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.
Gross fixed capital formation by main asset type (Quarterly)
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.
The associated transmission programme(Annex B) defines compulsory data. Data are compiled at the level of the total economy at industry and institutional sector level 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 relevant metadata file (link in concept 3.1).
3.3. Coverage - sector
The ESA 2010 transmission programme, as outlined in Annex B of EU regulation 2023/734, which amended the European system of regional and national accounts (ESA 2010), defines the datasets that national statistical authorities of the EU countries have to transmit to Eurostat for the compilation of the European accounts.
For capital stocks, gross capital formation, gross fixed capital formation, consumption of fixed capital and balance sheets, Malta transmits annual data as required by Eurostat. 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 is also transmitted.
More information about each data set can be found in the relevant metadata file (see links in concept 3.1).
3.4. Statistical concepts and definitions
These data sets require the understanding of various technical concepts, 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.
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.
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 units used in the national accounts data are, in principle, the local KAU or the institutional unit as defined in ESA 2010.
3.6. Statistical population
The national accounts population 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.
3.7. Reference area
In Malta, the reference area for compiling Capital Stocks and Flows corresponds to the total economy, defined at the NUTS 0 level.
3.8. Coverage - Time
Time coverage (i.e., length of the historical series) generally starts from 1995, with some exceptions for some tables. Some series may start in 2000 or later in line with the transmission programme requirements.
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.
Data on capital stocks, gross fixed capital formation, consumption of fixed capital and balance sheets are available in current prices, prices of previous year, and chain linked volumes, in euro and national currency (most frequently in millions of euro or national currency due to the magnitude of the values).
For additional information on unit of measure for gross fixed capital formation (GFCF) and consumption of fixed capital, see gross fixed capital formation metadata file, concept 4.
Dwellings are calculated based on the physical units. Further information is available in the GNI Inventory, Section 5.10.3 Dwellings.
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).
At the time this document was published, Gross fixed capital formation and consumption of fixed capital are compiled in chain-linked volume measures for the reference period 2020.
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.
The National Statistics Office (NSO) is Malta’s official statistical agency, established under Article 10 of the Malta Statistics Authority Act (Act XXIV of 2000). Article 10 defines the Office’s functions and responsibilities, which include the collection, compilation, extraction, and dissemination of official statistics in Malta.
6.2. Institutional Mandate - data sharing
Data on Capital Stocks and Flows are shared with the Central Bank of Malta, the Ministry for Finance and Employment and the Malta Fiscal Advisory Council.
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 National Statistics Office (NSO) is governed by the Malta Statistics Authority Act (Cap. 422 of the Laws of Malta). Under this legislation, all information obtained in any way under the Act, which can be related to an identifiable person, or individual units shall be treated as confidential. All data supplied to the NSO is to be used solely for statistical compilation.
7.2. Confidentiality - data treatment
The Statistical Data and Metadata Exchange (SDMX) technical standards provide the confidentiality status of data using standardised flags. Malta makes use of the “C” flag which indicates that the data are confidential and not released, and “D” flag which denotes that the data have been disclosed with detail restrictions to protect confidentiality.
8.1. Release calendar
NSO News Releases follow a pre-announced news release calendar. Deferrals of scheduled releases are only made in the event of unforeseen circumstances as per dissemination policy. National data are typically published on Eurostat’s online database one to two days after receipt, following processing and quality monitoring.
Malta is also a subscriber to the Special Data Dissemination Standard Plus (SDDS+), a monitored metadata standard established by the International Monetary Fund (IMF) that focuses on economic and financial indicators. Malta became SDDS+ compliant on 31 July 2023. SDDS+ metadata for Malta can be accessed through the relevant IMF platform, which also provides information for various countries and data categories on a quarter-ahead basis. These metadata alongside the data submitted are also accessible through the National Summary Data Page (NSDP).
The NSO website includes a Request for Information feature for requests, allowing anyone to access data, which is provided whenever available unless it is confidential.
Malta publishes quarterly data on Gross Fixed Capital Formation (GFCF) at t+2 months after the end of the reference period.
The dissemination of data is aligned with the transmission requirements for each dataset which are defined in the ESA 2010 transmission programme:
Quarterly data is only required for gross fixed capital formation,
Annual data is required for gross fixed capital formation, capital stocks, consumption of fixed capital, and balance sheets.
News releases are typically published at 11:00, except for certain releases issued on international observance days, which are published at 13:00. All releases are available in both English and Maltese.
There is no dedicated news release for Capital Stocks and Flows.
10.2. Dissemination format - Publications
Dissemination formats include both an HTML webpage and PDF document, usually accompanied by an infographic. The main figure is displayed on the NSO's website banner and three to four salient points are also highlighted to draw attention to key aspects of the release.
Not applicable for Capital Stocks and Flows.
10.3. Dissemination format - online database
In line with Regulation (EU) 2023/138 of 21 December 2022, which outlines specific high-value datasets and the arrangements for their publication and re-use. These databases include:
The importance of national accounts necessitates the availability of documentation outlining the procedures used for quality management and quality assessment. Examples of such documentation include national accounts quality reports, quality studies, and revision analysis reports.
A dedicated website on the Quality Management Framework is made available to users on the NSO’s website, last updated in 2025.
Malta makes its last Gross National Income (GNI) Inventory available to users. It contains information on the estimation of capital stocks, consumption of fixed capital, gross fixed capital formation and balance sheets in Section 4.12 and Section 5.10.
11.1. Quality assurance
The quality of national accounts data is ensured through the strict application of the ESA 2010 conceptual framework and by adhering to the guidelines set out in the ESS Handbook for Quality Reports.
Throughout the compilation process, national accounts data are subject to multiple layers of quality checks, including:
Ex-ante checks on source statistics,
Ongoing checks during compilation,
Ex-post checks on methods used, and
External checks by institutions such as Eurostat, the International Monetary Funds (IMF), the European Court of Auditors, and the national Court of Auditors.
To ensure the consistency and accuracy of capital stocks and flows over time, regular source data confrontations, time-series checks, benchmarking to annual national accounts, deflation and volume consistency controls, as well as reconciliation with Supply and Use Tables are systematically carried out.
In addition, discussions with key data users, such as the Central Bank of Malta, the Ministry for Finance and the Malta Fiscal Advisory Council, are held to gather feedback and ensure transparency.
In the last benchmark revision carried out in 2024, the compilation practices for capital stocks and flows were aligned with the recommendations issued by the task force on fixed assets and applied to the full time series.
11.2. Quality management - assessment
Malta ensures the accuracy and reliability through a thorough and systematic validation process. A detailed examination of the data is done to ensure consistency with National Accounts definitions and coverage. When significant discrepancies from expected values are identified, they are carefully investigated. If the data is found to be inconsistent or implausible, the necessary corrections are made based on comprehensive analysis rather than simple adjustments.
Furthermore, there is ongoing collaboration with the producers of source statistics, fostering verification and, where necessary, prompting data confirmations or revisions. This continuous dialogue strengthens the coherence and quality of these estimates.
12.1. Relevance - User Needs
Users of annual national accounts data are typically interested in analysing structural changes in the economy from a medium-term perspective.
Data on gross fixed capital formation is used to compile stocks of fixed assets and balance sheets, which in turn are essential inputs for economic and productivity analyses. Reliable measurement of productivity, in particular capital productivity, depends on accurate capital related data, including gross fixed capital formation.
Key institutional users include the Central Bank of Malta, the Ministry for Finance and Employment, and the Malta Fiscal Advisory Council.
12.2. Relevance - User Satisfaction
The National Statistics Office (NSO) conducts periodic User Satisfaction Surveys to assess how effectively it fulfils its obligations in meeting users’ needs and expectations. The most recent survey was carried out in 2025.
12.3. Completeness
At the time this document was published, completeness rates of ESA data transmissions are assessed in annual quality reports. For Quality report 2024 data transmission, T2000A is complete. The completeness rate for T2200A was 89.6% due to missing values in CLV and PYP prior 2000. The completeness rate for T2600A was 92.0% due to missing values for N12N and N1ON for 2020-2022 and missing values for N211N S1M (Households and NPISH).
13.1. Accuracy - overall
The accuracy of national accounts estimates is evaluated through the analysis of revisions. National Reference Metadata in ESS Standard for Quality Reports Structure (ESQRS) assesses the accuracy and reliability of national accounts data as required by the ESA 2010 TP.
Until the Structural Business Statistics (SBS) data is implemented, annual data for Gross Fixed Capital Formation is typically derived by summing the four quarters of the year. This approach provides a provisional estimate of annual economic activity. Once SBS data is integrated, the resulting figures are considered semi-final and are less susceptible to further revisions, as the SBS data offers a more comprehensive and accurate picture of the business sector. Data is deemed final when the Supply and Use Tables (SUT) are incorporated into the National Accounts, marking the point at which the annual figures are fully aligned with the most detailed economic information available, until the next benchmark revision is due.
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.
The overall punctuality of Malta’s national accounts data has been consistently high as reported in the annual ESA quality reports.
15.1. Comparability - geographical
The comparability is ensured by the application of common definitions (ESA 2010). For compilation practices of fixed assets related data, Malta compiled a Eurostat questionnaire.
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 harmonising 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 — ESA 2010 — national accounts data are made comparable over time. In cases where fundamental changes to methods or classifications occur, revisions to long time series are implemented, often extending far back into the past. If a time series contains a break, indicating a structural change at a specific point, a “B” flag is inserted in the first period (year) where the break occurs.
There are no breaks in series for the data on capital stocks and flows.
15.3. Coherence - cross domain
Malta performs validation checks to ensure coherence between various asset-related data, e.g. gross fixed capital formation, stocks of fixed assets, consumption of fixed capital, balance sheets. Data validation is carried out through confrontation with other national accounts data and it includes additivity, plausibility, integrity and inter-table coherence checks.
15.4. Coherence - internal
Malta always ensures full consistency between quarterly and annual national accounts, as well as with government finance statistics. Based on the latest quality report of 2024, data for Malta was fully coherent between the tables. Quarterly data was fully coherent between the total and sum of components. Annual data was fully coherent between the total and sum of components.
According to HERP, a distinction is drawn between “routine revisions,” “major revisions,” and “benchmark revisions.” Malta, however, employs alternative terminology, referring to these as “minor revisions,” “major revisions,” and “unplanned revisions”. The national data revision policy provides a detailed explanation of these distinctions.
Minor revisions involve routine updates to preliminary estimates by incorporating more recent, complete, or higher-quality source data, as well as revisions arising from seasonal adjustments. These revisions aim to improve data accuracy without significant changes to methodologies or definitions.
Major revisions encompass changes to definitions, classifications, concepts, and/or methodologies; re-referencing through updates to the index reference period, re-weighting, and chain-linking; incorporation of results from changes in basic data sources such as surveys and censuses; the adoption of new estimation methods; discontinuation of current data sources; or the availability of new data sources. European benchmark revisions are included within major revisions and are communicated to users in advance.
Unplanned revisions generally occur when statistics initially considered final, require revision due to upon receipt of updated data that significantly impacts the figures, necessary corrections, or availability of improved estimates from alternative sources. The Office commits to providing clear explanations for any unplanned revisions that substantially affect the final results.
In statistical work, errors in source data and computations can occasionally occur. While every effort is made to minimise such errors, the Office upholds a long-standing policy of promptly correcting any identified mistakes and informing users through an errata corrige notice.
Since the implementation of ESA 95 in 2004, five benchmark revisions have been undertaken in Malta:
2011 and 2012: related to the implementation of NACE Rev. 2,
2020 and 2024: aimed at addressing outstanding reservations and action points, as well as incorporating major new data sources.
In National Accounts, routine revisions are of two types:
The update of sources data, and
The incorporation of new results from regular surveys.
Capital stocks and flows are subject to routine revisions and major revisions. Data may be revised until it is finalised by annual supply and use tables (SUT).
17.2. Data revision - practice
Revisions should be regarded as a continuous process aimed at progressively enhancing the quality of national accounts data, for instance, through the incorporation of improved sources and methodologies.
Accordingly, it is necessary to provide explanation on the reasons for revisions and their nature (such as the introduction of new source data or methods), along with quantitative and qualitative assessments of the average magnitude and direction of revisions based on past data.
In practice, for Malta, revisions to quarterly data may occur for all quarters until the annual accounts for the respective year are considered finalised with the implementation of the annual supply and use tables (SUT).
Years for which annual accounts have been integrated, primarily based on data from the Structural Business Survey (SBS), but for which a SUT is not yet available, are generally regarded as semi-final. Although quarterly data for these years remain subject to revision, such changes are typically minor.
Conversely, the most recent quarters, for which no corresponding annual data are yet available, tend to undergo the most substantial revisions by their very nature.
Data preceding the most recent SUT are only revised in the event of benchmark revisions.
The Office issues a press information notice prior to the publication of the news release to inform users about routine revisions that integrate new results from regular surveys.
18.1. Source data
The compilation of gross fixed capital formation is based on numerous sources. Main data sources include:
The service lives follow the recommendations issued by the task force on fixed assets. Detailed information on initial capital stock, depreciation rates and price indices can be found in theGross National Income (GNI) Inventory in Section 4.12.
18.2. Frequency of data collection
In Malta, the frequency of data collection for varies across primary sources depending on their nature.
Structural Business Statistics (SBS) are made available to National Accounts every year in July, providing data for the previous year along with revised figures for the year before.
Government data is delivered during the transmission month.
International trade of goods statistics are available monthly or quarterly and typically released at the beginning of the transmission month.
Data in ESA 2010 are transmitted via SDMX which introduced standardised codes.
National Accounts combine data from many source statistics. Techniques of data collection vary widely, depending on the compilation approach, the source statistics available, the particular account in the system of accounts, the timeliness of data release and other factors.
Data validation in Malta involves a multi-step process to ensure the accuracy, consistency, and reliability of the compiled statistics. Initially, the raw data from various sources, including surveys, administrative records, and financial reports, are cross-checked against historical data trends. Consistency checks are performed to detect discrepancies between different datasets. Any anomalies or outliers are thoroughly investigated, often through consultations with data providers to clarify and correct discrepancies.
18.5. Data compilation
The Perpetual Inventory Method is used for compiling capital stocks and consumption of fixed capital, except for dwellings. Detailed information is available in Section 4.12 of the Gross National Income Inventory.
18.6. Adjustment
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. For more details on seasonal adjustment techniques for quarterly data, see metadata for quarterly national accounts.
Gross fixed capital formation by main asset type (Quarterly)
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.
These data sets require the understanding of various technical concepts, 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.
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.
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 units used in the national accounts data are, in principle, the local KAU or the institutional unit as defined in ESA 2010.
The national accounts population 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.
In Malta, the reference area for compiling Capital Stocks and Flows corresponds to the total economy, defined at the NUTS 0 level.
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).
At the time this document was published, Gross fixed capital formation and consumption of fixed capital are compiled in chain-linked volume measures for the reference period 2020.
The accuracy of national accounts estimates is evaluated through the analysis of revisions. National Reference Metadata in ESS Standard for Quality Reports Structure (ESQRS) assesses the accuracy and reliability of national accounts data as required by the ESA 2010 TP.
Until the Structural Business Statistics (SBS) data is implemented, annual data for Gross Fixed Capital Formation is typically derived by summing the four quarters of the year. This approach provides a provisional estimate of annual economic activity. Once SBS data is integrated, the resulting figures are considered semi-final and are less susceptible to further revisions, as the SBS data offers a more comprehensive and accurate picture of the business sector. Data is deemed final when the Supply and Use Tables (SUT) are incorporated into the National Accounts, marking the point at which the annual figures are fully aligned with the most detailed economic information available, until the next benchmark revision is due.
Data on capital stocks, gross fixed capital formation, consumption of fixed capital and balance sheets are available in current prices, prices of previous year, and chain linked volumes, in euro and national currency (most frequently in millions of euro or national currency due to the magnitude of the values).
For additional information on unit of measure for gross fixed capital formation (GFCF) and consumption of fixed capital, see gross fixed capital formation metadata file, concept 4.
Dwellings are calculated based on the physical units. Further information is available in the GNI Inventory, Section 5.10.3 Dwellings.
The Perpetual Inventory Method is used for compiling capital stocks and consumption of fixed capital, except for dwellings. Detailed information is available in Section 4.12 of the Gross National Income Inventory.
The compilation of gross fixed capital formation is based on numerous sources. Main data sources include:
The service lives follow the recommendations issued by the task force on fixed assets. Detailed information on initial capital stock, depreciation rates and price indices can be found in theGross National Income (GNI) Inventory in Section 4.12.
Malta publishes quarterly data on Gross Fixed Capital Formation (GFCF) at t+2 months after the end of the reference period.
The dissemination of data is aligned with the transmission requirements for each dataset which are defined in the ESA 2010 transmission programme:
Quarterly data is only required for gross fixed capital formation,
Annual data is required for gross fixed capital formation, capital stocks, consumption of fixed capital, and balance sheets.
The comparability is ensured by the application of common definitions (ESA 2010). For compilation practices of fixed assets related data, Malta compiled a Eurostat questionnaire.
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 harmonising 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 — ESA 2010 — national accounts data are made comparable over time. In cases where fundamental changes to methods or classifications occur, revisions to long time series are implemented, often extending far back into the past. If a time series contains a break, indicating a structural change at a specific point, a “B” flag is inserted in the first period (year) where the break occurs.
There are no breaks in series for the data on capital stocks and flows.
