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Methodological and time series revision to national accounts

The calculation methods of national accounts will change on 31 March 2006. At the same time, the time series data of annual accounts for the years 1975 to 2004 will change. In particular, the change will concern the calculation method of GDP at fixed prices and its sub-components. This is due to the harmonisation work of national accounts carried out in the EU.

National accounts will start to use a so-called varying base year. With this method structural changes in the economy will be taken into account better than with the previous method, the fixed base year.

Another methodological change of fixed price data is the introduction of double deflation. This will cause differences between the data calculated with the previous and new methods about the development of the volume of GDP and its sub-components. The changes may be great especially on the industry level. The double deflation method will be applied starting from the year 2001.

The national accounts time series will change from 1975 onwards. A set of methodological changes and checkings will be made at the time of the revision, which will also have an effect on the levels of GDP calculated at current prices and its sub-components, and on other national accounts data.

The changes to national accounts will be explained in more detail on Statistics Finland's website at http://tilastokeskus.fi/til/vtp/men_en.html

Quarterly national accounts will adopt the new methods and the revised levels when data are released concerning the first quarter of 2006 on 9 June 2006. Quarterly times series 1975-2004 will be available from Statistics Finland at the beginning of April.

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Last updated 14.2.2006