Economy and finance
A. ECONOMY AND FINANCE
Consumer Price Indices (CPI)
The published CPI are usually neither revised, nor corrected.
The coordinated CPI revision is determined by Commission Regulation No.1921/2001 (of 28 September 2011) laying down detailed rules for the implementation of Council Regulation (EC) No 2494/95 as regards minimum standards for revisions of the harmonised index of consumer prices and amending Regulation (EC) No 2602/2000.
Should the CPI data accuracy be improved, the principles and procedure stipulated by Regulation No.1921/2001 are applicable.
Producer price indices in industry, construction cost indices and foreign trade unit value indices.
The published initial data can be revised in the following month.Such exceptional data revisions can be made in case a respondent has made a mistake or corrected the submitted report due to other reasons. In these cases data for the previous period are accordingly revised. Price indices for this period are recalculated and published in the following press release and in the Monthly bulletin of Latvian Statistics with a note on revision.
Data users are informed well in advance upon routine revisions of the published data due to methodological changes.The last such published price index revision took place in February 2009 due to implementation of NACE rev.2. Statistical Classification of Economic Activities (hereinafter in the text – NACE rev.2) in the calculation of producer price indices in industry.
Within the context of government finance statistics, routine revisions of statistical data concern mainly:
- revision of the published quarterly data after acquiring and processing annual data.
- Example:general government sector indicators for quarters are corrected in accordance with the Notification on General Government Deficit and Debt, which must be drafted for the whole year in total.
Exceptional data revision is a revision of previously published data in line with changes to the classifications or to their application.
- Example:in the result of a thorough data analysis it is established that an incorrect data code set has been used in the calculation; data are recalculated, in order to ensure compliance with the principles of the corresponding classification.
Within the context of enterprise annual finance statistics routine revisions of statistical data concern:
- the published data revision in line with changes to the methodology or classifications;
- Example:time series of merchants’ financial indicators have been changed implementing NACE rev.2.
- revision of the published data, receiving additional administrative data.
- Example:time series of merchants’ financial indicators have been changed after receiving revised information from the State Revenue Service.
A4.Gross Domestic Product
Within the context of macroeconomic statistics routine revisions of statistical data concern:
- further revision of the published data of a higher aggregation level, adding information of a more detailed aggregation level;
- Example:flash estimate of Gross Domestic Product quarterly increase rate is revised publishing quarterly provisional information; evaluations of separate quarters are revised, obtaining information on the whole year in total
- revision of the published data in the result of seasonal adjustment or due to changes in the definition of base period;
- Example: to continue the seasonally adjusted GDP time series each following added period can affect the previously calculated statistical values; all quarterly and annual evaluations are revised, amending the base year for constant prices
- revision of the published data in line with changes to the methodology or classifications
- Example:time series of the national accounts will be amended in 2011, implementing NACE rev.2.
Within the context of quarterly investment statistics routine revisions of statistical data concern:
- revision of the published data in accordance with changes to the methodology or classifications;
- Example:time series of quarterly investment volume data were amended in May 2009, implementing NACE rev.2.
- further revision of the published data, receiving additional or revised information from respondents or administrative data sources.
- Example:the provisional investment annual statistical data are revised specifying the information provided by enterprises on the types of investments or in the event an incorrect type of economic activity has been applied for the enterprise.