National Accounts

ANNUAL NATIONAL ACCOUNTS

System of National Accounts is a system of macroeconomic data presentation that provides insight into the economy as a whole.

The National Accounts have a central place in the statistical system and, of course are the basis for economic policy and decision making at all levels, enabling the measurement of the level of economic development, the rate of economic growth, changes in production, consumption, savings, gross fixed capital formation, exports and imports.

Annual macroeconomic accounts and the most important macroeconomic aggregates for the Republic of Serbia are published in accordance with internationally recognized standards, System of National Accounts 1993 (SNA93) and the European System of Accounts 1995 (ESA95), which is a basic methodological framework in terms of defining and evaluating categories, applied classifications and methods of calculation. The published data are available since 1997.

In the System of National Accounts, there are values that are called aggregates and which are widely used in daily practice.

The best known and the most important aggregate of National Accounts is the gross domestic product (GDP), which is an indicator of overall economic activity at the country level. GDP is calculated at current and constant prices.

In addition to calculation in the national currency, for the purposes of international comparisons, the calculation of GDP and other macroeconomic aggregates in USD and EUR is carried out, according to the average annual exchange rate.

The GDP calculations at constant prices aim to present the dynamic and structural changes, appearing due to the physical volume production changes, supposing that the level, structure and the parity of prices remained unchanged from the selected base year.

Please note that all the earlier published data may be revised, which provides not only consistent, higher quality and more reliable method of calculation, but also comparable data series for the purposes of macroeconomic analysis and forecasting.

QUARTERLY NATIONAL ACCOUNTS

Quarterly national accounts are an integral part of the system of national accounts. Considering the purpose, content, level of aggregation, data sources and time frame, the quarterly national accounts can be positioned between the annual national accounts and specific short-term economic indicators.

Available are the results of the gross domestic product calculation, applying the production approach, for the level of sections of the Classification of Activities, at current and constant prices (previous year prices).

Quarterly calculations at current and constant prices were performed as disaggregation of available annual to quarterly data and extrapolation of the current year quarterly values, using appropriate indicators.

Data for the first three quarters of the current year may be revised until the data for the fourth quarter are published. The data on the quarterly gross domestic product are published within 90 days after the end of the referent quarter.

Methodological backgrounds of all calculations are harmonized according to the internationally accepted standards, presented in the IMF and EUROSTAT manuals and in the System of National Accounts 1993 (SNA93) and the European System of Accounts 1995 (ESA95).

However, new economic environment with the structural changes in the global economy required the new methodology of the system of national accounts (SNA2008) to be defined. Even adjusted to the actual economic changes that have globally occurred since 1993, the System of National Accounts 2008 (SNA2008) maintained the methodological backgrounds of SNA93.

The revision of SNA was accompanied by the revision of the European System of Accounts (ESA95), as a respective methodological frame adjusted to the specific requirements of the EU Member States. The application of the new methodology (ESA2010) in the EU countries will become mandatory starting from September 2014.

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