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.
Stocks and flows are closely related. Stocks result from the accumulation of prior transactions and other flows, and they are changed by transactions and other flows in the accounting period (SNA 2008, § 2.4). The data sets above can therefore be analysed together.
More detailed information for capital stocks can be found in the annex IT_Capital stocks by industry,
More detailed information for balance sheets can be found in the annex IT_Capital stocks by sector and by detailed asset type (balance sheets)
More detailed information for gross fixed capital formation (GFCF) and consumption of fixed capital can be found in the annex IT_Gross fixed capital formation by main asset and industry
3.2. Classification system
Italian data are compiled at the level of the total economy, industry and institutional sector and by asset breakdowns. The classifications applied are described below.
Economic activity
ESA 2010 uses aggregation levels of the NACE Rev.2 classification to define industry breakdowns (NACE stands for Nomenclature générale des Activités économiques dans les Communautés Européennes). NACE Rev.2 is a classification of economic activities widely used in statistics and in other domains. Requirements for the transmission of NACE Rev.2 series have been specified in the Commission Regulation (EC) No 715/2010 of 10 August 2010.
Asset types
Asset types for non-financial fixed assets are classified according to ESA 2010 (Table 7.1 and Chapter 23).
Institutional sector
Breakdowns by institutional sector include total economy (S.1), non-financial corporations (S.11), financial corporations (S.12), general government (S.13), households (S.14), and non-profit institutions serving households (S.15).
More details and specific information can be found in point 3.1 of IT_Capital stocks by sector and by detailed asset type (balance sheets) (see Annexes).
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: Balance sheets are broken down by asset group and by institutional sector; the other variables are broken down by asset group and NACE industry (various levels). Quarterly data for gross fixed capital formation are broken down by main asset group.
3.4. Statistical concepts and definitions
All statistical concepts and definitions used, e.g. asset, fixed assets, (produced and non-produced) non-financial assets, fixed capital, capital stock (gross and net), consumption of fixed capital, gross capital formation, and gross fixed capital formation are described in Chapters 3 and 7 of the ESA 2010 Regulation (ESA2010 Annex A).
For concepts and definitions on capital stocks, see the annex IT_Capital stocks by industry, concept 3.4
For concepts and definitions on balance sheets, see the annex IT_Capital stocks by sector and by detailed asset type (balance sheets), concept 3.4
For concepts and definitions on gross fixed capital formation (GFCF) and consumption of fixed capital, see the annex IT_Gross fixed capital formation by main asset and industry, concept 3.4.
3.5. Statistical unit
According to the ESA 2010, 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.
Institutional units are economic entities with decision-making autonomy, which can own real and financial assets, assume liabilities, carry out economic activities and engage in transactions with other units. Due to these characteristics, they generally have a complete and structured accounting system; this obviously does not apply to households, which are nevertheless treated as institutional units by convention.
Institutional units are grouped into institutional sectors based of their principal economic functions, behavior and objectives and the predominant type of resources they use. On this basis, institutional units are grouped into five mutually exclusive institutional sectors, whose aggregation constitutes the total national economy: non-financial corporations, financial corporations, general government, households and non-profit institutions serving households. A sixth sector, the rest of the world, records transactions between resident and non-resident units.
In the Italian national accounts the identification of resident institutional units engaged in production activities is based on information drawn from the System of statistical business registers, which covers all resident active enterprises, both private and public institutions, as well as units classified in the general government sector. In Italy, the Household sector is further subdivided into Consumer households, which act exclusively as consumers, and Producer households, which engage in production activities. This distinction makes it possible to re-aggregate the activities of all enterprises regardless of their size and legal form and, therefore, to identify the set of producers who sell goods and services on the market.
Italian institutional units are subdivided into KAUs, according to a specific level of the NACE Rev.2 classification. The KAUs that compose the institutional units are classified in 98 industries, derived from the aggregation of NACE Rev.2 groups. This level of aggregation represent the structure breakdown of economic activities used to estimate the supply of goods and services and corresponds to the level at which the Supply and Use Tables (SUT) are compiled (98 industries by 262 products). The identification of KAUs is based on information drawn from Statistical register, survey, and administrative information.
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.
3.6. Statistical population
National accounts combine data from many source statistics. The concept of statistical population is not applicable in a national accounts’ context.
3.7. Reference area
The reference area for national accounts is the total economy of a country. Italy's territory doesn't include the States of Vatican City and San Marino Republic, while includes Campione d'Italia, Italian enclave of the Swiss Confederation
3.8. Coverage - Time
Generally, time coverage (i.e., length of the historical series) starts from 1995.
For Balance-sheet for non-financial assets by institutional sector, data are available from 1995 (for dwellings and land); from 2000 or 2012 depending on sector or asset, as required by ESA 2010 transmission programme. In some cases, Italian estimates of non-financial assets starting from 2005 (instead of 2012) are also available.
3.9. Base period
The concept of ‘base period’ is not applied in national accounts. The Commission Decision 98/715/EC requires previous year prices and volume estimates to be presented in chain-linked series.
Where required, Istat uses 2020 as reference year for the compilation of chain-linked volumes.
Data on capital stocks, gross fixed capital formation and consumption of fixed capital, for total economy by industry and by asset type, are available in current prices, previous year prices, and chain linked volumes in millions of euro. Data included in the balance sheets are available at current prices.
The reference period uses 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 (end of a year).
6.1. Institutional Mandate - legal acts and other agreements
Stocks of fixed assets, gross fixed capital formation, consumption of fixed capital, balance sheets data are based on national accounts which are compiled in accordance with a methodology on common standards, definitions, classifications and accounting rules laid down in Annex A and in respect of the time limits set out in Annex B of the EU regulation 2023/734, which amended the European system of regional and national accounts (ESA 2010). Data on Research and development was added in Commission Delegated Regulation (EU) 2015/1365.
Stocks of fixed assets, gross fixed capital formation, consumption of fixed capital, balance sheets data and, in general, all national accounts main aggregates, are disseminated at a level of detail that do not imply confidentiality issues.
In December of each year Istat publishes a press release calendar setting the release dates for the coming year. The calendar is distributed to the press and is available free of charge.
8.2. Release calendar access
ISTAT posts the calendar on the website. A PDF fixed version of the press release calendar is available and also a web version which is weekly update.
The calendar is also available in html format and can be imported in a compatible application (Microsoft Outlook, Apple ICal) or be opened in Google Calendar, ready to be imported.
The dissemination of annual data is required for gross fixed capital formation, capital stocks, consumption of fixed capital, total and by industry. They are published twice a year, in March and September.
Balance sheets are provided to Eurostat annually in December and published in January.
The dissemination of quarterly data is only required for gross fixed capital formation and is included in the complete release of Quarterly National Accounts (QNA). It takes place two months after the end of the reference quarter.
For additional information on capital stocks, see the annex IT_Capital stocks by industry, concept 9.
For additional information on balance sheets, see the annexIT_Capital stocks by sector and by detailed asset type (balance sheets), concept 9.
For additional information on gross fixed capital formation (GFCF) and consumption of fixed capital, see the annex IT_Gross fixed capital formation by main asset and industry, concept 9.
For Annual National Accounts - Main Aggregates data, two press releases each year are made available: PIL e indebitamento AP (usually 1st March -GDP and General Government Net Borrowing) and Conti economici nazionali (usually 22 September - Annual National Accounts). In both are presented data on gross capital formation by asset type.
For Quarterly National Accounts, four press releases each year are made available and data on gross fixed capital formation by main asset type are included.
For Annual Sector Accounts, one press-release each year is made available: Conti economici nazionali per settore istituzionale (usually April), including estimates of GFCF and CFC.
A press release on wealth in Italy (financial and non-financial balance sheets by sector) is published by the Bank of Italy and Istat jointly every year (in January).
10.2. Dissemination format - Publications
All Istat's general publications (https://www.istat.it/en/announcement-and-analisys/publications/), presenting data and analyses on the state of the country from multiple points of view, contain national accounts data: Rapporto Annuale (May - Annual Report), Noi Italia (January - Noi Italia) , Annuario Statistico italiano (November - only in Italian).
10.3. Dissemination format - online database
All data, which this general form is referred to, are disseminated in the following tables in Istat dabase (IstatData) at the time of press-release:
In addition to news releases and other publications (see sections 10.1 and 10.2), Italian SI (Istat) posts information on national accounts using social media.
GNI Inventory contains very relevant information on the quality of the data underlying the GNI data transmitted by Italy to Eurostat . GNI Inventories contain sections on the estimation of capital stocks, consumption of fixed capital, gross fixed capital formation and balance sheets. The e-book "The italian production, generation and allocation of income accounts at current prices", a short version of the inventory, is available on Istat website.
All press-releases concerning National Accounts include specific sections dedicated to methodologies.
10.7. Quality management - documentation
The Istat Information system on quality of statistical production processes SIQual contains information on the execution on Istat statistical production processes and on activities developed to guarantee quality of the produced statistical information.
Further, the importance of national accounts requires that documentation should be available on the procedures applied for quality management and quality assessment. Istat transmits National quality report to Eurostat from 2017 onwards. It describes several dimensions of the quality of countries' national accounts data transmissions validated by Eurostat each year.
11.1. Quality assurance
Quality is assured by strict application of ESA 2010 concepts and by thorough validation of the data by countries.
Users of annual national accounts data are typically interested in analysing structural changes in the economy from a medium-term perspective. At national level, ministries of finance and regional development, scientific and academic communities and economic researchers are usually the entities who most use national and regional accounts data. International Organizations (IMF, OECD, ILO, WB, ECB) and EU Institutions use national accounts data too.
Data on gross fixed capital formation is used to compile stocks of fixed assets and balance sheets, which on its hand is very much used in economic and productivity analyses. Reliable measurement of productivity, in particular capital productivity, depends on accurate capital related data, including gross fixed capital formation. The sequence of accounts including the final step with balance sheets give a complete picture of the economy and of the relations with the main aggregates. Balance sheets can be used as an indicator of economic status as well as for studying wealth and growth accounts.
12.2. Relevance - User Satisfaction
Information on the user satisfaction of the capital stock, GFCF and CFC measures are not formally collected but Istat carries out general user surveys.
Istat is constantly interested in understanding who the users of the statistics it produces are, what the information needs are, whether they match production and if the statistics produced satisfy users. To this aim, together with the analysis of user requests received through the Web Contact Centre service, tools for direct consultation were developed, such as the annual online survey of customer satisfaction and indirect tools such as analysis of accesses and of users' browsing paths on the web site.
12.3. Completeness
Completeness rates of underlying ESA data transmissions are assessed in annual quality reports. Italy transmits complete series within the scope of CDIBES.
13.1. Accuracy - overall
Accuracy is defined as the gap between the published estimate and the true value of the variable. Computing the accuracy of estimates in national accounts is difficult because many different data sources interact in a complex process. The structure of the Italian NA compilation process starts with different types of data sources as input. The process includes a series of adjustments to the basic data to make them consistent with each other and bring them in line with the ESA 2010 National Accounts concepts and methods. Accuracy of national accounts estimates is analysed also in terms of revisions (see also 17.1 and 17.2 Data revision section).
13.2. Sampling error
National accountants use primary statistics collected for other purposes (e.g. population, production, business, government, external trade, households) to compile national accounts data. The nature of these data sources is so varied that the concept of sampling error is meaningless and not applicable when compiling accounts based on such primary statistics.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
The first release of stocks of fixed assets, gross fixed capital formation and consumption of fixed capital, total and by industry, and, in general, all national accounts main aggregates, takes place two months after the end of the reference year (generally the 1st of march). Subsequent estimates are released approximately nine months after the end of the reference year (generally the 21st of September).
For balance sheets, the first release takes place twelve months after the end of the reference year (generally in December). Subsequent estimates are released twenty-four months after the end of the reference year (generally in December).
14.2. Punctuality
Italy transmits CDIBES series respecting the scheduled deadlines.
All data relating to Italian national accounts are released simultaneously with the press release, according to the pre-established calendar. For releases not covered by a press release, the online calendar is updated weekly.
15.1. Comparability - geographical
As the data are compiled according to the requirements of the ESA 2010, capital stocks, consumption of fixed capital, gross fixed capital formation and balance sheets are fully harmonized and comparable at European level.
In 2020, Eurostat launched a Task Force on fixed assets and estimation of consumption of fixed capital under ESA 2010 to develop a set of recommendations aiming at further harmonizing the parameters of the perpetual inventory model (PIM) widely used in compiling capital stocks data and consumption of fixed capital.
15.2. Comparability - over time
By using a common framework, the ESA 2010, data on capital stocks, balance sheets, consumption of fixed capital and gross fixed capital formation are comparable over time. In the case of fundamental changes to methods or classifications, revisions of long time series are performed, usually going far back into the past. In the methodological note attached to each press-release the length of available time series is specified.
15.3. Coherence - cross domain
Related time series are available from the other domains on National Accounts. Data validation is done together with other national accounts data and it undergoes additivity, plausibility, integrity and inter-table coherence checks. Validation checks ensuring the coherence between various asset-related data, e.g. gross fixed capital formation, stocks of fixed assets, consumption of fixed capital, balance sheets, are also performed.
15.4. Coherence - internal
Italy assures the internal coherence of the assessed gross fixed capital formation, stocks of fixed assets, consumption of fixed capital, balance sheets. Data are also largely coherent in terms of additivity.
Not available.
17.1. Data revision - policy
Annual national accounts are produced from a large variety of data sources with varying degrees of timeliness, taking up to three years or more in the case of structural sources. As users need national and international data as fast as possible, particularly on certain key aggregates, data are produced using data sources that are more readily available. As more complete source data are obtained, the statistics are updated to incorporate the new information. Therefore, revisions of macroeconomic statistics are necessary to improve data quality. Consequently, in accordance with the Harmonised European Revision Policy for Macroeconomic Statistics (HERP) for Macroeconomic Statistics issued by the CMFB in October 2017, estimates are regularly revised and subject to a ‘routine’ revision (extended back up to year t-3 or year t-4) and to ‘major or ‘benchmark’ revision.
In accordance with HERP, main aggregates together with capital stocks, GFCF and CFC data are published twice a year (at the beginning of March and at the end of September) and are subject to a routinerevision extended back to year t-3. In March of every year (hereafter defined as year t) final data for year t-3 are disseminated, together with provisional data for years t-2 and t-1. The September release fulfils the need to take into account with as much timeliness as possible information for years t-1 and t-2 that becomes available after the first annual release in March.
Stocks of non-financial assets by institutional sector are revised annually, at the end of December, following national accounts data revisions and non-financial annual sectors accounts revisions (end of September). In standard conditions, in the December release of year t, the final data for year t-3, a provisional estimate for the year t-2 and a first estimate for the year t-1 are compiled, taking into account information that becomes available after the last annual release.
Finally, estimates included in the General Government consolidated account are subject to a revision extended back to year t-4, in accordance with European rules concerning data relevant for the excessive deficit procedure (EDP, Council Regulation No 479/2009).
If it is deemed necessary to revise some aggregates outside of the scheduled timetable, following the correction of errors and/or inconsistencies, the new estimates are treated as non-scheduled revisions and the modified time-series are re-published in the data warehouse IstatData. Users are duly informed through the institutional website.
Benchmark revision is carried out at much longer time intervals. Its purpose is to incorporate the main new data sources and major changes in international statistical methodology (such as ESA 2010 or BPM6). In benchmark revision, many years are open for revision in order to create the longest possible consistent time series. Disseminating the results of a benchmark revision always involves revising all, or at least a large part of the time series.
17.2. Data revision - practice
For annual national accounts, a section of the press release is dedicated to the explanation and analysis of revisions of main aggregates with respect to the previous release.
Revisions are defined as major general when they are triggered by methodological changes in the treatment of basic data, extraordinary changes in the classification and/or definition of variables. The major revisions – usually introduced every five years – affect the whole time series of data, starting from the reference year for which the new estimate of the level of the aggregates is performed (defined as benchmark estimate). In September 2024, a major general revision of national accounts (benchmark 2024) was conducted. The previous benchmark revision of national accounts with the ensuing methodological changes, took place in September 2019.
The revision took into account the new sources available and introduced methodological innovations and improvements aimed at enhancing the quality of national accounts. As regards timing, the revision was coordinated with similar operations taking place in most European countries.
In the IstatData database are archived and available to users all the releases of National Account and, using the edition field, it is therefore possible to compare different vintages and check revisions at any time.
There is no single survey source for national accounts. Istat use many sources to compile national accounts, among them administrative data from government, population censuses, business surveys, external trade and balance of payments statistics, and household surveys. In particular, different sources and methods are used for estimating fixed assets related data.
More detailed information for capital stocks data sources can be found in the annex IT_Capital stocks by industry, point 18.1;
More detailed information for balance sheets data sources can be found in the annex IT_Capital stocks by sector and by detailed asset type (balance sheets), point 18.1;
More detailed information for gross fixed capital formation (GFCF) and consumption of fixed capital can data sources be found in the annex IT_Gross fixed capital formation by main asset and industry, point 18.1
18.2. Frequency of data collection
Frequency of data collection is mostly yearly. It can vary from monthly to annually for GFCF data collection.
18.3. Data collection
The data used for the compilation of main aggregates come from other Directorates of the Institute and other organizations or Institutions. The main interchange of data flows with external bodies and Institutions is regulated by negotiating Acts (framework agreements, conventions, research protocols and agreements) established with Istat or directly with the National Accounts Directorate. The Acts typically set up annexes or protocols defining activities to be performed, regulating data provision obligations and data quality standards; data transmission procedures and timing are defined.
Concerning the information and data flows internal to Istat, Service Level Agreements (SLA) regulate relations between the statistical production structures and directions that provide services (data capturing, methodological assistance, IT services, dissemination and communication).
Data from administrative sources are collected and managed by the Directorate for the data collection. Currently, the data flows requested by the Directorate of National Accounts to other Directorates are governed by a standardized procedure that defines technical details and timing of data delivery and identify persons authorized to statistical treatment. As regards administrative data, the programming of the provision of files and archives from the Institutions gathering them for administrative purposes is defined through Istat "Three-year Plan of Administrative Data" (internal document). Medium term planning is then implemented setting a yearly programme that defines the specific details and calendar of data delivery.
18.4. Data validation
In Italy, an important procedural step in the validation process is the storage and reporting system of the results. The whole set of aggregates are examined and compared with other aggregates of national accounts not included in the Supply and Use framework using a system of cross-tabulation and time-series graphical analysis. The system automatically presents comparisons of a rich set of variables, including labour input measures (employment and hours worked), compensation of employees, labour productivity measures, value added to output ratios, etc. The internal coherence of the whole set of estimates is easily examined and assured.
For the validation of main aggregates data, Italy applies minimum validation rules, some are internal to NA dissemination data warehouse and others agreed with Eurostat. The data transmitted to Eurostat are submitted to the validation system (STRUVAL and CONVAL) that applies the rules contained in the EDAMIS pre-validation user guide. During the estimation phase, data are validated comparing estimates with data from other independent sources and analysing available time series.
Data are validated to the following actions:
Assessment of adequacy of estimates compared to definitions (exhaustiveness of estimates)
Time series analysis of indicators and checks ratios
Comparison with data from other independent sources
Analysis of available time series.
18.5. Data compilation
Technical details on compilation practices for capital stocks can be found in the annex IT_Capital stocks by industry, point 18.5;
Technical details on compilation practices for balance sheets found in the annex IT_Capital stocks by sector and by detailed asset type (balance sheets), point 18.5;
Technical details on compilation practices for gross fixed capital formation (GFCF) and consumption of fixed capital can be found in the annex IT_Gross fixed capital formation by main asset and industry, point 18.5.
18.6. Adjustment
The compilation process of national accounts involves a series of adjustments to the basic data to make them consistent with each other and bring them in line with the concepts and methods of national accounts. In particular, all types of production activities are included in the national accounts, even those non-observed (i.e. underground, illegal and informal activities, household production for own final use, or missing activities due to deficiencies in the basic data collection system).
Annual data for gross fixed capital formation, capital stocks, consumption of fixed capital, and balance sheets is not seasonally adjusted. Quarterly data for gross fixed capital formation is adjusted for seasonal and calendar effects.
Stocks and flows are closely related. Stocks result from the accumulation of prior transactions and other flows, and they are changed by transactions and other flows in the accounting period (SNA 2008, § 2.4). The data sets above can therefore be analysed together.
More detailed information for capital stocks can be found in the annex IT_Capital stocks by industry,
More detailed information for balance sheets can be found in the annex IT_Capital stocks by sector and by detailed asset type (balance sheets)
More detailed information for gross fixed capital formation (GFCF) and consumption of fixed capital can be found in the annex IT_Gross fixed capital formation by main asset and industry
29 January 2025
All statistical concepts and definitions used, e.g. asset, fixed assets, (produced and non-produced) non-financial assets, fixed capital, capital stock (gross and net), consumption of fixed capital, gross capital formation, and gross fixed capital formation are described in Chapters 3 and 7 of the ESA 2010 Regulation (ESA2010 Annex A).
For concepts and definitions on capital stocks, see the annex IT_Capital stocks by industry, concept 3.4
For concepts and definitions on balance sheets, see the annex IT_Capital stocks by sector and by detailed asset type (balance sheets), concept 3.4
For concepts and definitions on gross fixed capital formation (GFCF) and consumption of fixed capital, see the annex IT_Gross fixed capital formation by main asset and industry, concept 3.4.
According to the ESA 2010, 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.
Institutional units are economic entities with decision-making autonomy, which can own real and financial assets, assume liabilities, carry out economic activities and engage in transactions with other units. Due to these characteristics, they generally have a complete and structured accounting system; this obviously does not apply to households, which are nevertheless treated as institutional units by convention.
Institutional units are grouped into institutional sectors based of their principal economic functions, behavior and objectives and the predominant type of resources they use. On this basis, institutional units are grouped into five mutually exclusive institutional sectors, whose aggregation constitutes the total national economy: non-financial corporations, financial corporations, general government, households and non-profit institutions serving households. A sixth sector, the rest of the world, records transactions between resident and non-resident units.
In the Italian national accounts the identification of resident institutional units engaged in production activities is based on information drawn from the System of statistical business registers, which covers all resident active enterprises, both private and public institutions, as well as units classified in the general government sector. In Italy, the Household sector is further subdivided into Consumer households, which act exclusively as consumers, and Producer households, which engage in production activities. This distinction makes it possible to re-aggregate the activities of all enterprises regardless of their size and legal form and, therefore, to identify the set of producers who sell goods and services on the market.
Italian institutional units are subdivided into KAUs, according to a specific level of the NACE Rev.2 classification. The KAUs that compose the institutional units are classified in 98 industries, derived from the aggregation of NACE Rev.2 groups. This level of aggregation represent the structure breakdown of economic activities used to estimate the supply of goods and services and corresponds to the level at which the Supply and Use Tables (SUT) are compiled (98 industries by 262 products). The identification of KAUs is based on information drawn from Statistical register, survey, and administrative information.
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.
National accounts combine data from many source statistics. The concept of statistical population is not applicable in a national accounts’ context.
The reference area for national accounts is the total economy of a country. Italy's territory doesn't include the States of Vatican City and San Marino Republic, while includes Campione d'Italia, Italian enclave of the Swiss Confederation
The reference period uses 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 (end of a year).
Accuracy is defined as the gap between the published estimate and the true value of the variable. Computing the accuracy of estimates in national accounts is difficult because many different data sources interact in a complex process. The structure of the Italian NA compilation process starts with different types of data sources as input. The process includes a series of adjustments to the basic data to make them consistent with each other and bring them in line with the ESA 2010 National Accounts concepts and methods. Accuracy of national accounts estimates is analysed also in terms of revisions (see also 17.1 and 17.2 Data revision section).
Data on capital stocks, gross fixed capital formation and consumption of fixed capital, for total economy by industry and by asset type, are available in current prices, previous year prices, and chain linked volumes in millions of euro. Data included in the balance sheets are available at current prices.
Technical details on compilation practices for capital stocks can be found in the annex IT_Capital stocks by industry, point 18.5;
Technical details on compilation practices for balance sheets found in the annex IT_Capital stocks by sector and by detailed asset type (balance sheets), point 18.5;
Technical details on compilation practices for gross fixed capital formation (GFCF) and consumption of fixed capital can be found in the annex IT_Gross fixed capital formation by main asset and industry, point 18.5.
There is no single survey source for national accounts. Istat use many sources to compile national accounts, among them administrative data from government, population censuses, business surveys, external trade and balance of payments statistics, and household surveys. In particular, different sources and methods are used for estimating fixed assets related data.
More detailed information for capital stocks data sources can be found in the annex IT_Capital stocks by industry, point 18.1;
More detailed information for balance sheets data sources can be found in the annex IT_Capital stocks by sector and by detailed asset type (balance sheets), point 18.1;
More detailed information for gross fixed capital formation (GFCF) and consumption of fixed capital can data sources be found in the annex IT_Gross fixed capital formation by main asset and industry, point 18.1
The dissemination of annual data is required for gross fixed capital formation, capital stocks, consumption of fixed capital, total and by industry. They are published twice a year, in March and September.
Balance sheets are provided to Eurostat annually in December and published in January.
The dissemination of quarterly data is only required for gross fixed capital formation and is included in the complete release of Quarterly National Accounts (QNA). It takes place two months after the end of the reference quarter.
For additional information on capital stocks, see the annex IT_Capital stocks by industry, concept 9.
For additional information on balance sheets, see the annexIT_Capital stocks by sector and by detailed asset type (balance sheets), concept 9.
For additional information on gross fixed capital formation (GFCF) and consumption of fixed capital, see the annex IT_Gross fixed capital formation by main asset and industry, concept 9.
The first release of stocks of fixed assets, gross fixed capital formation and consumption of fixed capital, total and by industry, and, in general, all national accounts main aggregates, takes place two months after the end of the reference year (generally the 1st of march). Subsequent estimates are released approximately nine months after the end of the reference year (generally the 21st of September).
For balance sheets, the first release takes place twelve months after the end of the reference year (generally in December). Subsequent estimates are released twenty-four months after the end of the reference year (generally in December).
As the data are compiled according to the requirements of the ESA 2010, capital stocks, consumption of fixed capital, gross fixed capital formation and balance sheets are fully harmonized and comparable at European level.
In 2020, Eurostat launched a Task Force on fixed assets and estimation of consumption of fixed capital under ESA 2010 to develop a set of recommendations aiming at further harmonizing the parameters of the perpetual inventory model (PIM) widely used in compiling capital stocks data and consumption of fixed capital.
By using a common framework, the ESA 2010, data on capital stocks, balance sheets, consumption of fixed capital and gross fixed capital formation are comparable over time. In the case of fundamental changes to methods or classifications, revisions of long time series are performed, usually going far back into the past. In the methodological note attached to each press-release the length of available time series is specified.
