Subject: Production [PR] [Expand/Collapse]

Source

Contact person/organisation

OECD statistics contact: stat.contact@oecd.org

Direct source

Data are generally provided directly from the National Statistical Offices being compiled from sample surveys. Exceptions are noted in country metadata.

Source Periodicity

The data are generally available from sources every month. Exceptions (reported on a quarterly basis) are noted in country metadata.

Source metadata

This information is available at country level. Methodological information by country is also available from the IMF at: http://dsbb.imf.org/Applications/web/sddshome

Data Characteristics

Variables collected

Depending on countries and sectors, production can be measured from deflated turnover or sales, value added, physical output, raw material inputs, hours worked or other employment data.

Sampling

Sample generally includes all units whose employments are above or equal to a certain threshold. Some country applies random sampling under this threshold.

Base period

OECD reference period is 2010.

Population & Scope

Statistical population

OECD countries currently utilise one or a combinations of four statistical units (i.e. enterprise, kind-of-activity unit, local unit and establishment). Specific information is noted in country metadata.

Geographic coverage

The whole legal territory of the country is generally covered. Exceptions are noted in country metadata.

Sector coverage

Production indices are available by industrial sectors and by types of goods. The Index for Total industry covers sectors corresponding to B (Mining), C (Manufacturing) and D&E (Electricity, gas and water) of the ISIC Rev. 4 or NACE Rev. 2 classification. For some countries, the Index for Total industry including Construction (Category F) is also presented. Services sector refers to categories G to S.

Item coverage

Information under 'Production' broadly applies to production indices by economic activities and by type of goods. It may not be relevant for indicators relating to commodity output or to the rate of capacity utilisation for which more specific information is available below or in specific country metadata.

Population coverage

Small units in size of employment are generally excluded unless combined output of these units' activities represents a significant portion of the total production.

Concepts & Classifications

Key statistical concept

Industrial production refers to the volume of output generated by production units classified under the industrial sectors, i.e. B, C, D and E of the International Standard Industrial Classification of all Economic Activities (ISIC Rev. 4). Data are generally presented in indices of industrial production, which measure volume changes of output, as well as in physical volume or in a ratio. Specific information is available in country metadata.

Classification(s) used

International Standard Industrial Classification of all Economic Activities (ISIC Rev. 4). In the case of European countries, NACE Rev. 2, derived from ISIC Rev.4, is to be used, in general, as reference for statistics referring to economic activities performed as from 1 January 2008 onwards. Exceptions are noted in country metadata.

Aggregation and consolidation

Several Steps are generally involved in the aggregation process of the Index of Industrial Production. Initially, partial indices for production groups at a low level of the Industrial classification are calculated from the production of each group's representatives using weights determined by the representatives' gross output. These partial indices are then further aggregated.

Weights

Weights used to aggregate data at branch and product level are based on variables measuring the relative shares of the products and branches in the value added of industry, in the base year. Specific information on weights used by countries is noted in country metadata.

Seasonal adjustment

The main seasonal adjustment methods used across OECD countries are X12-ARIMA and TRAMO-SEATS. Specific information is noted in country metadata.

Other manipulations

Annual and quarterly data are generally the average of monthly data. Exceptions are noted in country metadata.

Subject: Sales [SL] [Expand/Collapse]

Source

Contact person/organisation

OECD statistics contact: stat.contact@oecd.org

Direct source

Data are generally provided directly from the National Statistical Offices being compiled from sample surveys. Exceptions are noted in country metadata.

Data Characteristics

Link to Release calendar

http://dsbb.imf.org/Applications/web/calmultiarccountry/

Population & Scope

Geographic coverage

The whole legal territory is generally covered. Exceptions are noted in country metadata.

Concepts & Classifications

Other manipulations

Annual and quarterly data are generally the average of monthly data. Exceptions are noted in country metadata.

Subject: Orders [OD] [Expand/Collapse]

Source

Contact person/organisation

OECD statistics contact: stat.contact@oecd.org

Direct source

Data are generally provided directly from the National Statistical Offices being compiled from sample surveys. Exceptions are noted in country metadata.

Source Periodicity

Data are generally available from sources every month. Exceptions (reported on a quarterly basis) are noted in country metadata.

Data Characteristics

Base period

OECD reference period is 2010. Country base period is noted in country metadata where data are presented as indices.

Population & Scope

Sector coverage

Data covers construction or manufacturing industry.

Concepts & Classifications

Seasonal adjustment

The main seasonal adjustment methods used across OECD countries are X12-ARIMA and TRAMO-SEATS. Where data has been seasonally adjusted by the OECD, the X12-ARIMA method has been used. Specific information is noted in country metadata.

Other manipulations

Annual and quarterly data are generally the average of monthly data. Exceptions are noted in country metadata.

Subject: Leading indicator, amplitude adjusted [LOLITOAA] [Expand/Collapse]

Concepts & Classifications

Key statistical concept

The CLI amplitude adjusted is the most straightforward way to present the CLI. The CLI is the average of de-trended and smoothed and normalised component series. The amplitude adjusted CLI rescales this ‘averaged' CLI to match the amplitudes of the de-trended reference series. This form allows for "output-gap" type interpretations.
The formula for calculating the amplitude adjusted CLI is:

CLIAA_t=(CLINorm_t-100)*StDev(RefSeriesRT) + 100

Where CLIAA_t is the amplitude adjusted CLI, CLINorm_t is the normalized CLI and StDev(RefSeriesRT) is the standard deviation of the de-trended reference series.

Subject: Labour Force Statistics - Quarterly Levels [LF] [Expand/Collapse]

Source

Contact person/organisation

OECD statistics contact: stat.contact@oecd.org

Subject: Labour Force Survey - Quarterly Rates [LR] [Expand/Collapse]

Source

Contact person/organisation

OECD statistics contact: stat.contact@oecd.org

Subject: Labour Compensation [LC] [Expand/Collapse]

Concepts & Classifications

Key statistical concept

Four different concepts of Labour compensation are included in the OECD's monthly Main Economic Indicators (MEI) database: Wage rates, Earnings, Labour costs and Unit labour costs.

Following the ICLS (International Conference of Labour Statisticians) terminology, the four concepts above are linked together as follows:

1) Wage rates (basic wages, cost-of-living allowances, and other guaranteed and regularly paid allowances)

i) overtime payments
ii) bonuses and gratuities regularly paid
iii) remuneration for time not worked
iv) bonuses and gratuities irregularly paid
v) payments in kind

2) Earnings = 1 + i) + ii) + iii) + iv) + v)

vi) employer contribution to statutory social security schemes or to private funded social insurance schemes
vii) unfunded employee social benefits paid by employers in the form of: (a) children's, spouse's, family, education or other allowances in respect of dependants; (b) payments made to workers because of illness, accidental injury, maternity leave, etc.; (c) severance payments

3)Compensation of employees = 2 + vi) + vii)

viii) cost of vocational training
ix) cost of welfare training (i.e. cost of canteens)
x) labour cost not elsewhere classified (i.e. costs of transport of workers, cost of work clothes, cost of recruitment)
xi) taxes regarded as labour costs (i.e. taxes on employment or payrolls)

4) Labour costs = 3 + viii) + ix) + x) + xi)

5) Unit labour costs

Unit labour costs are defined as total labour costs expended in the production of one unit of output.

Exceptions to this terminology are noted in country metadata.

Subject: Unit Labour Costs [UL] [Expand/Collapse]

Source

Contact person/organisation

OECD statistics contact: stat.contact@oecd.org

Population & Scope

Sector coverage

This system provides annual and quarterly time series of unit labour cost indicators and related series for the following economic activities according to the International Standard Industrial Classification (ISIC Rev. 3):

• Total economy
• Manufacturing (ISIC D)
• Industry (ISIC C_E)
• Construction (ISIC F)
• Trade, transport and communication (ISIC G_I)
• Finance and business services (ISIC J_K)
• Market services (ISIC activity based proxy G_K)
• Business sector excluding agriculture (ISIC activity based proxy C_K)

Concepts & Classifications

Key statistical concept

Unit labour costs (ULCs) measure the average cost of labour per unit of output. They are calculated as the ratio of total labour costs to real output, or equivalently, as the ratio of mean labour costs per hour to labour productivity (output per hour). As such, a ULC represents a link between productivity and the cost of labour in producing output. The OECD System of Unit Labour Cost Indicators calculates annual and quarterly ULC measures and related indicators (e.g. indices of labour productivity) according to a specific methodology to ensure data are comparable across countries.

Subject: Producer prices [PI] [Expand/Collapse]

Data Characteristics

Contact person

STD.Prices@oecd.org

Concepts & Classifications

Key statistical concept

Output Producer Price Indices (PPIs) can be described as indices designed to measure the average change in the price of goods and services as they leave the place of production valued at basic prices. The precise way PPIs are defined and constructed depend on by whom and for what they are meant to be used. In this context, national practices may differ and these differences may impact on international comparability between countries especially on aspects such as:

* the weighting and aggregation systems (source of weights, frequency of revising weights, calculation of higher level indices across industries or products using elementary price indices and the weights provided for elementary aggregates, aggregation by commodity, by stage of processing, by stage of production…);

* the sampling and collection of prices (sampling selection, sample size, product classifications…);

* the treatment of quality differences (several procedures may be used when an item change occurs, depending mainly on: the available information; the importance of the quality change; the size of the price difference arising from this change; the possibility of splitting the price difference into a pure price component and a quality component; the possibility of simultaneously collecting the prices of the two items at least once);

* the treatment of product substitution and new goods (to take account of the price behaviour of new and disappearing products but the old and new items are not likely to have the same price);

* the treatment of seasonal items (the supplies and prices of some products are subject to marked seasonal variations).

For a more comprehensive description of the methodologies for collecting price information and compiling these indices, please refer to the Producer Price indices: Comparative Methodological Analysis and to the IMF’s Producer Price Manual: Theory and Practice.

Estimation

PPIs are presented as an index where the year 2010 is the base year. It should be noted that this reference base year may be arbitrarily chosen and does not necessarily reflect the year to which underlying weights relate.

The OECD calculates three area totals or ‘zones’ (OECD-Total; OECD-Europe; Major seven) for the PPI for manufacturing for domestic market. Five countries (Australia, Canada, New Zealand, Switzerland and United-States) do not produce such PPI and PPI for total market are used as a proxy. These area totals are annually chain-linked Laspeyres indices where the country weights for each individual link are based on the previous year’s Gross Domestic Product expressed in the relevant purchasing power parity (PPP). Hence the aggregate indices are subject to revision as a result of revisions to the national accounts and the PPPs. In general, new weights for the most recent complete year are incorporated in either November or December of each year.

For currently used weights, please see: http://www.oecd.org/dataoecd/45/50/44119636.xls

Other Aspects

Recommended uses and limitations

PPIs provide an indication of the change in the prices received by domestic producers for their outputs or of the change in prices paid by domestic producers for their intermediate inputs. PPIs can also be used as a deflator of nominal values of output or intermediate consumption for the compilation of production volumes and for the deflation of nominal values of capital expenditures and inventory data for use in the national accounts. However the international comparability of country data is largely affected by how each country addresses the key methodological issues outlined above under key statistical concepts used.

PPIs are generally closely monitored by central banks in their assessment of inflation pressures within an economy, and may also be used for price escalation in certain types of business contracts.

Subject: Consumer prices [CP] [Expand/Collapse]

Data Characteristics

Contact person

STD.Prices@oecd.org

Concepts & Classifications

Key statistical concept

Consumer Price Indices (CPIs) measure the average changes in the prices of consumer goods and services purchased by households. In most instances, CPIs are compiled in accordance with international statistical guidelines and recommendations. However, national practices may depart from these guidelines, and these departures may impact on international comparability between countries. Key methodological issues which can have an impact on the international comparability depending on the approach used by individual countries are:

* the weighting and aggregation systems (source of weights, frequency of revising weights, computation of lowest level indices);
* the treatment of quality differences (several procedures may be used when an item change occurs, depending mainly on: the available information; the importance of the quality change; the size of the price difference arising from this change; the possibility of splitting the price difference into a pure price component and a quality component; the possibility of simultaneously collecting the prices of the two items at least once);
* the selection of replacement items (replacement may become necessary when a product becomes permanently or temporary unavailable but the old and new items are not likely to have the same price);
* the treatment of new items (when a new product has gained a sufficient marked share to be introduced within the basket);
* the treatment of seasonal items (the supplies and prices of some products are subject to marked seasonal variations, mainly in the food and clothing groups);
* the treatment of rents and home ownership (how to deal with controlled rents, with owner-occupied housing, how to design price surveys when the rental market is small and unregulated…).

For a more comprehensive description of the methodologies for collecting price information and compiling these indices, please refer to the MEI Comparative Methodological Analysis: Consumer and Producer Prices Indices and to the Consumer Price Index Manual: Theory and Practice.

Estimation

CPIs are presented as an index where the year 2010 is the base year. It should be noted that this reference base year may be arbitrarily chosen and does not necessarily reflect the year to which underlying weights relate.

The OECD calculates three area totals or ‘zones’ (OECD-Total; OECD-Europe; Major seven) for the following product groups: All items; Food; Energy and; All items less food less energy. These area totals are annually chain-linked Laspeyres indices where the country weights for each individual link are based on the previous year’s household private final consumption expenditure of Households and Non-profit institutions serving households expressed in the relevant purchasing power parity (PPP). Hence the aggregate indices are subject to revision as a result of revisions to the national accounts and the PPPs. In general, new weights for the most recent complete year are incorporated in either November or December of each year.

For currently used weights, please see: http://www.oecd.org/dataoecd/45/50/44119636.xls

Other Aspects

Recommended uses and limitations

A time series of changes in one month’s CPI over the previous month provides an indication about the acceleration or deceleration of inflation although this measure may also reflect seasonal variations. However it should be noted that the majority of OECD countries do not produce seasonally adjusted CPIs because seasonal effects are not generally significant enough to warrant it. Changes in one month’s CPI over the same month of the previous year are generally regarded as providing an up-to-date annual rate of inflation. This comparison largely controls for seasonal effects, as long as they occur in the same months every year. However the international comparability of country data is largely affected by how each country addresses the key methodological issues outlined above under key statistical concepts used.

The CPI is used in most countries by the central monetary authority (e.g. usually the central bank) as the key measure of current inflation and is also analysed to provide information on likely future inflationary expectations. The CPI is also widely used in wage negotiations and for adjustments to social security payments (e.g. pensions) through its role as an indicator of changes in the cost of living.

Subject: Monetary aggregates and their components [MA] [Expand/Collapse]

Source

Direct source

Monetary aggregates are compiled by central banks on the basis of surveys of monetary and financial institutions.

Source Periodicity

Monetary aggregates are cumulative monthly stock figures.

Data Characteristics

Contact person

OECD statistics contact: stat.contact@oecd.org

Population & Scope

Geographic coverage

The OECD does not collect monetary aggregates for European countries that are part of the Euro area; aggregated figures for the Euro area are therefore taken from the European Central Bank.

Concepts & Classifications

Key statistical concept

Monetary aggregates measure the amount of money circulating in an economy. National series are loaded into MEI as national currency stock series. Mostly, these are end-of-month. A few countries compile data more frequently e.g. weekly which enables them to calculate “average for the month” data. Series are also presented in index form, calculated by OECD.
Monetary aggregates are always expressed in current price (“nominal” terms) because the amount of money required by an economy reflects current levels of economic activity and price. In MEI, they are presented both as stock series in national currency and as indices in the OECD standard base year.

There are many monetary aggregates. Statistically, they are items in the balance sheet of the banking system. They may be taken from either side (since credit series, which are banking assets, are sometimes labeled monetary aggregates) but are normally taken from the liabilities side. In the balance sheet the liabilities items are ordered, starting with very narrow definitions of money (such as notes and coin) and gradually widening through various types of bank accounts (e.g. sight deposits, term deposits) to very board items which include sophisticated products like financial derivatives.

In other words, narrow money measures cover highly liquid forms of money (money as a means of exchange) while broad money includes the less liquid forms (money as a store of value). There were no internationally recognised standards for compiling monetary aggregates until the IMF published its Monetary and Financial Statistics Manual in 2000 (http://www.imf.org/external/pubs/ft/mfs/manual/index.htm). Cross-country comparability suffered as a result.

Now, notably, the European Central Bank’s framework for constructing Euro area monetary aggregates is consistent with IMF principles and non-euro EU countries are also required to report data to ECB according to the framework as are EU candidate countries as part of their application process. A useful IMF link for national methodologies is http://dsbb.imf.org/Applications/web/sddscountrylist/ .

In MEI, a general definition of narrow money – M1 is: currency i.e. banknotes and coins, plus overnight deposits. M2 is: the sum of M1, deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months. And broad money – M3 is: the sum of M2, repurchase agreements, money market fund shares/units and debt securities up to two years.

Other manipulations

The narrow and broad money indices are calculated by OECD from the national stock series. Country indices are calculated by first estimating period averages where the country only supplies end-of-period stock data. The figure for the end of the previous period is taken as the opening stock for the current period. The arithmetic average of the two is the estimate for the period average. These, or true monthly averages where available, are divided by the annual average of the monthly data in the base period to obtain the index.

Other Aspects

Recommended uses and limitations

Monetary aggregates are monitored by analysts because they measure the amount of money an economy currently needs. This means they reflect the state of that economy in terms of current activity and price levels. The modern model, “inflation targeting”, is for governments to “contract out” inflation control by explicitly setting the central bank this task. The central bank uses key policy “directive” interest rates as its main tool to lever the financial sector’s actions. Here, the levels of the money stock are seen as outcomes of policy decision, not tools in themselves and monetary aggregates take on lower importance. In many countries monetary aggregates became some of the most important and widely used government data in economic and financial research, not least because of the influence of monetarist thinking on macroeconomic policies in the 1980s. Relationships among monetary measures and other macroeconomic variables are studied in order to describe and to forecast changes in economic activity, interest rates and inflation. However, developments in financial markets, including financial deregulation and innovation, and major tax and interest rate changes, have altered the demand for money (and credit) and thus affected linkages to other economic variables such as income, employment and prices. As a consequence, for some analyses there has been a movement away from monetary aggregates towards a greater focus on more structural indicators. At times, governments have attempted to control the economy, particularly changes in price levels (.i.e. inflation) by directly limiting the money supply. A good example is the German Bundesbank prior to European Monetary Union. In such a scenario, inflation is controlled indirectly and monetary aggregates are key policy statistics.

Quality comments

Monetary aggregates are also referred to as money supply or money stock series. This is because they measure the amount of money “supplied” to an economy to satisfy its current monetary needs and since the data are taken from the liabilities side of the consolidated balance sheet of the banking system, they are “stock” (rather than “flow”) measures.

Subject: Interest Rates [IR] [Expand/Collapse]

Source

Direct source

In nearly all instances, data are provided by the national central bank.

Data Characteristics

Contact person

OECD statistics contact: stat.contact@oecd.org

Concepts & Classifications

Key statistical concept

Interest can be said to be the price paid by the borrower for the use of funds saved by the lender and the compensation to the lender for his deferring expenditures. This compensation comprises two elements, namely a payment equal to the loss of purchasing power of the principal during the term of the loan and a balance that represents the real interest accruing to the lender. However this simplicity does not extend into the area of rate determination since rates vary not only because of inflation, as implied above, but also because of a number of other influences, including:
- The amount, purpose and period of the transaction;
- The credit-worthiness of the borrower;
- The collateral offered and/or other guarantees/guarantors available;
- The competition for the transaction;
- Government policy.
As a consequence, there will be numerous rates applying to the large number of transactions that are in effect at any one time in any one country. While efforts have been made in the rate selection to ensure as much international comparability as possible, the fact remains that the institutional features of each member’s financial markets are distinct and often markedly different from those of other members. However, the intent is to present for each country a range of rates, from ‘overnight’ through ‘short-term’ to ‘long-term’. In general, ‘overnight’ and ‘short term’ rates relate to money market instruments, while ‘long term’ rates are secondary market yields of long term (usually 10 year) bonds.

Aggregation and consolidation

Monthly figures shown are calculated as the average of weighted or unweighted arithmetic rates relating to all days or specified days in the month or they refer to a day at or near month’s end. For short and long term interest rates, annual and quarterly data are normally averages of monthly figures, while for ‘overnight’ rates, annual and quarterly data usually refer to the figure for the final month of the period.

Subject: Share Prices [SP] [Expand/Collapse]

Source

Direct source

Share price indices are usually calculated by the stock exchange, although occasionally agencies such as central banks will compile them.

Source Periodicity

Monthly data are averages of daily quotations, quarterly and annual data are averages of monthly figures.

Data Characteristics

Contact person

OECD statistics contact: stat.contact@oecd.org

Concepts & Classifications

Key statistical concept

The Main Economic Indicator share indices are targeted to be national, all-share or broad, price indices and use the closing daily values for the monthly data, normally expressed as simple arithmetic averages of the daily data. What each share price index measures is determined by its construction. A major distinction is between a price index, which measures changes in the market capitalisation of the basket of shares in the index, and a return index, which adds on to the price index the value of dividend payments (and assumes they are reinvested in the same stocks). A price index measures how the value of the stocks in the index is changing, a return index tells the investor what their “return” is, i.e. how much money they would make as a result of investing in that basket of shares. Other terms for “return” are “performance” and “accumulation”.
Other components that determine what an index measures are: Geographic coverage, Market coverage, Sector coverage, Threshold for inclusion in the basket, and Corrections for “anomalies” (e.g. splits, market consolidations). There are literally thousands of stock market indices available world-wide because indices are tailored to meet the specific needs of investors and other market observers. They may cover specific industries (e.g. engineering goods), sectors (e.g. telecom, energy or health care), whole markets (e.g. all shares indices) and may be local, national, multinational or even global. They can be calculated and distributed as frequently as on a “real-time” basis of every few minutes but are at least available on a daily basis. In recent years there has been a tendency for stock exchanges to co-operate on index methodology with major financial houses such as Standard & Poor’s, FTSE, Dow-Jones. When an agency sponsors index calculation, its name is often included in the official index name. The statistical methodologies used to calculate the indices are well developed.

The compiling agency usually makes detailed information available on its website. Links are included in the country/subject texts where available. Investment in ICT has largely eliminated the need for physical proximity for trading, and the trend is now for markets to merge cross-nationally (e.g. Euronext).

Other Aspects

Recommended uses and limitations

Because a stock market’s valuation reflects investors’ confidence in it and therefore captures perceptions about its future viability, share prices indices have a strong forward-looking component. For this reason, and because the speed with which they are calculated and published means they are available immediately after the end of the reference period, they are frequently used in the construction of forward-looking indicators. Although primarily designed as measurements of market performance for use by individual investors and investment fund managers, share price indices are also used as indicators of economic activity by business and government analysts.
They also have a crucial role as a component in the construction of the CLIs series. Leading indicators are aggregate time series displaying a reasonably consistent advance relationship with a reference series measuring the economic cycle of a country, usually the index of industrial production. Will indices continue to play a significant role as economic activity indicators? As movement towards liberalization and harmonization of stock exchange activity gains momentum, trading in London may influence, say, the opening trading of the Tokyo exchange and thus the Tokyo index. Such price changes are still the result of a change in investors’ views.

This development of having a company’s stock traded on more than one exchange may well mean that the index for a country’s exchange is increasingly less reflective of that domestic economy, given the inclusion of foreign stock. Another development could be the possibility of smaller exchanges being forced out of business as the more successful, bigger exchanges enjoy an increasing share of a global market in security trading.

One viewpoint of this development may be that integration of exchange activity is proceeding alongside the integration of national economies and that each of the surviving indices could reflect to a certain degree a number of individual national economies. Or again, additional new indices may be compiled that relate not to specific exchanges as such, but to specific economies, with the basic information being obtained from more than one exchange. Such a development would involve the conversion, through the use of exchange rates, of the basic information from the national currency (on which the exchange specific indices are presently constructed) into a standard currency, say the U.S. dollar.

It is interesting to note that some ‘combined’ indices are already being computed, e.g. the FTSE International World Indices. Given that in some countries, overseas investment in certain companies is limited to specific levels, the weighting for these companies in the World Indices is restricted to correspond to the permitted maximum overseas investment.

Subject: International trade [XT] [Expand/Collapse]

Source

Direct source

Generally, national statistical institutes are the source for data. It should be noted that for EU member states, the source is Eurostat.

Source Periodicity

When not provided by countries, annual and quarterly data are sum of monthly values.

Data Characteristics

Contact person

OECD statistics contact: stat.contact@oecd.org

Concepts & Classifications

Key statistical concept

The published international trade data show seasonally adjusted imports and exports data in billions of US dollars. Imports consist of: (i) imports for direct domestic consumption; (ii) withdrawals from bonded warehouses and free zones for domestic consumption (special trade only); and (iii) imports into bonded warehouses and free zones (general trade only).
Exports consist of: (i) exports of national products; (ii) exports without transformation of goods which had already been counted as special imports; and (iii) exports from bonded warehouses or free zones of goods which have not been transformed since import (general trade only).

Other Aspects

Recommended uses and limitations

In all OECD countries statistics on imports and exports of goods (merchandise trade) are regarded as among the most important economic statistics. The primary uses of short-term merchandise trade statistics as published in the Main Economic Indicators are:
• as a short-term economic indicator;
• as an input to the compilation of import or export components of various price indices; and
• as an input to the compilation of balance of payments statistics and national accounts. In addition to the above, merchandise trade statistics are an important input to the development of trade policy, including fiscal, monetary, structural and sectoral issues.

For instance,
• Customs duties collected on imports are a major source of government revenue.
• Foreign trade statistics provide important market information for the business sector. At the detailed level, they can be used to identify the types of products that are presently being imported but which could be produced domestically; to help importers identify sources of supply; and to help exporters find new foreign markets.
• Foreign demand for a country's exports may have a significant impact on domestic incomes. Levels and changes in exports are thus an important indicator of earnings, tax revenues and living standards.
• To operate their exchange rate policies, governments need to know the levels and trends of imports and exports because exchange rates are determined by the demand for different currencies, a large part of which comes from the demand for exports and imports.

OECD Member countries in the main follow the United Nations guidelines quite closely. As their economies are closely linked through trade flows, it is in their interests to use the same definitions and standards for trade statistics. However, there may be practical difficulties relating to the recording of trade in military goods and the valuation of trade between related enterprises.

Subject: Quarterly national accounts [NA] [Expand/Collapse]

Concepts & Classifications

Key statistical concept

OECD Quarterly National Accounts provide comparable macroeconomic data for countries on a quarterly basis. They are more timely than annual accounts and have a very important role in economic policy making. They provide timely indicators of economic developments and enable detailed analysis of the behaviour of economies around turning points in the business cycle. Annual accounts tend to hide the pattern of growth around turning points because peaks or troughs in economic activity generally cut across years.
Quarterly national accounts (QNA) feed directly into OECD's modelling, forecasting and analytical work and are widely used by outside researchers for the same purpose. They are, however, less detailed than annual accounts and not all series are available for all member countries. QNA are collected from countries on the basis of a standard questionnaire for European Member countries and on the basis of countries' own definitions and classifications for non-European Member countries. Most countries' quarterly accounts by 2015 should be consistent with the 2008 System of National Accounts (2008 SNA).

OECD quarterly national accounts comprise some area totals and a set of volume and price indices as well as time series from countries' quarterly national accounts for the following accounts:
- GDP by type of expenditure, by cost structure and by industry
- Gross fixed capital formation by product and by institutional sector
- Components of disposable income
- Saving and net lending/borrowing.

Other Aspects

Recommended uses and limitations

National accounts data are taken from the OECD Quarterly National Accounts: www.oecd.org/std/qna. They are based on each country's own system of national accounts. All OECD member countries compile data according to the SNA 1993, and by 2015 should have moved to SNA 2008.
Data for individual countries are seasonally adjusted growth and volume indices. Data are at market prices in national currency. Area total estimates are calculated by aggregating country data at price levels for a common year converted from national currencies by Purchasing Power Parity (PPP). Estimates are made by the Secretariat as part of the aggregation process.

Country: Australia [AUS] [Expand/Collapse]

LOCATION: Australia | MEASURE: Growth previous period
LOCATION: Australia | MEASURE: Growth on the same period of the previous year

Country: Austria [AUT] [Expand/Collapse]

LOCATION: Austria | MEASURE: Growth previous period
LOCATION: Austria | MEASURE: Growth on the same period of the previous year

Country: Belgium [BEL] [Expand/Collapse]

LOCATION: Belgium | MEASURE: Growth previous period
LOCATION: Belgium | MEASURE: Growth on the same period of the previous year

Country: Canada [CAN] [Expand/Collapse]

LOCATION: Canada | MEASURE: Growth previous period
LOCATION: Canada | MEASURE: Growth on the same period of the previous year

Country: Czech Republic [CZE] [Expand/Collapse]

LOCATION: Czech Republic | MEASURE: Growth previous period
LOCATION: Czech Republic | MEASURE: Growth on the same period of the previous year

Country: Denmark [DNK] [Expand/Collapse]

LOCATION: Denmark | MEASURE: Growth previous period
LOCATION: Denmark | MEASURE: Growth on the same period of the previous year

Country: Estonia [EST] [Expand/Collapse]

LOCATION: Estonia | MEASURE: Growth previous period
LOCATION: Estonia | MEASURE: Growth on the same period of the previous year

Country: Finland [FIN] [Expand/Collapse]

LOCATION: Finland | MEASURE: Growth previous period
LOCATION: Finland | MEASURE: Growth on the same period of the previous year

Country: France [FRA] [Expand/Collapse]

LOCATION: France | MEASURE: Growth previous period
LOCATION: France | MEASURE: Growth on the same period of the previous year

Country: Germany [DEU] [Expand/Collapse]

Other Aspects

Other comments

Germany (code DEU) was created 3 October 1990 by the accession of the Democratic Republic of Germany (code DDR) to the then Federal Republic of Germany (code DEW).

LOCATION: Germany | MEASURE: Growth previous period
LOCATION: Germany | MEASURE: Growth on the same period of the previous year

Country: Greece [GRC] [Expand/Collapse]

LOCATION: Greece | MEASURE: Growth previous period
LOCATION: Greece | MEASURE: Growth on the same period of the previous year

Country: Hungary [HUN] [Expand/Collapse]

LOCATION: Hungary | MEASURE: Growth previous period
LOCATION: Hungary | MEASURE: Growth on the same period of the previous year

Country: Iceland [ISL] [Expand/Collapse]

LOCATION: Iceland | MEASURE: Growth previous period
LOCATION: Iceland | MEASURE: Growth on the same period of the previous year

Country: Ireland [IRL] [Expand/Collapse]

LOCATION: Ireland | MEASURE: Growth previous period
LOCATION: Ireland | MEASURE: Growth on the same period of the previous year

Country: Israel [ISR] [Expand/Collapse]

Other Aspects

Other comments

The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.

Country: Italy [ITA] [Expand/Collapse]

LOCATION: Italy | MEASURE: Growth previous period
LOCATION: Italy | MEASURE: Growth on the same period of the previous year

Country: Japan [JPN] [Expand/Collapse]

    LOCATION: Japan | MEASURE: Growth previous period
    LOCATION: Japan | MEASURE: Growth on the same period of the previous year
    LOCATION: Japan | MEASURE: Growth on the same period of the previous year
    LOCATION: Japan | MEASURE: Growth previous period

Country: Latvia [LVA] [Expand/Collapse]

LOCATION: Latvia | MEASURE: Growth previous period
LOCATION: Latvia | MEASURE: Growth on the same period of the previous year

Country: Luxembourg [LUX] [Expand/Collapse]

LOCATION: Luxembourg | MEASURE: Growth previous period
LOCATION: Luxembourg | MEASURE: Growth on the same period of the previous year

Country: Netherlands [NLD] [Expand/Collapse]

LOCATION: Netherlands | MEASURE: Growth previous period
LOCATION: Netherlands | MEASURE: Growth on the same period of the previous year

Country: New Zealand [NZL] [Expand/Collapse]

LOCATION: New Zealand | MEASURE: Growth previous period
LOCATION: New Zealand | MEASURE: Growth on the same period of the previous year

Country: Norway [NOR] [Expand/Collapse]

LOCATION: Norway | MEASURE: Growth previous period
LOCATION: Norway | MEASURE: Growth on the same period of the previous year

Country: Poland [POL] [Expand/Collapse]

    LOCATION: Poland | MEASURE: Growth previous period
    LOCATION: Poland | MEASURE: Growth previous period
    LOCATION: Poland | MEASURE: Growth on the same period of the previous year
    LOCATION: Poland | MEASURE: Growth on the same period of the previous year

Country: Portugal [PRT] [Expand/Collapse]

LOCATION: Portugal | MEASURE: Growth previous period
LOCATION: Portugal | MEASURE: Growth on the same period of the previous year

Country: Slovak Republic [SVK] [Expand/Collapse]

LOCATION: Slovak Republic | MEASURE: Growth previous period
LOCATION: Slovak Republic | MEASURE: Growth on the same period of the previous year

Country: Slovenia [SVN] [Expand/Collapse]

LOCATION: Slovenia | MEASURE: Growth previous period
LOCATION: Slovenia | MEASURE: Growth on the same period of the previous year

Country: Spain [ESP] [Expand/Collapse]

LOCATION: Spain | MEASURE: Growth previous period
LOCATION: Spain | MEASURE: Growth on the same period of the previous year

Country: Sweden [SWE] [Expand/Collapse]

LOCATION: Sweden | MEASURE: Growth previous period
LOCATION: Sweden | MEASURE: Growth on the same period of the previous year

Country: Switzerland [CHE] [Expand/Collapse]

LOCATION: Switzerland | MEASURE: Growth previous period
LOCATION: Switzerland | MEASURE: Growth on the same period of the previous year

Country: Turkey [TUR] [Expand/Collapse]

    LOCATION: Turkey | MEASURE: Growth previous period
    LOCATION: Turkey | MEASURE: Growth previous period
    LOCATION: Turkey | MEASURE: Growth on the same period of the previous year
    LOCATION: Turkey | MEASURE: Growth on the same period of the previous year

Country: United Kingdom [GBR] [Expand/Collapse]

LOCATION: United Kingdom | MEASURE: Growth previous period
LOCATION: United Kingdom | MEASURE: Growth on the same period of the previous year

Country: United States [USA] [Expand/Collapse]

LOCATION: United States | MEASURE: Growth previous period
LOCATION: United States | MEASURE: Growth on the same period of the previous year

Country: Lithuania [LTU] [Expand/Collapse]

Database Specific

NOTE

Formerly part of the Union of Soviet Socialist Republics (code SUN)

Measure

Data Characteristics

Unit of measure used

The Key Economic Indicators (KEI) dataset contains 34 key economic indicators with most being presented in 'Growth previous period' which is the rate of change expressed with respect to the previous period and 'Growth on the same period of the previous year' which is the rate of change expressed over the previous year. Where this measure is not appropriate the measure is 'Level, ratio or USD millions'.

Growth previous period and Growth on the same period of the previous year:

Quarterly national accounts (constant prices, seasonally adjusted)
- Gross domestic product
- Private final consumption expenditure
- Household final consumption expenditure
- Government final consumption expenditure
- Gross fixed capital formation
- Exports of goods and services
- Imports of goods and services
Production, Sales & Orders (seasonally adjusted)
- Industrial production
- Retail trade (volume)
- Passenger car registrations
- Permits issued for dwellings
Labour indicators (seasonally adjusted)
- Civilian employment: all persons
- Hourly earnings: manufacturing
- Unit labour cost: business sector, trend-cycle
Price Indices
- Producer prices: manufactured goods
- Consumer prices: all items
Financial indicators
- Broad money, seasonally adjusted
- Share prices
International trade (seasonally adjusted)
- Imports of goods
- Exports of goods
Balance of payments (USD, seasonally adjusted)
- Service exports
- Service imports

Level, ratio or USD millions [measure specified in square brackets]

Cyclical indicators [ratio]
- Leading indicator, amplitude adjusted
- Industrial production, ratio to trend MCD smoothed
- Production in total manufacturing, ratio to trend MCD smoothed
- Sales of manufactured goods, ratio to trend MCD smoothed
- Gross domestic product, ratio to trend MCD smoothed
- Business confidence: manufacturing, seasonally adjusted
- Consumer confidence, seasonally adjusted
Labour Indicators (seasonally adjusted) [percent]
- Standardised unemployment rate: all persons
Financial Indicators
- Overnight interbank rate [percent]
- Long-term interest rate [percent]
- Exchange rates, USD monthly averages [ratio]
Balance of payments (USD, seasonally adjusted) [levels]
- Current account balance, USD millions

Measure: Growth previous period [GP] [Expand/Collapse]

Measure: Growth on the same period of the previous year [GY] [Expand/Collapse]

Frequency: Annual [A] [Expand/Collapse]

DIVTEMPFREQUENCYA

Frequency: Quarterly [Q] [Expand/Collapse]

DIVTEMPFREQUENCYQ

Frequency: Monthly [M] [Expand/Collapse]

DIVTEMPFREQUENCYM

LOCATION: Australia | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Australia | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Austria | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Austria | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Belgium | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Belgium | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Canada | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Canada | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Czech Republic | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Czech Republic | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Denmark | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Denmark | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Estonia | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Estonia | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Finland | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Finland | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: France | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: France | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Germany | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Germany | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Greece | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Greece | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Hungary | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Hungary | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Iceland | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Iceland | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Ireland | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Ireland | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Italy | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Italy | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Japan | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Japan | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Latvia | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Latvia | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Luxembourg | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Luxembourg | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Netherlands | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Netherlands | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: New Zealand | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: New Zealand | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Norway | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Norway | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Poland | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Poland | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Portugal | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Portugal | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Slovak Republic | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Slovak Republic | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Slovenia | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Slovenia | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Spain | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Spain | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Sweden | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Sweden | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Switzerland | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Switzerland | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: Turkey | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: Turkey | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: United Kingdom | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: United Kingdom | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code

LOCATION: United States | MEASURE: Growth previous period

Data Characteristics

Unit of measure used

Power code

LOCATION: United States | MEASURE: Growth on the same period of the previous year

Data Characteristics

Unit of measure used

Power code