|Unit||Mil. EUR, CDASA|
|Adjustments||Calendar Adjusted and Seasonally Adjusted|
|Business Confidence||Jan 2022||2.7||3.6||Balance of Opinion, SA||Monthly|
|Change in Inventories||2021 Q3||2,708||2,031||Mil. EUR, CDASA||Quarterly|
|Industrial Production||Dec 2017||110.7||114.7||Index 2010=100, SA||Monthly|
|Real Change in Inventories||1970||1,693,134,800||NCU||Annual|
For Belgium, the quarterly national accounts, including the detailed expenditure, income, and product (GVA) approaches to gross domestic product (a.k.a. GDP(E), GDP(I), GDP(O)).
Quarterly economic accounts form an integral part of the system of national accounts. The quarterly economic accounts constitute a coherent set of transactions, accounts and balancing items, defined in both the non-financial and financial domains, recorded on a quarterly basis.
There are three ways, usually called approaches, of calculating GDP:
Each approach is based on a different view of the economic system using and measuring different aggregates. Together they give a summary of the logical relationships within the system of national accounts, and they should all give the same result for GDP if each item is estimated correctly.
The output approach is based on the calculation of output and intermediate consumption of the various industries of the economy. Gross value added of an industry is defined as the difference between output (basic prices) and intermediate consumption (basic prices).
Gross value added (basic prices) = Output (basic prices) - Intermediate consumption
GDP at market prices is then calculated as the sum of gross value added (basic prices) of all industries/branches plus taxes on products less subsidies on products.
Gross value added (market prices) = Gross value added (basic prices) + Taxes on products - Subsidies on products
The expenditure approach is based on estimates of the components of final demand:
GDP = Final consumption expenditure (by households, non-profit institutions serving households -NPISHs- and the government, in purchasers. prices) + Final consumption expenditure by the government + Gross fixed capital formation (purchasers. prices) + Changes in inventories (purchasers. prices) + Exports (f.o.b.) - Imports (c.i.f.)
The income approach calculates GDP from separate estimates of the components of the value added of industries, branches or sectors:
GDP = Compensation of employees + Gross operating surplus/mixed income + Taxes on production and imports - Subsidies.
Until 2019, Statistics Belgium annually re-referenced its chained year series. The currency reference year is two years prior (t-2) and is denoted in the unit-descriptor metadata.
Starting 2019, its plan is to re-reference every five years (2015, 2020, ...), to synchronize with Eurostat.