WRITTEN QUESTION E-3426/00

by Christopher Huhne (ELDR) to the Commission

(7 November 2000)

Subject: Timeliness of economic statistics from Member States

Is the Commission aware of the importance that the foreign exchange markets currently attach to output, jobs, earnings and productivity data in the light of the debate about the new economy? In view of this consideration, will the Commission please provide a table which details for each Member State the periodicity, target time delay and recent average actual time delay between the period concerned and publication of national output, employment, productivity and earnings figures? What measures are being taken to improve this picture? What commitments have been entered into by the lagging Member States? Will the Commission describe what powers it has to encourage lagging Member States to produce timely and accurate data? Is the Commission satisfied with its current legal powers in this area?

Answer given by Mr Solbes Mira on behalf of the Commission

(22 December 2000)

Efforts are being made to improve the timeliness of these data to meet the needs of a wide range of users.

According to the European system of national and regional accounts in the Community (ESA) 95, data for main aggregates of national accounts have to be supplied both on annual and quarterly basis. The periodicity of the economic statistics associated to the main aggregates of national accounts is annual and quarterly. Their legal basis is ESA 95. The target delay is 120 days after the end of the reference quarter, four months after the end of the reference year.

As for the average actual delay for each Member State, at present two Member States do not compile quarterly national accounts (Greece and Luxembourg) and Ireland publishes only a very limited set of quarterly figures with a very long delay. All the other Member States compile quarterly figures and respect the target delay. The policy of publication of quarterly accounts varies in each Member State. Some Member States publish only one release of quarterly figures. Other Member States publish two releases, of which the second is usually more detailed. Some Member States publish a flash estimate restricted to a set of important variables quite early after the end of the quarter and compile later a complete set of quarterly accounts.

A table forwarded direct to the Honourable Member and to the Secretariat general of the Parliament shows the average delay, the main aggregates of national accounts in the field of output, employment (national accounts concept), productivity and earnings figures. The delay refers to the first available release for each country.

The measures to improve the transmission of quarterly economic data include the full implementation of ESA 95; the abolition of derogations concerning data-transmission and some modifications to the ESA 95 regulation. In this respect, the Commission has worked out an action plan proposing improvement of coverage and timeliness of such economic indicators. It was approved by the Ecofin Council on 29 September 2000.

The action plan covers quarterly national accounts; quarterly public finance statistics; labour market statistics; short-term statistics; external trade statistics; and publication of statistical data. The Commission will initiate work in order to specify, according to the action plan, modifications to existing statistical regulations to be submitted to the Council early in 2001.