1. Introduction
On 23 May 2024, the revised macroeconomic statistics for the base year 2021 were published. The revision resulted in adjustments to the interrelated figures for the balance of payments, the international investment position, government finance and the national accounts. Following this, the revision results for the 1995-2023 time series and the first quarter of 2024 were published on 24 June 2024. The adjusted figures include both annual and quarterly series, which comply with European delivery requirements under the ESA transmission programme1). This article looks at the time series for government finance and national accounts. Additional context for the balance of payments and international investment position time series is provided here.
CBS’s online database contains a comprehensive overview of the new time series for the three main national accounts systems: the Supply and Use Tables (SUT), Sector Accounts (SA) and Labour Accounts (LA). The revised government finance tables are also available here.
The revision was carried out in close cooperation with De Nederlandsche Bank (DNB). The revision for the base year 2021 and the adjoining time series covered both the national accounts (CBS) and the balance of payments (DNB). There is consistency between the national accounts and balance of payments data, and the publication dates were harmonised.
This article offers a brief explanation of how the time series for 1995-2021 were compiled. The period after the 2021 revision year was not included in the time series revision, but is part of the regular production cycle. The regular estimate for the first quarter of 2024, published on 24 June 2024, includes all previous series after the revision.
This article sets out the guiding principles for the time series project and the methodology used for each system. The government finance accounts have also been revised; as an integral part of the SA, these follow the same system and are therefore not described separately. In the final section, the adjustments for GDP and some other key indicators are presented. The revision also used a new method for seasonal adjustment of the new quarterly series, which is set out in Annex A.
The focus of the revision for the 2021 reporting year was on incorporating the latest insights from the various statistics and information sources used in the national accounts. Since 2015, the base year of the previous revision, new sources have become available, new statistical insights have been gained and new methods have been developed. The resulting changes have been incorporated into these new estimates for the 2021 reporting year.
For more information on the 2021 base year revision, see the previous articles published on 23 May 2024:
1) These are data deliveries to Eurostat under the European system of national and regional accounts (ESA 2010), Regulation (EU) No 549/2013.