Improvement of statistical and procedural processes for the calculation of gross domestic product in the Republic of Croatia

Project description:

The aim of the project is to improve the process of GDP calculation, with particular emphasis on the methods enabling faster estimates at the quarterly level. The ultimate goal is to reduce the gap between the end of the reference period and the publication of the final results. Improvements are planned for all three GDP calculation methods and from the following three aspects:

• macroeconomic, which will be centered around the search for secondary statistical indicators that could aid calculations and projections of GDP
• statistical, in which the temporal consistency and predictive power of indicators currently used in the calculation of GDP will be examined. This phase also includes improvement of the statistical models underlying calculations and projections of GDP
• IT, in which the estimation process will be automated. This phase covers not only the procedures for technical implementation, analysis, and calculation of GDP but also the procedures related to the publication and revision of final results.

Project leader: Simeon Vetus d.o.o