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INEbase / Quarterly National Accounts of Spain / Methodology


Summary
Indices linked to the Quarterly National Accounts

Summary


The Quarterly Spanish National Accounts (QSNA) is a short term statistic whose main objective is to supply a coherent, quantitive description of Spanish economic activity, by means of a quarterly economic framework, elaborated from the point of view of supply, demand and rents. These estimates adjust to the same principles of accounting coherence and equilibrium as the Spanish National Accounts (SNA) of annual frequency and consequently, to the framework of the European System of Accounts 1995 (ESA-95). Similarly, the QSNA incorporates employment level estimates in terms of ESA-95 and the account from the Rest of the World institutional sector.

The methodology employed by the QSNA is based on estimates by means of econometric techniques from models that relate the development of each SNA with a group of quarterly indicators that allow both quarterly breakdowns and extrapolation. Technically it can be said therefore, that the QSNA is a compromise between the rigor and amplitude of the SNA and the rapidity and opportunity of short term indicators.

The QSNA estimates are offered in current and volume terms. The first are valued at the same period's prices and the second are presented by means of indices linked to the 2000 reference. These indices arise from linking the valuations carried out with the previous year's prices.

The data published by the QSNA is offered in two versions: gross and corrected for seasonal and calendar effects, with the aim of offering the most complete image possible on the short term state of the variables which are the object of the estimate.

One aspect of the QSNA to highlight is that of the frequent and sometimes important revisions that necessarily occur among which the following are worthy of note: modifications to the QSNA data, revision of the indicators, replacement of predictions in the indicators by real available data, modifications included because of the seasonal adjustment filters and variations in the general resource and jobs balance process.