Eurostat, the statistical office of the European Union

C2: National accounts - Production

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The indicator is part of the EU Sustainable Development Goals (SDG) indicator set. It is used to monitor progress towards SDG 8 on decent work and economic growth. SDG 8 recognises the importance of sustained economic growth and high levels of economic productivity for the creation of well-paid quality jobs and the achievement of global prosperity. That said, it envisions inclusive and sustainable economic growth, which leaves no one behind and does not harm the environment.

Indicator is part of the impact indicators for Strategic plan 2016-2020 referring to the 10 Commission priorities.

The European Commission has launched in 2015 an Investment Plan for Europe to unlock over EUR 315 billion of investment over three years. The EU Capital Markets Union aims to tackle investment shortages head-on by increasing and diversifying business funding and investment financing. The External Investment Plan launched in 2016 serves to encourage investment in partner countries in Africa and EU neighbourhood region, to strengthen partnerships and contributes to achieve the Sustainable Development Goals, helping addressing some root causes of migration.

Investment by institutional sectors - % of Gross domestic product (GDP):

This indicator is defined as gross fixed capital formation (GFCF) expressed as a percentage of GDP for the government, businesses and households (including non-profit institutions serving households) sectors. GFCF consists of resident producers' acquisitions, less disposals of fixed assets during a given period plus certain additions to the value of non-produced assets realised by productive activity, such as improvements to land. Fixed assets are produced assets used in production for more than one year and comprise dwellings, other buildings and structures (roads, bridges etc.), machinery and equipment, weapons systems, cultivated biological reosurces but also intellectual property products such as research and development, computer software and databases, entertainment, literary or artistic originals. The ratio gives the share of GDP that is used for gross investment (rather than being used for e.g. consumption or exports).

Both GDP and GFCF variables are derived from annual non-financial sector accounts. For more information on related statistical concepts please refer to metadata description for the mentioned data collection (See nasa_esms).

Per cent

The accounting period is the calendar year

See nasa_esms     

ESS

Eurostat estimates the figures for EU and euro area (see section 18.5 "Data Compilation' for details in nasa_esms) based on data that are produced and transmitted to Eurostat by the statistical offices of the respective countries.

For further information about sources and collection methods in National Statistical Institutes (NSIs), please refer to available inventories of annual sector accounts.

Every year

Annual for national data, quarterly for European aggregates

T+1 year

According to the legal data transmission deadline as defined in the ESA 2010 data transmission programme, Member States have to transmit annual data to Eurostat within 9 months after the end of the reference year. Once received, data are subject to validation procedures and are normally released within one month. However, the publication may be delayed if Eurostat has detected significant data quality issues.

Annual European Union and Euro Area aggregates (calculated by summing up of four quarters of Quarterly Sector Accounts) are available 4 months after the end of the reference year.

> 75% EU MS and EU aggregate

Investment data by institutional sectors as part of non-financial accounts by sector are published by Eurostat for European Union, euro area, EU Member States, EFTA countries and possibly other countries, including Candidate Countries, on an ad-hoc basis. In rare cases some countries data may be missing mostly in latest periods if not transmitted on time or not validated.

Eurostat estimates the aggregates for the EU and the euro area; all other data are produced by the statistical offices of the respective countries. For further information on country data you may also refer to National Statistical Institutes and National Central Banks (links given on the Eurostat web site).

Member States, EFTA countries and Candidate Countries have legal obligations to submit their data to Eurostat. These data are the inputs for Eurostat's estimates of EU and euro area.

All EU MS

The comparability is ensured by the application of common definitions and methodological framework established by European System of Accounts, ESA 2010, which is  based on internationally agreed System of National Accounts, SNA 2008.

> 10 years

Time coverage (i.e., length of the historical series) is different for European series and for national series. EU and euro area aggregates start from 1999. National data series should be transmitted starting from the reference period 1995 in line with ESA 2010 data transmission programme. However, the coverage for national data may vary from country to country, partly due to granted derogations or longer series transmitted on voluntary basis.  Forecasts (usually two years ahead) for national and European series are provided based on forecasted growth produced by the Commission's General Directorate Economy and Finance (DG ECFIN) twice a year (spring and autumn).

> 4 data points

ESA 2010 Transmission programme requires coherent and relatively long (as from 1995) time series for annual sector accounts which are produced by most of the EU Member States. Rarely, in some countries, methodological breaks can affect time series (normally on a temporary basis), which are then flagged accordingly in Eurostat database. 

Backward calculations of time series are provided to ensure full time coherence in a case of major methodological changes.

No regular publications

Eurostat database

Not applicable

Both GDP and GFCF variables are derived from annual non-financial sector accounts. For more information please refer to metadata description for the mentioned data collection (see nasa_esms).