​Frequently Asked Questions Benchmark Revision 2020

​Most macroeconomic data is revised to update initial estimates and provide a more accurate reading of economic developments. There are two types of revisions: routine revisions and major revisions. Routine revisions occur regularly, in many cases with each new data vintage that is published, and generally involve updating estimates with more accurate, although less timely data. Major revisions can be further subdivided into major ad hoc revisions and major regular revisions, with the latter also referred to as benchmark revisions.

Major ad hoc revisions take place when the need arises, generally resulting from methodological changes, such as the introduction of a new European System of Accounts (ESA) and changes in classifications, or special events, such as a European Union enlargement. Major regular revisions, on the other hand, occur recurrently, generally every five to ten years, to incorporate changes in data sources or estimation techniques.

​This benchmark revision has led to a number of enhancements, the most notable of which are: the publication, for the first time, of GDP data in chain-linked volumes from the production approach; Supply, Use and Input-Output Tables (SUIOT) for 2013, 2014 and 2015; the implementation of recommendations emerging from the ESA 1995 and ESA 2010 verification cycles; the incorporation of new data sources, including the last Household Budgetary Survey; the adoption of refined estimation methods; and the cross-classification of fixed assets by industry and by asset (stocks), and the non-financial assets balance sheet by institutional sector.

Routine revisions were also included for the reference periods covering 2016Q1 to 2020Q2, most importantly, the incorporation of the Structural Business Statistics survey results of 2016.