The purpose of regional accounts is to describe the economic activity in the regions and provinces within the framework of national accounts definitions and classifications. The accounts are compiled in accordance with the guidelines set out in ESA2010 and are comparable with regional accounts for other European countries. Regional accounts are published at the NUTS II level (regions) and NUTS III level (provinces). Regional accounts have been compiled since 1999.
Regional accounts describe the geographical dimension of production and income conditions as these are compiled in the national accounts using the production approach. The regional allocation aims at adding production etc. to the region where production takes place.
Regional accounts contain information on GDP, gross value added, gross fixed capital formation, compensation of employees and employment. Moreover the household sector's incomes are compiled. The regional allocation of the household income is based on the residence of the households and not where the incomes are earned.
The statistics are based on regional versions of the national accounts' sources, where this is possible. The main sources are Accounting Statistics for Non-agricultural Private Sector and General Government Finances Statistics. The sources are used either directly or as a distribution key. The regional accounts are revised in line with the publication rhythm of the national accounts. The final figures for the regional accounts are therefore not available until three years after the end of the reference period.
National and regional accounts are relevant for all, who deal with economic and regional matters.
Regional accounts are subject to the same margins of uncertainty as the annual national accounts and the inaccuracy here relates to the inaccuracy of the various sources used. However, the conceptual consistency and over time uniform adaptation of the sources contribute to reduce the inaccuracy of the national accounts figures. In particular, the combination of the primary sources into a coherent system in many cases reveals errors, which are therefore not reflected in the final national accounts. With regard to the regional dimension the following factors can be mentioned:
First version of regional accounts is published 12 month after the reference year. Final regional accounts are published 3 years after the reference year. Regional accounts have a high degree of punctuality
Regional accounts are consistent with the national accounts, as the sum of the figures for each region with respect to each individual variable is equal to the national accounts value for the same variables. Consequently, each variable can be interpreted in the same manner as the national accounts variables. Regional accounts are based on guidelines set out in ESA2010 and are thereby directly comparable with other regional accounts from the EU Member States. Consistent time series are available for 1993 onwards.
Regional accounts by 38 industries and 11 provinces/5 regions are available (at a charge). Furthermore regional data can be provided (at a charge) for groups of municipalities with a joint population of at least 100.000 inhabitants.In addition GDP and other non-industry data is available for municipalities with a population of at least 10.000 inhabitants.