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An Evaluation of Revisions and Quality Aspects of Austrian Quarterly GDP Publications

Author

Listed:
  • Sandra Bilek-Steindl
  • Petra Sauer

    (WIFO)

Abstract

This study presents results of a revision analysis of the Austrian Quarterly National Accounts using data between 1999 and 2008. In order to analyse different aspects of the revision pattern, a broad set of indicators is calculated and evaluated on the basis of a real time data set. Considering QNA data, adjusted and non-adjusted for working day and seasonal effects, in nominal and real terms, we find that mean revisions of GDP growth rates are unbiased over all observed revision windows. Revisions to aggregate GDP series are generally found to be smaller than those of its components. Some GDP aggregates (especially foreign trade and investment components) show relatively large and biased revisions. We also observe that changes in the release calendar and the introduction of flash estimates did not affect the reliability of first GDP estimates. In contrast, revisions were observed to decrease continuously over the sample period.

Suggested Citation

  • Sandra Bilek-Steindl & Petra Sauer, 2009. "An Evaluation of Revisions and Quality Aspects of Austrian Quarterly GDP Publications," WIFO Studies, WIFO, number 37201, March.
    • Handle: RePEc:wfo:wstudy:37201
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    References listed on IDEAS

    as
    1. N. Gregory Mankiw & Matthew D. Shapiro, 1986. "News or Noise? An Analysis of GNP Revisions," NBER Working Papers 1939, National Bureau of Economic Research, Inc.
    2. Marcus Scheiblecker & Sandra Bilek-Steindl & Michael Wüger, 2007. "Quarterly National Accounts Inventory of Austria. Description of Applied Methods and Data Sources," WIFO Studies, WIFO, number 37249, March.
    3. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 33(1), pages 125-132.
    4. Ross Meader, 2007. "Revisions to quarterly GDP growth and its components," Economic & Labour Market Review, Palgrave Macmillan;Office for National Statistics, vol. 1(11), pages 28-35, November.
    5. Faust, Jon & Rogers, John H & Wright, Jonathan H, 2005. "News and Noise in G-7 GDP Announcements," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(3), pages 403-419, June.
    6. Richard McKenzie, 2006. "Undertaking Revisions and Real-Time Data Analysis using the OECD Main Economic Indicators Original Release Data and Revisions Database," OECD Statistics Working Papers 2006/2, OECD Publishing.
    7. Marcus Scheiblecker & Sandra Bilek-Steindl, 2006. "Austrian GDP Flash Estimates: A Description of Methods," Austrian Economic Quarterly, WIFO, vol. 11(2), pages 79-85, June.
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    Keywords

    Revisionsanalyse VGR;

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