The national accounts are a description of a countrys economy and its development. It consists of a description of the economy as whole and the economic transactions between individuals, companies and institutions. The national accounts also include transactions between Denmark and abroad. The first Danish national accounts date back to the 1930s. Consistent time series of annual national accounts goes back to 1966, while quarterly national accounts are available as of Q1 1990.
The National Accounts provide an overview of the activities and developments in the Danish economy. The statistics include figures for economic aggregates such as gross domestic product (GDP), household consumption, government finances, investment, export and import, employment and wages, and profits and productivity in the various industries. In addition, there are figures for the many subdivisions that can illuminate different 'sections' throughout the Danish economy.
The compilation of National Accounts in 2020 is affected by additional uncertainty in the context of the Covid-19 pandemic. This is especially true in the first compilations where source material is scarce. As more information becomes available, the National Accounts will be updated. Read more (only available in Danish) at www.dst.dk/Nationalregnskab.
Virtually all available economic statistics are applied as data sources when making the national accounts. When the first version for a given period is prepared, it takes place before all information about the period is available. Then the calculations are made on the basis of the structure of the latest final national accounts, which is projected with indicators from, for example, cyclical statistics. When new sources are ready, they are continuously incorporated into the national accounts according to a fixed rhythm. Three years after a given period, the national accounts are considered to be final.
The National Accounts are relevant to anyone involved in economic matters ranging from the economic ministries use of the National Accounts in planning, analysis, forecasting and modeling purposes for industry organizations and other similar organizations, to the general interest in knowledge of the economy’s structure and development. The National Accounts division is evaluating feedback from users at an ongoing basis.
The ability of the National Accounts to describe the economic reality accurately partly depends on the uncertainty associated with the sources and partly on the model assumptions underlying the calculation of the national accounts. Some parts can be calculated more accurately than others, as there is better access to source data. The first versions for a period's national accounts will be more uncertain than the final version, which comes after three years, as new sources are continuously revised.
The first version of the quarterly national accounts is published 60 days after the end of the quarter. In connection with the publication of the fourth quarter at the end of February, the first version of the annual national accounts is also published. Almost three years after the end of the year, the final annual and quarterly national accounts are published. The national accounts are published in a timely manner.
The national accounts are prepared in accordance with international guidelines and will therefore be comparable across countries. The current guidelines were implemented in 2014 and are used to revise the national accounts back to 1966. The national accounts reflect all parts of the economy, so most economic statistics contain figures that have their counterparts in the national accounts. However, be careful to compare figures from the national accounts with other economic statistics, as the transition is often complicated by different definitions and requirements for coverage. However, the national accounts are in full compliance with the balance of payments and government finance statistics.
The National Accounts statistics are published in the StatBank under National accounts and government finances. The publications are accompanied by Danish press releases.