National Institute of Statistics, Italy

Data source(s) used: The 19th October 2011 Istat released the new annual series of national accounts based on the most updated versions of the classification of economic activities (Ateco 2007, the national version of Nace Rev. 2) and of products by activity (CPA 2008). At the same time, as in other European countries, the time series of national accounts have been subjected to an extraordinary revision, exploiting advances in methods and sources (e.g. the new balance of payments estimates issued by the Bank of Italy).Contributions to GDP growth:The lack of additivity of volume measures also impacts on the calculation of contributions to GDP growth. The technique adopted by ISTAT to compute contributions to growth is based on the series evaluated at PYP. Given the additivity property of such series, for quarters 2 to 4, the quarter-on-quarter contribution to GDP growth of a component X in quarter t is given by:ContCX(t) = [XPYP(t) – XPYP(t-1)] / GDPPYP(t-1),where XPYP and GDPPYP are the component X and the GDP, respectively, evaluated at previous year prices. The last expression is not correct for the first quarter of the year as it is evaluated at prices of year T-1 while the previous quarter (the fourth quarter of T-1) is evaluated at prices of year T-2. The correct expression is given byContCX(t) = [XPYP(t) – XPYP(t-1) • [XDef(T-1)/ XDef (T-2]] / GDPPYP(t-1) • [GDPDef(T-1)/GDPDef(T-2)] where XDef and GDPDef are the annual deflators of the component X and of GDP, respectively.Analogously, the contribution of the component X to the year-on-year GDP growth is given by:ContTX(t) = [XPYP(t) – XPYP(t-4) • [XDef(T-1)/XDef(T-2)]] / GDPPYP(t-4) • [GDPDef(T-1)/ GDPDef(T-2)].

Data source(s) used: Starting from September 23 2019, the time series of national accounts, based on the new European System of Accounts (ESA 2010), have been subjected to an extraordinary revision, exploiting advances in methods and sources. The revision took place in coordination with other European countries. The previously diffused series are available in the sections “Quarterly accounts in the 2014 version” and “Quarterly accounts in the 2011 and 2005 versions” of this same site..Gross Domestic Product (GDP): Gross domestic product at market prices is the final result of the production activity of resident producer units.By deducting consumption of fixed capital from GDP, we obtain net domestic product at market prices (NDP).Output-based GDP: is the sum of the gross values added of all resident producers at basic prices, plus all taxes less subsidies on products.Income-based GDP: is compensation of employees, plus taxes less subsidies on production and imports, plus gross mixed income, plus gross operating surplus.

Data source(s) used: The 19th October 2011 Istat released the new annual series of national accounts based on the most updated versions of the classification of economic activities (Ateco 2007, the national version of Nace Rev. 2) and of products by activity (CPA 2008). At the same time, as in other European countries, the time series of national accounts have been subjected to an extraordinary revision, exploiting advances in methods and sources (e.g. the new balance of payments estimates issued by the Bank of Italy).GDP and expenditure components: It shows among the resources gross domestic product at market prices and imports; while the uses include final consumption, gross capital formation and exports.Production accounts: It shows the transactions relating to the production process proper. Its resources include output and taxes less subsidies on products, and its uses include intermediate consumption. The balance of this account is value added at an aggregate level, it can be used to obtain GDP.Generation of income account: It shows the destination of domestic product (NDP) to compensation of employees and indirect taxes less subsidies. It allows to calcolate the operating surplus that corresponds to the income which the units obtain from their own use of their production facilities.Allocation of primary income account: It shows how to arrive to net national income. It lists under resources: operating surplus, national compensation of employees, indirect taxes paid to the rest of the world, taxes less subsidies on production and imports, capital transfer receivable from the rest of the world.Secondary distribution of income account: It records the operations of redistribution performed by taxes, contributions, social benefits and other transfers with the Rest of the world. It allows to calcolate national disposable income.Use of disposable income account It shows the allocation of national disposable income between national final consumption expenditure and net national saving.Capital account: It records acquisitions less disposals of non-financial assets (mainly gross capital formation), measuring the change in net worth due to saving and capital transfers. The balance of this account is net lending or borrowing.International transactions account: It records all operations of distribution and redistribution occurring between residents and non residents. It allows to obtain net lending or borrowing towards the rest of the world.

Gross Domestic Product Supply Side, Annual, Italy Data source(s) used: The 3th October 2014 Istat released the new annual series of national accounts based on the new European System of Accounts (ESA 2010). At the same time, as in other European countries, the time series of national accounts have been subjected to an extraordinary revision, exploiting advances in methods and sources (e.g. the new balance of payments estimates issued by the Bank of Italy based on the new manual BPM6).Output-based GDP: is the sum of the gross values added of all resident producers at basic prices, plus taxes (including VAT, import taxes, taxes on products less subsidies on products).

Gross Domestic Product Supply Side, Quarterly, Italy Data source(s) used: The 19th October 2011 Istat released the new annual series of national accounts based on the most updated versions of the classification of economic activities (Ateco 2007, the national version of Nace Rev. 2) and of products by activity (CPA 2008). At the same time, as in other European countries, the time series of national accounts have been subjected to an extraordinary revision, exploiting advances in methods and sources (e.g. the new balance of payments estimates issued by the Bank of Italy).Output-based GDP: is the sum of the gross values added of all resident producers at basic prices, plus all taxes less subsidies on products.

Data source(s) used: Starting from September 23 2019, the time series of national accounts, based on the new European System of Accounts (ESA 2010), have been subjected to an extraordinary revision, exploiting advances in methods and sources. The revision took place in coordination with other European countries. The previously diffused series are available in the sections “Quarterly accounts in the 2014 version” and “Quarterly accounts in the 2011 and 2005 versions” of this same site.GDP and expenditure components: It shows among the resources gross domestic product at market prices and imports; while the uses include final consumption, gross capital formation and exports.Contributions to GDP growth:The lack of additivity of volume measures also impacts on the calculation of contributions to GDP growth. The technique adopted by ISTAT to compute contributions to growth is based on the series evaluated at PYP. Given the additivity property of such series, for quarters 2 to 4, the quarter-on-quarter contribution to GDP growth of a component X in quarter t is given by:ContCX(t) = [XPYP(t) – XPYP(t-1)] / GDPPYP(t-1),where XPYP and GDPPYP are the component X and the GDP, respectively, evaluated at previous year prices. The last expression is not correct for the first quarter of the year as it is evaluated at prices of year T-1 while the previous quarter (the fourth quarter of T-1) is evaluated at prices of year T-2. The correct expression is given byContCX(t) = [XPYP(t) – XPYP(t-1) • [XDef(T-1)/ XDef (T-2]] / GDPPYP(t-1) • [GDPDef(T-1)/GDPDef(T-2)] where XDef and GDPDef are the annual deflators of the component X and of GDP, respectively.Analogously, the contribution of the component X to the year-on-year GDP growth is given by:ContTX(t) = [XPYP(t) – XPYP(t-4) • [XDef(T-1)/XDef(T-2)]] / GDPPYP(t-4) • [GDPDef(T-1)/ GDPDef(T-2)].

Data source(s) used: The 3th October 2014 Istat released the new annual series of national accounts based on the new European System of Accounts (ESA 2010). At the same time, as in other European countries, the time series of national accounts have been subjected to an extraordinary revision, exploiting advances in methods and sources (e.g. the new balance of payments estimates issued by the Bank of Italy based on the new manual BPM6).Gross Domestic Product (GDP): Gross domestic product at market prices is the final result of the production activity of resident producer units.By deducting consumption of fixed capital from GDP, we obtain net domestic product at market prices (NDP).Output-based GDP: is the sum of the gross values added of all resident producers at basic prices, plus all taxes less subsidies on products.Expenditure-based GDP: is total final expenditures at purchasers'' prices (including the f.o.b. value of exports of goods and services), less the f.o.b value of imports of goods and services.Income-based GDP: is compensation of employees, plus taxes less subsidies on production and imports, plus gross mixed income, plus gross operating surplus.'