|Unit||Mil. EUR, CDASA|
|Adjustments||Calendar Adjusted and Seasonally Adjusted|
|Business Confidence||Jun 2019||98.9||99.3||Index 2010=100, SA||Monthly|
|Capacity Utilization||2019 Q2||77.5||78.4||%, SA||Quarterly|
|Industrial Production||May 2019||105.7||104.8||Index 2015=100, SA||Monthly|
|Change in Inventories||2019 Q1||-3,734||-1,323||Mil. EUR, CDASA||Quarterly|
GDP measures the market value of the good and services produced in Italy after the deduction of intermediate consumption and before the deduction of provisions for consumption of fixed capital.
Italian system of National Accounts is based on the European System of National Accounts ESA, which derive from the System of National Accounts (SNA). Quarterly National Accounts obey to the same principles, definitions and structure of Annual National Accounts. Quarterly data start, according to ESA regulation.
Gross domestic product and gross national income; taxes and subsidies on production; gross value added at current prices and at previous year's prices (chain-linked); private consumption; purchases of private households by purpose; expenditure of general government, gross fixed capital formation at current prices and at previous year's prices (chain-linked); imports and exports of goods and services at current prices and at previous year’s prices (chain-linked), economic transactions with the rest of the world; distribution of wage and property income; compensation of employees; gross wages and salaries at current prices.
GDP is recorded at market prices; GDP components are recorded at market prices, while value added is recorded both at producer and basic prices. GDP components are published at current prices, previous year’s prices and chained-linked volumes. Income aggregates are estimated only at current prices. Both total imports and exports are valued on an f.o.b. basis using the information on insurance and freight for merchandise imports coming from UIC.
Flash estimate of the main GDP aggregate series at constant prices in seasonally and working-day adjusted form. GDP flash estimates are produced using a more incomplete set of information compared to standard GDP announcements to give the earliest picture of the economy. Despite the improved timeliness, flash statistics may trigger an unwarranted reaction in the stock and bond markets.
The annual estimates of domestic product (GDP) and its components are subject to two types of revisions: routine and exceptional. The latter follow the major methodological innovations, which in turn may be due to changes in the concepts, definitions and classifications used or to the availability or content of statistical sources.
Let us mention the main innovative elements of the benchmark:
Routine revisions of the annual data are carried out because the (annual) first estimates of GDP and its components are very often based on provisional data from the surveys normally used or in some cases on sources other than those normally used. In the period elapsing before publication of the first annual estimate of GDP (year t) was reduced from three months (end of March of the year t+1) to two months (end of February) to provide an estimate of the deficit/GDP ratio as required by the protocol to the Maastricht Treaty on the excessive deficit procedure. A major organizational effort had to be made, involving not only the department of "National Accounts and Economic Analysis" but also the other ISTAT directorates and the government departments and agencies which supplied the basic data. As in other European and OECD countries, the first estimate for the year t is then revised in the next two or three years. Therefore they published the first estimates for the year 2005 and the revised estimates for the years 2002-2004, in connection with the benchmark revision.
Quarterly National Accounts
Quarterly estimates can be revised for three main reasons: changes in the annual accounts, changes in the basic data sources and revisions of seasonal factors due to new information and/or increasing sample size. At each release, current and previous two years' quarters are allowed to change, both for raw and seasonal adjusted data. When new annual totals become available, the quarters of the last four/five years may change due to new estimated parameters of the annual regressions. When historical (benchmark) revisions are introduced, all quarterly data may be revised.
For a short period ISTAT has been publishing a revision indicator on QNA press release. Now, though measures of revisions are often carried out, they are not disseminated on press release. A table with the last four releases of GDP is regularly produced on press release. Average revision on GDP is historically about 0.15 on growth rates with respect to the previous quarter. These revisions reflect in great part revisions in annual figures due to a more complete information.
We initially update series via the press release and a full detailed or comprehensive update is processed later when ISTAT updates their databases.
Time of recording: GDP components are in general recorded at the time its ownership changes. For final consumption expenditures by general government or NPISHs they are recorded at the time they are produced (accrual basis), with some exceptions where the cash figures are known to closely correspond to the accruals (government expenditure). Typically recorded in the calendar years and quarters.