Key figures for the national accounts (GDP)
What is the Danish Gross Domestic Product (GDP) and what has the real growth been in recent years? Key figures for the national accounts show the main results for the Danish economy such as GDP, economic growth, balance of demand and supply, imports and exports, etc.
Explainer on…
The value of a country's annual production produced in the country's workplaces. There are three ways to calculate GDP:
- Gross domestic product (GDP) at market prices is calculated from the production side by subtracting the total value of intermediate consumption in purchaser's prices.
- GDP can also be calculated from the use side as the sum of all final uses in purchaser's prices minus imports of goods and services.
- Finally, GDP can be calculated from the income side as compensation of employees plus gross operating surplus and mixed income plus taxes less subsidies on production.
Capital formation includes both gross fixed capital formation and changes in inventories.
Gross fixed capital formation are expenditure for durable goods that are used in production processes for more than one year. E.g. it can be expenditure as regards to acquisition of machinery and equipment and for the construction of buildings as well as research and development.
Changes in inventories are the value of changes in the industries' inventories, e.g. increases in stocks of raw materials and manufactured goods in the manufacturing industry and stocks within wholesale and retail trade.
Household expenditure on goods and services for final consumption as well as final consumption expenditure of NPISH (non-profit institutions serving households, e.g. sports associations, trade unions and private schools).
Government consumption expenditure is divided into individual and collective consumption expenditures.
The government expenditure on individual consumption is expenditure on services that are consumed by individuals, e.g. a wide range of services within education and health sectors.
Collective consumption expenditure is expenditure on services that are consumed collectively, e.g. defense and the judiciary.
Time series assessed on a monthly or quarterly basis are often affected by phenomena that appear at the same time every year. The time series are said to be subject to seasonal effects. When making a seasonal adjustment, you try to remove seasonal effects from the time series.
Selected statistics on Key figures for the national accounts (GDP)
Quarterly real growth in GDP
The source for the national accounts consists of statistics on economic activity, business structure and prices. The different versions of the national accounts are based on different sources.
The final national accounts are calculated at a time when the sources are available in their final versions and in a very detailed form.
On the other hand, the quarterly national accounts and the first interim annual figures are calculated relatively shortly after the end of the reference period. The sources of these inventories are therefore relatively few and in many cases only preliminary, and because of this, the most important source is the final national accounts that form the basis for the projection along with available indicators.
In the following, the sources for the different version of the national accounts are listed:
Quarterly national accounts (QNA50): Production and turnover in manufacturing industries, Purchases and sales by enterprises (only partly), Stocks of manufacturers and wholesale, Retail turnover index, Balance of payments and external trade statistics, Producer and import price index for commodities, Producer price index for services, Consumer price index, Net price index.
Quarterly national accounts, revised (QNA90): Same as QNA50 + Purchases and sales by enterprises, Purchases and sales by manufacturing industries, Financial industries and FISIM and Government finance statistics.
Quarterly national accounts 180 days (only Q4): Same as QNA90 + Government finance statistics.
Preliminary annual national accounts (t-1): Same as QNA180 + volume indicators for non-market individual services produced by general government, Accounts statistics for non-profit institutions serving households (NPISH) and Economic Accounts for Agriculture.
Preliminary annual national accounts (t-2): Same as preliminary ANA (t-1) + Accounts statistics, Accounts for public corporations, Household budget survey, Energy accounts.
Final annual national accounts (t-3): Same as preliminary ANA (t-2) + General enterprise statistics, Industrial commodity statistics, Manufacturers’ purchase of raw materials.
For an overview of sources on industry level see Branchefordelt kildeoversigt In Danish.
Annual GDP and imports by purpose
The source for the national accounts consists of statistics on economic activity, business structure and prices. The different versions of the national accounts are based on different sources.
The final national accounts are calculated at a time when the sources are available in their final versions and in a very detailed form.
On the other hand, the quarterly national accounts and the first interim annual figures are calculated relatively shortly after the end of the reference period. The sources of these inventories are therefore relatively few and in many cases only preliminary, and because of this, the most important source is the final national accounts that form the basis for the projection along with available indicators.
In the following, the sources for the different version of the national accounts are listed:
Quarterly national accounts (QNA50): Production and turnover in manufacturing industries, Purchases and sales by enterprises (only partly), Stocks of manufacturers and wholesale, Retail turnover index, Balance of payments and external trade statistics, Producer and import price index for commodities, Producer price index for services, Consumer price index, Net price index.
Quarterly national accounts, revised (QNA90): Same as QNA50 + Purchases and sales by enterprises, Purchases and sales by manufacturing industries, Financial industries and FISIM and Government finance statistics.
Quarterly national accounts 180 days (only Q4): Same as QNA90 + Government finance statistics.
Preliminary annual national accounts (t-1): Same as QNA180 + volume indicators for non-market individual services produced by general government, Accounts statistics for non-profit institutions serving households (NPISH) and Economic Accounts for Agriculture.
Preliminary annual national accounts (t-2): Same as preliminary ANA (t-1) + Accounts statistics, Accounts for public corporations, Household budget survey, Energy accounts.
Final annual national accounts (t-3): Same as preliminary ANA (t-2) + General enterprise statistics, Industrial commodity statistics, Manufacturers’ purchase of raw materials.
For an overview of sources on industry level see Branchefordelt kildeoversigt In Danish.
Revisions in the compilation of GDP
The source for the national accounts consists of statistics on economic activity, business structure and prices. The different versions of the national accounts are based on different sources.
The final national accounts are calculated at a time when the sources are available in their final versions and in a very detailed form.
On the other hand, the quarterly national accounts and the first interim annual figures are calculated relatively shortly after the end of the reference period. The sources of these inventories are therefore relatively few and in many cases only preliminary, and because of this, the most important source is the final national accounts that form the basis for the projection along with available indicators.
In the following, the sources for the different version of the national accounts are listed:
Quarterly national accounts (QNA50): Production and turnover in manufacturing industries, Purchases and sales by enterprises (only partly), Stocks of manufacturers and wholesale, Retail turnover index, Balance of payments and external trade statistics, Producer and import price index for commodities, Producer price index for services, Consumer price index, Net price index.
Quarterly national accounts, revised (QNA90): Same as QNA50 + Purchases and sales by enterprises, Purchases and sales by manufacturing industries, Financial industries and FISIM and Government finance statistics.
Quarterly national accounts 180 days (only Q4): Same as QNA90 + Government finance statistics.
Preliminary annual national accounts (t-1): Same as QNA180 + volume indicators for non-market individual services produced by general government, Accounts statistics for non-profit institutions serving households (NPISH) and Economic Accounts for Agriculture.
Preliminary annual national accounts (t-2): Same as preliminary ANA (t-1) + Accounts statistics, Accounts for public corporations, Household budget survey, Energy accounts.
Final annual national accounts (t-3): Same as preliminary ANA (t-2) + General enterprise statistics, Industrial commodity statistics, Manufacturers’ purchase of raw materials.
For an overview of sources on industry level see Branchefordelt kildeoversigt In Danish.
On the statistics – documentation, sources and method
See the documentation of statistics to learn more:
The national accounts are a description of a country's economy and its development. It consists of a description of the economy as whole and the economic transactions between individuals, companies and institutions. The national accounts also include transactions between Denmark and abroad. The first Danish national accounts date back to the 1930's. Consistent time series of annual national accounts goes back to 1966, while quarterly national accounts are available as of first quarter 1990.
The National Accounts statistics, institutional sectors, are part of the national accounts system and consist of coherent definitions and classifications that show how the income of the sectors is created, distributed and redistributed. They provide both a description of the economy in general and of the transactions between persons, enterprises and institutions. The national accounts also include transactions between Denmark and the rest of the world. This set of statistics was first published in 1983. Coherent annual time series are available back to 1995, while quarterly figures are available from the first quarter of 1999 onwards.