Archive:Services producer price index - filling a gap in macroeconomic statistics

‘With the creation of a services producer price index, Eurostat is filling a gap in macroeconomic statistics that has existed for many years’, say Brian Newson, Head of Eurostat’s Short-term Statistics Unit, and Isabelle Rémond-Tiedrez. Photo: Christine Ardillac

Published in Sigma - The Bulletin of European Statistics, 2007/02

The evolution in short-term statistics has followed that of European Union policies. For the first 40 years, most Community policies were structural and EU statistics were only published annually or sometimes even less frequently. Back then, Eurostat collected whatever data were produced by the NSIs and simply put it together. This changed in the mid-1990s when it became clear that the EU was heading towards economic and monetary union and that short-term statistics (STS) were needed in order to manage monetary policy.

Introduction

‘We realised in the EU community that a more solid basis for short-term statistics was needed’, says Brian Newson, Head of the Short-term Statistics Unit D3. ‘Until then, STS mainly focused on manufacturing. The first STS regulation was adopted in 1998, introducing the requirement to provide services turnover at current prices on a quarterly basis.’

By the early 2000s, both Directorate-General for Economic and Financial Affairs in Brussels and the [[European Central Bank (ECB)]] were focusing on short-term developments in the newly created single economy of the euro area. It was clear that better data were needed. In addition, the ever-increasing importance of services in our economy could not continue unmeasured. Eurostat started to work in 2002 towards amending the STS regulation, to accelerate the transmission of data in the first place and to include output prices for services, which were missing from the 1998 regulation.

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