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Quarterly National Accounts of the Czech Republic

Introductory note

Contents

The publication presents quarterly estimates of GDP and other indicators of national accounts at current prices, at previous year average prices and at 2000 year constant prices (obtained by chain-linking) for the period of the first quarter of 2002 to the first quarter of 2004. The data are raw, without seasonal adjustment.

The quarterly time series of GDP expenditure component indicators were revised, following up the revision of annual national accounts published in the end of April (see the methodological note on the historical revision). The latter revision takes account of the methodological principles requested by the European System of Accounts (ESA 95). At the same time the methodology for the conversion of indicators from current to constant prices was also harmonized (see the methodological note on the constant prices data calculation).

Quarterly time series of expenditures on GDP for the period of the first quarter of 2002 to the first quarter of 2004 are presented for the users at the web address http://www.czso.cz/csu/czso/gdp_national_accounts_ekon. The time series will be gradually completed (including seasonally adjusted data).


Methodological note on the historical revision of the Czech Republic national accounts:

The quarterly national accounts were revised in the same way as annual national accounts were. The adjustment represents a GDP increase about 6 – 8 % (at current prices) in individual years. The most significant adjustments in terms of volume were:
  • estimating the stock and consumption of fixed capital at replacement costs (e.g. this revision represents a GDP increase of 3.4 % in 2000 year);
  • moving to the user cost approach to calculate imputed rent (+1.9 % in 2000 year);
  • making estimates for units not included in the business register due to late updates (+1.7 % in 2000 year).

The other improvements were not so large. They make up together a GDP increase about 1 %. They were:
  • applying the time shift approach to eliminate taxes that will never be paid,
  • estimating the output of units that avoid registering on purpose,
  • making more accurate estimates of intentional data distortion,
  • making more accurate estimates of wages in kind,
  • estimating tips,
  • making more accurate the calculation of insurance services,
  • making more accurate the estimate of gross capital formation (for non-tangible fixed assets, valuables, and destructive military equipment),
  • making more accurate holding gain/loss,
  • making the more accurate estimate of household consumption expenditure (a higher weight to upper decil, commodity flow balances, application of administrative sources).