In addition to the release of statistics for the third quarter of 2020, Statistics Iceland has carried out a comprehensive review of the time series of national accounts, in line with Eurostat’s recommendations. This benchmark revision is a part of a coordinated major European revision carried out at least once every five years to incorporate new data sources and major changes in methodology to insure maximum degree of consistency.
Harmonised benchmark revisions are an important part of a reform aiming to build a more comprehensive system of national accounts and public finance. Benchmark revisions enable Statistics Iceland and other national statistical institutes to include new and improved data sources and methods for the compilation of national accounts with the aim of maintaining and strengthening the quality of its output. Revisions like these allow national accounts statistics to better reflect the current economic landscape, e.g. changes in consumer behaviour or modes of production. Time series from 1995-2019 have been revised.
As a part of the revision, the reference year for constant prices and chain-linking has been shifted from 2005 to 2015.
In parallel to this publication of Statistical Series, Statistics Iceland has published a working paper discussing the methodological basis of sector classifications within national accounts, aimed at resolving issues regarding state-owned entities and the demarcation of the general government sector.
Benchmark revision of national accounts – Statistical series
Sector classification of economic entities within national accounts – Working paper