Annual National Accounts

Revision to previous year 2002

Before 2003 no preliminary versions of annual national accounts were compiled. For the year 2002, annual accounts were only compiled for the general government sector – they were based on administrative data without any use of data from supplementary statistical surveys (missing especially were data for gross fixed capital formation). The preliminary annual estimate of GDP and GNI for 2002 was calculated from quarterly estimates of GDP and GNI adjusted according to data for the general government sector and to methodological improvements prepared for major revision. The estimate was only made at current prices for the purpose of fulfilling duties towards the EU (GNI serves as the basis to calculate part of contributions to the EU).

In April 2004 we finished the compilation of the semi-definitive sequence of national accounts for the CR. Compared to the figures published in autumn 2003 the new GDP and GNP figures are by CZK 6 236 million (0.3%) and CZK 13 769 million (0.6%) up, respectively.

Given below are the most important reasons for the revision of individual GDP and GNP components:

(1) The GNI Questionnaire 2003 data were provided subject to the quality of preliminary data for small non-financial corporations and financial institutions. No directly measured data on these entities were available in September 2003 and they were thus estimated mostly by extrapolation of data from the previous years. In the semi-definite version of the annual national accounts, the estimates are substituted with data taken over from direct statistical surveys. The directly measured data were higher for both output (+0.3%) and intermediate consumption (+4%) and lower for changes in inventories.

2) The output was also increased in the general government sector. The reason was especially (i) to make the estimate of fixed capital consumption more accurate, (ii) to include fixed capital consumption for water supply and sewerage systems owned by municipalities and (iii) to update wages in kind.

3) The item ‘subsidies on products’ was increased due to re-classification of subsidies to transport services and subsidies to private schools from ‘other subsidies on production’ (D.39) to ‘subsidies on products’ (D.31).

4) The reduction in final consumption expenditure by households was carried out on the basis of additional administrative and statistical data sources and as a result of balancing the commodity flows in the supply and use tables.

5) The estimate of gross fixed capital formation was raised as a result of adjusted methodology used to make the estimate for individual housing construction of households. The estimate of the privatisation of municipal and cooperative dwellings was also made more accurate. This resulted in a shift of fixed capital consumption between the sectors, but it had no influence on the total volume of fixed capital formation.

6) The estimate of compensation of employees was increased in the sectors of non-financial corporations and households on the grounds of revised outputs from the processing of annual questionnaires P 5-01 and P 4-01.

7) The decrease in the item ‘other subsidies on production’ was due to the re-classification of subsidies on transport services and subsidies to private schools from ‘other subsidies on production’ (D.39) to ‘subsidies on products’ (D.31) and especially due to the re-classification of subsidies from the National Property Fund from ‘other subsidies on production’ (D.39) to ‘other capital transfers’ (D.99).

8) The decrease in the data on property income (received from/paid to the rest of the world) was caused by the update of balance-of-payments data in the items dividends and re-invested profits. The original preliminary estimates were replaced with data from the survey on foreign direct investments (taken over from the CNB).