Renewed publication schedules and revision practises for national accounts and balance of payments
Starting from 20 June 2019, preliminary data on annual national accounts for the previous year has been published at the same time as the quarterly publications, in March, June, September and December. Both quarterly and annual sources are used for the preliminary annual data. The publication times of monthly and quarterly national accounts as well as balance of payments as well as balance of payments will remain unchanged.
- The first preliminary data on annual national accounts concerning the previous year is published in February-March; at the end of February (t+60 days) in connection with the publication of quarterly national accounts and in mid-March (t+75 days) in connection with the publication of quarterly sector accounts. Quarterly balance of payments data is published in March (around t+80 days), rest of the world data is based to these data. In balance of payments previous year’s data is sum of quarters (not published separately).
- In June ( t+80 days), the preliminary annual data is revised above all in terms of the public sector, investments and enterprise data. Quarterly balance of payments is published in June (around t+80 days).
- In September (t+80 days), the preliminary annual data is supplemented with data on the public sector and consumption, as well as rest of the world data. Rest of the world data is compiled in balance of payments. Of the rest of the world data, especially data concerning foreign trade in services and property income items of foreign investments will be revised. Annual BoP data is updated in StatFin tables and quarterly balance of payments data is published in September (around t+80 days).
- In December (t+80 days), the preliminary annual data will be revised with more detailed local government financial statements. Quarterly BoP is published in December (around t+80 days).
- In March, at a lag of around 15 months, extensive annual data based on the supplemented source data will be published, when, e.g. more detailed industry-specific data will be available. At this point balance of payments will also revise the data from previous years.
- In November, at a lag of 23 months, national accounts will publish the supply and use tables. In these, annual national accounts data have been balanced and there is no statistical discrepancy.
- In March, at a lag of 27 months, the final NA data are benchmarked with data of the supply and use tables.
Revision of data
- In each quarter, the quarterly and annual data of the national accounts have been reconciled. In quarterly national accounts, the entire time series has still been revised, but the practise will change by the end of 2020. When publishing this year third quarter data (July-September) in November 27 (quarterly nationan accounts) and in December 18 (quarterly sector accounts), only the quarters for the current year and the previous four years will be revised as recommended in harmonised European revision policy.
- Annual national accounts data will be revised four times a year: in March, June, September and December. In March three previous years will be revised. In June and September two previous years and in December only the previous year will be revised.
- Balance of payment data, on the other hand, will be revised in March and September concerning the two previous years. The annual data is the sum of the quarters and is thus consistent with the quarterly data.
- National accounts and balance of payments data will be consistent in each quarter concerning the current accounts. As regards to the financial accounts and the international investment position there is an on-going development work to minimize the discrepancies by the end of 2020.
- For the purposes of general government deficit and debt reporting, national accounts’ data can be revised in March and September up to four years back.
- Revision of data is an important part of the compilation process of annual and quarterly national accounts. The European Union’s system of national accounts (in Finnish EKT 2010, in English ESA 2010) governs the revision of figures in national accounts. It defines the content and level of detail of the data delivered to the European Union’s statistical bureau Eurostat at specific times. The revision of the balance of payments is governed by the BPM6 manual and European Central Bank’s (ECB) guidelines.
- When national accounts and balance payments data are published nationally, they are also sent to Eurostat and ECB.
Tuomas Rothovius, +359 29 551 3360, email@example.com
Last updated 30 Jun 2020