Value of household production: documentation of statistics

National accounts describe the total economy of a country. All units that have their centre of predominant economic interest in the economic territory of that country are covered.

In addition, several breakdowns of the total are described. Two of the most important breakdowns are the breakdown by institutional sector and the breakdown by NACE Rev. 2 activity. Exhaustiveness is required for each of the breakdown items.

Concerning the institutional sector breakdown, ESA 2010 distinguishes five mutually exclusive domestic institutional sectors: (a) non-financial corporations; (b) financial corporations; (c) general government; (d) households; (e) non-profit institutions serving households. The five sectors together make up the total domestic economy. Each sector is also divided into subsectors.

Regarding the activity breakdown, ESA 2010 applies NACE Rev.2. Activities can be broken down into several levels of detail, for example into 3, 10, 21, 38, 64 or 88 activities. At the 'highest' level a breakdown into 3 categories is defined: (a) agriculture, forestry and fishing; (b) mining and quarrying, manufacturing, electricity gas steam and air conditioning supply, water supply, sewerage, waste management and remediation activities, construction; (c) services.

Finland disseminates data using the classifications of the ESA 2010 transmission programme. There are typically more breakdowns in the national production systems. The most important additional breakdowns of the national publication of the data compared to the ESA transmission programme are:

• sector classification: S1314 breakdown by subsectors S13141 Employment pension schemes and S13149 Other social security funds (not transmitted to Eurostat)
• annual and quarterly financial accounts: comprehensive who-to-whom breakdown (transmitted to Eurostat)
• regional accounts: data are published by NUTS3 regions and NUTS2 main regions (transmitted to Eurostat) and nationally also by sub-regional units (not transmitted to Eurostat)
• pension table: column ‘H Social security’ breakdown by employer type into private and public employer schemes (not transmitted to Eurostat).

Following the ESA 2010 guidelines, in national accounts two types of units and two corresponding ways of subdividing the economy are used: (a) institutional unit; (b) local kind-of-activity unit (local KAU). The first type is used for describing income, expenditure and financial flows as well as balance sheets. The second type of units is used for the description of production processes, for input-output analysis and for regional analysis.

An institutional unit is an economic entity characterised by decision-making autonomy in the exercise of its principal function. A resident unit is regarded as constituting an institutional unit in the economic territory where it has its centre of predominant economic interest if it has decision-making autonomy and either keeps a complete set of accounts, or is able to compile a complete set of accounts.

A local KAU groups all the parts of an institutional unit in its capacity as producer which are located in a single site or in closely located sites, and which contribute to the performance of an activity at the class level (four digits) of the NACE Rev. 2.

An institutional unit comprises one or more local KAUs; a local KAU belongs to one and only one institutional unit.

Finland uses 1) institutional unit used in sector accounts 2) establishment that corresponds LKAU; this unit is used in production accounts, investments and supply-and-use tables.

The national accounts population of a country consists of all resident statistical units (institutional units or local KAUs). A unit is a resident unit of a country when it has a centre of predominant economic interest on the economic territory of that country, that is, when it engages for an extended period (one year or more) in economic activities on this territory.

National accounts are exhaustive. This means that all resident statistical units are covered.

The reference area for national accounts is the total economy of a country. The total economy of a country can be broken down into regions. The NUTS classification provides a single, uniform breakdown of the economic territory of the Member States of the EU.

National accounts data are usually compiled for years and quarters.

In general, the ESA 2010 transmission programme requires data starting in 1995 (years) and 1995Q1 (quarters) but some series start later. If backwards data exist, they may have been compiled according to earlier versions of ESA and can present conceptual breaks with those compiled under ESA2010. 

Length of the published time series:

• Main aggregates, annual: 1975-
• Main aggregates, quarterly: 1990-
• Sector accounts, annual: 1975-
• Sector accounts, quarterly: 1999-
• Financial accounts, annual: 1995-
• Financial accounts, quarterly: 1997-
• Regional accounts: 2000-
• Government finance statistics: main aggregates of general government 1999-, general government debt 2000-, general government financial accounts 1998-, general government expenditure by function 1990-, taxes 1975-
• EDP deficit and debt: 1975- (reported to Eurostat 1995-)
• Non-financial balance sheets: 1995-
• Supply and use tables, input-output: 2010-
• Pension table: 2015
• Balance of Payments/IIP: 2006-
• Foreign direct investments: 2004-

The concept of 'base period' is not applied in national accounts. Instead, for some national accounts variables the concepts of previous year prices and chain-linked volumes are applied, as stipulated in Commission Decision 98/715/EC. Expressing variables at the prices of the previous year allows the calculation of volume indices between the current time period and the previous year. After a reference period is chosen as a benchmark, volume indices can be chain-linked and then applied to variables at current prices of the benchmark year. This generates volume estimates for any period of observation.

With the exception of some variables concerning population and labour that are usually expressed in number of persons, hours or jobs, the ESA 2010 system shows all flows and stocks in monetary terms: in euros or other national currency. Flows and stocks shall be measured according to their exchange value, i.e. the value at which flows and stocks are in fact, or could be, exchanged for cash. Market prices are, thus, the ESA's reference for valuation.

In addition to measurement in current (market) prices, some national accounts variables are also expressed in previous year's prices and chain-linked volumes, see section 3.9. Furthermore, it is possible to derive growth rates and indices, and various other measures '(e.g. percentages, per capita data, data expressed in purchasing power standards)' can be applied as well.

The usual reference period to be used for presenting national accounts data is the calendar year for annual data and the quarter for quarterly data.

Two basic kinds of information are recorded: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time (year or quarter), while stocks refer to positions at a point of time (usually the beginning or end of a year or quarter).

The ESA 2010 provides a methodology on common standards, definitions, internationally harmonised classifications and accounting rules that are used for compiling national accounts on comparable bases.

The ESA 2010 defines classifications to be used for: institutional sectors, transactions in products, transactions in non-financial non-produced assets, distributive transactions, transactions in financial assets and liabilities, other changes in assets, balancing and net worth items, balance sheet entries, non-financial assets, financial assets and liabilities.

In addition, for several breakdowns ESA 2010 makes use of other classifications: NACE Rev. 2 for economic activities, CPA 2014 for products by economic activities, COFOG for the functions of government, COICOP for individual consumption by purpose, COPNI for classification of the purposes of non-profit institutions serving households, NUTS 2013 for regional breakdowns.

A full overview of classifications is available in:

- ESA 2010 Chapter 23 Classifications

- Eurostat’s RAMON classification database

Finland uses the ESA 2010 classifications in transmissions, but there are national versions of most of them available at: http://tilastokeskus.fi/meta/luokitukset/index_en.html

The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the General Data Protection Regulation, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics.

Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.

Further information: Statistical legislation

The compilation of statistics is guided by the Statistics Act. The Statistics Act contains provisions on collection of data, processing of data and the obligation to provide data. Besides the Statistics Act, the Data Protection Act and the Act on the Openness of Government Activities are applied to processing of data when producing statistics. 

Statistics Finland compiles statistics in line with the EU’s regulations applicable to statistics, which steer the statistical agencies of all EU Member States.  

National and regional accounts compilation builds up on statistics that are primarily collected for other purposes (primary statistics).

It relies on a variety of data sources, including administrative data: car and business registers, accounting statements, tax data, budgetary reports, population censuses, statistical surveys of businesses and households, statements of supervising institutions and branch organisations, annual and quarterly reports, trade statistics on goods and services, balance of payments information.

There is no single survey source for national accounts. Sources vary from country to country and provide statistical information on a large set of economic, social, financial and environmental phenomena, which may not be strictly related to national accounts.

Sources and collection methods used in each country vary depending on the specific dataset.

Overall, it is difficult to be exhaustive in the listing of data sources. Inventories provided to Eurostat usually include information on main sources (see section 10.6). Further information on data sources can be found on the national websites (http://tilastokeskus.fi/til/index_en.html).

National accounts are usually compiled on an annual or quarterly basis from other primary statistics. The frequency of data collection of primary statistics varies according to the nature of the data source. For example, business statistics are typically available on a monthly (and quarterly) basis. Some households surveys are available on quarterly or annual frequency (sometimes even less frequent). Availability of administrative data varies from country to country. Population censuses are mostly collected every decade.

The frequency and timing of the compilation of national accounts are not necessary aligned with the frequency and timing of (all) primary statistics data collections.

National accounts departments typically receive/collect information in relation to their compilation schedule, i.e. for their annual or quarterly estimates. Countries can provide a description of the time of receiving external data.

The data collection is very country specific and also varies according to the nature of the data source, e.g. administrative data, tax and car registers, surveys, accounting statements.  Guidance can be found in the Handbook of Recommended Practices for Questionnaire Development and Testing Methods in the ESS.

National accounts departments typically do not collect data themselves but receive them from other departments or institutions. Countries can provide a more detailed description of the channels by which external data are collected.

The ESS guidelines suggest that the methods used for data collection should be described. It can also be appropriate to complete the section with the following issues: (i) an NSI usually signs an agreement and technical protocol for cooperation with other institutions on what, when, how, etc. the data would be delivered; (ii) national accounts department also participates in the development of the questionnaires of statistical surveys of other departments.

Data sources are described in methodological inventories of the statistics, see point 10.6.

Data validation refers to any activity aimed at verifying that the value of a data item comes from a given set of acceptable values. It is a key task performed in all statistical domains and particularly important for national accounts, which is a key dataset for economic analysis and policy decisions.

In order to increase overall data quality and workflow efficiency, the European Statistical System (ESS) is moving towards more harmonisation of validation activities including the definition of common standards, tools and support for implementation (see ESS validation website). National accounts are a pilot in this area. An ESA 2010 Task Force on validation was established in 2015 to agree and document validation rules in an ESA 2010 validation handbook and progressively implement them in a pre-validation service for national accounts data.

The confrontation of data from different sources is an integral part of the national accounts compilation. Source data used in national accounts undergo a sequence of checks within NSIs.

Data sources, methods and compilation techniques are country specific, but should be employed in such a way that the definitions and concepts in ESA 2010 are met. Many guidance documents on general and specific national accounts compilation issues are available. See for more details section 10.6.

Key approaches and techniques for the compilation of national accounts in country X can be summarised as follows:

The leading approach to compile GDP in the framework of annual national accounts in Finland is the production approach. Consistency is obtained via reconciliation/balancing process. The same/another approach is used for the compilation of quarterly national accounts. Sector accounts are compiled after/together with main aggregates.

National accounts datasets are generally consistent although at the moment there may be vintage differences.

National accounts data provide key information for economic policy monitoring and decision making, for forecasting, for administrative purposes, for informing the general public about economic developments (directly or indirectly via news agencies), and as input for economic research.

At national level, ministries of finance and regional development, scientific and academic communities and economic researchers are usually the entities who most use national and regional accounts data.

International institutions can be considered as “clients” of NSI.

Statistics Finland regularly follows up and reports of the reactions of the media.

There is a permanent National Accounts Co-operation group (skt-ryhmä). It consists of experts from the main economic forecasting institutions in Finland, Board of Customs’ statistical unit and Helsinki University, and national accounts and balance of payments experts of Statistics Finland. The group meets twice a year to discuss recent or future changes in the data or methodology, or other current issues.

There may be occasional questionnaires for the users of National Accounts to follow up the user needs.

Summary revision tables are published for each statistics under ‘Revisions in these statistics’.

Quality management requires comprehensive guidance of activities. The European Statistics Code of Practice forms the basis for the common quality system of the European Statistical System.

The Code of Practice is based on 16 principles that concern statistical authorities' independence, accountability and the quality of the processes and data to be published.

The principles are in line with the Fundamental Principles of Official Statistics approved by the United Nations Statistics Commission and are supplementary to them. The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice.

Further information: European Statistics Code of Practice | Statistics Finland and Recommendations of the Advisory Board of Official Statistics of Finland | Statistics Finland

Revisions – i.e. improvements in the accuracy of statistical data already published – are a normal feature of statistical production and result in improved quality of statistics. The principle is that statistical data are based on the best available data and information concerning the statistical phenomenon. On the other hand, the revisions are communicated as transparently as possible in advance. Advance communication ensures that the users can prepare for the data revisions. 

The reason why data in statistical releases become revised is often caused by the data becoming supplemented. Then the new, revised statistical figure is based on a wider information basis and describes the phenomenon more accurately than before. 

Revisions of statistical data may also be caused by the calculation method used, such as annual benchmarking or updating of weight structures. Changes of base years and used classifications may also cause revisions to data. 

While revisions should be seen as a process to progressively improve the quality of national accounts as e.g. better sources and/or methods become available, the availability of metadata on revisions is a key element for understanding  national accounts data and revisions between subsequent releases.

Therefore, information on the main reasons for revisions and their nature (new source data available, new methods, etc.) as well as possibly quantitative and qualitative assessment on the average size of revisions and their direction based on historical data is required.

National accounts data are subject to continuous revisions as new input data become available. They are called routine revisions and entail regular revisions of country data and of the European aggregates, which are derived from the former.

More rarely, exceptional revisions (called benchmark revisions) will result from major changes in data sources, classifications or methodology. For example, when changing from ESA95 to ESA 2010, a benchmark revision occurred at country level and at euro area/EU data level.

Two Task Forces developed proposals for a more harmonised approach for benchmark and routine revisions. The one under the auspices of the Directors of Macroeconomic Statistics (DMES) dealt with benchmark revision policy, the other under the auspices of the Committee on Monetary, Financial, and Balance of Payments Statistics (CMFB) on the European Harmonised Revision Policy dealing with routine revisions. 

Statistics Finland has a revision policy for National Accounts. It is however not yet published on the Finland’s statistical office website.

The latest major routine in Finland occurred in 2014 because of the implementation of ESA 2010. The latest benchmark routine in Finland occurred in 2014. In 2016 Finland has not performed routine revisions.

Regarding revision policy implementation, the recommended harmonized revision policy is not fully applied in Finland which allows for visible and temporary inconsistencies due to vintage effect. However, present revision policy will be changed in 2019 to implement harmonized revision policy.

National accounts data should become available to users as timely as possible, taking into account the frequency of the data (annual or quarterly), the character of the data (info on the structure of an economy or on conjuncture developments) and an adequate balance between accuracy and timeliness.

The ESA 2010 transmission programme defines the required timeliness for all national accounts tables. Quarterly tables should become available between 2 and 3 months after the quarter-end. The annual tables have to be transmitted between 2 months (main aggregates) and 36 months (supply and use tables) after the end of the reference year.

Earlier availability for Annual Sector Accounts (in July), Quarterly Financial Accounts (t+85 days), Annual Financial Accounts (t+90), input-output tables and supply and use tables (normally 24 months).

Good practice requires that the dates on which national accounts data become available are pre-announced and that the pre-announced publication dates are met.

National accounts data transmissions in the framework of the ESA 2010 transmission programme should be punctually delivered to Eurostat at the timeliness defined in the transmission programme (or before).

Statistics Finland frequently delivers data ahead of the legal deadlines.

The geographical comparability of national accounts in Member States of the EU is ensured by the application of common definitions of the European System of Accounts ESA 2010). Worldwide geographical comparison is also possible as most non-European countries apply the SNA 2008 guidelines, and SNA 2008 is consistent with ESA 2010.

Within the system of national accounts there is full consistency between the domains: annual and quarterly national accounts, government accounts, sector accounts, financial accounts, regional accounts, supply and use tables. However, in practice full consistency may not always be possible and temporary discrepancies might occur. They are usually the result of vintage differences.

Primary statistics like structural business statistics (SBS), short term statistics (STS) and labour force statistics (LFS) are widely used as input for national accounts. However, there is no full consistency between these statistical domains and national accounts. Main reasons are differences in concepts/definitions and in coverage.

Balance of payments is also used as an important source for national accounts. The definitions and coverage of balance of payments, as defined in the BPM6 manual, are fully harmonised with those in ESA 2010. Therefore, balance of payments variables are in principle fully coherent with the corresponding national accounts variables.

The discrepancies between national accounts domains concern only the latest periods and are due to vintage (different timing of the calculations).

The domains concerned also include balance of payment. National accounts/financial accounts and balance of payments compilation systems are integrated so that both time series will be coherent until 2019.

Statistics Finland publishes new statistical data at 8 am on weekdays in its web service. The release times of statistics are given in advance in the release calendar available in the web service. The data become public after they have been updated in the web service.

Further information: Publication principles for statistics at Statistics Finland

The data are released to all users at the same time. Statistical data may be processed at Statistics Finland and information on them may be given before release only by persons involved in the production of the statistics concerned or who need the data of the statistics concerned in their own work before the data are published.

Further information: Publication principles for statistics

Unless otherwise specifically stated in connection with the product, data or service concerned, Statistics Finland is the producer and copyright owner of the data. The terms of use for statistical data.

New quarterly national accounts data are published each quarter: 4 times per year. However, depending on circumstances and national practices, initially released quarterly national accounts data may be revised and disseminated again. Annual national accounts data are published at least once a year: when data for a new year are added. But, depending on country practices and revision policy, annual data can also be published more often, e.g. publication of a provisional estimate early in the calendar year and a revised one later in the calendar year.

Until 2019 national accounts data will be published quarterly and/or annually as follows:

• Quarterly National Accounts: t+60 days
• Quarterly Sector Accounts: t+90 days
• Annual National Accounts (including Sector Accounts): preliminary in March t+1, first revision in July t+1 and second in January t+2
• Quarterly Financial Accounts: t+85 days
• Annual Financial Accounts:  t+90 days
• Non-financial Balance Sheets: t+9 months
• Pension entitlements in social insurance: varies
• Supply and use and input-output tables: normally 24 months
• Trend indicator of output: t+45 days, every third month including flash GDP
• Regional accounts: preliminary t+12 months, revision t+24 months
• Quarterly government statistics: t+90 days or shorter
• EDP deficit and debt: preliminary March t+1, revision September t+1
• annual taxes and social contributions: preliminary March t+1, revision July t+1
• annual government expenditure by function (COFOG): January t+2

Balance of Payments data are published monthly, quarterly and annually. After 2019 the revision policy of National Accounts and Balance of Payments will be integrated and harmonized along the common European revision policy. 

All data are published and transmitted to Eurostat always when they become revised.  Data are published both as a statistical release and as a statistical database update. The exception is the July revision of Quarterly Accounts because of benchmarking into annual accounts that is published only by updating StatFin database.:

The database tables of the statistics can be found in the StatFin database.  

In addition to news releases and other publications, information on national accounts may be posted using social media.

National Accounts and Balance of Payments web and other publications are available also in English.

The data protection of data collected for statistical purposes is guaranteed. The compilation of statistics is guided by the Statistics Act. Alongside the Statistics Act, the EU’s General Data Protection Regulation and the Finnish Data Protection Act are applied to the processing of personal data. Provisions on the confidentiality of data collected for statistical purposes are laid down in the Act on the Openness of Government Activities.

The data are processed only by persons who need the data in their work. The use of data is restricted by usage rights. All persons employed by Statistics Finland have signed a pledge of secrecy, where they have obliged to keep secret the data prescribed as confidential by virtue of the Statistics Act or the Act on the Openness of Government Activities.

Further information: Data protection | Statistics Finland (stat.fi)

In a statistical sense, ‘confidential data’ means data which allow statistical units to be identified, either directly or indirectly, thereby disclosing individual information. To determine whether a statistical unit is identifiable, account shall be taken of all relevant means that might reasonably be used by a third party to identify the statistical unit. Although national accounts data are usually highly aggregated, there may be possible cases for detailed breakdowns of aggregates and/or small economies. In these cases measures should be taken in order not to disclose data of a separate statistical unit. Guidance on how to prevent disclosure can be found in the Handbook on Statistical Disclosure Control.

The data submitted are flagged either by ‘N= not for publication before embargo date’ or ‘F=free’

In a statistical sense, ‘confidential data’ means data which allow statistical units to be identified, either directly or indirectly, thereby disclosing individual information. To determine whether a statistical unit is identifiable, account shall be taken of all relevant means that might reasonably be used by a third party to identify the statistical unit. Although national accounts data are usually highly aggregated, there may be possible cases for detailed breakdowns of aggregates and/or small economies. In these cases measures should be taken in order not to disclose data of a separate statistical unit. Guidance on how to prevent disclosure can be found in the Handbook on Statistical Disclosure Control.

The data submitted are flagged either by ‘N= not for publication before embargo date’ or ‘F=free’