Recent revision of GDP data
Recent revision of GDP data
The authorities have recently revised the national accounts to harmonise them with EU legislation. Revised real GDP and components on a quarterly and annual basis for 2001 onwards were released in late spring of this year and further backdates were released over the summer. In the revised series, nominal GDP is about 6 to 8 per cent greater than in the previous series. Among the changes made, a user-cost method in the calculation of spending on dwelling services has been introduced. And there has been a shift in method regarding consumption of fixed capital in non-market services, e.g. road-transport assets, that uses a replacement cost method, rather than historic cost in the calculation method. In addition, the revision included the results of an updated business register that recorded more active units than would have been recorded under the previous register. In terms of overall growth in real GDP the revised figures differ little from previous ones, but there are changes in composition. The new data show somewhat weaker consumption growth and stronger investment growth over the past year or so than was previously recorded.
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