Benchmark Revisions Overview of the Current Situation

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Presentation transcript:

Benchmark Revisions Overview of the Current Situation Directors of Macro-Economic Statistics Luxembourg, 11 December 2015 Seminar on Benchmark Revisions

Outline Introduction History Current Situation Main Challenges

Introduction DMES in June 2015: Establish a Task Force on Revision Policy Organise a Seminar on Benchmark Revisions In Parallel: CMFB Task Force that will focus on Routine Revisions

History (1) CMFB in July 2012: Harmonised European Revision Policy Regarding Major Revisions: Major Ad-hoc Revisions Major Regular Revisions

History (2) Major Ad-hoc Revisions: Methodological Changes (NACE, ESA) or Special Events (EU enlargements for instance)

History (3) Major Regular Revisions: Major revisions that take place on a regular basis (five to ten years) to incorporate results of changes in basic data sources (surveys and censuses) and/or new estimation methods.

History (4) Major Regular Revisions: Benchmark years fixed with years ending with '0' and '5', implementation years with years ending with '4' and '9', unless this is integrated with a European-wide major occasional revision in another year.

Current Situation 2014 Major ad-hoc Revision ESA 2010 CMFB Questionnaire February 2015 19 out of 29 Respondents in favour of EU Harmonisation Benchmark Revisions Countries that actually plan to conduct Benchmark Revisions following European Recommendation: BE, HR, LV, CH, LU, NL

Main Challenges (1) Factors to be taken into account when Identifying a Common Benchmark Year Possible to Identify a Common Benchmark Year? Harmonising the Benchmark Year or the Year of Dissemination? Feasibility of a Common Policy for Benchmark Revisions in the light of the use of National Accounts for GNI for Own Resources and EDP Purposes

Main Challenges (2) How to deal with Benchmark Revisions outside the '0/5-rule' Interval between Benchmark Revisions 5 Years. Less even better? '0/5-rule' applicable for non-financial accounts, financial accounts as well as BoP/IIP data? Benchmark Revisions have an Impact on Routine Revisions. Where is the Dividing Line?

Thanks for your attention