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

National Statistical Institute

„National Non-Financial Accounts“

Marin Gergov

Head of department

2 P. Volov Str., Sofia 1038

[email protected]

+359 2 9857 666

National accounts for Bulgaria compiled according to the main methodological recommendations of the documents "System of National Accounts, 2008" (SNA2008), 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 Products by Economic Activities (CPEA-2008, for international use CPA.BG-2008);

· Nomenclature of Industrial Production (PRODCOM.BG);

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

· Classification of the Functions of Government (COFOG);

· Classification of the Purposes of Non-Profit Institutions Serving Households (COPNI);

· Combined Nomenclature.

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 three months. 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

Information sources for development are:

• Quarterly report;

• Statistical Annexes;

• Administrative data and balance sheet developments:

   - Consolidated reports on implementation of the state budget;

   - Customs information;

   - Tax Information;

   - Balance of Payments.

Quarterly

Quarterly data

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.

Apply seasonal adjustment of the data using software JDemetra+.

· European Statistics Code of Practice;

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

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. 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.

 Flash estimates of GDP - T +42-43 days after the reporting period.

Current quarterly estimates of GDP - T +65 days 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.

The comparability is ensured  through the implementation of common definitions of ESA 2010.

By using a common framework of the European System of Accounts  ESA 2010, the data can be comparable over time.

In certain cases, data from other domains of economic statistics, i.e. balance of payments statistics, business statistics, household budget statistics or external trade statistics can be used for cross-checking purposes. These economic statistics are also available from the appropriate domains on the NSI website.

Quarterly data for all sub domains of national accounts should be coherent.

Press release

Not applicable.

Data are available to all users of the NSI website under the heading Macroeconomic statistics - Gross Domestic Product - Quarterly data - GDP by Production approach  Total of economy: https://www.nsi.bg/en/node/5504

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.