The Annual National Accounts comprise the elaboration of the GDP and its components from three approaches: production, expenditure and income. This is carried out through a compilation process, where basic statistics are collected and economic aggregates are elaborated, at the level of economic activity and products; and a conciliation process, where the estimates are given economic and accounting consistency within the framework of Supply and Use Tables. In addition to this, and from the conciliated Tables, the Input-Product Model is compiled and published. Aggregates are presented both in figures at current prices and in chained indexes, while Supply and Use Tables and the Input-Product Model are published only in figures at current prices.

Annual National Accounts are published in two versions, with a 12- and a 24-month lag respectively, in relation to the reference year. The first version is provisional and replaces the preliminary version based on the Quarterly National Accounts. This version incorporates information from surveys, balance sheets, administrative records and economic statistics, and the compilation of production accounts for some branches of activity. The second is the revised version, which extends the elaboration of production accounts to all activities. The publication date is March 18 of each year, or the next business day, as applicable.


Main Results of 2019

During 2019, economic activity registered a growth of 1.1%. From the origin perspective, GDP growth in 2019 was explained by the positive results in construction and financial and business services. In contrast, this result was partially offset by lower mining production and agricultural-silvicultural activity.

From the expenditure approach, GDP was boosted by domestic demand, while net exports did not change significantly, with drops of similar magnitude in exports and imports. The 1.0% growth in domestic demand was led by the gross fixed capital formation and, to a lesser extent, by private consumption. Finally, the change in inventories subtracted from the growth of economic activity, reaching a ratio of 0.5% of GDP.
 

 


 
 
 

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