21.05.2024 Occasional revision of national accounts

21 May 2024

On Friday 28 June 2024, the Czech Statistical Office (CZSO) will publish together with an ordinary revision of the years 2021 and 2022 also revised national accounts of the Czech Republic since 1990 up to the present day. This occasional revision will affect the whole system of the national accounts including the main macro-aggregates – the gross domestic product, the gross national income, and the net worth.

The occasional revision, which is now taking place at the CZSO, is a result of a co-ordinated approach of Eurostat implemented in all EU Member States and presented changes are a result of a three-year work of an expert team of the CZSO. The revision itself was brought about by new information, which stemmed from the 2021 Population and Housing Census and from an update of other data background materials. Further, recommendations and enhancement of methods especially in relation to the ongoing harmonisation process within the EU, which also includes an audit of the gross national income calculation, were implemented there, too.

The same as in the previous large revisions in 2014 and 2020, also now the key macroeconomic aggregates will change; they are, for example, the gross domestic product, the national income, capital formation, household consumption expenditure; key ratio indicators will change, too.

Within the revision, almost forty enhancements have been made. Most of the changes will rather have an impact on levels of individual macro-indicators and their structures with a minimum impact on the total GDP growth rate. In terms of an impact on the GDP level, the most important changes are related to services in the area of housing. There, results of the 2021 Census have an effect as well as a modification of provided lifetime period of dwellings resulting from recommendations of results of the working group of Eurostat. Having an effect in the opposite direction is a modified estimate of subthreshold software, for which direct data sources are used more in calculations. The following have also significantly contributed to an increase in the GDP level: an update of an in-house software estimate model and an update of parameters of a labour balance model.

Contact:
National Accounts Department
Vladimír Kermiet
Phone No: (+420) 274 054 247
E-mail: vladimir.kermiet@czso.cz