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| CON104R - Quarterly gross domestic product - seasonally adjusted series NACE Rev.2, volume indices - % as against the previous quarter |
| Definition |
Quarterly Gross Domestic Product at market price (QGDP), the main macro-economic aggregate of national accounting, represents the final result of production activity for resident productive units, for a certain period, a quarter, respectively.
Quarterly Gross Domestic Product at market price is estimated by two approaches:
a) output approach:
QGDP=GVA+TP-SP
where:
GVA=gross value added at basic prices;
TP=taxes on products;
SP=subsidies on products.
b) expenditure approach:
QGDP=FC+GCF+E-I
where:
FC= actual final consumption;
GCF=gross capital formation;
E=exports of goods and services;
I=imports of goods and services. |
| Periodicity |
Quarterly |
| Data sources |
Quarterly national accounts ESA 2010 details |
| Methodology |
NIS compiles national accounts data according to international standards (SNA 2008), EU regulations on national accounts (ESA 2010), and Eurostat, OECD and IMF handbooks and recommendations.
Quarterly Gross Domestic Product is estimated in current prices, in the prices of the corresponding period of the previous year and in chain-linked volumes with reference year 2020. Chain linking with base year 2020 is compiled by linking the volume indices by the annual overlap technique, according to Eurostat requirements. For supllementary information please find the document "Methodological note on change of chain-linked reference year in Romanian National Accounts at the following link: https://insse.ro/cms/files/statistici/pib%20trim/Methodological-note-on-change-of-chain-linked-reference-year-in-Romanian-National-Accounts.pdf.
For quarterly national accounts, NIS Romania applies the annual overlap technique in compiling the chain linked quarterly data, as recommended by Eurostat.
Besides the gross estimates of quarterly Gross Domestic Product, seasonally adjusted estimates are also compiled, based on the regressive method, this method being recommended by the European regulations.
The seasonal adjustment envisages the removal of seasonal effects from the data series in view to highlight the real economic evolution during consecutive periods. In order to adjust the main aggregates series, based on which the GDP is estimated by all three methods, JDemetra+ software package is used (X-13ARIMA-SEATS method). The obtained seasonally adjusted series are used to compile the growth rates for GDP and its components.
The seasonally adjusted GDP is obtained through the direct method, thus leading to a statistical discrepancy between the GDP and the sum of its components, which are independently seasonally adjusted. |
| Last update |
SEP 05, 2024 |
| Observations |
The main data sources used to estimate the quarterly gross domestic product are:
- statistical sources: sub-annual surveys regarding industrial production, construction, services, trade; the agricultural production account; sub-annual surveys regarding salary gains and the number of employees;
- financial-accounting sources: accounting balance sheets of financial institutions;
- administrative sources: execution of the state budget and local budgets, as well as the state social insurance budget; balance of payments.
The revision of the quarterly accounts data is periodically done, when a new version of yearly national accounts is available.
The revision of data has as objective to keep the coherence between the quarterly accounts and the yearly accounts.
The periodical revision of national accounts unadjusted data series also entails the revision of seasonally adjusted series.
The data calculated on the basis of NACE Rev.2, according to ESA 2010 methodology are available starting with 1995. |
| Responsible person |
Negru Ecaterina Daniela, interior 2287, daniela.negru@insse.ro |
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