Statistical processing
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National accounts, Economic StatisticsCarmela Moreno
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The quarterly national accounts are compiled on the basis of all relevant short-term statistics describing parts of the economy. Combining these statistics with the definitions and classifications of the national accounts and the detailed annual national accounts makes it possible to balance all the information regarding the supply and use to a complete picture of the economic activity. For more information detailed descriptions of sources and methods can be found in Danish Quarterly National Accounts and Danish Sector National Accounts.
Source data
Current short-term statistics describing areas within the economy and employment. Among the most important sources can be mentioned:
- Foreign trade statistics
- Balance of payments
- VAT-statistics
- Retail turnover statistics
- Turnover in manufacturing
- Producer and consumer price indices
- Employment statistics
- Quarterly non-financial accounts for general government
- Financial statistics
Frequency of data collection
The quarterly national accounts are compiled eight times a year. The quarterly sector accounts are compiled four times a year.
Data collection
Not relevant for these statistics.
Data validation
The data validation is carried out in 3 steps according to the main process of setting up the quarterly national accounts.
- In the first step a thorough validation of primary data sources is carried out. For more information reference is made to the specific declarations of statistics of each primary source.
- In the second step an initial data validation is carried out, when the data is processed for use with the definitions and classifications in the national accounts.
- In the final step a validation of the data sources is carried out, when balancing the the supply and use in the economy.
Data compilation
The data compilation is described together with data validation.
Adjustment
Corrections to data are made as part of the data validation processes described above.
The seasonally adjusted estimates are produced using the X12-ARIMA software package. The seasonal adjustment specifications are evaluated once a year. The series in current and constant (chain linked) prices are seasonally adjusted by the indirect method and subsequently aggregated to the level of detail for publication. The discrepancies, which are created by the indirect method, are not balanced.
The annual evaluation of the seasonal adjustment specification includes an assessment for Easter effects. However experience shows that it is difficult to estimate the exact effect, especially in those years where Easter changes between the first and second quarter. Therefore the seasonal adjustment must be interpreted carefully. Read more about the seasonal adjustment of the quarterly national accounts in the memo (only available in Danish) Det sæsonkorrigerede BNP.