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GNI QUESTIONNAIRE 2012 AND THE ACCOMPANYING QUALITY REPORT LATVIA 2012 GNI QUALITY REPORT LATVIA 2012 QUALITY REPORT 2012 LATVIA Part 1: General information Quality report 2012 contains data of period 2002 – 2011 and describes the changes, which have been implemented since the GNI Questionnaire was sent in September 2011. Data are consistent with the latest figures available. 1.1. Major changes and improvements to sources and methods of national accounts There are no changes in figures of the GNI for own resources caused by any of the GNI reservation for 2002 – 2007. There are some slight changes in data of components of the GNI for years 2008 and 2009 without direct impact on the total volume of the GNI, compared to the last year’s questionnaire. Difference is caused by changes in methodology and data sources and is described in detail in Part 2. Due to regular routine annual revisions the GNI of Latvia has been revised upwards by 0.25 per cent for 2010. The changes in the GNI figures for 2010 are represented in table “R1 - 2012 (LV)” and have been described by components in Part 3. Million LVL Year GNI QR 2011 GNI QR 2012 Changes Changes, in % 2008 15 926 15 926 0 0.0 2009 14 069 14 069 0 0.0 2010 13 005 13 038 33 0.25 1.2. Changes in the revision policy and timetable for finalising the estimates; publication date of the submitted numbers The results provided in the GNI Questionnaire have been published on 7 September 2012 together with quarterly data and are available in the home page of the Central Statistical Bureau of Latvia, as well as have been sent to Eurostat according to the data transmission programme. Exception is data of the GNI components for 2007 which differ from the GNI data for own resources purpose for the “closed” year and from GDP data as published nationally or in the Eurostat database. This difference results from reclassification of transfers in the General government institutional sector during Excessive Deficit Procedure (EDP) which was done after 22 September 2011. 1.3. Results of any investigations on the quality of GNI and its components In order to ensure data quality of the GNI components, logical control, crosschecks and comparisons between the various data sources have been carried out. 2 GNI QUALITY REPORT LATVIA 2012 1.4. Descriptions of developments in major sources Regular revisions of the preliminary quarterly data were made on the basis of the updated annual statistics obtained by surveys. Part 2: Changes to sources and methods to final estimates Slight changes to the methodology without any impact on the GDP were made in Local government institutional sector due to reclassification of Other current transfers (D7), Other subsidies on production (D39) and Social benefits in kind (D631). Reclassification changes in General government sector, in million LVL Year 2008 2009 D39 28 26 D63 23 26 D7 -51 -52 P3 23 26 The corrections were implemented introducing recommendations of Eurostat EDP dialogue visit to Latvia, which took place in February 2011. D7, D39 and D63 were reclassified according to additional information from the one of the major local government transport enterprise which made it possible to accurately reclassify general government transfers to enterprise between other current transfers and social benefits in kind. All municipality payments to this enterprise that must be attributed to passenger transportation charge facilitation were included in D63. Before that, these expenses were not included in Social transfers in kind and were treated as D7. Part 3: Revisions to year’s t-2, t-3, t-4 2010 In September 2011 the provisional set of the GNI aggregates for 2010 was provided. Data for 2010 were finalised and published on 7 September 2012 together with the quarterly data. Revisions of preliminary data of 2010 were made on the basis of the updated quarterly data using annual statistics data sources. Expanded explanations by GNI component are provided bellow. 3 GNI QUALITY REPORT LATVIA 2012 Millions LVL 2010 GNI QR 2011 GNI QR 2012 Changes Changes, in % PRODUCTION APPROACH Output of goods and services 26 884 27 667 783 2.9 Intermediate consumption 15 463 16 204 741 4.8 Gross value added 11 421 11 463 42 0.4 33 30 -3 -9.1 10 210 10 420 210 2.1 7 908 7 947 39 0.5 115 124 9 7.8 2 187 2 349 162 7.4 2 710 2 538 -172 -6.3 2 294 2 330 36 1.6 416 207 -209 -50.2 Exports of goods and services 6 853 6 847 -6 -0.1 Imports of goods and services 7 035 7 020 -15 -0.2 5 458 5 415 -43 -0.8 Gross operating surplus and mixed income 6 078 6 188 110 1.8 Taxes on production and imports 1 469 1 470 1 0.1 266 288 22 8.3 12 739 12 784 45 0.4 Subsidies on products EXPENDITURE APPROACH Total final consumption expenditure Household final consumption expenditure NPISH final consumption expenditure General government final consumption expenditure Gross capital formation Gross fixed capital formation Changes in inventories INCOME APPROACH Compensation of employees Subsidies Gross domestic product (ESA 95) Transition from GDP to GNI Property income received from the rest of the world 258 193 -65 -25.2 Property income paid to the rest of the world 459 406 -53 -11.5 Gross national income (ESA 95) 13 005 13 038 33 0.25 The increase of production-based GDP estimates is caused by the following components: 1) The output increased by 2.9%. The change in output component is caused by the use of more precise basic data of the annual surveys and administrative data. 4 GNI QUALITY REPORT LATVIA 2012 2) The intermediate consumption increased by 4.8%. For the previous data the proportion of the intermediate consumption in 2009 was used, now data were recalculated on the basis of the annual survey data of 2010. The largest increase in proportion of the intermediate consumption was in the air transport industry (intermediate consumption/output rate increased from 0.76 to 0.99) caused by one company, which noticeably increased its purchase of services. 3) The value added in 2010 increased by 0.4% due to changes in output and intermediate consumptions described above. 4) Subsidies on products decreased by 9.1%. The decrease can be explained with the use of more precise annual information about bio fuel subsidies and annual data on subsidies from “Complex of surveys to compilation of aggregate account of agriculture”. The subsidies on products were revised, on the basis of which recalculation of volume of collected subsidies was carried out according to the time adjustment method. The changes in components of the expenditure–based GDP data can be explained with the use of more precise annual data sources: 1) The total final consumption expenditure increased by 2.1%. The increase was mainly caused by data changes in General government sector by 7.4%, from that 1.2% was caused by methodological changes due to inclusion of the social benefits in kind for the passenger transportation charge facilitation. Other changes were connected with changes of output components, especially with changes in consumption of fixed capital. The changes in Non-profit institutions serving households and Final consumption of households were caused by more detailed and precise annual data sources and additional annual information. 2) Gross fixed capital formation increased by 1.6% and it is caused by more detailed and precise annual data in calculations. 3) Changes in inventories decreased by 50.2%. For the preliminary data, information is available only on large enterprises and only for three quarters and can be used only as additional information. The final data are more precise due to availability of information on enterprises of all sizes. The changes in inventories are also a balancing item between GDP production and expenditure approaches. The changes in the preliminary data of the income approach GDP were caused by regular routine annual revisions and reclassification of Other subsidies on production (D39) and Social benefits in kind (D631) in General government institutional sector. The changes in Gross national income were caused by routine annual revision of the Balance of Payments, done by the Bank of Latvia. 2009 The reason for changes was amendments to the methodology. After the receipt of additional information from local government enterprise, reclassification of Other current transfers (D7) and Other subsidies on production (D39) in General Government sector was carried out. 5 GNI QUALITY REPORT LATVIA 2012 The impact on the revised GDP components is available in the table below. Millions LVL 2009 GNI QR 2011 GNI QR 2012 Changes Changes, in % EXPENDITURE APPROACH 10 557 10 583 26 0.2 2 531 2 557 26 1.0 2 707 2 681 -26 -1.0 -114 -140 -26 -22.8 5 809 5 835 26 0.4 270 296 26 9.6 Gross domestic product (ESA 95) 13 070 13 070 0 0.0 Gross national income (ESA 95) 14 069 14 069 0 0.0 Total final consumption expenditure General government final consumption expenditure Gross capital formation Changes in inventories INCOME APPROACH Gross operating surplus and mixed income Subsidies 2008 The reason for changes was amendments to the methodology. After the receipt of additional information from local government enterprise, reclassification of Other current transfers (D7) and Other subsidies on production (D39) in General Government sector was carried out. The impact on the revised GDP components is available in the table below. Millions LVL 2008 GNI QR 2011 GNI QR 2012 Changes Changes, in % EXPENDITURE APPROACH Total final consumption expenditure 13 250 13 273 23 0.2 3 200 3 224 24 0.8 5 045 5 021 -24 -0.5 275 251 -24 -8.7 6 429 6 457 28 0.4 314 342 28 8.9 Gross domestic product (ESA 95) 16 085 16 085 0 0.0 Gross national income (ESA 95) 15 926 15 926 0 0.0 General government final consumption expenditure Gross capital formation Changes in inventories INCOME APPROACH Gross operating surplus and mixed income Subsidies Part 4: Revisions related to reservations There were not changes in GNI data related to GNI reservations (2004 – 2010). 6