09-2014 Revision of the national accounts and balance of payments statistics

Luxembourg's national accounts and balance of payments macroeconomic statistics will undergo two major changes in September 2014. The first one relates to revision of the methodological framework of the European system of accounts (ESA 2010) and the balance of payments manual (BPM6). The second one is the result of a periodical data revision. The simultaneous implementation of the revised ESA in all EU member states revises a limited number of methodological conventions in order to make them stick more closely to the latest economic developments. However the general framework of the accounts stays widely untouched. The most notable impact in Luxembourg's accounts will result from the capitalisation of R&D expenditures and a change in the definition of financial intermediation services indirectly measured (FISIM). A first impact assessment on GDP of the ESA 2010 methodological changes shows a level shift between plus one and two percentage points.