Ukraine - Change in Inventories

For Ukraine, the quarterly national accounts, including the detailed expenditure approach (a.k.a. use of GDP), income approach, and production approach including gross value added (GVA).

Active:

• National accounts framework: UN SNA 2008
• Industry classification: CTEA-2010, the localization of NACE Rev. 2
• Measurements:
  • Millions of Ukrainian hryvnias at constant year-2021 prices (Mil. 2021 UAH)
  • At current prices (Mil. UAH)
  • Percent change year-over-year based on 2021 prices (% Y/Y 2021)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Quarterly
• Start date: 2001Q1

Predecessors, where different:

• At 2016 prices - 2001Q1 to 2022Q4 ("_16")
• SNA 2008 at 2010 prices - 2010Q1 to 2019Q3 ("_10")
• SNA 1993 GDP(E) - 2001Q1 to 2014Q1 ("_S93")
• SNA 1993 GDP(O) - 2008Q1 to 2014Q1 ("_S93")
• Monthly GDP(O) - 2003m1 to 2008m11 (no archive specifier)
• Monthly GDP - 1996m1 to 2008m11 (no archive specifier)

The source writes:

The major methodological changes which have the most impact on the level of GDP refer to investment.

According to SNA08, expenditure on research and development and weapons systems (warships, submarines, military aircraft, tanks, etc.) are now included in gross fixed capital formation, i.e. investment. This is recognition that expenditure on these items provide long-lasting services to businesses, non-profit institutions, and the governments who use them. This increases the level of GDP across time, but the impact on GDP growth rates will generally be minor (as can be seen in countries who have already implemented SNA08). 

Moreover, in situations like this when a major methodological change is proposed and agreed to at the international level, countries tend to take advantage of the unique situation and make changes to improve all their compilation methods - therefore increasing the general level of revision. It is important to underline that the impact of compilation improvements could be higher than the impact of the SNA08 implementation. For example, the Netherlands increased their level of GDP by 7.6% for 2010, but only 3 percentage points are related to SNA08 implementation.

Ukraine has implemented the SNA08 in 2014 providing revised data according to the new methodology on specific datasets.

Moody's Analytics supplements

We back-extend select series. We construct NSA identities. We construct SAAR counterparts.

Four successive national accounts methodological revisions have taken place: 1952, 1968, 1993 and 2008.

The GDP data are revised and updated in accordance with the availability of input information.

The dataset compiled under the new methodology, is presented considering territorial changes which occured at the begining of 2014. It excludes territories of Crimea, Sevastopol and anti-terrorist operation zones.

Further reading

At IMF (SDDS):

• National accounts (Jan 2024)

• Feb 2006 - Initial version.
• Jul 2009 - Currency reference year advanced to 2007.
• Oct 2012 - Addendum of Moody's Analytics supplements.
• Dec 2014 - Framework advanced to SNA 2008.
• Jul 2020 - Currency reference year advanced to 2016.
• 17 May 2024, Phillip Thorne - Currency reference year advanced to 2021: Properties.