditors, IMF).
Validation of data sources and output data (results) is an integral part of the calculation. The national accountants work very closely with the survey statisticians to obtain good quality survey estimates. Cross checks are made by comparing a national accounts variables with that of another variable that may be expected to be closely correlated with it. External checks are made from Eurostat side after every data transmission and through GNI and EDP monitoring.
11.2. Quality management - assessment
An implementation of the total quality management model in the CBS can be found here.
12.1. Relevance - User Needs
National accounts data provide key information for economic policy monitoring and decision making, for forecasting, for administrative purposes, for informing the general public about economic developments (directly or indirectly via news agencies), and as input for economic research.
Primary users of the national accounts data in Croatia are Ministry of Finance, Ministry of Economy, financial institutions, Croatian National Bank, Croatian Chamber of Commerce, scientific and academic institutions which conduct macroeconomic research as primary activity, newspapers specialised in the field of macroeconomics.
International organisation such as IMF and OECD, scientific and academic institutions which conduct macroeconomic research.
12.2. Relevance - User Satisfaction
Views and opinions of users of national accounts statistics can be collected and analysed as one of the tools to 'measure' the relevance of national accounts data.
Users ask questions and provide suggestions via following mail contacts: for information and user's requests stat.info@dzs.hr and for journalist requests press@dzs.hr
Also, in April 2015 Croatian Bureau of Statistics (CBS) conducted the user satisfaction survey for the second time. The aim of the research was to determine users' satisfaction with the quality of data and services, as well as their needs. Mora about this can be found on the link below.
In most countries national accounts cover the domains national accounts main aggregates, government accounts, sector accounts regional accounts and supply and use tables. However, the content of the data on these domains as well as the (details of the) various breakdowns (by region, sector, industry, product, etc.) may deviate per country, depending on national needs and available sources.
The ESA 2010 transmission programme, consisting of 22 tables across all national accounts domains (see section10.3) defines the minimum national accounts data set that must be available in all Member States of the EU.
The link for derogations within ESA 2010 Transmission Programme is provided below (please see page 41 for Croatia):
Every year Eurostat presents its assessment of the quality of the national and regional accounts transmitted in the previous year by the EU Member. The last assessment is presented in the document named "Quality Report on National and Regional Accouts-2018 data-2019 edition" and can be found on https://ec.europa.eu/eurostat/web/products-statistical-reports/-/KS-FT-19-009
13.2. Sampling error
Not applicable.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
National accounts data should become available to users as timely as possible, taking into account the frequency of the data (annual or quarterly), the character of the data (info on the structure of an economy or on conjuncture developments) and an adequate balance between accuracy and timeliness.
The ESA 2010 transmission programme defines the required timeliness for all national accounts tables. Quarterly tables should become available between 2 and 3 months after the quarter-end. The annual tables have to be transmitted between 2 months (main aggregates) and 36 months (supply and use tables) after the end of the reference year.
For timeliness, the same link holds, as in 12.3, i.e.
Good practice requires that the dates on which national accounts data become available are pre-announced and that the pre-announced publication dates are met.
National accounts data transmissions in the framework of the ESA 2010 transmission programme should be punctually delivered to Eurostat at the timeliness defined in the transmission programme (or before).
In 2016, overall punctuality of Croatian National Accounts data was relatively good with the exception of NFSA and SUIOT.
Delays in Croatian transmissions might occur due to data resource constraints.
15.1. Comparability - geographical
The geographical comparability of national accounts in Member States of the EU is ensured by the application of common definitions of the European System of Accounts ESA 2010). Worldwide geographical comparison is also possible as most non-European countries apply the SNA 2008 guidelines, and SNA 2008 is consistent with ESA 2010.
15.2. Comparability - over time
As the data for all reference periods are compiled according to the requirements of the ESA 2010, national accounts data are fully comparable over time. Also, in the case of fundamental changes to methods or classifications, revisions of long time series are performed, usually going far back into the past.
15.3. Coherence - cross domain
Within the system of national accounts there is full consistency between the domains: annual and quarterly national accounts, government accounts, sector accounts, financial accounts, regional accounts, supply and use tables. However, in practice full consistency may not always be possible and temporary discrepancies might occur. They are usually the result of vintage differences.
Primary statistics like structural business statistics (SBS), short term statistics (STS) and labour force statistics (LFS) are widely used as input for national accounts. However, there is no full consistency between these statistical domains and national accounts. Main reasons are differences in concepts/definitions and in coverage. Balance of payments is also used as an important source for national accounts. The definitions and coverage of balance of payments, as defined in the BPM6 manual, are fully harmonised with those in ESA 2010. Therefore, balance of payments variables are in principle fully coherent with the corresponding national accounts variables.
For NAMA there were no inconsistencies between annual and quarterly data. The consistency of NFSA was low in terms of coherence between annual and quarterly data and across the domains due to the fact that data on ASA have been sent only recently, so in the database comperisment is done for the new QSA (after the GDP revisions) and old ASA before the revisions. The CBS and Eurostat agreed upon actions on how to improve the consistency.
15.4. Coherence - internal
See section 15.3 (Coherence - cross domain).
For NAMA there were no inconsistencies between tables, both for annual and for quarterly data as well as between totals and the sum of components.
Regarding FA data, the financial corporation sector (S.12) was not fully consolidated in the consolidated tables; it was the sum of the consolidated S.12 subsectors. Moreover, vertical discrepancies between Financial and Non-Financial Sector Accounts are significant. Vertical discrepancies cannot be solved before the horizontal discrepancies. For example after the GDP was revised for period from 2010 vertical discrepancies was reduced automaticly on some sectors.
Not available.
17.1. Data revision - policy
National accounts data are subject to continuous revisions as new input data become available. They are called routine revisions and entail regular revisions of country data and of the European aggregates, which are derived from the former.
More rarely, exceptional revisions (called benchmark revisions) will result from major changes in data sources, classifications or methodology. For example, when changing from ESA95 to ESA 2010, a benchmark revision occurred at country level and at euro area/EU data level.
Two Task Forces developed proposals for a more harmonised approach for benchmark and routine revisions. The one under the auspices of the Directors of Macroeconomic Statistics (DMES) dealt with benchmark revision policy, the other under the auspices of the Committee on Monetary, Financial, and Balance of Payments Statistics (CMFB) on the European Harmonised Revision Policy dealing with routine revisions.
Regarding revision policy for National Accounts, the CBS is in the process of developing a national revision policy for the domain of National Accounts and we are in the final stage of preparing revision policy document which will be consist of 2 sections; an introductory section, and a second part which will provide details of the revision policy for routine, benchmark and ad-hoc revisions. The document on the revision policy will also provide the details of the communication of revisions. The CBS and Eurostat agreed on mutual consultation during the drafting revision policy document.
17.2. Data revision - practice
While revisions should be seen as a process to progressively improve the quality of national accounts as e.g. better sources and/or methods become available, the availability of metadata on revisions is a key element for understanding national accounts data and revisions between subsequent releases.
Therefore, information on the main reasons for revisions and their nature (new source data available, new methods, etc.) as well as possibly quantitative and qualitative assessment on the average size of revisions and their direction based on historical data is required.
In 2017, CBS carried out revision for the years 2010 – 2016. Revision resulting from the GNI verifications as well as from the given reservations in July 2017 regarding the calculation of CFC on R&D by non-market producers and military equipment and calculation of VAT fraud with and without complicity. Revision is explained in the first release: Annual Gross Domestic Product, 2010 – 2016, Revised Data
In 2018, CBS carried out revision that includes methodological improvements in the calculation of subsidies. A new calculation of subsidies as well as the split of subsidies on products and other subsidies on production was done. Revision is explained in the first release: Annual Gross Domestic Product, 2000 – 2016, Revised Data
In 2019, CBS carried out benchmark revision for the period 1995-2017. The revision includes the following elements of methodological improvements: improvements in the calculation and allocation of financial intermediation services indirectly measured (FISIM) and insurance services, improvements in the calculation of imputed dwelling rents, correction of the categories of gross output, intermediate consumption and value added due to a double recording of the production in agriculture activity, the inclusion of the non-collected value added tax due to the business insolvency and bankruptcy, improvements in the calculation of the non-observed economy, as well as the exclusion of the land rental costs and paid royalties for the exploitation of oil, gas and other natural resources from intermediate consumption. In accordance with the revised external statistics and the new calculation of the indicators of tourism revenues in the balance of payments, a revision of the calculation of export of services and household final consumption expenditure has been conducted. The value of the import of used vehicles from the EU by natural persons has been included in the calculation of the import of goods. The revision of subsidies includes methodological improvements in the calculation of subsidies: subsidies exclude sojourn tax and subsidies to shipyards. Subsidies to shipyards have been recorded as investment grants since 2013. A revision of taxes has been conducted since 2015 by switching to the new data source. The general government coverage includes numerous public enterprises that have not passed the market/non-market test for two consecutive years, as well as enterprises included in the government sector based on qualitative criteria. Among others, this also includes all tourist boards, port authorities and majority of regional development agencies. Revision is explained in the first release: Annual Gross Domestic Product, 1995 - 2017, Revised Data
After every revision of annual data, revision of quarterly GDP, regional GDP, sector accounts and SuT was conducted.
18.1. Source data
National and regional accounts compilation builds up on statistics that are primarily collected for other purposes (primary statistics).
It relies on a variety of data sources, including administrative data: car and business registers, accounting statements, tax data, budgetary reports, population censuses, statistical surveys of businesses and households, statements of supervising institutions and branch organisations, annual and quarterly reports, trade statistics on goods and services, balance of payments information.
There is no single survey source for national accounts. Sources vary from country to country and provide statistical information on a large set of economic, social, financial and environmental phenomena, which may not be strictly related to national accounts.
The estimation of national accounts data is carried out by using administrative data sources, statistical surveys and other data sources. Data sources for GDP and GNI are explained in GNI Inventory which was sent to Eurostat, but not publicly available.
National accounts are usually compiled on an annual or quarterly basis from other primary statistics. The frequency of data collection of primary statistics varies according to the nature of the data source. For example, business statistics are typically available on a monthly (and quarterly) basis. Some households' surveys are available on quarterly or annual frequency (sometimes even less frequent). Availability of administrative data varies from country to country. Population censuses are mostly collected every decade.
The frequency and timing of the compilation of national accounts are not necessary aligned with the frequency and timing of (all) primary statistics data collections.
Macroeconomic Statistics Department typically receive/collect information in relation to their compilation schedule, i.e. for their annual or quarterly estimates. The frequency of data collection of primary statistics varies according to the nature of the data source.
Macroeconomic Statistics Departments typically do not collect data themselves but receive them from other departments or institutions. Countries can provide a more detailed description of the channels by which external data are collected.
The ESS guidelines suggest that the methods used for data collection should be described. It can also be appropriate to complete the section with the following issues: (i) an NSI usually signs an agreement and technical protocol for cooperation with other institutions on what, when, how, etc. the data would be delivered; (ii) national accounts department also participates in the development of the questionnaires of statistical surveys of other departments.
The data collection in national accounts depends on the nature of the data source, frequency of survey, technical capability to receive the data, format of data, etc. CBS has signed agreement about exchange of data with the most important data providers. With some institutions there are protocol agreements about data delivery. With the departments in the CBS there are internal agreements about data delivery.
18.4. Data validation
Data validation refers to any activity aimed at verifying that the value of a data item comes from a given set of acceptable values. It is a key task performed in all statistical domains and particularly important for national accounts, which is a key dataset for economic analysis and policy decisions.
In order to increase overall data quality and workflow efficiency, the European Statistical System (ESS) is moving towards more harmonisation of validation activities including the definition of common standards, tools and support for implementation (see ESS validation website). National accounts are a pilot in this area. An ESA 2010 Task Force on validation was established in 2015 to agree and document validation rules in an ESA 2010 validation handbook and progressively implement them in a pre-validation service for national accounts data.
The confrontation of data from different sources is an integral part of the national accounts compilation. Source data used in national accounts undergo a sequence of checks within NSIs. For the validation of national accounts data, country X applies minimum validation rules agreed with Eurostat and provides metadata to support the validation process with respect to revisions and outliers. Further information on validation checks can be found on the website.
18.5. Data compilation
Key approaches and techniques for the compilation of national accounts in Croatia can be summarised as follows:
GDP is calculated according to three main approaches, i.e. production, expenditure and income approach. The production approach is prepared as an independent estimate. It is considered to be the fundamental approach for compiling GDP because it uses the most reliable and exhaustive data sources. Apart from the production approach, the expenditure approach of the GDP compilation is the second most important approach in Croatia. The income approach is not an independent estimate of GDP in the national accounts. Income components are estimated either directly or as a residual item. Consistency is obtained via reconciliation/balancing process. The similar approach is used for the compilation of quarterly national accounts. Sector accounts are compiled after main aggregates. Existing guidance documents on national accounts compilation issues are available in section 10.6.
18.6. Adjustment
The objectives of seasonal adjustment are to identify and remove seasonal fluctuations and calendar effects which can mask short and long-term movements in a time series and impede a clear understanding of underlying phenomena. Seasonal adjustment is therefore a fundamental process in the interpretation of time series to inform policy making (ESS guidelines on seasonal adjustment, 2015 Edition, Annex, point 1).
For selected sub-annual national accounts data, such as notably the quarterly main aggregates, time series are usually not only published in their unadjusted form, but also with various types of adjustment (e.g. seasonal, calendar, trend-cycle).
According to the ESA transmission programme, quarterly data are to be provided in non-seasonally adjusted form, as well as in seasonally adjusted form (including calendar adjustments, where relevant) except for previous year’s prices.
The provision of quarterly data that only include calendar adjustments is voluntary.
For sector accounts, seasonal adjustment (including calendar adjustments, where relevant) is compulsory for a limited set of series.
For Croatian quarterly national accounts, the estimation of seasonally adjusted series generally includes calendar adjustments but seasonal adjusted series are not benchmarked to annual data. Adjustment of quarterly GDP figures according to the revised annual data was carried out by using the ECOTRIM programme. The ECOTRIM had been developed by Eurostat provioding a set of mathematical and statistical techniques that are used for temporal disaggregation of data series. Since February 2015, for QNA,the applied seasonal adjustment model is X-13 ARIMA using JDemetra+ version 2.1.0. where three common outliers (i.e. regressors) have been detected in seasonal adjustment procedure – additive outlier (AO), level shift (LS) and temporary change (TC). Also there is an additional variable defined in a form of ramp reflecting the impact of the global economic crisis. The original data are benchmarked to the annual data while the seasonal adjusted data are not benchmarked to the annual data.
No comment.
National accounts data concern all data produced and disseminated for an economy according to the definitions and guidelines of the European System of Accounts (ESA 2010).
National accounts provide data for the total economy, but may also include breakdowns of the total economy (into sectors, industries, products, regions, etc.). National accounts provide data for several domains: annual and quarterly national accounts (main aggregates), sector accounts, financial accounts, supply and use and input-output tables, regional accounts and government finance statistics.
One of the main aggregates of national accounts is the change rate of the price-adjusted gross domestic product (GDP), which indicates the economic development of a country of region and is also referred to as economic growth rate.
In Eurobase, countries' data are presented following the usual data structure.
At national level, data are commonly available for:
- annual and quarterly national accounts: 'main aggregates'
- annual and quarterly sector accounts
- annual financial accounts and balance sheets
- annual non-financial balance sheets
- supply and use and input-output tables
- annual and quarterly government finance statistics data: 'main aggregates', quarterly financial government accounts and government debt
- regional breakdowns of main national accounts variables and household accounts
- industry breakdowns of main national accounts variables
- detailed data on taxes, social contributions and government expenditure by function
- pension entitlements in social insurance
31 January 2022
All statistical concepts and definitions to be used in national accounts are described in Annex A of the ESA 2010 Regulation (link to blue book on ESA2010 methodology). The two main sets of tables concern: (a) the institutional sector accounts; (b) the input-output framework, and the accounts by industry.
The sector accounts provide, by institutional sector, a systematic description of the different stages of the economic process: production, generation of income, distribution of income, redistribution of income, use of income and financial and nonfinancial accumulation. The sector accounts also include balance sheets to describe the stocks of assets, liabilities and net worth at the beginning and the end of the accounting period. The variables/concepts described in the sector accounts include transactions in products, transactions in non-produced non-financial assets, distributive transactions, transactions in financial assets and liabilities, other changes in assets, non-financial and financial assets and liabilities.
The input-output framework, through the supply and use tables, sets out in more detail the production process (cost structure, income generated and employment) and the flows of goods and services (output, imports, exports, final consumption, intermediate consumption and capital formation by product group). These variables are broken down by industry (NACE Rev. 2) and product (CPA 2014).
ESA 2010 also encompasses concepts of population and employment. Such concepts are relevant for the sector accounts, the accounts by industry and the supply and use framework.
Regional accounts provide regional breakdowns for major aggregates such as gross value added by industry, gross fixed capital formation and household income. Regional breakdowns are based on the NUTS classification. National accounts concepts are also used for regional accounts.
In addition Annex A of the ESA 2010 Regulation addresses and defines numerous other concepts and definitions, such as the definition of: statistical units and their groupings, flows and stocks, accounting rules (valuation, time of recording, consolidation and netting). The main features and principles for the compilation of national accounts can be found in Chapter 1.
The Macroeconomic Statistics Directorate follows ESA 2010 methodological guidelines as well as working papers and manuals published by Eurostat. Certain deviation from the ESA 2010 methodology are still present. For the purpose of consistent application of methodologies , CBS conducts data revisions. In recent years, special attention is also given to the problem of consistency of data through different national accounts domain.
Following the ESA 2010 guidelines, in national accounts two types of units and two corresponding ways of subdividing the economy are used: (a) institutional unit; (b) local kind-of-activity unit (local KAU). The first type is used for describing income, expenditure and financial flows as well as balance sheets. The second type of units is used for the description of production processes, for input-output analysis and for regional analysis.
An institutional unit is an economic entity characterised by decision-making autonomy in the exercise of its principal function. A resident unit is regarded as constituting an institutional unit in the economic territory where it has its centre of predominant economic interest if it has decision-making autonomy and either keeps a complete set of accounts, or is able to compile a complete set of accounts.
A local KAU groups all the parts of an institutional unit in its capacity as producer which are located in a single site or in closely located sites, and which contribute to the performance of an activity at the class level (four digits) of the NACE Rev. 2.
An institutional unit comprises one or more local KAUs; a local KAU belongs to one and only one institutional unit.
The Croatian annual GDP has been compiled on the institutional unit level, using mainly administrative data sources. The regional accounts is based on LKAU. Sector accounts are compiled on the institutional unit level.
The national accounts population of a country consists of all resident statistical units (institutional units or local KAUs, see section 3.5). A unit is a resident unit of a country when it has a centre of predominant economic interest on the economic territory of that country, that is, when it engages for an extended period (one year or more) in economic activities on this territory.
National accounts are exhaustive. This means that all resident statistical units are covered.
The reference area for national accounts is the total economy of a country. The total economy of a country can be broken down into regions. The NUTS classification provides a single, uniform breakdown of the economic territory of the Member States of the EU.
The regional accounts are compiled by counties (20 of them plus City of Zagreb) which are aggregated to the NUTS 2 level (the Continental and Adriatic Croatia).
The usual reference period to be used for presenting national accounts data is the calendar year for annual data and the quarter for quarterly data.
Two basic kinds of information are recorded: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time (year or quarter), while stocks refer to positions at a point of time (usually the beginning or end of a year or quarter).
The Croatian data takes 2015 as reference year for annual accounts and T-1 as reference year for quarterly accounts. The usual reference period to be used for presenting national accounts data is the calendar year for annual data and the quarter for quarterly data.
Every year Eurostat presents its assessment of the quality of the national and regional accounts transmitted in the previous year by the EU Member. The last assessment is presented in the document named "Quality Report on National and Regional Accouts-2018 data-2019 edition" and can be found on https://ec.europa.eu/eurostat/web/products-statistical-reports/-/KS-FT-19-009
With the exception of some variables concerning population and labour that are usually expressed in number of persons, hours or jobs, the ESA 2010 system shows all flows and stocks in monetary terms: in euros or other national currency. Flows and stocks shall be measured according to their exchange value, i.e. the value at which flows and stocks are in fact, or could be, exchanged for cash. Market prices are, thus, the ESA's reference for valuation.
In addition to measurement in current (market) prices, some national accounts variables are also expressed in previous year's prices and chain-linked volumes, see section 3.9. Furthermore, it is possible to derive growth rates and indices, and various other measures '(e.g. percentages, per capita data, data expressed in purchasing power standards)' can be applied as well.
The Croatian Bureau of Statistics applies the same methods as Eurostat.
Key approaches and techniques for the compilation of national accounts in Croatia can be summarised as follows:
GDP is calculated according to three main approaches, i.e. production, expenditure and income approach. The production approach is prepared as an independent estimate. It is considered to be the fundamental approach for compiling GDP because it uses the most reliable and exhaustive data sources. Apart from the production approach, the expenditure approach of the GDP compilation is the second most important approach in Croatia. The income approach is not an independent estimate of GDP in the national accounts. Income components are estimated either directly or as a residual item. Consistency is obtained via reconciliation/balancing process. The similar approach is used for the compilation of quarterly national accounts. Sector accounts are compiled after main aggregates. Existing guidance documents on national accounts compilation issues are available in section 10.6.
National and regional accounts compilation builds up on statistics that are primarily collected for other purposes (primary statistics).
It relies on a variety of data sources, including administrative data: car and business registers, accounting statements, tax data, budgetary reports, population censuses, statistical surveys of businesses and households, statements of supervising institutions and branch organisations, annual and quarterly reports, trade statistics on goods and services, balance of payments information.
There is no single survey source for national accounts. Sources vary from country to country and provide statistical information on a large set of economic, social, financial and environmental phenomena, which may not be strictly related to national accounts.
The estimation of national accounts data is carried out by using administrative data sources, statistical surveys and other data sources. Data sources for GDP and GNI are explained in GNI Inventory which was sent to Eurostat, but not publicly available.
New quarterly national accounts data are published each quarter: 4 times per year. However, depending on circumstances and national practices, initially released quarterly national accounts data may be revised and disseminated again. Annual national accounts data are published at least once a year. But, depending on country practices and revision policy, annual data can also be published more often, e.g. publication of a provisional estimate early in the calendar year and a revised one later in the calendar year.
The CBS publishes national accounts data once per year while quarterly national accounts are published four time per year, all according to the release calendar. Due to methodological issues and revision policy, the data may be published (disseminated) again or at the later stage with a certain time shift (i.e. delay) via extraordinary release.
National accounts data should become available to users as timely as possible, taking into account the frequency of the data (annual or quarterly), the character of the data (info on the structure of an economy or on conjuncture developments) and an adequate balance between accuracy and timeliness.
The ESA 2010 transmission programme defines the required timeliness for all national accounts tables. Quarterly tables should become available between 2 and 3 months after the quarter-end. The annual tables have to be transmitted between 2 months (main aggregates) and 36 months (supply and use tables) after the end of the reference year.
For timeliness, the same link holds, as in 12.3, i.e.
The geographical comparability of national accounts in Member States of the EU is ensured by the application of common definitions of the European System of Accounts ESA 2010). Worldwide geographical comparison is also possible as most non-European countries apply the SNA 2008 guidelines, and SNA 2008 is consistent with ESA 2010.
As the data for all reference periods are compiled according to the requirements of the ESA 2010, national accounts data are fully comparable over time. Also, in the case of fundamental changes to methods or classifications, revisions of long time series are performed, usually going far back into the past.
