|Business Confidence||Nov 2019||-22.9||-23.2||SA||Monthly|
|Capacity Utilization||2019 Q3||80.3||79.7||%, SA||Quarterly|
|Industrial Production||Sep 2019||100.53||88.59||Vol. Index 2015=100, NSA||Monthly|
|Change in Inventories||2018||485.9||217.4||Mil. EUR||Annual|
|Real Change in Inventories||2018||473.7||217.9||Mil. Ch. 2010 EUR||Annual|
National accounts data according to ESA 2010 and NACE Rev. 2 are disseminated in millions of euro in current and previous year prices (referenced to the year 2010) using the production, expenditure, and income approaches. Data by main categories of revenue (income approach) are disseminated in current prices only. Data in current and previous year prices (referenced to the year 2010) are disseminated for GDP, the main categories of expenditures, and the main categories of economic activities.
Scope of the data
The Luxembourg national accounts cover all transactions, except illegal activities per se, to be included in the estimation of the GDP. Estimates are made for certain types of under-reporting, such as tax evasion and other informal activities.
Valuation: At market prices. Output of government and NPISHs are recorded at cost; value of gross fixed capital formation includes installation costs.
Source data collection programs
Source data definitions, scope, classifications, valuation, and time of recording
To the extent possible, the choice of the quarterly indicators is closely aligned to the data sources and methodology used for the annual accounts.
Production approach: Value added is estimated for 135 branches of activity, but these are aggregated into six main branches for publication. The indicators used are as follows:
Household final consumption expenditure:
Final consumption expenditure of general government:
Gross fixed capital formation:
Changes in inventories:
Exports and imports of goods and services:
Source data statistical techniques
As the main sources of annual data are not available in time to allow the annual methodology to be transposed to the quarterly level, the method used for the Luxembourg quarterly accounts is indirect, i.e., the absence of quarterly data necessitates recourse to a "proxy" variable.
Each statistical series of the annual accounts is coupled with a quarterly series which is available by the time the accounts are compiled and whose behavior is similar to that of the accounting item. This series is called the "quarterly indicator". The quarterly indicator generally differs in annual value from the accounting datum, for reasons of definition and scope. It is therefore necessary to "calibrate" the quarterly indicator to the annual accounting datum.
This operation consists in searching for the econometric adjustment which best explains the movement of the annual accounts on the basis of the quarterly value of the indicator in the past. The statistical link arrived at by this regression method, on an annual basis, between the accounting item and its indicator makes it possible to estimate the account in the current quarters on the basis of the quarterly value of the indicator.
Other statistical procedures
The initially released data (annual and quarterly) are subject to revisions.
Quarterly national accounts are subject to continuous routine revisions as new input data becomes available. As the quarterly national accounts are calculated on base of an econometric model new data cause revisions of the previous quarters even if the annual figures haven’t changed. But the sum of the four quarters always equals the annual figures. Quarterly data are also subject to revision when new annual data are published, in order to ensure consistency between quarterly and national figures.
For annual data revisions are made within 4 months and final data within 45 months and published along with the release of the latest data.
For more information, please visit the website: http://dsbb.imf.org/Pages/SDDS/CtyCtgBaseList.aspx?ctycode=LUX&catcode=NAG00.