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Revisions in the Norwegian National Accounts: accuracy, unbiasedness and efficiency in preliminary figures

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  • Magnus Kvåle Helliesen

    (Statistics Norway)

  • Håvard Hungnes

    (Statistics Norway)

  • Terje Skjerpen

    (Statistics Norway)

Abstract

This paper investigates the quality of preliminary figures in the Norwegian National Accounts. To address the problem of few observations in such analyses, we use some recently developed system tests for forecast evaluation. We find that preliminary figures for growth rates NA figures (measured in real terms) are accurate, unbiased and efficient. The exception is growth rates for real gross fixed capital formation, which under-predict the final figures. Early published vintages of growth rates for real gross fixed capital formation are often closer to the final vintages than later vintages are.

Suggested Citation

  • Magnus Kvåle Helliesen & Håvard Hungnes & Terje Skjerpen, 2022. "Revisions in the Norwegian National Accounts: accuracy, unbiasedness and efficiency in preliminary figures," Empirical Economics, Springer, vol. 62(3), pages 1079-1121, March.
    • Handle: RePEc:spr:empeco:v:62:y:2022:i:3:d:10.1007_s00181-021-02065-9
    DOI: 10.1007/s00181-021-02065-9
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    Cited by:

    1. Robert Lehmann, 2023. "READ-GER: Introducing German Real-Time Regional Accounts Data for Revision Analysis and Nowcasting," CESifo Working Paper Series 10315, CESifo.
    2. Robert Lehmann, 2023. "The Forecasting Power of the ifo Business Survey," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 19(1), pages 43-94, March.
    3. Håvard Hungnes, 2020. "Equal predictability test for multi-step-ahead system forecasts invariant to linear transformations," Discussion Papers 931, Statistics Norway, Research Department.
    4. António Rua & Carlos Melo Gouveia & Fátima Cardoso, 2023. "From first to last: the National Accounts revisions," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.

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    More about this item

    Keywords

    Forecasting; Encompassing; Equal predictability; Revision; National accounts data;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts

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