Revision of Regional Accounts 2011

Abstract

This paper builds on an extraordinary revision of regional accounts whose results were published in November 2011 following previous revision of the national accounts time series (September 2011). The first chapter provides description of working procedures and results of the gross value added (GVA) revision for the period 1995–2007. The second chapter deals with methodological corrections and models whose revision had the biggest impact on the change of the GDP regional structure. The most important was the implementation of a new method of the regional allocation of imputed rent, new regional GVA estimates from individual housing construction and from a segment of illegal economy. The following chapters provide results of regional accounts revision carried out in standard way, i.e. sets of accounts for 2008 and 2009 and preliminary versions for 2010 including the analysis of economic devolution in regions in the above years. Finally, the article deals with the impact of revision on international position of the Czech regions specifically in relation to the EU average.

Keywords

• Gross domestic product (GDP)
• regional accounts
• purchasing power standard (PPS)