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Latest data Previous quarter rate (%) Anual rate (%)
2nd quarter 2020 (Flash Estimate) -18.5 Gráfica serie -22.1 Gráfica serie

Description

The objective of the national accounts is to describe the most relevant characteristics of the Spanish economy and its institutional sectors and activity branches. To ascertain the evolution of the macroeconomic groups the National Statistics Institute publishes the national accounts of Spain and the quarterly national accounts.

Spanish National Accounts (SNA)

The SNA uses the set of basic short term or structural statistical information offered by the statistical system. Data arising from the different sources are dealt with and arbitrated in a unique accounting framework. As statistical information is enlarged and the accounting framework is broken down, national accountants revise the estimates obtained. The estimates from each year undergo three revisions until they are considered definite.

The SNA has been elaborated annually since 1967. From September 2019, the SNA begins to prepare within the framework of the Statistical Review 2019, a regular extraordinary review that is due to the need to periodically update the sources and estimation methods used for its compilation.

This review is harmonized between the countries of the European Union, Eurostat and the European Central Bank. And it has been carried out in coordination with the Bank of Spain, in relation to the Financial Accounts of the Institutional Sectors of the national economy and the statistics of Balance of Payments and International Investment Position, and the General Intervention of the State Administration ( IGAE), with respect to the Accounts of the Public Administrations, so that the data it provides are consistent with those of these organizations.

The 2019 statistical review meets a triple objective. On one hand, it updates the statistical sources and the estimation methods used. On the other, it follows Eurostat's recommendations with the aim of achieving a harmonized policy at European level for extraordinary reviews of national accounts. And finally, it allows implementing methodological improvements derived from the 2016-2019 Verification Cycle of Gross National Income carried out by the European Commission.

The average impact on GDP at current prices of the 2019 Statistical Review is 0.4%. In the case of volume variation rates, the average revision is 0.1 points.

Quarterly Spanish National Accounts (QSNA)

The QSNA has as its main objective the provision of a coherent quantitative description of the totality of economic activity, within a quarterly macroeconomic framework, elaborated from a supply, demand and primary income viewpoint. The QSNA is adjusted to the same principles of accounting coherence and equilibrium as the annual National Accounts.

From September 2019, the QSNA are prepared within the framework of the 2019 Statistical Review.