Austria - Real Gross Domestic Product

For Austria, Moody's Analytics reports quarterly naational accounts and annual regional accounts, including: expenditure, gross fixed capital formation detail, gross value added at basic prices by industry, compensation of employees, employment, total hours worked.

Active national accounts:

• National accounts framework: ESVG 2010 (ESA 2010)
• Activity classification: ÖNACE, the adaptation of NACE Rev. 2
• Measurements:
  • Millions of euros at constant year-2015 prices (Mil. 2015 EUR)
  • At current prices (Mil. EUR)
• Adjustments:
  • Working day adjusted and seasonally adjusted (WDASA)
  • Not seasonally adjusted (NSA)
• Native frequency: Quarterly
• Start date: Uniformly 1995Q1

Active regional accounts, where different:

• Measurements:
  • Millions of euros at constant year-2015 prices (Mil. 2015 EUR)
  • At current prices (Mil. EUR)
  • Chained volume index relative to 2015 (Ch. Vol. Index 2015=100)
  • Thousands of persons (#)
  • Millions of hours (Mil. Hrs)
• Adjustment: Not applicable
• Native frequency: Annual
• Start date: 1995
• Geo coverage:
  • Country (4, IAUT)
  • Groups of states / NUTS 1 (15, IAUT_aaaa)
  • States / NUTS 2 (45, IAUT_nn)

Predecessors:

• ESA 2010, reference year 2010
• ESA 2010, reference year 2005
• ESA 95

The source writes:

Regional Accounts (RA) calculate gross regional product (GRP, regional GDP) as well as the following aggregates by industry for the Austrian Länder (federal provinces): gross value added at basic prices, gross fixed capital formation, compensation of employees, employment and total hours worked. 

Time series according to ESA 2010 and ÖNACE 2008 are available from the 2000 reporting year.

Definitions

The source writes:

Gross domestic product (GDP) measures the domestic production of goods and services after deduction of intermediate inputs and is obtained from the sum total of contributions by individual economic branches (“gross value added at basic prices”) plus taxes on products less subsidies on products (production approach). However, it can also be represented as the sum total of final use (consumption, investments and exports) minus imports (expenditure approach), or as the sum total of compensation of employees, gross operating surplus/gross mixed income and consumption of fixed capital plus taxes less subsidies on production and imports (income approach).

The allocation of primary income account's balancing item represents the primary income of private households resident in the regional territory. It comprises compensation of employees, operating surplus, mixed income and property income.

Disposal income of households provides an indicator of a region’s prosperity. Among resources the account comprises primary income, social benefits other than social transfers in kind and other current transfers; among uses it comprises current taxes on income, wealth, etc., social contributions and other current transfers.

Gross value added is calculated at basic prices. It is the difference between output at basic prices and intermediate consumption at purchasers' prices (production approach).

Compensation of employees comprises the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during the accounting period.

Gross fixed capital formation consists of resident producers' acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realized by the productive activity of producer or institutional units. Fixed assets are tangible or intangible assets produced as outputs from processes of production that are themselves used repeatedly, or continuously, in processes of production for more than one year.

GVA is linked as a measurement to gross domestic product (GDP), as both are measures of output. The relationship is defined as:

GVA + taxes on products - subsidies on products = GDP

• GVA = GDP + subsidies - (direct, sales) taxes
• GDP = (final uses (consumption + investment + exports) - imports
• Distribution of GDP = [(compensation of employees + operating surplus) / (mixed income + depreciation + amortization)] + porduction + imports - subsidies

Moody's Analytics supplements

In the quarterly GDP(E) approach, we back-extend 54 series by seven years, and construct two intermediate aggregates.

In the Regional Accounts release for 2014 we have observed the following lags:

• Hours worked below A*3 at all geo levels lags 1 period.
• Gross fixed capital formation (all industries) at all geo levels lag 1 period.
• Compensation (all industries) at all geo levels lag 1 period.
• GVA (all industries) at the NUTS 3 geo level lags 1 period.
• GVA (by industry) for NUTS 0, 1 and 2 below A*3 lag 1 period.
• Employment (all industries) at the NUTS 3 geo level lags 1 period.
• Employment (by industry) for NUTS 0, 1 and 2 below A*3 lag 1 period.
• GDP at NUTS 3 lags 1 period.

The annual data is not reported as having revisions.

The source has explained, "According to Annex B of Regulation (EU) 549/2013 (ESA 2010) 'annual and quarterly data in previous year’s prices are not to be provided for reference year 1995'."

Further reading

At the source:

• Implementation of NACE Rev.2 into Austian National Accounts (PDF)
• Inventory of Methods for National Accounts in Austria (PDF)
• Inventory of Methods for Price and Volume Measures in the Austrian National Accounts (PDF)

At IMF (SDDS Plus):

• National accounts