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.
INE - Instituto Nacional de Estatística (Statistics Portugal)
1.2. Contact organisation unit
National Accounts Department
1.3. Contact name
Confidential because of GDPR
1.4. Contact person function
Confidential because of GDPR
1.5. Contact mail address
Avenida António José de Almeida
1000-043 Lisboa
1.6. Contact email address
Confidential because of GDPR
1.7. Contact phone number
Confidential because of GDPR
1.8. Contact fax number
Confidential because of GDPR
2.1. Metadata last certified
30 January 2026
2.2. Metadata last posted
30 January 2026
2.3. Metadata last update
30 January 2026
3.1. Data description
This metadata is associated with the following tables in Eurobase:
Capital stocks by industry and by detailed asset type (nama_10_nfa_st)
Capital stocks by sector and by detailed asset type (nama_10_nfa_bs)
Capital formation by industry and by detailed asset type (nama_10_a64_p5)
Quarterly and annual gross fixed capital formation by main asset type (namq_10_an6andnama_10_an6)
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 ESA 2010 provides a methodology on common standards, definitions, internationally harmonised classifications and accounting rules that are used for compiling national accounts on comparable basis.
A complete overview of classifications is available in:
ESA 2010 Chapter 23 Classifications (namely, NACE for economic activity, Classification of assets and Classification of institutional sectors)
National Accounts (NA) system at Statistics Portugal follows the classifications recommended by ESA 2010.
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.
Capital stocks, capital formation and gross fixed capital formation data refer to the whole economy and breakdowns by industry up to NACE A*64, by asset type and by sector.
3.4. Statistical concepts and definitions
The definitions of concepts and variables are in accordance with the European System of Accounts 2010 (ESA 2010), set up in the Regulation (EU) No 549/2013, which may be referred to for more detailed explanations on methodology. Portugal is fully aligned with the concepts and definitions set out in ESA 2010.
Two main categories of assets are distinguished: non-financial assets (denoted as AN) and financial assets (denoted as AF) (ESA 2010, §7.20). Non-financial assets are divided into produced non-financial assets (denoted as AN.1) and non-produced non-financial assets (denoted as AN.2) (ESA 2010, §7.21). Produced non-financial assets (AN.1) are outputs from production processes (ESA 2010,§7.20-7.22) and are further classified on the basis of their role in production: fixed assets (AN.11) which are used repeatedly or continuously in production for more than one year; inventories (AN.12) which are used up in production as intermediate consumption, sold or otherwise disposed of; and valuables (AN.13) which are not used primarily for production or consumption, but are instead acquired and held primarily as stores of value. Non-produced non-financial assets are split into three categories, natural resources, contracts leases and licences, and purchase and sale of goodwill and marketing assets (SNA 2008, §A3.50).
Fixed assets(AN.11) consist of a subset of produced assets that are used repeatedly or continuously in production over periods of time of more than one year (SNA 2008, § 1.52). They include dwellings and other buildings and structures, machinery and equipment, land improvements, weapons systems (however not single-use items such as ammunition), cultivated biological and animal resources yielding repeat products, intellectual property rights (e.g. the results of research and development, computer software, literary and artistic originals) and mineral exploration.
Fixed capitalis the value of capital assets available for production purposes at a given point in time. All capital goods are included which are accounted for in gross fixed capital formation. This is measured by the value of acquisitions less disposals of new or existing fixed assets.
Gross capital stock is the value of all fixed assets still in use, at the actual or estimated current purchasers’ prices for new assets of the same type, irrespective of the age of the assets. In the gross stock, assets are treated as new until they are retired: it is assumed that they retain their full productive capacity until removed from the stock.
Net capital stock is equal to gross fixed capital stock reduced for the accumulated consumption of fixed capital. It is the sum of the written-down values of all the fixed assets still in use.
Consumption of fixed capital (CFC, ESA code P.51c) reflects the decline in the value of the fixed assets of enterprises, governments, and owners of dwellings in the household sector. Fixed assets decline in value due to normal wear and tear, foreseeable ageing (obsolescence) and a normal rate of accidental damage. Unforeseen obsolescence, major catastrophes and the depletion of natural resources, however, are not included. Unlike "depreciation" in business accounting, CFC in national accounts is not a method for allocating the costs of past expenditures on fixed assets over subsequent accounting periods. Rather, it is the decline in the future benefits of the assets due to their use in the production process.
Gross fixed capital formation (GFCF, ESA code P.51g) consists of resident producers’ investments, deducting disposals, in fixed assets during a given period. It also includes certain additions to the value of non-produced assets realized by producers or institutional units. Fixed assets are tangible or intangible assets produced as outputs from production processes that are used repeatedly, or continuously, for more than one year.
Gross capital formation(GCF, ESA code P.5) is measured by the total value of the gross fixed capital formation (P.51g), changes in inventories (P.52) and acquisitions less disposals of valuables (P.53) for a unit, an institutional sector or the whole economy.
P.5 = P.51g + P.52 + P.53
By deducting consumption of fixed capital (P.51c) net capital formation is obtained.
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 basic units that are commonly compiled by national accounts in Statistics Portugal are the institutional units and the kind-of-activity (KAU) units; the local KAU units are estimated for regional accounts purposes. Generally, the institutional units are used in the sector accounts, the KAU units in the production approach (and industry accounts) in order to estimate GDP and the local KAU in the compilation of regional accounts.
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 Portuguese national economy concerns the full territory, which includes the mainland and the autonomous regions - islands of Azores and Madeira.
3.8. Coverage - Time
National accounts data are usually compiled for years and quarters.
Statistics Portugal’s gross fixed capital formation data series are available at current prices (CUP) from 1995, at previous year’s prices (PYP) from 1996, and as chain-linked volumes (CLV) from 1995. Data on fixed assets (stocks) are available from 2000 at current prices and from 2001 at previous year’s prices, in accordance with the ESA 2010 transmission programme requirements. Balance sheet series for non-financial assets are available since 1970.
In addition, Statistics Portugal (INE) and the Central Bank (Banco de Portugal) produce jointly the Long Time Series for the Portuguese Economy (currently only available in Portuguese). Under this project, backward annual data for several (financial and non-financial) national accounts aggregates, including investment and capital stock, were made available most of them since around 1953.
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 Regulation (EU) 2023/734. 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 be 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.
Statistics Portugal publishes the Portuguese National Accounts series using 2021 as the benchmark year. The regular five-yearly update of the reference year is recommended by Eurostat and is standard practice among European Union countries. This update allows for the integration of new structural data and the adoption of methodological improvements, including the implementation of new recommendations resulting from discussions within the European Statistical System.
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.
Data are presented in million euro. Gross fixed capital formation is available in current prices, previous year's prices and chain linked volumes. Capital stocks are available in current prices and previous year's prices. Balance sheets are available in current prices.
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).
In the case of capital stock, chain-linked volumes are not compiled. In the case of GFCF, chain-linked volumes are compiled, and the reference year is 2021.
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. Both Annex A and B are amended and published in the Official Journal of the European Union Regulation (EU) No 2023/734 (Amendment ESA 2010).
Statistics Portugal is the central authority for the production and dissemination of official statistics in Portugal. It is part of the indirect administration of the State and has the status of a public institute with a special legal regime, endowed with administrative autonomy. It operates under the supervision of the Presidency of the Council of Ministers and plays a vital role in public governance by providing impartial, high-quality, and relevant statistical information to society.
Its activities cover a wide range of thematic areas of Portuguese society, from macroeconomic indicators such as economic growth, employment, and prices to the demographic and social profiling of the population, including income, health, housing, and household living conditions.
Statistics Portugal mission is to produce, in an independent, impartial, effective, and efficient manner, high-quality official statistical information, relevant to society, contributing to public and private decision-making, scientific development, and informed public debate.
Therefore, in the exercise of its statistical functions, INE enjoys technical independence, with full authority to define statistical methods, standards, and release calendars based on scientific and professional criteria. This principle is enshrined in Law no. 22/2008 of 13th May, which regulates the National Statistical System (SEN) and is reinforced at the European level by Regulation (EC) No. 223/2009, of 11th March 2009, and also the European Statistics Code of Practice.
Its structure and functioning are governed by Decree-Law No. 136/2012 of 2nd July, complemented by the Statutes approved by Ordinance No. 423/2012, and amended by Ordinances No. 120/2014 and No. 68/2019.
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.
Agreements for sharing data are in place with the Central Bank and the Ministry of Finance.
Data are transmitted via Eurostat to other international organisations as Statistics Portugal is part of the European Statistical System and coordinates and shares data with the Commission (Eurostat).
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 Practiceprovides further conditions that have to be respected by statistical offices in regard to statistical confidentiality (Principle 5).
Statistics Portugal endorses the European Statistics Code of Practice for Other National Authorities (ONAS) and puts this code into practice at national level.
The Statistical Confidentiality Policy of Statistics Portugal stems from the Constitution of the Portuguese Republic, from Law no. 22/2008, of 13 May, which establishes the principles, rules and structure of the National Statistical System and in particular the Principle of Statistical Confidentiality (Article 6), from the Regulation (EC) 223/2009 of 11 March (article 20 and following), in its current version, establishing the legal framework for the development, production and dissemination of European Statistics, and Regulation (EU) 557/2013 of 17 June concerning access to confidential data for scientific purposes. It is also governed by the principles agreed among EU Member States and enshrined in the European Statistics Code of Practice (2nd revision/2017), namely principle 5 on Statistical Confidentiality and, more broadly, by the Fundamental Principles of Official Statistics, established by the United Nations Statistical Commission in 1994 and endorsed by the United Nations General Assembly in January 2014 (principle 6). Regarding the processing of personal data, the exercise of statistical activity also complies with Regulation (EU) 2016/679 of the Parliament and of the Council of 27 April, which lays down the rules on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and other legislation applicable in this area.
Statistical Confidentiality Policy is available on the Statistics Portugal website, where it is accessible to all interested users. This document outlines the principles, legal framework, and procedures adopted to ensure the protection of confidential statistical information, in accordance with applicable national and European legislation.
These policies are part of Statistics Portugal’s Integrated Management System, which encompasses both Information Security Management and Quality Management.
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. EU guidelines on this subject are dully taken into account by Statistics Portugal (Policy of Statistical Confidentiality).
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.
Statistics Portugal publishes, in its annual activity plan, the scheduled release dates of statistical information, which are reflected in a calendar made available on the Statistics Portugal website.
In addition, a calendar of press release dissemination is also made available, including the exact release time.
Any advance or delay in publication is announced in these calendars.
These rules are set out in Statistics Portugal Dissemination Policy, which is available on the its website.
8.2. Release calendar access
The Release calendars are easily available and accessible for users through the INE Website.
The user access policy for official statistical information, as defined in Statistics Portugal Dissemination Policy, is based on the principles of technical independence, statistical confidentiality, quality and accessibility. Access is granted simultaneously to all users without discrimination, ensuring that no privileged access is given unless publicly disclosed. The dissemination of information follows a technically defined schedule, which is publicly announced and, when necessary, updated with proper justification. Furthermore, access to official statistical information is free of charge and made available through the Statistics Portugal website (Statistics Portugal), ensuring usability for a wide range of users, from experts to the general public.
The transmission requirements for each dataset are defined in Annex B of EU regulation 2023/734amending the European system of regional and national accounts, applying from 1 September 2024. Portuguese practice regarding the frequency of dissemination is aligned with the European transmission programme.
Quarterly gross fixed capital formation data are released on t+2 months. Annual data on gross fixed capital formation and consumption of fixed capital are published in September (t+9 months and t+21 months). Capital stocks and balance sheets are published annually in December. The data is transmitted to Eurostat simultaneously with the national release.
10.1. Dissemination format - News release
The most important results of national accounts are issued in news releases. This typically occurs during major national accounts revisions, particularly when a new benchmark year becomes available. New key national accounts data may also be presented in press conferences or press briefings. The results of the new Portuguese National Accounts benchmark years are usually presented to “Conselho Superior de Estatística” (Statistical Council), which is an independent body composed by the main institutional users of Portuguese National Accounts (government agencies, academia, Banco de Portugal, business associations), in November. The exact dates are pre-announced in release calendars (see section 8.1 above).
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 (e.g. Statistical Yearbook of Portugal - 2023Long Time Series for the Portuguese Economy).
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.
Main national accounts information is made available to users in Statistics Portugal public database. All national accounts data are available in excel files, at the same time of the press release, through a thematic folder on National Accounts.
10.4. Dissemination format - microdata access
Not applicable.
10.5. Dissemination format - other
In addition to news releases and other publications (see sections 10.1 and 10.2), information on national accounts may be disseminated using social media.
The National Accounts thematic folder on the Statistics Portugal website displays the most important methodological references for National Accounts compilation. These include institutional documents (mainly European manuals), internal documents (some only available in Portuguese) and external links, available via this link. It includes an internal document on Capital stock in Portuguese National Accounts .
10.7. Quality management - documentation
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.
GNI Inventories contain very relevant information on the quality of the data underlying the GNI data transmitted by countries to Eurostat. GNI Inventories contain sections on the estimation of capital stocks, consumption of fixed capital, gross fixed capital formation and balance sheets.
The ESA 2010 Regulation stipulates that the quality of national and regional accounts data sent to Eurostat are to be assessed according to the quality criteria set out by the Regulation on European statistics (Regulation (EC) No 223/2009). The modalities, structure and assessment indicators of the quality assessment process are set out in a Commission implementing act ( Regulation (EU) 2016/2304 ).
Regarding the series of capital stock and consumption of fixed capital, the methodological changes introduced in the new 2021 benchmark for National Accounts are based on the OECD Measuring Capital Manual (2009) and incorporate the conclusions of the Task Force (TF FIXCAP) created by the Directors of Macroeconomic Statistics (DMES) of the EU. The task force aimed to improve the coverage and robustness of statistics on fixed assets published under the ESA 2010 transmission programme.
The methodological changes were defined to ensure adequate coverage of the information base on GFCF and price deflators, and to review the methodology for compiling the series of capital stock and consumption of fixed capital. The objective is to improve the consistency and international comparability of results within a framework of harmonised criteria, procedures and common concepts across the European Union. The revision was applied to all series.
11.2. Quality management - assessment
Statistics Portugal maintains regular and productive interactions with Eurostat across various areas of National Accounts (NA).
Statistics Portugal contributions are frequently well received, with positive evaluations in the assessments conducted within these EU-level groups and in relation to ongoing reporting obligations. These favourable assessments reflect the robustness and quality of the methodologies and data provided by Statistics Portugal.
At present, the detailed reports resulting from these assessments are not publicly available.
The accuracy, timeliness and completeness of the data are evaluated through multi-stage validation procedures (see section 18.4 - Data validation).
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.
The Statistical Council (“Conselho Superior de Estatística”) is a very broad forum in which various sectors of society are represented, including universities, trade unions, ministries, employers' confederations and associations, etc. Among other duties, this body approves the (long-term) strategic lines of the National Statistical System, as well as the annual activity plans and their implementation, thus reflecting the needs and interests of the users of statistical information.
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. Statistics Portugal has initiatives in place to measure overall user satisfaction and may, where appropriate, develop specific initiatives targeting statistical activities, as established in Statistics Portugal’s Quality Charter.
The direct contact with users of National Accounts is organized through the Statistical Council, particularly through the Standing Section of Economic Statistics, comprising government representatives from various areas, Central Bank (Banco de Portugal), Regional Services of Statistics, Union Confederations and Researchers, among others.
12.3. Completeness
Completeness rates of ESA data transmissions are assessed in annual quality reports. Capital stocks and capital formation data transmitted by Statistics Portugal to Eurostat complies with the ESA 2010 transmission programme.
13.1. Accuracy - overall
The quality of national accounts results from a complex, multidimensional compilation process. From a sources perspective, they draw on dozens of statistical datasets, most produced within the statistical system itself and subject to quality standards validated by the European Statistical System. Frequently, multiple sources coexist to measure the same economic phenomenon, which immediately requires validation of the underlying data. The compilation of national accounts occurs within an integrated framework that demands internal consistency. For instance, GDP is estimated using three different approaches, requiring reconciliation of diverse information and systematic scrutiny of both inputs and outputs. Similarly, compiling the full sequence of accounts and comparing balances between financial and non-financial accounts provides an additional test of accuracy and reliability. Beyond the compilation process, Eurostat conducts an independent quality assessment of national accounts through mechanisms such as the GNI verification cycle, Annual Quality Reports, and a data quality control system. This system checks the consistency of information across tables and validates any significant revisions or variations in results.
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, considering 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 account’s tables.
Portuguese National Accounts data are released according to a pre-established calendar, in full compliance with the Statistical Council’s plan and the ESA 2010 Transmission Programme.
14.2. Punctuality
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 by the deadlines defined in the transmission programme (or before).
The Portuguese National Accounts consistently meet, and often anticipate, the legal deadlines set by the ESA 2010 Regulation.
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. 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 Portuguese National Accounts data for all reference periods are compiled according to the definitional requirements of the ESA 2010, the data published are fully comparable over time. Also, in the case of fundamental changes to methods or classifications, revisions of long time series are performed, going back to reference year 1995 were required to ensure full temporal consistency.
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 perfect alignment may not always be possible and temporary discrepancies might occur. These are usually a result of vintage differences.
15.4. Coherence - internal
See section 15.3 (Coherence - cross domain).
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.
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).
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.
Statistics Portugal publishes a comprehensive set of methodological documentation and other information on its website, including information on the revision policy and practice.
The last benchmark revision took place in September 2024, with the release of new series of Portuguese National Accounts with 2021 as benchmark year. In the benchmark revision, all years were revised, in order to create the longest possible consistent time series.
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.
See Revision Policy of Portuguese National and Regional Accounts, also mentioned in section 17.1. Note that all releases of National Accounts are archived and made available to users on Statistics Portugal website and it is therefore possible to compare different releases and check revisions at any time.
18.1. Source data
National accounts compilation relies on a variety of data sources, including administrative data. This sources provide statistical information on a large set of economic, social, financial and environmental phenomena, which may not be strictly related to national accounts.
Gross Fixed Capital Formation (GFCF): The main data sources to estimate GFCF are Simplified Business Information (Informação Empresarial Simplificada - IES), which is an administrative and fiscal source compulsory for all businesses operating in Portugal; General State Accounts, financial statements of public corporate entities; Statistics on international trade of goods produced by Statistics Portugal; Statistics on the balance of payments compiled by the Banco de Portugal; R&D survey ; the annual survey on industrial production (PRODCOM) conducted by Statistics Portugal; Consumer price indices, production indices and international trade indices compiled by Statistics Portugal.
GFCF data are sourced from National Accounts, broken down by:
Asset type (e.g., dwellings, machinery, intellectual property)
The consumption of fixed capital and capital stock were determined using the Perpetual Inventory Method (PIM). The estimation of capital stock and consumption of fixed capital series using the PIM requires the availability of long time series of investment flows (GFCF), appropriate deflators for converting investment flows into volume terms, and the adoption of survival and depreciation functions for assets. The PIM is the method that enables the calculation of capital stock series by accumulating investment flows, adjusted for economic efficiency loss and asset survival factors, according to their life-cycle profile. For details see Capital stock in Portuguese National Accounts.
18.2. Frequency of data collection
National accounts are typically compiled on an annual or quarterly basis using data from various primary statistics. The frequency of data collection or these sources varies depending on their nature.
To ensure alignment with the frequency of national accounts (quarterly or annually), the selection of sources is adapted accordingly. The majority of data sources are collected annually. For example, Simplified Business Information and the Single Report are available annually. As such R&D survey and administrative data from S13.
Other major statistical sources with lower frequency, like the census of population, require specific analysis. Their data are typically incorporated only in the occasion of major revisions (new benchmark years) as they often introduce breaks in time series.
18.3. Data collection
The data used for the compilation of national accounts come from other Departments of Statistics Portugal but also several organizations or Institutions. The main interchange of data flows with external bodies and Institutions is regulated by bilateral Protocols established with Statistics Portugal and (public or private) data providers. The Protocols typically set up annexes defining activities to be performed, regulating data provision obligations, data transmission procedures, security, and timing are defined.
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.
In addition to the validation system, implemented by Eurostat and applied to all countries, the process of compiling National Accounts in Portugal, especially the annual data, is subject to a tight process of analysis and consistency of results, namely using an integrated SUT system.
Capital stock calculations followed FIXCAP recommendations, particularly for depreciation functions and service lives. Results are computed at current and previous year price. Implicit deflators of stock are compared to deflators of GFCF of similar assets.
18.5. Data compilation
Data sources, methods and compilation techniques are country specific, but must be applied in a way that ensures compliance with the definitions and concepts outlined in ESA 2010. Many guidance documents addressing both general and specific national accounts compilation issues are available.
The methodology for calculating GFCF follows the concepts set out in ESA 2010 (§3.124). Fixed assets include produced assets that are used repeatedly or continuously in production processes for more than one year. The following types of GFCF can be distinguished: acquisitions less disposals of tangible fixed assets, acquisitions less disposals of intangible fixed assets and additions to the value of non‑produced non‑financial assets. In the current system, the national accounts are estimated within an integrated SUT system whose discrepancies are analysed, corrected and balanced. The balancing system applies to the estimates produced by the supply and the demand side, at current and previous year prices. The final value of GFCF is determined when establishing the balance between the supply and the various uses of each product.
To estimate capital stock and consumption of fixed capital, the following inputs are required, as defined by ESA 2010 and OECD (2009): fixed assets (AN.11), gross fixed capital formation (P.51g), service life of assets, survival function of an asset, depreciation function of an asset, consumption of fixed capital (P.51c), gross capital stock and net capital stock.
Statistics Portugal use the standard PIM procedure to estimate gross capital stock, which relies on time series of gross fixed capital formation and corresponding reclassifications and revaluations, valued at the current price of new capital goods and filtered by survival functions that measure the proportion of accumulated fixed assets still in use. Consumption of fixed capital is estimated by applying depreciation functions that reflect the loss of asset value due to wear and obsolescence. Net capital stock is obtained for a given period by deducting accumulated consumption of fixed capital from gross capital stock over the service life of assets still in use.
All estimates rely on official National Accounts data for GFCF and price indices, combined with internationally harmonized assumptions for service lives, depreciation, and survival functions (OECD, ESA 2010, FIXCAP). The methodology ensures consistency across gross and net capital stock, CFC, and GFCF series. See section 18.1.
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.
This metadata is associated with the following tables in Eurobase:
Capital stocks by industry and by detailed asset type (nama_10_nfa_st)
Capital stocks by sector and by detailed asset type (nama_10_nfa_bs)
Capital formation by industry and by detailed asset type (nama_10_a64_p5)
Quarterly and annual gross fixed capital formation by main asset type (namq_10_an6andnama_10_an6)
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 definitions of concepts and variables are in accordance with the European System of Accounts 2010 (ESA 2010), set up in the Regulation (EU) No 549/2013, which may be referred to for more detailed explanations on methodology. Portugal is fully aligned with the concepts and definitions set out in ESA 2010.
Two main categories of assets are distinguished: non-financial assets (denoted as AN) and financial assets (denoted as AF) (ESA 2010, §7.20). Non-financial assets are divided into produced non-financial assets (denoted as AN.1) and non-produced non-financial assets (denoted as AN.2) (ESA 2010, §7.21). Produced non-financial assets (AN.1) are outputs from production processes (ESA 2010,§7.20-7.22) and are further classified on the basis of their role in production: fixed assets (AN.11) which are used repeatedly or continuously in production for more than one year; inventories (AN.12) which are used up in production as intermediate consumption, sold or otherwise disposed of; and valuables (AN.13) which are not used primarily for production or consumption, but are instead acquired and held primarily as stores of value. Non-produced non-financial assets are split into three categories, natural resources, contracts leases and licences, and purchase and sale of goodwill and marketing assets (SNA 2008, §A3.50).
Fixed assets(AN.11) consist of a subset of produced assets that are used repeatedly or continuously in production over periods of time of more than one year (SNA 2008, § 1.52). They include dwellings and other buildings and structures, machinery and equipment, land improvements, weapons systems (however not single-use items such as ammunition), cultivated biological and animal resources yielding repeat products, intellectual property rights (e.g. the results of research and development, computer software, literary and artistic originals) and mineral exploration.
Fixed capitalis the value of capital assets available for production purposes at a given point in time. All capital goods are included which are accounted for in gross fixed capital formation. This is measured by the value of acquisitions less disposals of new or existing fixed assets.
Gross capital stock is the value of all fixed assets still in use, at the actual or estimated current purchasers’ prices for new assets of the same type, irrespective of the age of the assets. In the gross stock, assets are treated as new until they are retired: it is assumed that they retain their full productive capacity until removed from the stock.
Net capital stock is equal to gross fixed capital stock reduced for the accumulated consumption of fixed capital. It is the sum of the written-down values of all the fixed assets still in use.
Consumption of fixed capital (CFC, ESA code P.51c) reflects the decline in the value of the fixed assets of enterprises, governments, and owners of dwellings in the household sector. Fixed assets decline in value due to normal wear and tear, foreseeable ageing (obsolescence) and a normal rate of accidental damage. Unforeseen obsolescence, major catastrophes and the depletion of natural resources, however, are not included. Unlike "depreciation" in business accounting, CFC in national accounts is not a method for allocating the costs of past expenditures on fixed assets over subsequent accounting periods. Rather, it is the decline in the future benefits of the assets due to their use in the production process.
Gross fixed capital formation (GFCF, ESA code P.51g) consists of resident producers’ investments, deducting disposals, in fixed assets during a given period. It also includes certain additions to the value of non-produced assets realized by producers or institutional units. Fixed assets are tangible or intangible assets produced as outputs from production processes that are used repeatedly, or continuously, for more than one year.
Gross capital formation(GCF, ESA code P.5) is measured by the total value of the gross fixed capital formation (P.51g), changes in inventories (P.52) and acquisitions less disposals of valuables (P.53) for a unit, an institutional sector or the whole economy.
P.5 = P.51g + P.52 + P.53
By deducting consumption of fixed capital (P.51c) net capital formation is obtained.
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 basic units that are commonly compiled by national accounts in Statistics Portugal are the institutional units and the kind-of-activity (KAU) units; the local KAU units are estimated for regional accounts purposes. Generally, the institutional units are used in the sector accounts, the KAU units in the production approach (and industry accounts) in order to estimate GDP and the local KAU in the compilation of regional accounts.
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 Portuguese national economy concerns the full territory, which includes the mainland and the autonomous regions - islands of Azores and Madeira.
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).
In the case of capital stock, chain-linked volumes are not compiled. In the case of GFCF, chain-linked volumes are compiled, and the reference year is 2021.
The quality of national accounts results from a complex, multidimensional compilation process. From a sources perspective, they draw on dozens of statistical datasets, most produced within the statistical system itself and subject to quality standards validated by the European Statistical System. Frequently, multiple sources coexist to measure the same economic phenomenon, which immediately requires validation of the underlying data. The compilation of national accounts occurs within an integrated framework that demands internal consistency. For instance, GDP is estimated using three different approaches, requiring reconciliation of diverse information and systematic scrutiny of both inputs and outputs. Similarly, compiling the full sequence of accounts and comparing balances between financial and non-financial accounts provides an additional test of accuracy and reliability. Beyond the compilation process, Eurostat conducts an independent quality assessment of national accounts through mechanisms such as the GNI verification cycle, Annual Quality Reports, and a data quality control system. This system checks the consistency of information across tables and validates any significant revisions or variations in results.
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.
Data are presented in million euro. Gross fixed capital formation is available in current prices, previous year's prices and chain linked volumes. Capital stocks are available in current prices and previous year's prices. Balance sheets are available in current prices.
Data sources, methods and compilation techniques are country specific, but must be applied in a way that ensures compliance with the definitions and concepts outlined in ESA 2010. Many guidance documents addressing both general and specific national accounts compilation issues are available.
The methodology for calculating GFCF follows the concepts set out in ESA 2010 (§3.124). Fixed assets include produced assets that are used repeatedly or continuously in production processes for more than one year. The following types of GFCF can be distinguished: acquisitions less disposals of tangible fixed assets, acquisitions less disposals of intangible fixed assets and additions to the value of non‑produced non‑financial assets. In the current system, the national accounts are estimated within an integrated SUT system whose discrepancies are analysed, corrected and balanced. The balancing system applies to the estimates produced by the supply and the demand side, at current and previous year prices. The final value of GFCF is determined when establishing the balance between the supply and the various uses of each product.
To estimate capital stock and consumption of fixed capital, the following inputs are required, as defined by ESA 2010 and OECD (2009): fixed assets (AN.11), gross fixed capital formation (P.51g), service life of assets, survival function of an asset, depreciation function of an asset, consumption of fixed capital (P.51c), gross capital stock and net capital stock.
Statistics Portugal use the standard PIM procedure to estimate gross capital stock, which relies on time series of gross fixed capital formation and corresponding reclassifications and revaluations, valued at the current price of new capital goods and filtered by survival functions that measure the proportion of accumulated fixed assets still in use. Consumption of fixed capital is estimated by applying depreciation functions that reflect the loss of asset value due to wear and obsolescence. Net capital stock is obtained for a given period by deducting accumulated consumption of fixed capital from gross capital stock over the service life of assets still in use.
All estimates rely on official National Accounts data for GFCF and price indices, combined with internationally harmonized assumptions for service lives, depreciation, and survival functions (OECD, ESA 2010, FIXCAP). The methodology ensures consistency across gross and net capital stock, CFC, and GFCF series. See section 18.1.
National accounts compilation relies on a variety of data sources, including administrative data. This sources provide statistical information on a large set of economic, social, financial and environmental phenomena, which may not be strictly related to national accounts.
Gross Fixed Capital Formation (GFCF): The main data sources to estimate GFCF are Simplified Business Information (Informação Empresarial Simplificada - IES), which is an administrative and fiscal source compulsory for all businesses operating in Portugal; General State Accounts, financial statements of public corporate entities; Statistics on international trade of goods produced by Statistics Portugal; Statistics on the balance of payments compiled by the Banco de Portugal; R&D survey ; the annual survey on industrial production (PRODCOM) conducted by Statistics Portugal; Consumer price indices, production indices and international trade indices compiled by Statistics Portugal.
GFCF data are sourced from National Accounts, broken down by:
Asset type (e.g., dwellings, machinery, intellectual property)
The consumption of fixed capital and capital stock were determined using the Perpetual Inventory Method (PIM). The estimation of capital stock and consumption of fixed capital series using the PIM requires the availability of long time series of investment flows (GFCF), appropriate deflators for converting investment flows into volume terms, and the adoption of survival and depreciation functions for assets. The PIM is the method that enables the calculation of capital stock series by accumulating investment flows, adjusted for economic efficiency loss and asset survival factors, according to their life-cycle profile. For details see Capital stock in Portuguese National Accounts.
The transmission requirements for each dataset are defined in Annex B of EU regulation 2023/734amending the European system of regional and national accounts, applying from 1 September 2024. Portuguese practice regarding the frequency of dissemination is aligned with the European transmission programme.
Quarterly gross fixed capital formation data are released on t+2 months. Annual data on gross fixed capital formation and consumption of fixed capital are published in September (t+9 months and t+21 months). Capital stocks and balance sheets are published annually in December. The data is transmitted to Eurostat simultaneously with the national release.
National accounts data should become available to users as timely as possible, considering 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 account’s tables.
Portuguese National Accounts data are released according to a pre-established calendar, in full compliance with the Statistical Council’s plan and the ESA 2010 Transmission Programme.
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. 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 Portuguese National Accounts data for all reference periods are compiled according to the definitional requirements of the ESA 2010, the data published are fully comparable over time. Also, in the case of fundamental changes to methods or classifications, revisions of long time series are performed, going back to reference year 1995 were required to ensure full temporal consistency.
