Slovak Republic - Investment

This release covers Quarterly National Accounts data from the Statistical Office of the Slovak Republic. National accounts are compiled according to the European System of Accounts, 2010 (ESA 2010), which allows to perform the analysis and evaluation of the overall economy, specific areas or aspects of the economy, economic development at the time, comparison of the Slovak economy in relation to other economies.

The source defines the following:

• Gross domestic product in market prices is a final result of the production activity of resident producer units created during the current period. Regional GDP is calculated as the sum of values added by industries for each single region, and taxes on products less subsidies on products as a share GVA by region. For international comparison, the Regional Gross domestic product is expressed in purchasing power. Calculation of Purchasing Power Parity (Purchasing Power Standard) is based on prices and sales volumes of goods that are comparable and representative for the countries, which are included in comparison. Purchasing Power Parity eliminates effects of different price levels between countries.
• Regional Gross domestic product per capita is a share of two indicators based on different principles - Regional Gross domestic product (in which the criteria by the place of work is considered) and the average number of people residing permanently in the region (based on the principle of residence).
• Gross value added at basic prices is calculated as the difference between output at basic prices and intermediate consumption at purchasers' prices. Output consists from products manufactured during the current financial year and intermediate consumption consists of the value of goods and services consumed in the production process as inputs, excluding fixed assets whose consumption is expressed as consumption of fixed capital. The compilation process of 
• Regional Gross value added consists of several steps. Basic approach is based on individual calculation of Gross value added by industry (section NACE Rev.2.) in the single region (NUTS 3). In process of calculation the approach for regionalization is used "bottom - up" and so- called "combined approach ".
• Gross fixed capital formation includes the acquisition of fixed assets les s disposals (sales) of fixed assets by producers - residents during a given period. Included are also increases of the value of certain non-produced assets realized by production activity of institutional units. Fixed assets are tangible as well as intangible assets that have been produced as output in manufacturing process and will be used in other production processes repeatedly or continuously for more than one year. Regional Gross capital formation is constructed as the sum of Gross capital formation by industry in the region. Similarly as in case of GVA the approach for regionalization is used "bottom - up" and so- called "combined approach ".
• Balance of primary income - net - primary income is characterizing an ability of resident households generate income either as unincorporated enterprises, employees or recipients of property income in the region where households reside or in other regions of the country or outside the country.
• Net Disposable income – net disposable income is characterizing the outcome of major transactions relating to the household sector (production activities, distribution and redistribution of income and other transactions) between single regions.

GDP is one of the key aggregates in the ESA. GDP is a measure of overall economic activity in the economy, leading to production that satisfies final demand of the economy. There are three apporaches of measuring GDP at market prices, which must each other give a one balanced GDP figure:

1. Output approach as the sum of value added generated by all activities which produce goods and services, plus taxes less subsidies on products
2. Expenditure approach as the sum of all final expenditures incurred either for consumption of the final production in the economy or the increase in the assets, plus exports minus imports of goods and services
3. Income approach as the sum of all income generated in the production process of goods and services plus taxes on production and imports less subsidies.When compiling GDP we use data sources for the output and expenditure approach, income approach of GDP compilation is a secondary method, and is compiled as a deduction

GDP by production activities: Estimates of gross output and intermediate consumption in current prices are compiled using mainly primary data sources. Gross value added is derived as the difference between gross output and intermediate consumption. The data collected at sample statistical surveys are adjusted using standard procedures to achieve full coverage. For businesses that did not submit reports, adjustments based on the data recorded during the period under similar undertakings are made. The data are further adjusted for exhaustiveness due to the non-observed economy. Data in constant prices we obtain by double deflation of gross output and intermediate consumption using appropriate price indices (recalculation to the prices of the previous year and chaining to the reference year 2010).

GDP by expenditure categories: The main source of data for estimating final consumption of households is retail trade statistics, household budget survey, and other administrative and statistical data sources. Estimates of final consumption of households in constant prices are calculated using appropriate consumer price indices at levels of COICOP categories. Estimates of expenditures of general government final consumption are obtained directly from source data, which are processed by the Ministry of Finance SR. Data on gross fixed capital formation is based on information compiled expenditures on acquisition of asset from statistical reporting or administrative data sources and recalculated into constant prices using appropriate price indices of industrial producers. Data on changes in inventories are obtained as the difference between reported value of stocks at the beginning and at the end of the reference period and adjusted by the gains / losses caused by price developments (holding). Estimates of imports and exports of goods and services are based on the statistics of foreign trade, the balance of payments data and the data at constant prices are obtained by deflating using the adjusted price indices of domestic production and adjusted price indices of foreign trade.

Total employment is expressed by number of employees and self-employed, who are involved in production process belonging to the frame of output in SNA. In compilation of labour market indicators the method of balancing is used, i.e. job supply is balanced with demand. In particular, it is the comparison and harmonisation of data obtained from enterprise survey with data obtained from Labour force survey (LFS) carried out in households, to conform the definitions of ILO and ESA 2010. According to ESA 2010, the total employment is expressed in domestic concept. In this concept, data are acquired from enterprise survey. For the sake of comparability, data from Labour force survey (surveyed on the basis of national concept) are adjusted by items such number of residents working abroad, non-residents, coming from abroad, employees in collective households, women having maternity leave, etc.

Time series of GDP data are compiled according to ESA 2010 and are available at current prices, constant prices of the previous year and chain-linked volumes with reference year 2010. Seasonally adjusted quarterly time series of gross domestic product and its components were obtained by applying TRAMO-SEATS method implemented in software JDemetra+ (version 2.0.0.). Original time series of these indicators were analysed in current prices as well as in chain-linked volumes where the seasonal analysis confirmed statistically significant influence of the seasonal component on development of analysed time series.

The source releases data in two waves, where the following tables are updated first: nu0002qs, nu0004qs, nu2051qs, nu2052qs, nu2043qs, nu2044qs, nu0006qs, nu2025qs, nu2020qs, nu2022qs, and nu2042qs. Approximately 8 days later the remainig tables are updated: nu2002qs, nu2008qs, and nu2010q.

Revision of Quarterly National Accounts for time series 1. Quarter 2015 - 2. Quarter 2018

• Revision of Quarterly National Accounts carried out in 2018 is based on the revision of Annual National Accounts for years 2015-2016 and preliminary data for the year 2017. Data since year 2018 are quarterly estimates.
• Adjustments were performed in individual items of national accounts due to the routine incorporation of revision changes in the relevant transactions and variables based on new information and precised source data.

March 28, 2018 - As of 2018, the source only reports a single GDP without specification of approach. For consistency, Moody's Analytics sets the different approach time series equal to this figure.

January 5, 2016 - This release recently went through an ESA 2010 change. The source says

The data are preliminary when first released. The data become final after the annual national accounts and supply and use tables are closed, three years after the end of the reference year.

For additional information, please visit the link: https://dsbb.imf.org/sdds-plus/summary-methodology-base/country/SVK/category/NAG00