GDP by Production approach – Total of economy (Annual data)

National Statistical Institute

Non-financial National and Regional Accounts

Elena Bakalova

Chief specialist

2 P. Volov Str., Sofia 1038

[email protected]

+359 2 9857 540

National accounts for Bulgaria compiled according to the main methodological recommendations of the documents "System of National Accounts, 2008" (SNA 2008), an issue of EUROSTAT, IMF, OECD, UN and the World Bank, and European System of Accounts, 2010 (ESA2010), an issue of EUROSTAT.

Main macroeconomic indicators of the system of national accounts are the gross domestic product (GDP).

GDP by production method characterized the outcome of economic activity and is measured by the value added created during the production of goods and services by resident units within the economic territory of the country.

· Classification of Economic Activities (CEA-2008, for international use NACE.BG-2008);

· Classification of Individual Consumption According to Purpose (COICOP);

· Classification of the Functions of Government (COFOG);

Total economy

From the production side, GDP at market prices is calculated as a sum of the gross value added at basic prices for the economy as a whole and the adjustments. The latter includes net taxes on products, non-deductible VAT and import duties.

Gross output (at basic prices) is the value of goods and services produced as a result of the production activity of resident units in annual period. It can be a market and non-market.

Market is the output that is sold or realized otherwise market or is intended for sale or exchange in future periods at prices significantly affect the market demand and supply and cover the costs of producing goods and services. This output is calculated as the sum of:

· Net proceeds from sales (less the book value of goods sold);

· Cost of acquisition of fixed assets by economic means;

· Change in inventories of finished goods and work in progress.

As a result of the price changes the value of inventories of finished goods and work in progress accumulate so-called holding gains / losses. To eliminate its influence, the value of gross output is adjusted for holding gains / losses.

Is a non-market production, which is not intended for sale or other market conditions. It includes goods and services produced and used for their own final consumption or capital or provided for individual or collective consumption free of charge or at not economically significant prices.

This production is estimated as the sum of all current expenses (materials for outside services, labor, social security, etc.) used to produce it

Intermediate consumption includes the value of all goods and services, transformed or entirely consumed in the production process during the period, excluding consumption of fixed assets recorded as consumption of fixed capital (depreciation).

Intermediate consumption is valued at purchasers' prices (buyer) and consists of:

· goods and services, transformed or entirely consumed in the production process;

· goods and services used by employees to mandatory or carrying out their work;

· tools and small equipment;

· Cost of repair and maintenance;

· payments for outsourced research services, staff training, market research, advertising, postal, telegraph and telephone services rents, subscriptions and more.

Institutional unit under ESA 2010 - enterprise, household, public institution

Economic territory of the country.

Bulgaria

from 1995 (Infostat)

2015

Sources of data are statistical surveys, annual accounts of economic units and administrative data:

• Income and expenses, including statistical annexes;
• Report on production and sales of industrial production;
• Revenues of construction enterprises by types of construction;
• Sales of retail outlets by product groups;
• National energy balance;

• Economic accounts for agriculture;
• Annual statistical report on employees and wages and salary;
• Sample observations for the statistical description of the economic behavior of specific actors in the institutional framework of the economic system:

- Observations of household budgets;

- Observations of the situation and business statistics;

- Observations on private farms;

• Annual accounts:

- Annual report of non-financial corporations;

- Annual report of non-profit organizations;

- Annual report of banking institutions;

- Annual report of insurance companies and pension funds;

- Annual report of other financial intermediaries;

• Administrative data and balance sheet developments:

- Consolidated reports on implementation of the state budget;

- Customs information;

- Tax Information;

- Balance of Payments.

Annually

Exhaustively on an annual basis

Implementation of validated procedures for assessing data quality.

Implementation of validated procedures for assessing the quality of data and the development of estimation of the completeness of the data.

· European Statistics Code of Practice;

· Common framework for quality management in the National Statistical System.

Monitoring of Eurostat data quality in the field of national accounts - report description of sources and methods for the development of GDP, GNI / validation procedures / Questionnaire on the implementation of the principles of the European Statistics Code of Practice.

In practice, the system of national accounts, there are two main types of revisions beyond the scope and content of the methods of seasonal adjustment. The first type of audits is ongoing, regular characterized by the presence of new or updated statistical information based on statistical surveys or administrative sources. The second type of revisions is related to a change in the methodology and calculation procedures for specific statistical indicators.

National accounts data are subject to continuous routine revisions as new input data becomes available. This will typically also entail revisions of the national accounts aggregates, which are derived from these data. In BG national accounts two types of revisions are: regular –  preliminary, final data; and main - based on implementation of new methodology or GNI reservations.

• The annual estimates - the sum of estimates of quarterly data - T +65 days after the reporting period;
• Updated annual data - T +9 months after the reporting period;

· Final data - balance sheets "Resource-Use" - T +3 years.

Annual estimations:
•The preliminary annual estimates - the sum of estimates of quarterly data - T+3 months after the reporting period;
The data transmitted to Eurostat are in compliance with National Accounts Data Distribution Program Annex B and respective derogations for the country.

Annual estimations:
•Updated annual data - T +9 months after the reporting period;
· Final data - balance sheets Resource - Use - T+3 years;

Additional information on other indicators in national accounts is available in other subject areas related to national accounts.

Press release

· Publication "Main Macroeconomic Indicators";

· Statistical Yearbook;

· Statistical Reference book;

· Electronic publication.

Data are available to all users of the NSI website under the heading Macroeconomic statistics - Gross Domestic Product - Annual data - GDP by Production approach - Total of economy: https://www.nsi.bg/en/node/5484

Not applicable.

European system of accounts (ESA 2010)

· Law on Statistics;

· Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.