Quarterly sector accounts: documentation of statistics
21.11.2024 valid documentation
Basic data of the statistics
Data description
Sector accounts are part of national accounts. Sector accounts form a large, uniform whole, consisting of non-financial and financial accounts for each institutional sector. In national accounts, non-financial accounts refer to accounts that are used to describe the value of production activities of goods and services, as well as the income flows generated by this activity and their progress in the economy. Financial accounts are accounts that describe the stocks of financial assets and liabilities and changes in them. Non-financial and financial accounts are linked to each other because the deficit or surplus formed of income and expenditure in the non-financial accounts is visible in the financial side of the accounting system as an increase/decrease in assets or liabilities. These statistics focus on the non-financial account side of sector accounts. They describe each sector’s production, income formation, income distribution, income use and the net lending resulting from these transactions, i.e. the change in the sector’s financial position. Financial accounts compile statistics on the financial accounts side of sector accounts.
Statistical population
Sector accounts describe the national economy from the point of view of institutional sectors. Institutional sectors are based on the Classification of Sectors. The statistical population is all the institutional units of the national economy broken down into sectors.
The national accounts population of a country consists of all resident statistical units (institutional units or local KAUs, see Section 3.5). 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.
The Classification of Sectors is a basic classification (https://www2.stat.fi/en/luokitukset/sektoriluokitus/sektoriluokitus_1_20130101/) applied in economic and social statistics for the classification of the activities, financing modes, owner types and legal forms of decision-making units into equivalent categories. The sectors (non-financial corporations, general government, households, etc.) formed with the help of the classification are sufficiently similar in their economic behaviour for national economic monitoring and analysis.
In the Classification of Sectors, the units are divided into different sectors on the basis of ownership, purpose of activity and financing mode, while in the Standard Industrial Classification, the units are grouped under one main industry irrespective of ownership or the purpose of activity. For example, in the Standard Industrial Classification, units providing education services are grouped under one main industry, while in the Classification of Sectors, they are categorised according to ownership, legal form and nature of activity into non-financial corporations, general government, and non-profit institutions serving households. On the other hand, a unit belonging to one sector may be engaged in economic activities in several industries, for example, a municipality has units belonging to the industries of public administration, education and health and social services.
The sector level is needed as the main summation level between the economic units and the total economy when describing output, income formation, secondary distribution of income, accumulation, and the structure and development of financing of enterprises, general government and households.)
The national accounts population of a country consists of all resident statistical units (institutional units or local KAUs, see Section 3.5). 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.
The Classification of Sectors is a basic classification (https://www2.stat.fi/en/luokitukset/sektoriluokitus/sektoriluokitus_1_20130101/) applied in economic and social statistics for the classification of the activities, financing modes, owner types and legal forms of decision-making units into equivalent categories. The sectors (non-financial corporations, general government, households, etc.) formed with the help of the classification are sufficiently similar in their economic behaviour for national economic monitoring and analysis.
In the Classification of Sectors, the units are divided into different sectors on the basis of ownership, purpose of activity and financing mode, while in the Standard Industrial Classification, the units are grouped under one main industry irrespective of ownership or the purpose of activity. For example, in the Standard Industrial Classification, units providing education services are grouped under one main industry, while in the Classification of Sectors, they are categorised according to ownership, legal form and nature of activity into non-financial corporations, general government, and non-profit institutions serving households. On the other hand, a unit belonging to one sector may be engaged in economic activities in several industries, for example, a municipality has units belonging to the industries of public administration, education and health and social services.
The sector level is needed as the main summation level between the economic units and the total economy when describing output, income formation, secondary distribution of income, accumulation, and the structure and development of financing of enterprises, general government and households.)
Statistical unit
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 Rec.2.
An institutional unit comprises one or more local KAUs; a local KAU belongs to one and only one institutional unit.
Finland uses 1) an institutional unit in sector accounts and 2) an establishment that corresponds to a local KAU in production accounts, investments, and supply and use tables. Of the latter, production accounts and investments are also included in sector accounts and thus also in the statistics on quarterly sector accounts.
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 Rec.2.
An institutional unit comprises one or more local KAUs; a local KAU belongs to one and only one institutional unit.
Finland uses 1) an institutional unit in sector accounts and 2) an establishment that corresponds to a local KAU in production accounts, investments, and supply and use tables. Of the latter, production accounts and investments are also included in sector accounts and thus also in the statistics on quarterly sector accounts.
Unit of measure
Under the ESA 2010 system, all flows and stocks are measured in monetary terms, either in euro or in national currencies. Only some demographic- and labour-related variables, expressed in terms of persons, hours or jobs, are exempted. Flows and stocks must 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.
Sector accounts are calculated only at current prices. Some of the data are also seasonally adjusted. However, for households’ adjusted disposable income, a volume indicator describing the development adjusted for change in prices has been calculated in a separate appendix table. This volume indicator has been calculated using the price data of the quarterly national accounts statistics, with which the components of the adjusted disposable income have been deflated. Households’ disposable income is deflated by the implicit price index of households’ consumption expenditure. The unit of measure used for seasonally adjusted and seasonally unadjusted data is EUR million.
The publication also includes key figures of sector accounts. The unit of measure for the key figures is a percentage.
Sector accounts are calculated only at current prices. Some of the data are also seasonally adjusted. However, for households’ adjusted disposable income, a volume indicator describing the development adjusted for change in prices has been calculated in a separate appendix table. This volume indicator has been calculated using the price data of the quarterly national accounts statistics, with which the components of the adjusted disposable income have been deflated. Households’ disposable income is deflated by the implicit price index of households’ consumption expenditure. The unit of measure used for seasonally adjusted and seasonally unadjusted data is EUR million.
The publication also includes key figures of sector accounts. The unit of measure for the key figures is a percentage.
Reference period
The reference period for the quarterly sector accounts statistics is a quarter. Flows are recorded quarterly in the statistics. ‘Flows’ refer to actions and effects of events that take place within a given period of time, while ‘stocks’ refer to positions at a point of time (usually the beginning or the end of a year or quarter).
Reference area
Sector accounts are part of the system of national accounts. National accounts refer to a statistical system that describes the Finnish economy in a comprehensive, systematic and detailed manner. It is based on the European System of Accounts (ESA 2010), which follows the global System of National Accounts (SNA 2008).
In Finland, national accounts have been compiled in accordance with the ESA 2010 system since July 2014. This transition to ESA 2010 also applies to the statistics on quarterly sector accounts.
In Finland, national accounts have been compiled in accordance with the ESA 2010 system since July 2014. This transition to ESA 2010 also applies to the statistics on quarterly sector accounts.
Sector coverage
Sector accounts are part of national accounts and thus describe the total economy. All units that have a centre of predominant economic interest in the economic territory of Finland are covered.
In sector accounts, the economy is divided into institutional sectors. The sector classification is comprehensive. 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.
Finland disseminates data using the classifications of the ESA 2010 transmission programme. There are typically more breakdowns in the national production systems. The most significant national subcategories are sector 1314 subsectors S13141 Employment pension schemes and S13149 Other social security institutions.
In sector accounts, the economy is divided into institutional sectors. The sector classification is comprehensive. 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.
Finland disseminates data using the classifications of the ESA 2010 transmission programme. There are typically more breakdowns in the national production systems. The most significant national subcategories are sector 1314 subsectors S13141 Employment pension schemes and S13149 Other social security institutions.
Time coverage
The statistical publication contains time series from the first quarter of 1999, until the quarter to be compiled.
Frequency of dissemination
Quarterly sector accounts are published for approximately three months (t+80 days) after the end of each quarter. The data are preliminary and will become revised each time a new publication is released. The data are benchmarked to correspond with the latest annual accounts data.
All data are published nationally and also transmitted to Eurostat following an update. Data are published both as a statistical release and as a statistical database update.
All data are published nationally and also transmitted to Eurostat following an update. Data are published both as a statistical release and as a statistical database update.
Concepts
Compensation of employees
Compensation of employees (D.1) is defined as the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during the accounting period.
Compensation of employees is broken down into:
a) wages and salaries (D.11): wages and salaries in cash; wages and salaries in kind;
b) employers’ social contributions (D.12): employers’ actual social contributions (D.121); employers’ imputed social contributions (D.122).
Compensation of employees is broken down into:
a) wages and salaries (D.11): wages and salaries in cash; wages and salaries in kind;
b) employers’ social contributions (D.12): employers’ actual social contributions (D.121); employers’ imputed social contributions (D.122).
Consumption of fixed capital
Consumption of fixed capital (P.51C) represents the amount of fixed assets used up, during the period under consideration. Consumption is the result of normal wear and tear and foreseeable obsolescence, including a provision for losses of fixed assets as a result of accidental damage which can be insured against.
Consumption of fixed capital should be distinguished from the depreciation shown in business accounts. It refers to the amount of fixed assets used up, during the period under consideration. It should be estimated on the basis of the stock of fixed assets and the probable average economic life of the different categories of those goods.
Consumption of fixed capital should be distinguished from the depreciation shown in business accounts. It refers to the amount of fixed assets used up, during the period under consideration. It should be estimated on the basis of the stock of fixed assets and the probable average economic life of the different categories of those goods.
Disposable income
Disposable income is the balancing item of the current income in the redistribution of income account. It is obtained for each sector by adding current transfers receivable to primary income and by deducting all current transfers payable. It can be used for consumption or saving.
Adjusted disposable income is a corresponding item in the redistribution of income in kind account.
Adjusted disposable income is a corresponding item in the redistribution of income in kind account.
Entrepreneurial income
In national accounts, entrepreneurial income corresponds to the operating surplus or mixed income:
- property income receivable in connection with financial and other assets belonging to the enterprise (on the resources side);
- interest on debts payable by the enterprise and rents payable on land and other non-produced tangible assets rented by the enterprise (on the uses side).
Property income payable in the form of dividends or reinvested earnings on direct foreign investment is not deducted from entrepreneurial income.
- property income receivable in connection with financial and other assets belonging to the enterprise (on the resources side);
- interest on debts payable by the enterprise and rents payable on land and other non-produced tangible assets rented by the enterprise (on the uses side).
Property income payable in the form of dividends or reinvested earnings on direct foreign investment is not deducted from entrepreneurial income.
Final consumption expenditure
Final consumption expenditure consists of expenditure incurred by resident institutional units on goods or services that are used for the direct satisfaction of individual needs or wants, or the collective needs of members of the community. Final consumption expenditure may take place on the domestic territory or abroad. Final consumption expenditure is incurred by households, non-profit institutions serving households and general government. Non-financial corporations, financial and insurance corporations do not have final consumption expenditure.
Financial intermediation services indirectly measured (FISIM)
FISIM refers to indirect financial intermediation services produced by providers of financial intermediation services (deposit banks, other monetary financial institutions practising financial intermediation, and other monetary financial institutions) but not charged separately to the customers. Institutions that practise financial intermediation services provide services for which they charge their customers indirectly by means of paying their depositors interest at a lower rate than the rate that the institutions charge their borrowers (interest rate margin). The interest rate margin covers the other expenses of the activity and produces a surplus. In national accounts, the result of this activity must be measured indirectly, which explains why the phenomenon is referred to as "indirect financial intermediation services". The English abbreviation FISIM (financial intermediation services indirectly measured) is frequently used in Finnish and Swedish texts.
Gross domestic product
GDP, gross domestic product at market prices is the final result of the production activity of resident producer units. It can be defined in three ways: as the sum of gross value added of the various institutional sectors or the various industries plus taxes and less subsidies on products; as the sum of final uses of goods and services by resident institutional units (final consumption, gross capital formation, exports minus imports); as the sum of uses in the total economy generation of income account (compensation of employees, taxes on production and imports less subsidies, gross operating surplus and gross mixed income). (ESA 1995 8.89.)
Gross national income
Gross national income represents total primary income receivable by resident institutional units: compensation of employees, taxes on production and imports less subsidies, gross operating surplus, gross mixed income and property income. Gross national income equals GDP minus primary income payable by resident units to non-resident units plus primary income receivable by resident units from the rest of the world. National income is an income concept, which often is more significant if expressed in net terms, i.e. after deduction of the consumption of fixed capital. (ESA 1995 8.94.)
Intermediate consumption
Intermediate consumption consists of the value of the goods and services consumed as inputs by a process of production, excluding fixed assets whose consumption is recorded as consumption of fixed capital. The goods and services may be either transformed or used up by the production process.
Products used for intermediate consumption should be recorded and valued at the time they enter the process of production. They are to be valued at the purchasers’ prices for similar goods or services at that time.
Products used for intermediate consumption should be recorded and valued at the time they enter the process of production. They are to be valued at the purchasers’ prices for similar goods or services at that time.
Mixed income
Mixed income is the balancing item of the generation of income account of unincorporated enterprises in the households sector, corresponding to remuneration for work carried out by the owner and members of his family and including his profits as entrepreneur.
Net domestic product at market prices
By deducting the consumption of fixed capital from the gross domestic product, we obtain the net domestic product at market prices, NDP.
Net lending/net borrowing
Net lending/borrowing is a balancing item in the capital account and the fi-nancial account.
Net lending/borrowing corresponds to the amount available to a unit or sec-tor for financing, directly or indirectly, other units or sectors, or the amount which a unit or sector is obliged to borrow from other units or sectors.
The corresponding concept to net lending/borrowing in financial accounts is financial transactions, net. It is the difference between net acquisition of fi-nancial assets and liabilities. If a sector acquires financial assets in excess of the amount of new debt incurred during the period it is a net lender.
Net lending/borrowing corresponds to the amount available to a unit or sec-tor for financing, directly or indirectly, other units or sectors, or the amount which a unit or sector is obliged to borrow from other units or sectors.
The corresponding concept to net lending/borrowing in financial accounts is financial transactions, net. It is the difference between net acquisition of fi-nancial assets and liabilities. If a sector acquires financial assets in excess of the amount of new debt incurred during the period it is a net lender.
Operating surplus, net
Net operating surplus is obtained after deduction of compensation of employees, taxes on production and imports less subsidies as well as consumption of fixed capital from value added. It is the surplus or deficit on production activities before interest, rents or charges and corresponds to the income which the units obtain from their own use of their production facilities.
Output at basic prices
Output at basic prices consists of the products which have been produced in the accounting period. Three categories of output are distinguished: market output, output for own final use, and other non-market output. Output is to be recorded and valued when it is generated by the production process.
Reinvested earnings on direct foreign investment
Reinvested earnings on direct foreign investment (D.43) are equal to:
the operating surplus of the direct foreign investment enterprise
+ any property incomes or current transfers receivable
- any property incomes or current transfers payable, including actual remittances to foreign direct investors and any current taxes payable on the income, wealth, etc., of the direct foreign investment enterprise.
A direct foreign investment enterprise is an incorporated or unincorporated enterprise in which an investor resident in another economy owns 10 per cent or more of the ordinary shares or voting power (for an incorporated enterprise) or the equivalent (for an unincorporated enterprise). Direct foreign investment enterprises comprise those entities that are identified as subsidiaries (investor owns more than 50 per cent), associates (investor owns 50 per cent or less) and branches (wholly or jointly owned unincorporated enterprises), either directly or indirectly owned by the investor. Consequently, ‘direct foreign investment enterprises’ is a broader concept than ‘foreign controlled corporations’.
Actual distributions may be made out of the entrepreneurial income of direct foreign investment enterprises in the form of dividends or withdrawals of income from quasi-corporations.
In addition, retained earnings are treated as if they were distributed and remitted to foreign direct investors in proportion to their ownership of the equity of the enterprise and then reinvested by them.
Reinvested earnings on direct foreign investment can be either positive or negative.
Time of recording: Reinvested earnings on direct foreign investment are recorded when they are earned.
In the system of accounts, reinvested earnings on direct foreign investment appear:
a) among uses and resources in the allocation of primary income account of the sectors;
b) among uses and resources in the external account of primary incomes and current transfers.
the operating surplus of the direct foreign investment enterprise
+ any property incomes or current transfers receivable
- any property incomes or current transfers payable, including actual remittances to foreign direct investors and any current taxes payable on the income, wealth, etc., of the direct foreign investment enterprise.
A direct foreign investment enterprise is an incorporated or unincorporated enterprise in which an investor resident in another economy owns 10 per cent or more of the ordinary shares or voting power (for an incorporated enterprise) or the equivalent (for an unincorporated enterprise). Direct foreign investment enterprises comprise those entities that are identified as subsidiaries (investor owns more than 50 per cent), associates (investor owns 50 per cent or less) and branches (wholly or jointly owned unincorporated enterprises), either directly or indirectly owned by the investor. Consequently, ‘direct foreign investment enterprises’ is a broader concept than ‘foreign controlled corporations’.
Actual distributions may be made out of the entrepreneurial income of direct foreign investment enterprises in the form of dividends or withdrawals of income from quasi-corporations.
In addition, retained earnings are treated as if they were distributed and remitted to foreign direct investors in proportion to their ownership of the equity of the enterprise and then reinvested by them.
Reinvested earnings on direct foreign investment can be either positive or negative.
Time of recording: Reinvested earnings on direct foreign investment are recorded when they are earned.
In the system of accounts, reinvested earnings on direct foreign investment appear:
a) among uses and resources in the allocation of primary income account of the sectors;
b) among uses and resources in the external account of primary incomes and current transfers.
Saving
Saving is the balancing item in the use of income accounts. It is the positive or negative amount resulting from current transactions which establishes the link with accumulation. If saving is positive, non-spent income is used for the acquisition of assets or for paying off liabilities. If saving is negative, certain assets are liquidated or certain liabilities increase.
Value added
Value added (gross) refers to the value generated by any unit engaged in a production activity. In market production it is calculated by deducting from the unit's output the intermediates (goods and services) used in the production process and in non-market production by adding up compensation of employees, consumption of fixed capital and possible taxes on production and imports.
Classifications
Accuracy, reliability and timeliness
Overall accuracy
The quarterly sector accounts statistics are macroeconomic statistics mainly derived from other statistics. However, quarterly sector accounts are based on indicators rather than direct data sources and are therefore more approximate than annual accounts data.
Therefore, the quality of the source statistics is crucial for the reliability of the statistics. Because there are different types of source statistics, there are also various uncertainty factors. In the summary process, sector-specific data are adjusted into a balanced whole. The reliability of alternative data sources is evaluated in the process. This helps to manage uncertainty factors and reveal sources of error. The summary plays a key role in the reliability of the statistics. One way to assess the accuracy of non-financial accounts is to examine non-financial entries relative to entries on national financial accounts. Net lending is a balancing item of (non-financial) sector accounts, which must match the item net financial transactions included in financial accounts. A deviation is called statistical discrepancy that can be viewed by sector. In many other countries statistical discrepancy is not shown but accounts are forced into balance.
The revision table shows the order of magnitude of the revisions.
Therefore, the quality of the source statistics is crucial for the reliability of the statistics. Because there are different types of source statistics, there are also various uncertainty factors. In the summary process, sector-specific data are adjusted into a balanced whole. The reliability of alternative data sources is evaluated in the process. This helps to manage uncertainty factors and reveal sources of error. The summary plays a key role in the reliability of the statistics. One way to assess the accuracy of non-financial accounts is to examine non-financial entries relative to entries on national financial accounts. Net lending is a balancing item of (non-financial) sector accounts, which must match the item net financial transactions included in financial accounts. A deviation is called statistical discrepancy that can be viewed by sector. In many other countries statistical discrepancy is not shown but accounts are forced into balance.
The revision table shows the order of magnitude of the revisions.
Timeliness
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 (information on the structure of an economy or on conjuncture developments) and an adequate balance between accuracy and timeliness.
Quarterly sector accounts are published for approximately three months after the end of each quarter. The Eurostat reporting schedule is t+85 days relative to the reference period. The data are preliminary and will become revised each time a new publication is released. The data are benchmarked to correspond with the latest annual accounts data.
Quarterly sector accounts are published for approximately three months after the end of each quarter. The Eurostat reporting schedule is t+85 days relative to the reference period. The data are preliminary and will become revised each time a new publication is released. The data are benchmarked to correspond with the latest annual accounts data.
Punctuality
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 on the date set out in the transmission programme (or before).
Statistics Finland frequently transmits data to Eurostat ahead of the legal deadlines.
National accounts data transmissions in the framework of the ESA 2010 transmission programme should be punctually delivered to Eurostat on the date set out in the transmission programme (or before).
Statistics Finland frequently transmits data to Eurostat ahead of the legal deadlines.
Comparability
Comparability - geographical
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. A worldwide geographical comparison is also possible because most non-European countries apply the SNA 2008 guidelines, and ESA 2010 is consistent with SNA 2008.
Comparability - over time
As the data for all reference periods are compiled according to the requirements of ESA 2010, national accounts data are fully comparable over time. Also, in the case of fundamental changes to methods or classifications, revisions of long time series are performed, usually going far back into the past.
Coherence - cross domain
The data for the original time series are consistent with the annual national accounts statistics, statistics on general government revenue and expenditure by quarter, and quarterly national accounts. The discrepancies between national accounts domains concern only the latest observations, and are due to delays in the compilation and delivery schedules. There may be differences between the statistics on quarterly national accounts and the quarterly sector accounts when quarterly national accounts are first published, usually around three weeks before quarterly sector accounts.
Seasonally adjusted time series and trend series are calculated directly from the original time series using a simple technique, and they will not be later balanced or benchmarked to quarterly accounts data. Therefore, due to the possible differences in seasonal adjustment models, the data of the statistics in these series may differ from the data of quarterly national accounts. The statistics on quarterly national accounts provide the most accurate data for seasonally adjusted series and trend series when examining the aggregates of the total economy such as gross domestic product.
Instead of balancing the net lending/borrowing reflecting the change in the financial position of sectors with the corresponding concept used in financial accounts, i.e. net financial transactions, a statistical difference between these items is allowed.
Seasonally adjusted time series and trend series are calculated directly from the original time series using a simple technique, and they will not be later balanced or benchmarked to quarterly accounts data. Therefore, due to the possible differences in seasonal adjustment models, the data of the statistics in these series may differ from the data of quarterly national accounts. The statistics on quarterly national accounts provide the most accurate data for seasonally adjusted series and trend series when examining the aggregates of the total economy such as gross domestic product.
Instead of balancing the net lending/borrowing reflecting the change in the financial position of sectors with the corresponding concept used in financial accounts, i.e. net financial transactions, a statistical difference between these items is allowed.
Source data and data collections
Source data
The compilation of national and regional accounts 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 enterprises 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. Methodological descriptions provided to Eurostat usually include information on the main data sources used. Further information on data sources can be found on the national websites (https://stat.fi/).
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 enterprises 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. Methodological descriptions provided to Eurostat usually include information on the main data sources used. Further information on data sources can be found on the national websites (https://stat.fi/).
Data collection
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 ESS Handbook of Recommended Practices for Questionnaire Development and Testing Methods in the ESS.
Frequency of data collection
A large part of the source data is derived from primary statistics. The frequency of the collection of basic data varies: basic data can be collected on a monthly, quarterly or annual basis.
National accounts typically receive/collect quarterly and annual data according to their compilation schedules. Statistical offices of countries can provide a description of the time of receiving external data.
National accounts typically receive/collect quarterly and annual data according to their compilation schedules. Statistical offices of countries can provide a description of the time of receiving external data.
Methods
Data compilation
Data sources, methods and compilation techniques are country-specific but should be employed so 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 on Documentation on methodology.
Key approaches and techniques for the compilation of national accounts can be summarised as follows:
The leading approach to compile GDP in the framework of annual national accounts in Finland is the production or value-added approach.
Consistency is obtained via the benchmarking/balancing process. Certain items, such as changes in current assets and valuables or gross operating surplus and mixed income are derived as residuals. The same approach is applied to the compilation of quarterly national accounts. Sector accounts are compiled both together with main aggregates and afterwards. National accounts statistics are consistent although at a given moment.
For related information also see Sections 10.6. and 17.1.
Once the time series for the quarterly sector accounts statistics are calculated, they are seasonally adjusted by using the Tramo/Seats method.
Transactions are seasonally adjusted at a slightly less detailed level than the original transaction. The seasonal adjustment method used is indirect. This means that transactions are first seasonally adjusted, after which balancing items, such as disposable income and savings, are calculated by using these seasonally adjusted sub-items. After this, seasonally adjusted series and trend series are no longer balanced at present, but an imbalance between the resources and use of transactions is allowed. The database table contains the original series, seasonally adjusted time series and trend series. Further information on seasonal adjustment.
Sector accounts are calculated only at current prices. However, for households’ adjusted disposable income, a volume indicator describing the development adjusted for change in prices has been calculated in a separate appendix table. This volume indicator has been calculated using the price data of the quarterly national accounts statistics, with which the components of the adjusted disposable income have been deflated. Households’ disposable income is deflated by the implicit price index of households’ consumption expenditure. Price data are also available on the consumption of non-profit institutions serving households. A methodological shortcoming is that, in the absence of more precise data, the individual consumption expenditure of general government must be deflated by the price index of total public expenditure. The volume time series has been formed by using the annual overlap method.
Key approaches and techniques for the compilation of national accounts can be summarised as follows:
The leading approach to compile GDP in the framework of annual national accounts in Finland is the production or value-added approach.
Consistency is obtained via the benchmarking/balancing process. Certain items, such as changes in current assets and valuables or gross operating surplus and mixed income are derived as residuals. The same approach is applied to the compilation of quarterly national accounts. Sector accounts are compiled both together with main aggregates and afterwards. National accounts statistics are consistent although at a given moment.
For related information also see Sections 10.6. and 17.1.
Once the time series for the quarterly sector accounts statistics are calculated, they are seasonally adjusted by using the Tramo/Seats method.
Transactions are seasonally adjusted at a slightly less detailed level than the original transaction. The seasonal adjustment method used is indirect. This means that transactions are first seasonally adjusted, after which balancing items, such as disposable income and savings, are calculated by using these seasonally adjusted sub-items. After this, seasonally adjusted series and trend series are no longer balanced at present, but an imbalance between the resources and use of transactions is allowed. The database table contains the original series, seasonally adjusted time series and trend series. Further information on seasonal adjustment.
Sector accounts are calculated only at current prices. However, for households’ adjusted disposable income, a volume indicator describing the development adjusted for change in prices has been calculated in a separate appendix table. This volume indicator has been calculated using the price data of the quarterly national accounts statistics, with which the components of the adjusted disposable income have been deflated. Households’ disposable income is deflated by the implicit price index of households’ consumption expenditure. Price data are also available on the consumption of non-profit institutions serving households. A methodological shortcoming is that, in the absence of more precise data, the individual consumption expenditure of general government must be deflated by the price index of total public expenditure. The volume time series has been formed by using the annual overlap method.
Data validation
The purpose of data validation is to ensure that the selected data content has gone through an approval. It is a key task in all fields of statistics and particularly important in national accounts, whose data are used to support economic analysis and political decision-making.
The aim of the European Statistical System (ESS) is currently to harmonise validation methods to improve the overall quality of data and the efficiency of data flows. This includes the definition of common standards and tools and support for implementation (see the ESS validation website at https://ec.europa.eu/eurostat/data/data-validation). National accounts are a pilot in this area. The ESA 2010 Validation Task Force was set up 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 comparison 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 at Statistics Finland.
The aim of the European Statistical System (ESS) is currently to harmonise validation methods to improve the overall quality of data and the efficiency of data flows. This includes the definition of common standards and tools and support for implementation (see the ESS validation website at https://ec.europa.eu/eurostat/data/data-validation). National accounts are a pilot in this area. The ESA 2010 Validation Task Force was set up 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 comparison 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 at Statistics Finland.
Principles and outlines
Contact organisation
Statistics Finland
Contact organisation unit
Economic Statistics
Legal acts and other agreements
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.
Further information: Statistical legislation
Confidentiality - policy
The data protection of data collected for statistical purposes is guaranteed in accordance with the requirements of the Statistics Act (280/2004), the Act on the Openness of Government Activities (621/1999), the EU's General Data Protection Regulation (EU) 2016/679 and the Data Protection Act (1050/2018). The data materials are protected at all stages of processing with the necessary physical and technical solutions. Statistics Finland has compiled detailed directions and instructions for confidential processing of the data. Employees have access only to the data essential for their duties. The premises where unit-level data are processed are not accessible to outsiders. Members of the personnel have signed a pledge of secrecy upon entering the service. Violation of data protection is punishable.
Further information: Data protection | Statistics Finland (stat.fi)
Confidentiality - data treatment
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’.
The data submitted are flagged either by ‘N= not for publication before embargo date’ or ‘F=free’.
Release policy
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 are public after they have been updated in the web service.
Further information: Publication principles for statistics at Statistics Finland
Data sharing
National accounts data are key datasets used and published by many international organisations to improve data consistency and exploit synergies for data collection and validation. An initiative to improve data sharing for National Accounts was launched in 2016 by the Inter-Agency Group on Economic and Financial Statistics (comprising representatives of the Bank for International Settlements, the European Central Bank, Eurostat, the IMF, the Organization for Economic Co-operation and Development, the United Nations, and the World Bank) under the G20 Data Gap Initiative.
Data are transmitted via Eurostat to other international organisations. The data content of the statistics is reported to Eurostat on the national release day in the SDMX format. In the national publication, the data content of the StatFin tables is in line with PxPro format.
Data are transmitted via Eurostat to other international organisations. The data content of the statistics is reported to Eurostat on the national release day in the SDMX format. In the national publication, the data content of the StatFin tables is in line with PxPro format.
Accessibility and clarity
Statistical data are published as database tables in the StatFin database. The database is the primary publishing site of data, and new data are updated first there. When releasing statistical data, existing database tables can be updated with new data or completely new database tables can be published.
In addition to statistical data published in the StatFin database, a release on the key data is usually published in the web service. If the release contains data concerning several reference periods (e.g. monthly and annual data), a review bringing together these data is published in the web service. Database tables updated at the time of publication are listed both in the release and in the review. In some cases, statistical data can also be published as mere database releases in the StatFin database. No release or review is published in connection with these database releases.
Releases and database tables are published in three languages, in Finnish, Swedish and English. The language versions of releases may have more limited content than in Finnish.
Information about changes in the publication schedules of releases and database tables and about corrections are given as change releases in the web service.
The quarterly sector accounts statistics and database tables are published on Statistics Finland’s website. In addition, the data are available from the Astika database. The data content of the statistics is reported to Eurostat on the national release day in the SDMX format.Data revision - policy
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.
Seasonally adjusted data in statistics on economic trends become revised because of the calculation method used. Additional information on a new time series observation is exploited in model-based calculation methods and this is reflected as changes in previous releases. Revisions of the latest figures to be seasonally adjusted are elaborated on in the releases and quality reports of statistics.
A summary table of the revisions that have taken place is also published in connection with key statistics on economic trends and some annual statistics. The table shows how the data for the statistical reference periods have changed between the first and the most recent statistical release.
Quality assurance
Quality management requires comprehensive guidance of activities. The quality management framework of the field of statistics is the European Statistics Code of Practice (CoP). The quality criteria of Official Statistics of Finland are compatible with the European Statistics Code of Practice.
Further information: Quality management | Statistics Finland (stat.fi)
User access
Data are released to all users at the same time. Statistical data may only be handled 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 separately stated in connection with the product, data or service concerned, Statistics Finland is the producer of the data and the owner of the copyright. The terms of use for statistical data.