The National Institute of Statistics (INE) has applied to national accounting a review of the main aggregates with which it produces the accounts it offers as a result or a reduction in the Gross Domestic Product (GDP) of 0.4% on average in the period 1995 to 2018. With the new methodology, whose application is harmonized with that made by other countries of the European Union, the Spanish GDP amounts to 1,202,093 million euros, that is, 5,000 million euros less than the previous estimate prepared With a different methodology.

Being a fundamental statistic in the elaboration of macroeconomic ratios, the revision applied by the INE will have consequences on all types of indicators . It must be taken into account that, for example, to measure the weight of the debt on the Spanish economy, GDP data is used as the denominator. If the data is less than it has been until now but the numerators maintain their tendency, it is foreseeable that ratios such as the debt on the GDP or the deficit of the administrations will grow. The correction of these ratios to adapt them to the new methodology will arrive on September 30 when the General State Administration Intervention (IGAE) and the Bank of Spain present the updated data.

For example, the statistical review corrects downward two tenths, from 2.6% to 2.4%, GDP growth in 2018 in a process that has been coordinated with other agencies such as the Bank of Spain or Public Administrations . The INE affirms that the revision allows updating statistical sources and estimation methods; It follows recommendations made by Eurostat to present harmonized accounts and applies recommendations from the European Commission.

Already in 2016 there was a first review based on 2010 that led to an average review exceeding 3% by including illegal activities for the first time in accounting. This time the inclusion of new aggregates or the modification of the sources on which they are made includes activities not observed, in reference to legal or illegal activities that are not declared, that is, merit economy. The INE has not quantified the effect of this innovation on the evolution of national accounts.

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  • GDP
  • European Comission
  • European Union
  • Public deficit
  • Unemployment
  • Macroeconomy