National accounts by SNA 2008 / ESA 2010

Statistical Office of the Republic of Serbia

National Accounts

Dušan Gavrilović

Assistant director

5 Milana Rakića, Belgrade

dusan.gavrilovic@stat.gov.rs

Phone:   +381 11 2403 154

               +381 11 2412 922 ext. 381

Mobile: +381 62 88 27 536

National accounts data concern all data produced and disseminated for an economy according to the definitions and guidelines of the European System of Accounts (ESA 2010).

National accounts provide data for the total economy, but may also include breakdowns of the total economy (into sectors, industries, products, regions, etc.). National accounts provide data for several domains: annual and quarterly national accounts (main aggregates), sector accounts, financial accounts [1], supply and use and input-output tables [2], regional accounts and government finance statistics [3].

One of the main aggregates of national accounts is the change rate of the price-adjusted gross domestic product (GDP), which indicates the economic development of a country or region and, is also referred to as economic growth rate. Namely, this change rate is the result of the GDP calculations at constant prices aimed to indicate the dynamic processes in real terms, irrespective of price changes. National accounts data concern all data produced and disseminated for an economy according to the definitions and guidelines of the European System of Accounts (ESA 2010).

[1] In the Republic of Serbia, the National Bank of Serbia is responsible for compiling financial accounts.

[2] Supply and use tables are available for the period 2010-2022, and input-output tables are available for 2010, 2015 and 2020.

[3] To Eurostat are provided the following tables: T0200 - Main aggregates of General Government, T0900 - Detailed tax and social contribution receipts by type of tax or social contribution and receiving subsector for General Government, NTL - Detailed list of taxes and social contributions according to national classification as well as EDP tables, T2700 - Quarterly financial account of government, T2800Q - Quarterly Government Debt (Maastricht Debt), T2800A - Quarterly Government Debt (Maastricht Debt) and Questionnaires related to EDP notification tables.

The ESA 2010 provides a methodology on common standards, definitions, internationally harmonised classifications, and accounting rules that are used for compiling national accounts on comparable bases.

The ESA 2010 defines classifications to be used for: institutional sectors, transactions in products, transactions in non-financial non-produced assets, distributive transactions, transactions in financial assets and liabilities, other changes in assets, balancing and net worth items, balance sheet entries, non-financial assets, financial assets, and liabilities.

In addition, for several breakdowns, ESA 2010 makes use of other classifications: NACE for economic activities, CPA for products by economic activities, COFOG for the functions of government, COICOP 2018 for individual consumption by purpose, NUTS for regional breakdowns.

A full overview of classifications is available in:

- ESA 2010 Chapter 23 Classifications

- Eurostat's classification database

 Classifications used in the compilation of National Accounts

[1] In accordance with the Budget System Law, the Statistical Office of the Republic of Serbia (SORS) publishes the list of units by institutional sectors, in line with the internationally adopted standards (European System of National and Regional Accounts - ESA 2010, System of National Accounts - SNA 2008, Manual on Government Deficit and Debt). The list is updated on a monthly basis.

[2] The national Classification of Activities 2010 (KD 2010) (Official Gazette of the RS, No.  54/2010) corresponds to the European standard of the Statistical Classification of Economic Activities in the European Community (NACE Rev. 2).

[3] Nomenclature of statistical territorial units of the Republic of Serbia (NSTJ) (Official Gazette of the RS, No.109/2009 and 46/10) has been harmonized with the European Nomenclature of territorial units for statistics (NUTS).

National accounts describe the total economy of a country. All units that have their centre of predominant economic interest in the economic territory of that country are covered.

In addition, several breakdowns of the total are described. Two of the most important breakdowns are the breakdown by institutional sector and the breakdown by NACE Rev. 2 activity. Exhaustiveness is required for each of the breakdown items.

Concerning the institutional sector breakdown, ESA 2010 distinguishes five mutually exclusive domestic institutional sectors (established by grouping resident institutional units): (a) non-financial corporations; (b) financial corporations; (c) general government; (d) households; (e) non-profit institutions serving households. The five sectors together make up the total domestic economy (S.1). Non-resident institutional units, involved in transactions with resident units, create the external sector, i.e. the rest of the world (S.2).

Regarding the activity breakdown, ESA 2010 applies NACE Rev.2. Activities can be broken down into several levels of detail, such as 3, 10, 21, 38, 64, or 88 activities. At the 'highest', most aggregated level, a breakdown into 3 categories is defined: (a) agriculture, forestry and fishing; (b) mining and quarrying, manufacturing, electricity, gas, steam, and air conditioning supply, water supply, sewerage, waste management and remediation activities, construction; (c) services.

All statistical concepts and definitions to be used in national accounts are described in Annex A of the ESA 2010 Regulation (link to blue book on ESA2010 methodology). The two main sets of tables concern: (a) the institutional sector accounts; (b) the input-output framework, and the accounts by industry.

The sector accounts provide, by institutional sector, a systematic description of the different stages of the economic process: production, generation of income, distribution of income, redistribution of income, use of income, and financial and nonfinancial accumulation. The sector accounts also include balance sheets to describe the stocks of assets, liabilities, and net worth at the beginning and the end of the accounting period. The variables/concepts described in the sector accounts include transactions in products, transactions in non-produced non-financial assets, distributive transactions, transactions in financial assets and liabilities, other changes in assets, non-financial, and financial assets and liabilities.

The input-output framework, through the supply and use tables, sets out in more detail the production process (cost structure, income generated, and employment) and the flows of goods and services (output, imports, exports, final consumption, intermediate consumption, and capital formation by product group). These variables are broken down by industry (NACE Rev. 2) and product (CPA). SUTs are compiled at a level of detail of 65 product groups and 65 industries.

ESA 2010 also encompasses concepts of population and employment. Such concepts are relevant for the sector accounts, the accounts by industry, and the supply and use framework.

Regional accounts provide regional breakdowns for major aggregates such as gross value added by industry, gross fixed capital formation, and household income. Regional breakdowns are based on the NUTS classification. National accounts concepts are also used for regional accounts.

In addition, Annex A of the ESA 2010 Regulation addresses and defines numerous other concepts and definitions, such as the definition of: statistical units and their groupings, flows and stocks, accounting rules (valuation, time of recording, consolidation and netting). The main features and principles for the compilation of national accounts can be found in Chapter 1.

Following the ESA 2010 guidelines, national accounts distinguish between two types of units, which correspond to two different ways of subdividing the economy:

(a) institutional unit;

(b) local kind-of-activity unit (local KAU).

Institutional units are used to describe income, expenditure, financial flows, and balance sheets, whereas local KAUs are used to describe production processes, conduct input–output analysis, and support regional analysis.

An institutional unit is an economic entity that enjoys decision-making autonomy in carrying out its principal functions. A resident unit is treated as an institutional unit in the economic territory where it has its center of predominant economic interest, provided it has decision-making autonomy and either maintains, or is capable of compiling, a complete set of accounts.

A local KAU consists of all parts of an institutional unit that operate as producers at a single location (or at closely located sites) and that engage in activities classified at the four-digit level of NACE Rev. 2.

Thus, an institutional unit may comprise one or more local KAUs, but a local KAU belongs to one and only one institutional unit.

The national accounts population of a country includes all resident statistical units (institutional units or local KAUs, see section 03.5). A unit is considered resident when it has its center of predominant economic interest within the country’s economic territory—that is, when it engages in economic activities on this territory for an extended period (one year or more).

National accounts are exhaustive, meaning that they cover all resident statistical units.

The reference area for the compilation of the Serbian system of national accounts is the entire territory of the Republic of Serbia. Nevertheless, starting from 1999, the Statistical Office of the Republic of Serbia has not had at its disposal, and may not provide certain data relative to AP Kosovo and Metohija, therefore, these data are not included in the coverage for the Republic of Serbia.

The total economy of a country can be broken down into regions. The NUTS classification provides a single, uniform breakdown of the economic territory of the Member States of the EU.

Current regionalization of the Republic of Serbia according to the NUTS methodology

National accounts data are usually compiled for years and quarters.

In general, the ESA 2010 transmission programme requires data starting in 1995 (years) and 1995Q1 (quarters) but some series start later. If backwards data exist, they may have been compiled according to earlier versions of ESA and can present conceptual breaks with those compiled under ESA 2010.

Serbian national accounts have the following data availability:

• Quarterly and annual national accounts: available from 1995 onwards.
• Annual non-financial sector accounts: available from 2005 onwards.
• Regional accounts data: available from 2000 onwards.
• Supply and use tables: available for the period 2010-2022.
• Input-output tables: available for 2010, 2015 and 2020.

The concept of 'base period' is not applied in national accounts. Instead, for certain national accounts variables, the concepts of previous year’s prices and chain-linked volumes are used, as stipulated in Commission Decision 98/715/EC. Expressing variables at previous year’s prices allows for the calculation of volume indices comparing the current period with the previous year. Once a reference period is chosen as a benchmark, these volume indices can be chain-linked and subsequently applied to variables at current prices of the benchmark year.

The Statistical Office of the Republic of Serbia uses 2021 as the reference year for compiling chain-linked volumes. Quarterly chain-linked volumes are derived using the annual overlap method.

With the exception of certain variables related to population and labour, which are typically expressed in terms of persons, hours, or jobs, the ESA 2010 framework presents all flows and stocks in monetary terms, using the national currency. Flows and stocks are measured at their exchange value, that is, the value at which they are, or could be, exchanged for cash. Market prices are, thus, the ESA's reference for valuation.

In addition to measurement at current (market) prices, some national accounts variables are also expressed in previous year’s prices and in chain-linked volumes (see Section 03.9). This allows the calculation of growth rates, indices, and other derived measures, such as percentages, per capita indicators, or figures expressed in purchasing power standards.

The Statistical Office of the Republic of Serbia compiles national accounts following the principles outlined above. All transactions occurring within the economic territory of Serbia are recorded in the national currency, the Dinar (RSD). For the purpose of international comparison, total GDP and GDP per capita are additionally presented in euros (EUR) and US dollars (USD).

The usual reference period to be used for presenting national accounts data is the calendar year for annual data and the quarter for quarterly data.

Two basic kinds of information are recorded: flows and stocks. Flows refer to actions and effects of events that take place within a given period of time (year or quarter), while stocks refer to positions at a point of time (usually the beginning or end of a year or quarter).

The Official Statistics Law (Official Gazette of the RS, No. 104/2009) establishes the legal framework for the production and dissemination of official statistics, as well as for the organization of the system of official statistics of the Republic of Serbia. Together with the five-year Statistical Programme and the annual Implementation Plan, this law provides the Statistical Office of the Republic of Serbia with a clear and comprehensive legal mandate to collect and access the data required for the effective implementation of these programmes.

National accounts are compiled in accordance with the European System of Accounts (ESA 2010), published in the Official Journal as Annex A of Regulation (EU) No 549/2013. The ESA 2010 transmission programme is covered in Annex B.

ESA 2010, established as a Regulation, provides:

• A methodological framework (Annex A): defining common standards, classifications, definitions, and accounting rules to ensure that accounts and tables are compiled on a comparable basis (link to Blue Book on ESA 2010 methodology).

• A data transmission programme (Annex B): specifying the deadlines by which Member States must transmit accounts and tables to Eurostat (link to ESA 2010 transmission programme).

National accounts data are key datasets used and published by many international organisations to improve data consistency and exploit synergies for data collection and validation. An initiative to improve data sharing for National Accounts was launched in 2016 by the Inter-Agency Group on Economic and Financial Statistics (comprising representatives of the Bank for International Settlements, the European Central Bank, Eurostat, the IMF, the Organization for Economic Co-operation and Development, the United Nations, and the World Bank) under the G20 Data Gap Initiative.

The Statistical Office of the Republic of Serbia regularly transmits available national accounts data at SDMX format, in line with international reporting standards.

Pursuant to Article 46 of the Official Statistics Law (“Official Gazette of RS”, No 104/2009), Articles 7 and 35 of the Law on Government Administration (“Official Gazette of RS ”, No 79/05 and 101/07) and Articles 9, 15, 16  and 18 of the Law on Free Access to Information of Public Interest (“Official Gazette of RS”, No120/04, 54 /07 and 104/09), the Director of the Statistical Office of the Republic of Serbia has adopted the Rulebook on statistical data protection at the Statistical Office of the Republic of Serbia. The Rulebook establishes the measures and procedures to be implemented to ensure the protection of data and information within the Statistical Office of the Republic of Serbia.

Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society. The European Statistics Code of Practice provides further conditions that have to be respected by statistical offices in regard to statistical confidentiality (Principle 5).

In statistical terms, ‘confidential data’ refers to information that allows statistical units to be identified, either directly or indirectly, thereby revealing individual information. When determining whether a statistical unit can be identified, all relevant means that could reasonably be used by a third party to establish its identity must be taken into account. Although national accounts data are generally highly aggregated, situations may arise where detailed breakdowns of aggregates or data for small economies could potentially reveal individual units. In such cases, appropriate measures must be implemented to prevent disclosure. Guidance on protecting against disclosure can be found in the Handbook on Statistical Disclosure Control.

According to the Serbian legal framework referenced in Section 7.1:

• Secret, confidential, and aggregated data must be safeguarded against unauthorized access whenever there is a risk of identifying individual information. Two copies of such data, as specified in the processing program, shall be securely stored on magnetic media and, where applicable, in paper form, in accordance with the provisions of the safeguarding archives and records list.

• Protection of secret data and documents shall be carried out in accordance with the Law on Data Secrecy.

• Confidential data defined in Article 3 of the Rulebook are considered official secrets and cannot be published, communicated, or included in aggregated data if individual information could be inferred. Disclosure of individual data is permitted only to the data owner.

• The integrity and privacy of confidential data shall be maintained following the procedures outlined in the data processing program.

• Access to confidential data obtained from administrative sources is restricted to employees of the Statistical Office of the Republic of Serbia who have been explicitly authorized by a decision of the Director of the Statistical Office.

Good practice requires that new national accounts data and associated news releases are announced in a Release calendar that is published well in advance of the respective releases.

Data are published following the annually updated Release calendar.

Release calendar is publicly available on the Statistical Office of the Republic of Serbia website (link to release calendar).

In accordance with the Community legal framework and the European Statistics Code of Practice, notably Principle 6 on impartiality and objectivity, Principle 13 on timeliness and punctuality, and Principle 15 on accessibility and clarity, national accounts data that meet established quality standards, along with the relevant metadata, should be made available to users. Users should be informed of the release dates and the procedures for accessing the data.

Official Statistics Law (“Official Gazette of RS” no. 104 /2009) provides the legal framework for the release policy and user access to official statistics.

New quarterly national accounts data are published each quarter: 4 times per year. However, depending on circumstances and national practices, initially released quarterly national accounts data may be revised and disseminated again.

Annual national accounts data are published at least once per year, when data for a new year are added. But, depending on country practices and revision policy (see section 17.1), annual data can also be published more often, e.g., publication of a provisional estimate early in the calendar year and a revised one later in the calendar year.

The most important results of national accounts are issued in statistical releases. New key national accounts data may also be presented in press conferences or press briefings. The exact dates are pre-announced in release calendars (see section 08.1 above).

All regular and ad-hoc releases are publicly available on the Statistical Office of the Republic of Serbia website (link to releases).

In addition to news releases, national accounts data may be disseminated in other publications, such as statistical papers, yearbooks, internal and external articles. Usually this concerns publications in which more in-depth analysis is carried out.

All publications, including the Statistical Yearbook, working papers, bulletins, studies, and analyses, are publicly available on the Statistical Office of the Republic of Serbia website (link to publications).

In order to enable easy access to national accounts data, all validated national accounts data should be made available to users by publishing them in an online database.

The data are published under the heading “National Accounts” in the Statistical Office of the Republic of Serbia’s online database (link to online database).

Not applicable.

In addition to statistical releases and other publications (see sections 10.1 and 10.2), information on national accounts may be posted using social media.

The Statistical Office of the Republic of Serbia as the institution is present on social media platforms, Twitter (link to Twitter), YouTube (link to YouTube) and Instagram (link to Instagram).

The general methodological framework for the compilation of national accounts in the EU is ESA 2010.

In addition, several handbooks have been developed to help compilers in producing national accounts data. Among the most important are: Handbook on quarterly national accounts, Manual on regional accounts methods, Eurostat Manual of Supply, Use and Input-Output Tables, Manual on Government Deficit and Debt. In addition, guidance manuals on specific topics are available, e.g., compilation guide on land estimation, compilation guide on inventories, Manual on measuring Research and Development in ESA 2010.

While the above manuals focus specifically on EU national accounts, worldwide equivalents are often also available: SNA 2008 and towards the 2025 SNA, Quarterly National Accounts Manual, Handbook on Input-Output Table Compilation and Analysis, Government Finance Statistics Manual.

Methodological information related to various aspects of Serbian annual and quarterly national accounts, gross domestic product at constant prices, final household consumption, gross fixed capital formation etc. is available on the website of the Statistical Office of the Republic of Serbia in the document “Methodology of Gross Domestic Product (GDP) Calculation – Sources and Methods.”

In addition, the system of national accounts is presented in numerous SORS publications, all available electronically and free of charge, including:

• Statistical Yearbook (chapter National Accounts);
• Regional GDP, 2023;
• Economic Accounts for Agriculture, 2023;
• Unincorporated enterprises (sole-proprietorships and partnerships) in the Republic of Serbia, 2023 and other related publications.

The importance of national accounts requires that documentation be readily available on the procedures applied for quality management and quality assessment. Typical examples of such documentation include national accounts quality reports, quality studies, and reports on revision analyses.

In accordance with Article 4(2) of Regulation (EU) No 549/2013, Member States are required to regularly submit to the European Commission (Eurostat) a quality report on the national and regional accounts data transmitted.

Furthermore, under Article 4(3) of the same Regulation, the European Commission (Eurostat), through Commission Implementing Regulation (EU) 2016/2304 of 19 December 2016, established the methods of transmission, the structure, the periodicity, and the indicators for assessing the quality of these reports.

Since 2017, the annual quality reports on national accounts have been made available on the Eurostat website. These reports provide a structured and systematic overview of the various dimensions of quality in the process of transmitting national accounts data.

The quality of national accounts data is assured through strict adherence to ESA 2010 concepts and by applying the guidelines of the ESS handbook for quality reports.

During the overall compilation process, national and regional accounts data undergo several kinds of quality checks, e.g.

• ex-ante (source statistics),
• ongoing (results),
• ex-post (methods used) and
• external checks (Eurostat, European or national Court of Auditors, IMF).

The Statistical Office of the Republic of Serbia has established a Quality Policy, which serves as the general framework for designing and implementing the quality management system, and a Quality Strategy, which provides guidance on applying quality management across all SORS activities. A detailed implementation plan for the Quality Strategy is also in place. The Statistical Office of the Republic of Serbia's is aligned with the mission and vision of Serbian official statistics, the European Statistics Code of Practice (CoP), and the principles of Total Quality Management (TQM), forming the common framework of the European Statistical System (ESS) quality standards. The TQM model outlines key areas of activity and criteria essential for effective quality management. In line with this model, SORS has defined four priority areas for continuous quality improvement:

(1) User orientation

(2) Quality of statistical products and processes

(3) Strengthening the cooperation with data providers and

(4) Staff professional development and satisfaction.

Given their importance for administrative and policy purposes, national accounts are regularly subject to international audits conducted by institutions such as Eurostat, the International Monetary Fund (IMF), and the OECD.

The Statistical Management Information System (SMIS) or compliance database is used for measuring the harmonization of a country’s statistics with EU statistical standards, focusing on both methodological requirements and adherence to statistical legislation. In the latest assessment report (RS - 2024 Compliance monitoring report), Eurostat evaluated Serbia’s compliance with ESA 2010 and concluded that it can be considered high, though there is still room for improvement. Serbia is recommended to improve the compliance with ESA 2010, step by step, including the further development of suitable statistical sources. Moreover, following the two screening meetings and the establishment of the closing benchmark for National Accounts, a renewed assessment of Serbian national accounts against the pre-accession criteria will be undertaken. In this context, continued project-based support should be provided, building on the findings of previous IPA projects and tailored to the evolving needs of the Republic of Serbia.

Under the IPA 2019 Statistical Project SP 1.4 on national accounts main aggregates and SP 1.7 on supply and use tables, Eurostat assisted the partner countries in preparing for regular quality reporting in the context of ESA 2010 by contributing to a quality reporting and assessment exercise in 2023 for a limited set of quality indicators.

According to Eurostat’s assessment, the national accounts data submitted by the Republic of Serbia in 2024 were evaluated as high quality and largely compliant with the requirements of ESA 2010. As part of its regular reporting, Serbia submitted data on annual and quarterly main aggregates, including the results of the benchmark revision in 2024.

The following tables were submitted in full: T01EMP (annual and quarterly), T01BDP (annual), and T0500, while partial deficiencies were identified in other tables. Table T22 was submitted for the reference year 2022, whereas tables T20 and T26 were not submitted.

Regarding timeliness, most tables with main aggregates were delivered in accordance with the established legal deadlines. Of particular note is the high coherence between estimated annual and quarterly national accounts data, as well as the internal consistency and additivity of the series, which together indicate a high level of reliability and robustness of the submitted data.

National accounts data provide key information for economic policy monitoring and decision making, for forecasting, for administrative purposes, for informing the general public about economic developments (directly or indirectly via news agencies), and as input for economic research.

Their applications range from planning, analysis, modelling, and forecasting in institutions such as the Ministry of Economy, the Ministry of Finance, the Chamber of Commerce and Industry of Serbia, and the National Bank of Serbia, to use by various public organizations and stakeholders interested in the structure and development of the economy.

In addition, the results of national accounts are also valuable to broader user groups, including the general public and specialized journalists, who rely on these data to understand economic trends and developments.

The Statistical Office of the Republic of Serbia regularly conducts a User Satisfaction Survey to gather information on users’ needs, assess their satisfaction with the information and services provided, and evaluate the quality of data and services offered by the Office.

In most countries, national accounts encompass the domains: national accounts main aggregates, government accounts, sector accounts, regional accounts, and supply and use tables. However, the content of the data within these domains, as well as the level of detail of various breakdowns (by region, sector, industry, product, etc.), may vary between countries, depending on national priorities and the availability of sources.

The completeness of Serbian national accounts data can be assessed in the context of meeting Eurostat’s data requirements, as defined in the ESA 2010 Transmission Programme of Data. In February 2013, the Statistical Office of the Republic of Serbia began submitting national accounts data to Eurostat in accordance with ESA 95. From October 2014 onward, the transmission of national accounts tables has been carried out as a regular activity under ESA 2010.

Eurostat evaluates the accuracy of national data through systematic validation checks applied to all national accounts transmissions from member countries. In addition, Eurostat conducts an annual assessment of the accuracy of country data reported under the ESA 2010 transmission programme. As part of the quality reporting framework, quarterly and annual revision rates are calculated for several key variables included in the transmission programme.

Traditional measures of accuracy are difficult to apply directly to national accounts data. However, the reliability of these data can be assessed indirectly through the analysis of revisions to gross domestic product (GDP) and its components. Revisions are conducted on a quarterly or annual basis and are generally limited in scope, reflecting new or additional information that becomes available during the year.

For example, the 2020 revision for the period 2015–2018 was carried out to align the results with the supply and use tables. In addition to regular revisions, major (benchmark) revisions are also performed to improve methodology or incorporate new statistical sources. Such benchmark revisions took place in 2014, 2018, 2019, and 2024.

Not relevant for these statistics.

Not relevant for these statistics.

National accounts data should become available to users as timely as possible, taking into account the frequency of the data (annual or quarterly), the character of the data (info on the structure of an economy or on conjuncture developments), and an adequate balance between accuracy and timeliness.

The ESA 2010 transmission programme defines the required timeliness for all national accounts tables. Quarterly tables should become available between 2 and 3 months after the end of the reference quarter. The annual tables have to be transmitted between 2 months (main aggregates) and 36 months (supply and use tables) after the end of the reference year.

  Release timetable

   t = reference period

[1] 1^st Quarter – end of May; 2^nd Quarter – end of August; 3^rd Quarter – end of November; 4^th Quarter – end of February of the subsequent year.

Good practice dictates that the release dates of national accounts data are pre-announced and that these scheduled publication dates are strictly adhered to.

Within the framework of the ESA 2010 transmission programme, national accounts data should be transmitted to Eurostat punctually, in accordance with the timeliness specified in the programme or earlier.

The release dates for national accounts statistics are specified in the Release Calendar, which is updated annually. The calendar is made publicly available before the start of each calendar year, covering the following year, and provides a comprehensive overview of all statistical releases and publications, including the title, reference period, and scheduled release date. 

Any deviations from the calendar are published and explained on the Statistical Office of the Republic of Serbia website. In cases where the publication of data must be postponed due to unforeseen circumstances (e.g., technical issues), the new release date and a corresponding explanation are provided in the calendar.

The geographical comparability of national accounts across EU Member States is ensured through the application of the common definitions provided by the European System of Accounts (ESA 2010). Comparisons at the global level are also feasible, as most non-European countries follow the SNA 2008 guidelines, which are fully consistent with ESA 2010.

The Statistical Office of the Republic of Serbia (SORS) has implemented ESA 2010 since October 2014. Since that time, Since then, the transmission of national accounts data to Eurostat has been conducted in strict accordance with the rules and requirements of the ESA 2010 Transmission Programme.

As the data for all reference periods are compiled according to the requirements of the ESA 2010, national accounts data are fully comparable over time. Also, in the case of fundamental changes to methods or classifications, revisions of long time series are performed, usually going far back into the past.

Length of comparable time series

[1] Starting from 1999 the Statistical Office of the Republic of Serbia has not at disposal and may not provide available certain data relative to AP Kosovo and Metohia and therefore these data are not included in the coverage for the Republic of Serbia (total).

Within the system of national accounts, there is full consistency between the domains: annual and quarterly national accounts, government accounts, sector accounts, financial accounts, regional accounts, and supply, use, and input-output tables. In practice, however, complete consistency may not always be achievable, and temporary discrepancies can occur, typically arising from vintage differences.

Primary statistics, such as structural business statistics (SBS), short-term statistics (STS), and labour force statistics (LFS), are widely used as input for national accounts. However, there is no full consistency between these statistical domains and national accounts. The main reasons are differences in concepts/definitions and in coverage. Balance of payments is also used as an important source for national accounts. The definitions and coverage of the balance of payments, as defined in the BPM6 manual, are fully harmonised with those in ESA 2010. Therefore, balance of payments variables are, in principle, fully coherent with the corresponding national accounts variables.

Eurostat’s assessment of the Serbia Quality Report for data submitted in 2024 particularly emphasizes the high degree of coherence between estimated annual and quarterly National Accounts data. The report also highlights internal consistency and coherence in terms of time series additivity, reflecting a high level of compliance, reliability, and methodological consistency of the National Accounts data.

Not available.

To further specify the general Eurostat revision policy, for national accounts, National  Statistical Offices and National Central Banks agreed to gradually implement the  Harmonised European Revision Policy for Macroeconomic Statistics in national accounts and balance of payments statistics.

This policy includes differentiated guidelines regarding the timing and depth of revisions of quarterly and annual data. Its primary objective is to strengthen adherence to the dual principle of alignment: ensuring consistency between statistical domains at the national level and coordinated alignment across countries at the EU level.

The national accounts data are subject to continuous routine revisions as new input data become available. They are called routine revisions and entail regular revisions of country data and of the European aggregates, which are derived from the former.

More rarely, exceptional revisions (called benchmark revisions) will result from major changes in data sources, classifications, or methodology. For instance, the transition from ESA95 to ESA 2010 triggered a benchmark revision at both the country level and for euro area/EU aggregates.

Two Task Forces developed proposals for a more harmonised approach for benchmark and routine revisions. The one under the auspices of the Directors of Macroeconomic Statistics (DMES) dealt with benchmark revision policy, the other under the auspices of the Committee on Monetary, Financial, and Balance of Payments Statistics (CMFB) on the European Harmonised Revision Policy for routine revisions.

The National Accounts Revision Policy of the Statistical Office of the Republic of Serbia is available on the official website of SORS (link to National Accounts Revision Policy).

Revisions should be viewed as a process aimed at progressively improving the quality of national accounts, for example, as better sources or improved methods become available. The availability of metadata on revisions is a crucial element for understanding both national accounts data and the changes that occur between successive releases.

Accordingly, it is essential to provide information on the main reasons for revisions and their nature (e.g., new source data, updated methods), along with, where possible, quantitative and qualitative assessments of the average size and direction of revisions based on historical data.

The QNA revision policy allows the revisions of Q1‐Q3 data (of the year t) until Q4 data are published (in February of the year t+1) to give the first annual estimates for the year t. These are current revisions. After the publication of the fourth quarter data, quarterly data are revised only due to the reconciliation with annual national accounts data. The first revision due to reconciliation with annual data is carried out with available annual accounts data, obtained as the sum of four quarters. The second revision is carried out when the preliminary annual accounts data become available, while the third and fourth are carried out upon the release of annual accounts data, based on input-output statistics and supply and use tables. In these cases, quarters of the current year and three previous years are revised. The exception to the general rule is seasonally adjusted data ‐ they are revised in the context of the whole time series.

Annual national accounts revisions are undertaken primarily to reconcile with supply and use tables. Revisions may also occur when necessary to incorporate methodological changes (e.g., revised concepts, definitions, or classifications), updates to statistical methods, changes in data sources, expanded coverage of reporting units, or corrections to original data and estimates.

The compilation of national and regional accounts is primarily based on statistics collected for other purposes (so-called primary statistics).

It relies on a variety of data sources, including administrative data: business registers, accounting statements, tax data, budgetary reports, population censuses, statistical surveys of businesses and households, statements of supervising institutions and branch organisations, annual and quarterly reports, trade statistics on goods and services, balance of payments information etc.

There is no single survey source for national accounts. Sources vary from country to country and provide statistical information on a large set of economic, social, financial, and environmental phenomena, which may not be strictly related to national accounts.

In the case of the Statistical Office of the Republic of Serbia, the annual GDP compilation relies predominantly on administrative data sources for the production approach, while a combination of administrative and statistical data sources is used for the expenditure approach. For the quarterly national accounts, both the production and expenditure approaches are based on a mix of administrative and statistical data sources.

National accounts are usually compiled on an annual or quarterly basis from other primary statistics. The frequency of data collection of primary statistics varies according to the nature of the data source. For instance, business statistics are usually collected monthly or quarterly, whereas household surveys may be conducted quarterly, annually, or even less frequently. The availability of administrative data varies from country to country. Population censuses are mostly collected every decade.

Data collection is highly country-specific and depends on the nature of the data source, such as administrative records, tax and vehicle registers, surveys, or accounting statements. Guidance on best practices can be found in the Handbook of Recommended Practices for Questionnaire Development and Testing Methods in the ESS.

The national accounts department typically does not collect data directly; rather, it receives data from other departments or institutions. These data are then integrated from multiple sources. Collection techniques, available information sources, data timeliness, and other factors vary across domains.

In addition to the legal framework outlined above (see Section 06.1), the Statistical Office of the Republic of Serbia (SORS) has entered into separate agreements and technical protocols with relevant institutions, including the National Bank of Serbia, the Ministry of Finance, and the Tax and Customs Administration.

In this context, SORS, the National Bank of Serbia, and the Ministry of Finance signed a Cooperation Agreement on 30 September 2019 in the area of government sector accounts and related statistics. In addition, the Tax Administration and SORS signed a cooperation agreement on 22 February 2017 to address changes in the tax system and to support the modernisation of official statistics, in line with EU methodology and practice, with a particular focus on the increased use of administrative data for statistical purposes.

To further specify data submission and ensure the accuracy and high-quality data and their continuous improvement, the Statistical Office of the Republic of Serbia has concluded cooperation agreements with the National Bank of Serbia and the Ministry of Finance (2011 and 2019), the Customs Administration (2004), the Serbian Business Registers Agency (2009; Annex to the Protocol in 2019), the Pension and Disability Insurance Fund of the Republic of Serbia (2008 / Annex to the Contract in 2015), the Central Register of Compulsory Social Insurance (2012), the Central Securities Depository and Clearing House (2019), the Bar Association of Serbia (2008) and other relevant institutions.

Data validation encompasses any activity aimed at ensuring that the value of a data item belongs to a predefined set of acceptable values. It is a fundamental task across all statistical domains and is particularly critical for national accounts, which serve as a cornerstone dataset for economic analysis and policy-making.

To enhance overall data quality and improve workflow efficiency, the European Statistical System (ESS) is moving towards greater harmonization of validation activities. This includes the establishment of common standards, the provision of standardized tools, and support for their implementation (see ESS validation website). National accounts have been selected as a pilot area for this harmonization effort. In 2015, an ESA 2010 Task Force on validation was established to define and document validation rules in an ESA 2010 Validation Handbook and to gradually implement these rules within a pre-validation service for national accounts data.

The Statistical Office of the Republic of Serbia compiles GDP applying all three recommended approaches. The results from the production, income and expenditure approaches are subsequently reconciled to produce the official GDP figures and related aggregates for publication.

In national accounts, a distinction is made between micro-balancing and macro-balancing. Micro-balancing is carried out within the input-output framework at the level of individual goods or groups of goods and services. Overall equilibrium between the production and expenditure approaches is achieved by balancing the supply and use of individual products within commodity flow analysis. Macro-balancing, on the other hand, is based on a direct comparison between the production approach—aggregated by economic activities rather than individual products—and the expenditure approach, which consists of the main aggregates of GDP use, i.e., expenditures.

The balancing can formally be separated into two phases:

1. Preliminary phase – This phase involves identifying the overall discrepancy between the production, expenditure, and income approaches, as well as making preliminary decisions regarding the side, magnitude, and direction of adjustments, i.e., their mutual reconciliation.

2. Fine-tuning phase – This phase takes into account the effects of the initial adjustments on the dynamics of the time series and may lead to additional modifications. The balancing process is iterative: after each adjustment, alternative estimates and their effects are evaluated, and each adjustment is checked for plausibility and consistency until the final, definitive estimates are reached.

In theory, the production and expenditure approaches should yield the same GDP value. In practice, however, this is rarely the case. Differences arise due to the distinct calculation formulas, the variety of data sources, and their origins (administrative or statistical). Each approach produces different GDP estimates, each with its inherent advantages and limitations. A preliminary step in GDP calculation is the mutual harmonization of the two independent estimates derived from the production and expenditure approaches. The final step involves harmonizing these preliminary annual estimates with the data from supply-use tables.

The balancing process is performed in accordance with ESA 2010 recommendations and within the framework of available data sources and procedures. Balanced GDP data are available from 1995 onwards. Consistency is maintained across annual, quarterly, regional, and non-financial sector accounts, as well as supply-use tables and other components of the national accounts.

Data sources, methods, and compilation techniques are country-specific but should be applied in a way that ensures full compliance with the definitions and concepts outlined in ESA 2010. Numerous guidance documents addressing general and specific national accounts compilation issues are available. For more details, see Section 10.6.

Annual and quarterly national accounts

Estimates of annual GDP aggregates are primarily compiled from direct data sources, applying both the production and expenditure approaches independently. Ensuring consistency between these approaches is a major objective. The income approach is also applied; however, it is not implemented independently due to insufficiently detailed data for the direct calculation of gross operating surplus and mixed income. Instead, gross operating surplus (including mixed income) at current prices is derived indirectly as a residual item, by subtracting compensation of employees and taxes less subsidies on production from the production-based GDP estimate.

Quarterly GDP estimates are also compiled using the production, expenditure, and income approaches. In Serbia, quarterly GDP is primarily derived from the production side, since reliable information on changes in inventories is limited. Changes in inventories are therefore calculated indirectly as a residual item, i.e., GDP by production minus the sum of final consumption, gross fixed capital formation, acquisitions less disposals of valuables, and net exports. The income approach is not independently applied to quarterly GDP due to the lack of relevant data for direct calculation of gross operating surplus and mixed income. Consequently, quarterly gross operating surplus (including mixed income) at current prices is obtained indirectly as a residual, subtracting compensation of employees and taxes less subsidies on production from the production-based GDP estimate.

The main aggregates of Serbia’s annual and quarterly national accounts are compiled simultaneously at current prices, at previous year’s prices, and as chain-linked volume measures (reference year 2021). Quarterly GDP is also available in seasonally adjusted form. For international comparisons, annual GDP is recalculated into USD (from 1995) and EUR (from 1999), using the National Bank of Serbia’s average annual exchange rate.

In addition, annual and quarterly national accounts data on employment (measured in persons and hours worked) are compiled regularly.

Regional national accounts

Regional GDP is compiled using the NSTJ framework at NUTS level 2 (region) and NUTS level 3 (areas). Data for "extra-regio," i.e., the extraterritorial unit of the Republic of Serbia (ESA 2010, §§ 13.11), are presented separately. Regionalization of gross value added (GVA) follows the workplace principle, relying on economic data from local units of enterprises where the value added is actually created. Regional GVA data are released at the level of NACE activities in RSD millions. Regional GDP is presented at current prices, as growth rates, in purchasing power standards (PPS), and for comparison with EU27 indicators.

Non-financial national accounts

Serbia compiles a full sequence of non-financial accounts for both the total economy and institutional sectors (S.11 non-financial corporations, S.12 financial corporations, S.13 general government, S.14 households, and S.15 non-profit institutions serving households). This includes the goods and services account (Account 0) for the total economy, as well as a full set of accounts for individual institutional sectors. Existing accounts include: Production account, Generation of income account, Allocation of primary income account, Distribution of income account, Use of income account, and Capital account. For the rest of the world, the Statistical Office of the Republic of Serbia produces three accounts: External account of goods and services, External account of primary incomes and current transfers, and External capital account. Integration across economic accounts has been achieved.

Supply and use tables / Input-output tables

Supply and use tables are compiled for all datasets (containing particular tables) at both current prices and previous year's prices. Input-output tables are produced at current prices at five-year intervals.

The objectives of seasonal adjustment are to identify and remove seasonal fluctuations and calendar effects that can mask short and long-term movements in a time series and impede a clear understanding of underlying phenomena. Seasonal adjustment is therefore a fundamental process in the interpretation of time series to inform policy making (ESS guidelines on seasonal adjustment, 2015 Edition, Annex, point 1).

For selected sub-annual national accounts data, such as notably the quarterly main aggregates, time series are usually not only published in their unadjusted form but also with various types of adjustment (e.g., seasonal, calendar, trend-cycle).

Under the ESA transmission programme, quarterly data are to be provided in both non-seasonally adjusted form and seasonally adjusted form (including calendar adjustments, where relevant).

The publication of quarterly data with only calendar adjustments is voluntary.

For sector accounts, seasonal adjustment (including calendar adjustments, where relevant) is compulsory for a limited set of series.

The approach to the compilation and publication of seasonally adjusted data varies across datasets.

No notes.