News 16.6.2014
Review of national accounts changes economic figures
Statistics Finland has published preliminary estimates on the impacts of the introduction of the reviewed European System of Accounts, ESA 2010, on gross domestic product and other key economic figures in Finland. According to the estimates, the level of GDP is estimated to rise, on average, by around four per cent over the 2000s.
Preliminary impact estimates for the year 2011: GDP, government deficit and government debt
| GDP level shift, % - Impact of capitalisation of research and development activity - Impact of capitalisation of weapon systems - Other time series changes (updated sources and methods and correction of errors) |
4.2 3.7 0.3 0.2 |
| Government deficit, change in GDP ratio 1) | -0.3 |
| Level shift of government debt 2), % Change in GDP ratio of government debt 1) |
2.6 -0.8 |
1) Difference between the new GDP ratio and the old GDP ratio. For deficit, a negative figure means that the deficit has grown relative to GDP.
2) Relation of euro-denominated change of debt to old debt data.
In connection with the review, Statistics Finland conducts other time series revisions to national accounts starting from 1975. In addition to the gross domestic product, the ESA 2010 review has an impact on government deficit and debt, for example.
Changes to balance of payments statistics
The balance of payments statistics will also be renewed along with the adoption of the international standard for balance of payments (Balance of Payments Manual, BPM6). According to Statistics Finland's preliminary impact estimates, on account of the review, Finland's current account will weaken relative to GDP by 0.2 per cent and net international investment position will fall by 1.4 per cent in 2011.
The impact estimates pertain to the year 2011. The estimates include both the effect of the ESA 2010/BPM6 methodological changes and that of other time series changes. Actual published data may differ from these preliminary estimates. The new GDP time series, time series for government deficit and new time series for balance of payments and net international investment position will be released on 11 July 2014. New time series for government debt will be published on 30 September 2014.
The content of the ESA 2010 review for Finland has been described in more detail on Statistics Finland's ESA2010 web pages. The changes made to the balance of payments statistics are presented on the pages of the balance of payments renewal. Eurostat, the Statistical Office of the European Communities, has an Internet site on the review that contains material pertaining to it.
Eurostat's ESA 2010 pages
Further information: kansantalous@stat.fi; Paula Koistinen-Jokiniemi +358 29 551 3362; Olli Savela +358 29 551 3316