Main aggregates

Estimation of European main aggregates

Eurostat estimates the annual and quarterly main aggregates for the EU and euro area using EU Member States’ information. For missing data, imputations are made.

In each quarterly estimation round, the quarterly data are aligned with the corresponding annual data to ensure consitency between both.

Further reading

• Compilation of European annual and quarterly accounts including flash estimates
•  Introduction video: GDP at 30 days (Link to Youtube) 
• European GDP at 30 days estimation method: Summary
• Euro area and EU GDP flash estimates at 30 days  
• GDP flash at 30 days estimation methods for Member States
• Questions and Answers GDP t+30 (April 2016) 
• Compiling annual and quarterly accounts for the European Union and the euro area (ESA 95)
• Frequently asked questions (ESA 95)

Revision policy of EU and euro area aggregates

Eurostat compiles EU and euro area main GDP aggregates which are regularly revised as follows:

T+30 days: Preliminary GDP flash release

• The preliminary GDP flash release of quarterly GDP growth is published around 30 days after the end of the reference quarter (T).

T+45 days: GDP and employment flash release

• A more final quarterly GDP flash estimate is published.
• With the release of these the GDP flash estimates at T+30 and T+45, data for the EU and euro area aggreate of previous quarters are not revised. However, just the latest quarter (reference quarter) may be revised. 
• Release of the 'flash estimate' of quarterly total employment growth, expressed in number of persons

T+65 days: Release of GDP, main aggregates, and employment 

• Release of GDP and its main aggregates from the production, expenditure, and income approach.
• Release of the estimation of domestic employment (domestic concept)  

T+110 days: GDP and main aggregates update

Release of an update of GDP and main aggregates in the Eurostat database, together with the article  Quarterly national accounts - GDP and employment. It incorporates country data received up to three months after the reference quarter to improve the consistency of data used for analysis and the forecasting process.

The euro area and EU quarterly and annual accounts series for all reference periods can be revised with the releases at T+65 and T+110. 

EU members may revise their national data between the Eurostat release dates. In this case, Eurostat publishes the revised accounts for these members, but does not recalculate the EU and euro area accounts until the next Eurostat release.

While this practise leads to a loss of geographical coherence for a brief period, it ensures a certain stability of annual aggregates. In such situations, annual and quarterly EU aggregates are coherent by default.