National accounts: Changeover to ESA 2010 and statistical benchmark revision

2014 is an important landmark in the short history of Luxembourg’s National accounts. Indeed they will be marked by two major changes, the transition from the European System of National and Regional Accounts (ESA) 1995 to the ESA 2010 and a major statistical benchmark revision for the period 2000 to 2012.

The ESA 2010 changeover is simultaneously implemented by the member states of the European Union and introduces changes of a certain number of accounting principles in order for them to better reflect economic reality than was the case in the previous system. The main domains affected by these improvements are research & development (R&D), financial intermediation services indirectly measured (FISIM), insurance, retirement pension and the definition of the public sector.

The statistical benchmark revision will allow for an update of all figures used to compile the accounts and for an inclusion of new elements (particularly underground economy).

For international accounts, the sixth edition of the Balance of Payments and International Investment Position manual edited by the International Monetary Fund (IMF) constitutes the reference framework for statistics on transactions and positions between an economy and the rest of the world. The revision of this manual allows reinforcing the theoretical fundamentals and links with other macroeconomic statistics, and particularly with national accounts.
Figures of GDP, GNI as well as other key indicators of national accounts will therefore be compiled differently with of the aim of achieving greater reliability and comprehensiveness.

Calendar of the ESA 2010 changeover and the statistical benchmark revision

To understand the major changes that will take place this year, do not hesitate to consult the following publications :

STATEC informs you of its work (french version)