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.
Eurostat, the statistical office of the European Union
1.2. Contact organisation unit
Unit C2 - National Accounts - production
1.3. Contact name
Confidential because of GDPR
1.4. Contact person function
Confidential because of GDPR
1.5. Contact mail address
2920 Luxembourg LUXEMBOURG
1.6. Contact email address
Confidential because of GDPR
1.7. Contact phone number
Confidential because of GDPR
1.8. Contact fax number
2.1. Metadata last certified
8 January 2025
2.2. Metadata last posted
8 January 2025
2.3. Metadata last update
8 January 2025
3.1. Data description
This metadata is associated with table nama_10_nfa_st containing data on stocks of fixed assets (or capital stock) by type of asset and economic activity.
According with SNA 2008 and ESA 2010, an asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another (SNA 2008, §3.30; ESA 2010, §7.15).
This metadata focuses on fixed assets which are a subset of produced non-financial assets: fixed assets (AN.11) are used repeatedly or continuously in production for more than one year. In addition to fixed assets, produced non-financial assets also include 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. These are not included in current metadata description. For mor information on classification of assets, see sections 3.2 and 3.4.
Stocks of fixed assets can be valued in gross and net terms. Gross stock means the value of stock before deducting consumption of fixed capital (depreciation). 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 capital stock minus consumption of fixed capital, i.e. the sum of the written-down values of all the fixed assets still in use (OECD Glossary of Statistical Terms).
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 set can therefore be analysed together with other datasets, namely on gross fixed capital formation and balance sheets. See below how these data are disseminated in Eurobase.
The country data is compiled by national statistical offices (NSO) and transmitted to Eurostat in respect of the deadlines established by the ESA 2010 transmission programme. As from September 2024, an amended version of ESA 2010 and associated transmission programme applies. The data is produced and disseminated for the total economy but may also include breakdowns of the total economy (by institutional sectors, NACE economic activities, asset groups, etc.).
After validation, Eurostat publishes all country data that it receives in its online database: , in the section "Economy and finance" and organised into the following collections:
Data on gross fixed capital formation (GFCF) and consumption of fixed capital (CFC):
Gross fixed capital formation by AN_F6 asset type (nama_10_an6):
The current metadata focuses on fixed produced non-financial assets (AN.11), more precisely on table nama_10_nfa_st (cross-classification of fixed assets by industry and by asset (stocks)).
The associated transmission programme (Annex B) defines compulsory data transmissions from September 2014 onwards. Data are compiled for the total economy, as well as by economic activity and asset breakdowns. When possible, the institutional sector is also considered but data taking this breakdown into account is not mandatory for capital stocks. The classifications applied are described below.
Economic activity
ESA2010 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 groups
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).
3.3. Coverage - sector
The ESA 2010 transmission programme, as outlined in annex B of EU regulation 549/2013, defines the datasets that national statistical authorities of the EU countries have to transmit to Eurostat for the compilation of the European accounts. Data for stocks of fixed assets in net and gross terms are compiled and transmitted for total economy and by industry and asset breakdowns according to Table 20 of ESA 2010 transmission programme as presented below. Data on Research and development was added in Commission Delegated Regulation (EU) 2015/1365. Total construction is calculated and disseminated by Eurostat.
Table 20 — Cross classification of fixed assets by industry and by asset (stocks)
Asset code
Asset label
Total economy
NACE Industry (1)
AN.11
Fixed assets
x
AN.111
Dwellings
x
A*21 / A*38 / A64
AN.112
Other buildings and structures
x
A*21 / A*38 / A64
AN.113+AN.114
Machinery equipment + weapon systems
x
A*21 / A*38 / A64
AN.1131
Transport equipment
x
A*21 / A*38 / A64
AN.1132
ICT equipment
x
AN.11321
Computer hardware
x
AN.11322
Telecommunications equipment
x
AN.11139+AN.114
Other machinery and equipment + weapon systems
x
AN.115
Cultivated biological resources
x
A*21 / A*38 / A64
AN.117
Intellectual property products
x
AN.1171
Research and development
x
AN.1173
Computer software and databases
x
(1) A*21 compulsory, A*38/A*64: on a voluntary basis
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 (SNA2008, §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.
Tangible fixed assets are non-financial produced assets that consist of dwellings, other buildings and structures, machinery and equipment and cultivated assets.
Intangible fixed assets are non-financial produced fixed assets that mainly consist of mineral exploration, computer software, entertainment, literary or artistic originals intended to be used for more than one year.
The SNA 2008 does not formally include a division between tangible and intangible assets in the classification. However, the categories of dwellings, other buildings and structures, machinery and equipment, weapons systems and cultivated biological resources can be taken to correspond to tangible assets and the other categories to intangible assets (SNA 2008, §10.67). These concepts are very common in economic analyses involving assets.
Fixed capital is 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
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 published by Eurostat are, in principle, the local KAU or the institutional unit as defined in ESA 2010. This is the case for both the country data received, and for the euro area and EU aggregates compiled by Eurostat. However, deviations might occur where the units used in the received country data are not fully compliant with the ESA 2010 guidelines. For information on statistical unit refer to nama10.
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.
3.7. Reference area
Eurostat publishes data for EU/EA aggregates and for EU Member States, Iceland, Switzerland, Norway and enlargement countries if data are available. EU Member States and EFTA countries have legal obligations to submit their data to Eurostat as defined in the European System of Accounts ESA 2010 transmission programme of data.
Kosovo (under United Nations Security Council Resolution 1244/99)
3.8. Coverage - Time
Time coverage (i.e., length of the historical series) can differ for individual national series. Generally, coverage starts from 1995, with some exceptions for some tables. Some series may start in 2000 or later in line with the ESA 2010 transmission programme requirements. Derogations have ended since the beginning of 2020.
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 stocks of fixed assets are available in:
current replacement costs, million euro (CRC_MEUR),
current replacement costs, million units of national currency (CRC_MNAC),
previous year replacement costs, million euro (PYR_MEUR),
previous year replacement costs, million units of national currency (PYR_MNAC)
Current replacement costs refer to the price that it would cost to replace an existing asset with a similar asset at the current market price.
Data in chain linked volumes (2015), million euro (CLV15_MEUR) and chain linked volumes (2015), million units of national currency (CLV15_MNAC) are calculated by Eurostat. Data in earlier reference years are available as well.
Chain-linked volume series (CLV) are obtained by successively applying previous year's replacement costs’ growth rates to the current replacement cost figure of a specific reference year e.g. 2015. Chain-linking involves the loss of additivity for all years except the reference year and the directly following year, because these are the only periods expressed in costs of the reference year. For other years, chain-linked components will not sum to the totals.
The usual reference period 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).
6.1. Institutional Mandate - legal acts and other agreements
Data received via the transmission programme are shared with other institutions in accordance with specific agreements, notably with the ECB and the OECD.
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 on European statistics of 11 March 2009 (OJ L 87, p. 164) stipulates in recital 24 and Article 20(4) 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.
7.2. Confidentiality - data treatment
If Member States transmit data with a confidentiality flag or an embargo date, these data are not disseminated until the confidentiality flag is removed in a subsequent data transmission or the embargo expired.
8.1. Release calendar
EU/EA aggregates are compiled based on underlying national accounts transmitted by member states and European aggregates when available.
8.2. Release calendar access
Indicative publication dates for main data releases are published on the Eurostat website.
8.3. Release policy - user access
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably. The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.
Annual data for gross fixed capital formation (tables (nama_10_an6, nama_10_nfa_fl, nama_10_a64_p5) are requested by t+2, t+9, t+21 or t+24 months, depending on the level of detail, where t is the end of the reference period,
Annual data for consumption of fixed capital (table nama_10_a64) are requested by t+9 or t+21 months, depending on the level of detail,
Cross-classification of fixed assets by industry and by asset (stocks) (nama_10_nfa_st) are requested at t+24 months,
Balance sheets data are due after T+24 months (nama_10_nfa_bs) are requested at t+24 months.
Country data are published after successfully passing a set of validation checks. EU/EA data is calculated from country data and published shortly after country data has been disseminated.
10.1. Dissemination format - News release
No specific news release is foreseen at this stage.
10.2. Dissemination format - Publications
No specific publication is foreseen at this stage.
10.3. Dissemination format - online database
EU/EA aggregates are derived and disseminated in Eurostat’s online database (Eurobase) when underlying input data are published after successful validation process.
Berlemann, M. and J.-E. Wesselhöft (2014), ‘Estimating Aggregate Capital Stocks Using the Perpetual Inventory Method – A Survey of Previous Implementations and New Empirical Evidence for 103 countries’, Review of Economics, 65, 1-34.
GNI Inventories produced in the context of the GNI verification process contain valuable information on the compilation practices used by NSIs for estimating capital stocks, consumption of fixed capital, gross fixed capital formation and balance sheets.
Recommendations:
In addition to the documents above, Eurostat established in 2020 a DMES Task Force on fixed assets and estimation of consumption of fixed capital under ESA 2010 (TF FIXCAP) to develop recommendations towards harmonising the use of the perpetual inventory methods among NSIs and improve standardisation of compilation practices. The final document of the TF FIXCAP including the recommendations can be found here:
Other:
A cross country analysis of the data for capital stocks was performed by the Vienna Institute for International Economic Studies (wiiw) and can be found here:
10.7. Quality management - documentation
The importance of national accounts requires that documentation on the procedures applied for quality management and quality assessment should be available. Examples of such documentation are national accounts quality reports, quality studies and reports on revision analysis.
The quality (accuracy/consistency) checks carried out by Eurostat on the received country data are described in a validation handbook. From 2017 onwards also annual quality reports are available. They describe several dimensions of the quality of countries' national accounts data transmissions.
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.
11.1. Quality assurance
Quality is assured by strict application of ESA 2010 concepts and by thorough validation of the data delivered by countries.
Users of annual national accounts data are typically interested in analysing structural changes in the economy from a medium-term perspective.
Produced fixed assets (together with labour inputs) are used not only as an important factor in production but also as a transmitter of embodied technical progress. This is the case for both tangible assets, like constructions or telecommunications and equipment, and intangible asset types, such as software and databases or research and development.
Reliable measurement of productivity, in particular capital productivity, depends on accurate capital related data. Data on capital stocks, gross fixed capital formation (investment), gross capital formation, and consumption of fixed capital, are key input when considering productivity developments and growth accounts. This is reflected in the National Accounts methodology. With the adoption of the SNA 2008 and the introduction of ESA 2010, the work on capital stocks and the consumption of fixed capital and underlying data has become especially important.
At EU level, this data is also relevant for the estimation of potential output (and output gap) and to improve the quality of GDP estimates contributing to better comparability across countries.
Moreover, the data plays a prominent role in the EU fiscal policy surveillance in the context of the review of the EU Stability and Growth Pact launched in 2020. Investment and the monitoring of investment continue to play important role in the economic governance framework. This requires better data on net investment on which data on fixed assets are based.
12.2. Relevance - User Satisfaction
Eurostat directly monitors the use of this data with users (e.g. DG ECFIN, ECB, OECD) and takes their needs into account.
12.3. Completeness
Completeness rates of underlying ESA data transmissions are assessed in annual quality reports. They are in general very high.
13.1. Accuracy - overall
Eurostat assesses the accuracy of national data by systematically applying validation checks to all national accounts data transmitted by countries. Accuracy of national accounts estimates is analysed in terms of revisions. For more information see Section 13 of na10 and nama10.
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
Member States are required to transmit their data to Eurostat in compliance with the deadlines defined in the ESA 2010 transmission programme.
14.2. Punctuality
The punctuality of transmissions is usually very high and is 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 data on gross fixed capital formation and fixed assets (stocks), Eurostat launched a questionnaire collecting information amongst compliers which is documented here: Non financial assets.
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 and consumption of fixed capital data.
15.2. Comparability - over time
By using a common framework, the ESA 2010, data can be 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. If the series contain some break suggesting that some structural change occurred in the series at a certain point in time, a flag “B” is inserted in the first period (year) when it occurs.
15.3. Coherence - cross domain
Related time series are available from the other domains of National Accounts and from Eurostat publications. 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 performed.
15.4. Coherence - internal
In between Eurostat releases of EU/EA aggregates, Member States may revise their figures; Eurostat publishes the new Member States' accounts shortly after reception but does not recalculate the EU aggregated accounts until the next scheduled EU release. Geographical coherence may thus be lost for a brief period. This should be corrected in the next publication of EU/EA aggregates.
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.
Revisions of macroeconomic statistics are necessary to improve data quality. To minimise the inconvenience for data users, the European Statistical System (ESS) and the European System of Central Banks (ESCB) try to strike the right balance between incorporating the necessary statistical revisions and maintaining an acceptable degree of consistency across domains and countries. To this end, the two systems have worked together to draw up a Harmonised European Revision Policy (HERP) for Macroeconomic Statistics issued by the CMFB in October 2017. HERP is aligned with the general Eurostat revision policy.
According to HERP, a distinction should be made between 'routine' revisions and 'major' or 'benchmark' revisions.
Routine revisions
Routine revisions refer to the changes made to the economic data published initially and to its subsequent releases for a particular reference year.
According to the guidelines laid down in HERP, annual estimates are usually revised retrospectively for up to four years to incorporate annual data sources as well as changes following Excessive Deficit Procedure and Own Resources notifications, although the policy allows unlimited revisions for transmissions at t+9 months. Some countries are obliged to publish the initial annual data for reference year t-1 in the second calendar quarter of the year instead of the third quarter.
The sequence of publications/revisions regarding annual data, in calendar year t, is as follows:
Quarter 1: First estimate of annual data for year t-1, usually corresponding to the sum of the quarterly figures released;
Quarter 2: First possible revision of annual data for year t-1 to include revisions of quarters of t-1;
Quarter 3: First estimate of annual data for year t-1 based on both annual and first available sources;
Quarter 4: Exceptional revisions of annual data for year t-1 may be carried out to take into account changes following Excessive Deficit Procedure and Own Resources notifications (GNI Committee).
According to the principles of HERP, the maximum depth of revisions in each quarter is 4 years, as the majority of NSIs work on a cycle of 3-4 years after which the data can be considered final. However, all years may be open to revisions during the third quarter of the year and during benchmark revisions.
HERP requires that national revision practices are aligned across statistical domains. This implies that annual routine revisions are carried out with identical timing and depth of revision across all statistical domains, to eliminate vintage differences as a source of inconsistencies. This part of the policy is also important in the context of ensuring consistency between national accounts and BOP/IIP. HERP requires at least one point in time where cross-domain consistency must be achieved; namely, in the 3rd quarter when annual revisions are also carried out.
In addition, HERP covers domains with annual and quarterly data reporting frequencies and requires alignment between quarterly and annual tables. HERP requires that all countries align their quarterly and annual frequencies across all domains, at least, in the third quarter.
Benchmark revisions
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. HERP requires that benchmark revisions result in break-free series at least for the timespan required on a mandatory basis by the ESA 2010 Transmission Programme. Breaks in the series should be temporary and appropriately flagged with the ‘B’ flag.
The coordination and communication of benchmark revisions are prepared well in advance. Benchmark revisions are publicly announced in advance of the release date, at least a quarter in advance for annual and quarterly statistics. The actual release of the results of a benchmark revision are accompanied by sufficient documentation that allows users to appropriately assess the new presentation of the macroeconomic and/or social situation.
Eurostat plays a central role in the communication of European harmonised benchmark revisions.Information is published on the Eurostat website. The impact of benchmark revisions is analysed in statistical publications and presented to various technical fora, including key users and policy makers.
Non-scheduled revisions
Non-scheduled revisions take place on an ad-hoc basis, outside the European harmonised approach. While there is no comprehensive set of recommendations agreed at EU level for when non-scheduled revisions, good practices regarding metadata and communication on non-scheduled revisions are discussed in the "Practical guidelines for revising ESA 2010 data".
Since they could confuse users and thus damage user confidence in official statistics, non-scheduled revisions should always be an exception and should be avoided where possible. If the benefits of carrying out a non-scheduled revision are assessed as clearly outweighing the disadvantages of waiting to integrate the results into a forthcoming benchmark revision, there should be a clear communication strategy.
Non-scheduled revisions may be often related to errors. Reported errors are assessed for seriousness to determine whether they should trigger a correction of already disseminated data.
Reported errors in national data that are deemed to be significant are corrected in the disseminated data as soon as the correct data have been validated. Corrections for other errors in national data are most often carried out in connection with the regular scheduled data dissemination/ regular revision. The EU aggregates are revised according to the pre-announced release calendar. Errors in national data have rarely a substantial impact on aggregates.
National Statistical Offices and National Central Banks agreed to gradually implement the HERP. The level of adherence to the guidelines of Member States' revision policies is regularly monitored through the ESA 2010 quality reporting.
Information on adherence to HERP and the national revision policies is available at: Data-revision.
17.2. Data revision - practice
Routine revisions for annual data
National accounts data at country level are subject to continuous routine revisions as new input data becomes available. Countries’ data are revised according to country schedules, and revisions become visible in Eurostat's online database as soon as new data is transmitted to and validated by Eurostat.
Countries’ revisions will typically result in revisions of the European aggregates, which are derived from these data, but updated estimations of the European aggregates are only released on specific dates. Annual data may be revised twice every quarter with the release of quarterly figures (65 days and approximately 110 days after the end of the reference quarter). The dates are pre-announced in the release calendar on Eurostat's website (see 8.2). On these occasions, previously published figures are subject to revision for all variables and all years. The depth of revisions observed for the aggregates depend on the depth of revisions of national data.
Data may be published even if they are missing for certain variables and/or countries or flagged as provisional or of low reliability. They are replaced with final data once transmitted and validated. European aggregates are updated according to the pre-announced release calendar. The vast majority of NSIs have aligned their national release dates with the calendar of Eurostat so that European aggregates are consistent with revised country data on the release day.
Routine revisions are documented and communicated through press releases and dedicated statistical analyses. A thorough analysis based on pre-selected revision indicators is also included in the annual national quality report.
Major or benchmark revisions
In 2014, all Member States disseminated revised data according to ESA 2010. The agreed guidelines specify that Member States should disseminate the results of the next benchmark revisions in 2019 and 2024 respectively. The majority of EU countries were able to meet the 2019 target and all EU countries are expected to carry out the subsequent benchmark revision in 2024.
More information on the ongoing benchmark revisions is available on this page:
Information on benchmark revisions carried out in 2019 is available in this document: Benchmark_revisions_2019.
18.1. Source data
Eurostat publishes national accounts data for the European Union, euro area and country data (for EU Member States, EFTA countries, candidate countries), as well as the United States, Japan and some other countries on an ad hoc basis. The data sources for estimating EU/EA aggregates are country data transmitted by NSIs to Eurostat.
Countries use many sources to compile their national accounts, among them administrative data from government, population censuses, business surveys, external trade and balance of payments statistics, or household surveys. No single survey can hence be referred to. Sources vary from country to country and may cover a large set of economic, social, financial and environmental items, which may not always be strictly related to national accounts. In any case, there is no single survey source for national accounts. In particular, different sources and methods are used for calculating stock of fixed assets.
For further information about sources and collection methods in National Statistical Institutes (NSIs), please refer to National Statistical Institutes and National Central Banks (see Eurostat's web site, and after having chosen the language to be used, select menu: About us - European Statistical System - ESS Partners; you can also find a List of National statistical institutes (NSI) and other national authorities wesbite).
18.2. Frequency of data collection
Member States should transmit national accounts data to Eurostat upon national publication and/or in line with the deadlines specified in the ESA 2010 transmission programme. Member State's gross fixed capital formation data are generally transmitted at t+2, t+9, t+21 or t+24 months, depending on the level of detail of the data. Stocks of fixed assets are transmitted at t+24 months and flows are transmitted at t+9 and t+21 months as well as consumption of fixed capital.
At country level, data are collected from national sources. As the breadth of the sources varies, so does the frequency of collection, from monthly to annually, and in the case of population censuses they are mostly collected every decade.
18.3. Data collection
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.
18.4. Data validation
Source data undergo a sequence of checks within NSIs. Eurostat checks national data mainly for completeness (coverage of reference periods and variables), consistency (accounting consistency, consistency over time), additivity, plausibility, integrity and inter-table coherence checks and follows up with NSIs on any lack of quality in this respect. 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 performed.
The same checks are applied to data for the European aggregates. Validation against data from other domains and validation of the statistical tools used are done on an ad-hoc basis.
18.5. Data compilation
EU/EA aggregates are compiled by aggregating countries’ data transmitted to Eurostat. Countries’ data in current prices, current replacement costs, previous year's prices and previous year's replacement costs are added up to estimate EU/EA aggregates. Data in chain-linked volumes (CLVs) are calculated from EU/EA aggregates, not added up from countries data.
Countries’ data on stocks and consumption of fixed capital are compiled by NSIs. When data sources are available, ESA 2010 (§ 3.141) recommends using direct information on the stock of fixed assets. This is the case, e.g. to estimate the stock of animals. If direct information is missing, then the use of the perpetual inventory method (PIM) is recommended. Whenever possible, data is estimated for all institutional sectors and NACE industries, for market- and non-market producers. The stock of fixed assets is valued at the purchasers’ prices of the current period.
To further harmonise the implementation of the PIM, choices have to be made regarding the key assumptions, in particular:
Type of retirement and depreciation functions
Key parameters of these functions, such as service lives and depreciation rates
Price indices for arriving at current price measures
Estimation of initial stocks
For each of these there is a range of plausible assumptions, and the choices can impact the estimates of stocks and consumption of fixed capital. There is currently a diversity of assumptions made across Member States. To boost comparability, Eurostat has established a Task Force on fixed assets and estimation of consumption of fixed capital under ESA 2010 (TF FIXCAP) to develop recommendations on further harmonising the use of the PIM method.
The recommendations do not impose that all countries apply identical assumptions. Both institutional and natural (climate, geography) factors may influence e.g. the depreciation of assets in different ways. The goal is to avoid arbitrary differences without removing justifiable differences. For the parameters, narrow ranges of acceptable values have been accepted, together with a list of factors to consider when making choices within these ranges.
Data for capital stocks and consumption of fixed capital are annual and therefore no seasonal adjustment technique is applied to compile seasonally adjusted the data.
No comment.
This metadata is associated with table nama_10_nfa_st containing data on stocks of fixed assets (or capital stock) by type of asset and economic activity.
According with SNA 2008 and ESA 2010, an asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another (SNA 2008, §3.30; ESA 2010, §7.15).
This metadata focuses on fixed assets which are a subset of produced non-financial assets: fixed assets (AN.11) are used repeatedly or continuously in production for more than one year. In addition to fixed assets, produced non-financial assets also include 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. These are not included in current metadata description. For mor information on classification of assets, see sections 3.2 and 3.4.
Stocks of fixed assets can be valued in gross and net terms. Gross stock means the value of stock before deducting consumption of fixed capital (depreciation). 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 capital stock minus consumption of fixed capital, i.e. the sum of the written-down values of all the fixed assets still in use (OECD Glossary of Statistical Terms).
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 set can therefore be analysed together with other datasets, namely on gross fixed capital formation and balance sheets. See below how these data are disseminated in Eurobase.
The country data is compiled by national statistical offices (NSO) and transmitted to Eurostat in respect of the deadlines established by the ESA 2010 transmission programme. As from September 2024, an amended version of ESA 2010 and associated transmission programme applies. The data is produced and disseminated for the total economy but may also include breakdowns of the total economy (by institutional sectors, NACE economic activities, asset groups, etc.).
After validation, Eurostat publishes all country data that it receives in its online database: , in the section "Economy and finance" and organised into the following collections:
Data on gross fixed capital formation (GFCF) and consumption of fixed capital (CFC):
Gross fixed capital formation by AN_F6 asset type (nama_10_an6):
The current metadata focuses on fixed produced non-financial assets (AN.11), more precisely on table nama_10_nfa_st (cross-classification of fixed assets by industry and by asset (stocks)).
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 (SNA2008, §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.
Tangible fixed assets are non-financial produced assets that consist of dwellings, other buildings and structures, machinery and equipment and cultivated assets.
Intangible fixed assets are non-financial produced fixed assets that mainly consist of mineral exploration, computer software, entertainment, literary or artistic originals intended to be used for more than one year.
The SNA 2008 does not formally include a division between tangible and intangible assets in the classification. However, the categories of dwellings, other buildings and structures, machinery and equipment, weapons systems and cultivated biological resources can be taken to correspond to tangible assets and the other categories to intangible assets (SNA 2008, §10.67). These concepts are very common in economic analyses involving assets.
Fixed capital is 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.
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 published by Eurostat are, in principle, the local KAU or the institutional unit as defined in ESA 2010. This is the case for both the country data received, and for the euro area and EU aggregates compiled by Eurostat. However, deviations might occur where the units used in the received country data are not fully compliant with the ESA 2010 guidelines. For information on statistical unit refer to nama10.
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.
Eurostat publishes data for EU/EA aggregates and for EU Member States, Iceland, Switzerland, Norway and enlargement countries if data are available. EU Member States and EFTA countries have legal obligations to submit their data to Eurostat as defined in the European System of Accounts ESA 2010 transmission programme of data.
Kosovo (under United Nations Security Council Resolution 1244/99)
The usual reference period 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).
Eurostat assesses the accuracy of national data by systematically applying validation checks to all national accounts data transmitted by countries. Accuracy of national accounts estimates is analysed in terms of revisions. For more information see Section 13 of na10 and nama10.
Data on stocks of fixed assets are available in:
current replacement costs, million euro (CRC_MEUR),
current replacement costs, million units of national currency (CRC_MNAC),
previous year replacement costs, million euro (PYR_MEUR),
previous year replacement costs, million units of national currency (PYR_MNAC)
Current replacement costs refer to the price that it would cost to replace an existing asset with a similar asset at the current market price.
Data in chain linked volumes (2015), million euro (CLV15_MEUR) and chain linked volumes (2015), million units of national currency (CLV15_MNAC) are calculated by Eurostat. Data in earlier reference years are available as well.
Chain-linked volume series (CLV) are obtained by successively applying previous year's replacement costs’ growth rates to the current replacement cost figure of a specific reference year e.g. 2015. Chain-linking involves the loss of additivity for all years except the reference year and the directly following year, because these are the only periods expressed in costs of the reference year. For other years, chain-linked components will not sum to the totals.
EU/EA aggregates are compiled by aggregating countries’ data transmitted to Eurostat. Countries’ data in current prices, current replacement costs, previous year's prices and previous year's replacement costs are added up to estimate EU/EA aggregates. Data in chain-linked volumes (CLVs) are calculated from EU/EA aggregates, not added up from countries data.
Countries’ data on stocks and consumption of fixed capital are compiled by NSIs. When data sources are available, ESA 2010 (§ 3.141) recommends using direct information on the stock of fixed assets. This is the case, e.g. to estimate the stock of animals. If direct information is missing, then the use of the perpetual inventory method (PIM) is recommended. Whenever possible, data is estimated for all institutional sectors and NACE industries, for market- and non-market producers. The stock of fixed assets is valued at the purchasers’ prices of the current period.
To further harmonise the implementation of the PIM, choices have to be made regarding the key assumptions, in particular:
Type of retirement and depreciation functions
Key parameters of these functions, such as service lives and depreciation rates
Price indices for arriving at current price measures
Estimation of initial stocks
For each of these there is a range of plausible assumptions, and the choices can impact the estimates of stocks and consumption of fixed capital. There is currently a diversity of assumptions made across Member States. To boost comparability, Eurostat has established a Task Force on fixed assets and estimation of consumption of fixed capital under ESA 2010 (TF FIXCAP) to develop recommendations on further harmonising the use of the PIM method.
The recommendations do not impose that all countries apply identical assumptions. Both institutional and natural (climate, geography) factors may influence e.g. the depreciation of assets in different ways. The goal is to avoid arbitrary differences without removing justifiable differences. For the parameters, narrow ranges of acceptable values have been accepted, together with a list of factors to consider when making choices within these ranges.
Eurostat publishes national accounts data for the European Union, euro area and country data (for EU Member States, EFTA countries, candidate countries), as well as the United States, Japan and some other countries on an ad hoc basis. The data sources for estimating EU/EA aggregates are country data transmitted by NSIs to Eurostat.
Countries use many sources to compile their national accounts, among them administrative data from government, population censuses, business surveys, external trade and balance of payments statistics, or household surveys. No single survey can hence be referred to. Sources vary from country to country and may cover a large set of economic, social, financial and environmental items, which may not always be strictly related to national accounts. In any case, there is no single survey source for national accounts. In particular, different sources and methods are used for calculating stock of fixed assets.
For further information about sources and collection methods in National Statistical Institutes (NSIs), please refer to National Statistical Institutes and National Central Banks (see Eurostat's web site, and after having chosen the language to be used, select menu: About us - European Statistical System - ESS Partners; you can also find a List of National statistical institutes (NSI) and other national authorities wesbite).
Annual data for gross fixed capital formation (tables (nama_10_an6, nama_10_nfa_fl, nama_10_a64_p5) are requested by t+2, t+9, t+21 or t+24 months, depending on the level of detail, where t is the end of the reference period,
Annual data for consumption of fixed capital (table nama_10_a64) are requested by t+9 or t+21 months, depending on the level of detail,
Cross-classification of fixed assets by industry and by asset (stocks) (nama_10_nfa_st) are requested at t+24 months,
Balance sheets data are due after T+24 months (nama_10_nfa_bs) are requested at t+24 months.
Country data are published after successfully passing a set of validation checks. EU/EA data is calculated from country data and published shortly after country data has been disseminated.
Member States are required to transmit their data to Eurostat in compliance with the deadlines defined in the ESA 2010 transmission programme.
The comparability is ensured by the application of common definitions (ESA 2010). For compilation practices of data on gross fixed capital formation and fixed assets (stocks), Eurostat launched a questionnaire collecting information amongst compliers which is documented here: Non financial assets.
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 and consumption of fixed capital data.
By using a common framework, the ESA 2010, data can be 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. If the series contain some break suggesting that some structural change occurred in the series at a certain point in time, a flag “B” is inserted in the first period (year) when it occurs.
