| Category: | Economic statistics |
| Area: | National accounts |
| Survey / data collection: | Quarterly national accounts |
| MONSTAT metadata |
|---|
| Reference metadata |
| 1. Contact |
| 2. Metadata update |
| 3. Statistical presentation |
| 4. Unit of measure |
| 5. Reference period |
| 6. Institutional mandate |
| 7. Confidentiality |
| 8. Release policy |
| 9. Frequency of dissemination |
| 10. Accessibility and clarity |
| 11. Quality management |
| 12. Relevance |
| 13. Accuracy and reliability |
| 14. Timeliness and punctuality |
| 15. Coherence and Comparability |
| 17. Data revision |
| 18. Statistical processing |
| 19. Comment |
Note: For any question on metadata, please contact MONSTAT metadata support.
| 1. Contact Vrh | |
| 1.1. Contact organization: | Statistical Office of Montenegro - MONSTAT |
| 1.2. Contact organization unit: | Quarterly National Accounts Statistics Department |
| 1.2. Contact organization unit: | IV Proleterske 2, 81000 Podgorica, Montenegro |
| 2. Metadata update Top | |
| 2.1. Metadata last certified: | 19 December 2024 |
| 2.2. Metadata last posted: | 24 December 2025 |
| 2.3. Metadata last update: | 19 December 2024 |
| 3. Statistical presentation Top | |
| 3.1. Data description: | The aim of the compilation of Quarterly Gross Domestic Product (QGDP) is to monitor the short-term dynamics of economic activities, that is, to present a general picture of the current economic trend in quarterly dynamics. In this way, a more regular picture of the state of the economy, more detailed information, for both financial and non-financial economic activities, is provided. Quarterly national accounts are compiled from a series of macroeconomic indicators, which provide a comprehensive picture of the economic situation and serve as a basis for economic analysis, forecasting and decision-making. The main aggregate of national accounts is gross domestic product. The methodology used is in accordance with the System of national accounts (SNA 2008) and the European system of national accounts (ESA 2010). The GDP compilation includes all activities within the production-defined methodologies of SNA 2008 and ESA 2010 and covers the entire territory of Montenegro. The compilation of QBDP is carried out according to the production and expenditure methods. By applying those methods for compilation, the establishment of the basic relationship on which the national accounts are based is considered, namely, that the total value of available goods and services (supply) must be equal to the total value of consumed goods and services (use) in the observed period at the level of the total economy. Quarterly gross domestic product according to the production method is calculated as the sum of added values of all resident institutional units. Quarterly gross domestic product according to the expenditure method is calculated as the sum of household final consumption expenditure, government final consumption expenditure, gross fixed capital formation, changes in inventories and net exports and imports of goods and services. The results of the compilation are valued at current and constant prices (previous year''s prices) and in average prices of 2010. The seasonal adjustment was performed using JDemetra software, by applying the X-13ARIMA-SEATS algorithm. In the general specification, the calendar adjustment and the number of working days were performed. A direct approach to seasonal adjustment has been applied, which means that all time series (including aggregates) are seasonally adjusted individually. After seasonal adjustment, results are obtained for each series and aggregate individually, where the sum of the components is different from the aggregate. |
| 3.2. Classification system: | For the purposes of national accounts according to ESA 2010, the following classifications are used: - KD2010 classification of activities that complies with NACE Rev. 2 for economic activities, - CPA 2.1 for products by economic activity, - COFOG for the functions of the governement, - COICOP for individual consumption by purpose - NUTS 2013 for regional accounts. In addition, for the purposes of compilation of GDP aggregates, some additional classifications related to import and export data are used, such as CN - combined nomenclature, HS ? harmonized system, as well as the classification of fixed assets defined by ESA 2010 An overview of classifications is available at: ESA 2010 Chapter 23 Classifications: http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF Eurostat RAMON database classification: https://ec.europa.eu/eurostat/ramon/index.cfm?TargetUrl=DSP_PUB_WELC Monstat website: https://www.monstat.org/eng/page.php?id=104&pageid=104 |
| 3.3. Sector coverage: | All sectors defined by Classification of activity 2010 (which is in line with NACE Rev. 2) are covered except sector U: Activities of extraterritorial organisations and bodies and households. National accounts describe the overall economy of a country. All units that have their center of predominant economic interest in the economic territory of that country are covered. In addition, national accounts describe economics and according to several other types of aggregation and deaggregation. The two most important levels of desegregation are according to institutional sectors and by the activities of NACE Rev. 2. For each of the detail items, the exhaustive calculation of national account data is required. When it comes to the division by institutional sectors, ESA 2010 distinguishes five mutually exclusive domestic institutional sectors: (a) non-financial sector, (b) financial sector, (c) general government sector, (d) household sector; (e) non-profit institutions serving households. The five sectors together make up the overall domestic economy. Each sector is also divided into subsectors. As for the division by activity, ESA 2010 applies the NACE Rev. 2 classification of activities. Activities can be divided into several levels of detail, for example 3, 10, 21, 38, 64 or 88 activities. Currently, data on national accounts are produced at NACE level A21 as well as at A10 level. |
| 3.4. Statistical concepts and definitions: | Quarterly GDP represents the market value of all final goods and services produced within a country in a given quarter. QGDP at market prices is the final result of the production activity of resident production units and can be calculated in 3 ways: - by production approach, - by expenditure approach, and - by income approach. Monstat calculates GDP by production and expenditure approach. - GDP by production approach: GDP = the sum of gross value added + taxes less subsidies on products. Gross value added is the net result of a weighted-output at basic prices minus intermediate consumption valued at purchasers prices. Output represents the total value of goods produced and services provided during the accounting period. Intermediate consumption includes the value of goods and services used as inputs in the production process, excluding fixed assets whose consumption is recorded as consumption of fixed capital. Taxes less subsidies on products are taxes (paid) less subsidies (received) per unit of product or service provided. - GDP by expenditure approach: GDP = final consumption of households + government final consumption (individual and collective) + gross fixed capital formation + changes in inventories + exports - imports Final consumption expenditure of households are expenses (including imputed expenditures) of resident households on individual consumption goods and services (e.g. expenditure on food, clothing and footwear, housing, etc.). These expenditures do not include expenditures of households for the purchase of fixed assets (e.g. dwellings or valuables). Government final consumption expenditure are expenses (including imputed expenditure) of the government sector to the individual and collective consumer services. They are divided into two groups: - The value of goods and services produced by the government and which, by convention, the government consumes - collective consumption (for example: services of the courts, defence, security, protection of environment, etc.), and - Government expenditures for the purchases of consumer goods and services produced by market producers that are supplied to households, without any transformation, as social transfers in kind - individual consumption (for example medicament taking on receipt according regular health insurance). Gross investments in fixed assets are measured by the total amount of the producer''s acquisition less disposal of new or used fixed assets during the accounting period. Net investments in fixed assets are gross investments in fixed assets less consumption of fixed assets (depreciation). Changes in inventories are the difference between the level of stocks at the beginning and the end of the year, valued at the average market prices. Inventories can be: materials, work in progress, finished goods, and merchandise goods. Imports and exports of goods and services consist of transactions of products (purchase/sale, exchange or gift) between resident and non-resident units. Imports and exports of goods and services do not include: - Deliveries of non-resident (foreign) representative offices of resident companies perform to non-residents and deliveries of resident representative offices of non-resident enterprises performs to residents, - Flows of primary income to abroad or from abroad (such as compensation of employees, interest or income from direct investment) and - Sale and purchase of non-produced assets (eg. land or patents). External balance of goods and services is the balancing item (balance) of goods and services foreign account. It represents the value of exports of goods and services minus imports of goods and services of rest of the world sector. When the external balance of goods and services in foreign accounts is positive, it means a deficit (deficit) of the national economy in trade of goods and services with foreign countries and vice versa if it is negative, it means a lack for overseas and excess to the national economy. |
| 3.5. Statistical unit: | All economic units, legal and natural persons and households within the defined production limits in the System of national accounts - SNA 2008 and European system of accounts - ESA 2010 methodologies. According to the international methodology ESA 2010, national accounts use two types of units and two appropriate ways of observing the economy: (a) the institutional unit; (b) local unit by type of activity (local KAU). The first type is used to describe income, expenses and financial flows, as well as for balance sheets. The second type of units is used to describe production processes as well as input-output analysis. An institutional unit is an economic entity characterized by the autonomy of decision-making in the activities of its main function. A resident unit shall be deemed to constitute an institutional unit in the economic territory in which it has its centre of predominant economic interest if it has decision-making autonomy and either has a complete set of accounts or is able to compile a complete set of accounts. Local KAU groups all parts of the institutional unit in its capacity as producers located in one location or in closely located locations, and which contribute to the performance of activities at the level of activity (four digits) NACE Rev. 2. An institutional unit consists of one or more local KAUs; local KAU belongs to one and only one institutional unit. |
| 3.6. Statistical population: | Statistical population of a country''s national accounts consists of all resident statistical units (institutional units or local KAUs). A unit is a resident unit of a country when it has a center of predominant economic interest in the economic territory of that country, i.e. when it engages for a longer period (one year or more) in economic activities in that territory. Compilation of national accounts data includes all statistical units, thus ensuring exhaustiveness in the calculation. |
| 3.7. Reference area: | The reference area for national accounts is the overall economy of Montenegro. The total economy of a country can be divided into regions. The NUTS classification provides a single, uniform division of the economic territory of EU member states. According to the NUTS classification, Montenegro is one region at all 3 NUTS levels. |
| 3.8. Time coverage: | QGDP data by expenditure approach are available from the first quarter of 2006 at current prices and from first quarter of 2007 at previous year prices. Data at average prices of 2010, as well as sasonally adjusted data are available from first quarter of 2006. QGDP data by production approach are available from the first quarter of 2010 at current prices and at average prices of 2010, while data at previous year prices are available from first quarter of 2011. |
| 3.9. Base period: | The concept of ''base period'' is not applicable in national accounts. Instead, the concepts of previous year''s prices and chain-linked volumes are applied, in accordance with the Commission Decision 98/715/EC. |
| 4. Unit of measure Top | |
| In addition to data expressed in current prices, quarterly data of national accounts are also expressed in prices of the previous year and in chain-linked volume measures, as well as seasonally adjusted data, in thousands of EUR. In addition, it is possible to calculate growth rates and indices, and various other units of measure can be applied (e.g. percentages of share, per capita data, data expressed in purchasing power standards). | |
| 5. Reference period Top | |
| Quarter | |
| 6. Institutional mandate Top | |
| 6.1. Legal acts and other agreements: | The Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12 and 47/19) defines provisions for collection, processing, and dissemination of data. The Law provides to the Statistical Office clear and wide legal powers to collect and access the data necessary for the implementation of Programme and Annual Plan. The Law gives a priority to the use of administrative data and right of access to individual data that are a result of survey of other official statistical producers. As an annex to legal provisions, Statistical Office has signed several memoranda on cooperation with administrative data providers. National accounts are compiled in accordance with the European System of Accounts (ESA 2010), which is published in the Official Journal of the European Commission as Annex A to Regulation (EU) No 549/2013. The ESA 2010 Data Transmission Programme is covered by Annex B. ESA 2010 takes the form of regulation and contains: - the methodology (Annex A) on common standards, definitions, classifications and accounting rules to be used to compile accounts and tables on comparable basis; - a data transmission programme (Annex B) setting the time limits by which Member States submit accounts and tables to Eurostat; - several separate acts, often related to classifications such as: NACE Rev.2, CPA 2.1, COFOG, COICOP, NUTS 2013. On the Eurostat website you can find several legal acts relevant to the statistics of national accounts in the section "National accounts", link: https://ec.europa.eu/eurostat/web/national-accounts/legislation When preparing and defining the Annual Plan, the Statistical Office adheres to the statistical requirements defined in the Statistical Compendium of the European Commission (link: https://ec.europa.eu/eurostat/web/products-manuals-and-guidelines/w/ks-gq-24-006). |
| 6.2. Data sharing: | Signed agreement on cooperation with the official statistical producers: 1. Customs Administration 2. Tax Administration 3. Ministry of Finance 4. Central Bank of Montenegro 5. Trilateral agreement (MONSTAT, Ministry of Finance, and Central Bank of Montenegro) International institutions: 1. EUROSTAT 2. UN organizations 3. IMF 4. World Bank |
| 7. Confidentiality Top | |
| 7.1. Confidentiality - policy: | Articles 53-60 of the Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12 and 47/19) provide a framework for protection, use, and transmission of confidential data. Statistical office has produced two comprehensive rulebooks that cover the procedures for individual data protection as well as keeping individual records. With purpose of the meeting legal framework on functioning of security system and statistical confidentiality there was adopted the Rulebook on Keeping Statistical Data by which Manner, Time, Technical Conditions and Organization of Statistical Data Storage to Prevent Their Destroying, Misappropriation, and Unauthorized Use is Regulated as well as the Rulebook on Contents and Manner of Keeping Records on Users of Individual Statistical Data by which contents and manner of keeping records on users of individual statistical data is regular. Pursuant to the Article 59, an access to the confidential data is limited to persons performing duties and tasks of official statistical producer and up to the stage the data are necessary for official statistical production. Persons that performs duties and tasks within official statistical producers must sign the statement on respecting the principle of confidentiality. Law on Official Statistics and Official Statistical System is aligned with the Regulation No 223/2009 and the Regulation (EU) 2015/759 from 29 April 2015 that also regulate confidentiality provisions. The Government of Montenegro adopted the Statement on Commitment of Confidence in Official Statistics (Commitment of Confidence). |
| 7.2. Confidentiality - data treatment: | The treatment of data in respect of confidentiality is defined by the Law on Official Statistics and Official Statistical System, Articles 54-61 (Official Gazette of Montenegro No 18/12 and 47/19). |
| 8. Release policy Top | |
| 8.1. Release calendar: | The Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12 and 47/19) stipulates that official statistical producers prepare, update, and publish Statistical Release Calendar. It is published on the website of Statistical Office not later than 20 December for the next year, for all official statistical producers that includes date of releasing statistical data. Any change in date of releasing in the Calendar is published in advance in accordance with the Procedure on Unplanned Revisions. |
| 8.2. Release calendar - access: | The Statistical Release Calendar is available at the following link: http://www.monstat.org/eng/page.php?id=12&pageid=12 |
| 8.3. User access: | General aim of official statistical producer is to meet the needs of users, and to make an access to statistical data to users in an understandable manner, simultaneously and under the same conditions. Statistical Office is obliged to produce and disseminate official statistics in objective, transparent and professional manner, so that all users are equally treated. |
| 9. Frequency of dissemination Top | |
| Quarterly data on national accounts are published 4 times a year. Quarterly data on national accounts for Montenegro are published t+74 days after the end of the reference period. The final quarterly data of the reference year are published according to the published final annual data for that year in September of the current year, i.e. t+9 months. The data are submitted to Eurostat on the same day as they are published at the national level. | |
| 10. Accessibility and clarity Top | |
| 10.1. News release: | Releases on quarterly GDP for Montenegro are available at the following link: https://www.monstat.org/eng/page.php?id=1212&pageid=20 |
| 10.2. Publications: | Statistical Office publishes the following regular publications: 1. Statistical Yearbook, 2. Montenegro in figures, 3. Monthly statistical review. In addition to the above regular ones, Statistical Office publishes also additional publications. Some of the most important additional publications are as it follows: 1. Women and Men in Montenegro, 2. The most often used statistical data. All publications published by Statistical Office are available at the following link: https://www.monstat.org/eng/publikacije.php?id=100 |
| 10.3. Online database: | Quarterly GDP data in excel format are available in the Data section at the link: http://monstat.org/eng/page.php?id=1576&pageid=17 |
| 10.4. Micro-data access: | The Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12 and 47/19) regulates rules under which external users can obtain an access to individual data for needs of research. Article 58 defines types of scientific and research organizations that can obtain such data. Providing individual data without identifier is possible only upon a written request of scientific and research institutions, with purpose of performing scientific and research activities as well as international statistical organizations and statistical producers from other countries. Research entity signs the agreement with Statistical Office, and it signs the statement on respecting the confidentiality principle. Official statistical producers keeps a separate records on users and purpose of using the statistical data given to these users. |
| 10.5. Other: | Dissemination of data in the frame of enhanced General Data Dissemination Standard which is established by IMF (eGDDS), link: http://www.monstat.org/NSDP/National%20Summary%20Data%20Page%20(NSDP).htm |
| 10.6. Documentation on methodology: domain: | Following methodologies are used in compilation of national accounts data: - System of national accounts SNA 2008, link: http://unstats.un.org/unsd/nationalaccount/docs/SNA2008.pdf - European system of accounts ESA 2010, link: http://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF - Handbook on price and volume measures in national accounts 2001, link: https://ec.europa.eu/eurostat/documents/3859598/7152852/KS-GQ-14-005-EN-N.pdf/839297d1-3456-487b-8788-24e47b7d98b2?t=1613384990563 - European system of accounts ESA 2010 ? transmission programme of data, link: http://ec.europa.eu/eurostat/documents/3859598/5936561/KS-01-13-429-3A-C-EN.PDF/69e7e68c-661d-44dc-bef3-d0e560403722 - Manual on the changes between ESA 95 and ESA 2010, link: https://ec.europa.eu/eurostat/documents/3859598/5936825/KS-GK-14-002-EN-N.pdf/059d43eb-2047-40c3-9cdd-d847bfbce33b?t=1450440764000 - Eurostat Manual of Supply, Use and Input-Output Tables, link: https://ec.europa.eu/eurostat/documents/3859598/5902113/KS-RA-07-013-EN.PDF/b0b3d71e-3930-4442-94be-70b36cea9b39 |
| 10.7. Quality documentation: | The Law on Official Statistics and the Official Statistical System ("Official Gazette of Montenegro" No. 18/12 and 47/19) defines the commitment to quality, which ensures that producers of official statistics in Montenegro work and cooperate in accordance with international principles of quality of the statistical system. In accordance with the ESS Quality Declaration, Article 338 of the Treaty on the Functioning of the EU, Regulations 759/2015 and 223/2009 and the European Statistics Code of Practice, the following documents are adopted: 1. Quality Strategy of the Statistical Office 2. Guide for the implementation of the Quality Strategy in the Statistical Office; 3. Implementation plan |
| 11. Quality management Top | |
| 11.1. Quality assurance: | Statistical Office has chosen the implementation of elements of TQM (Total Quality Management) model that foster development and improvement of functioning of: - Institution, - Official statistical result production, and - Individual. Within middle-term deadline, Statistical Office has chosen the TQM implementation through the following objectives: 1. Strong commitment to users and other interested parties, 2. Quality statistical processes and products, 3. Professional orientation of staff members, 4. Constant improvements, 5. Reduction of overburden of reporting units. |
| 11.2. Quality assesment: | Not available |
| 12. Relevance Top | |
| 12.1. User needs: | International users: - Eurostat, - World Bank, - UN organizations, - International Monetary Fund National users: - Ministries and other public administration bodies, - Local government, and other local government bodies. - Central bank, - Non-governmental organizations, - Students, - Researchers, - Media. |
| 12.2. User satisfaction: | The Statistical Office has adopted the Quality Management Strategy, the Guidebook to the Implementation of the Quality Management Strategy, as well as the Plan for the Implementation of the Quality Policy. In order to measure the degree to which fulfills obligations towards users and within the new quality policy, the Statistical Office conducted User satisfaction survey. The results of the survey are available on the Statistical Office website, link: https://www.monstat.org/eng/page.php?id=1502&pageid=1 |
| 12.3. Completeness: | Quarterly national accounts provide a basic view of the macroeconomic aggregates - Gross domestic product obtained by applying production and process methods. Gross domestic product by income approach are not available. |
| 13. Accuracy and reliability Top | |
| 13.1. Overall accuracy: | The compilation of national accounts is a very complex task involving many different data sources. Accuracy and reliability are ensured by the application of methodological instructions according to the methodology of national accounts. |
| 13.2. Sampling error: | Not applicable |
| 13.3. Non-sampling error: | Not applicable |
| 14. Timeliness and punctuality Top | |
| 14.1. Timeliness: | Data are published in accordance with the Annual Plan of Statistical Surveys and Statistical Release Calendar, 74 days after the end of the reference period (t+74). |
| 14.2. Punctuality: | Good statistical practice requires that the dates on which national accounts data become available are pre-announced and that the pre-announced publication dates are met. National accounts data should be punctually delivered to Eurostat at the timeliness defined in the ESA 2010 transmission programme (or before). Quarterly data are published in accordance with the Annual Plan of Statistical Surveys and Statistical Release Calendar in the 74 days after end of the reference quarter. Annual data are published in accordance with the Annual Plan of Statistical Survey and Statistical Release Calendar in the end of september of current year for previous year, respectively deadline for data transmission by Data transmission programme (t+9 months). |
| 15. Coherence and Comparability Top | |
| 15.1. Comparability - geographical: | By applying Regulation (EC) No 549/2013 which prescribes the application of ESA 2010 methodology geographical comparability of data between Montenegro and other countries is enabled. Geographical comparison around the world is possible because most non-European countries apply the SNA 2008 guidelines and SNA 2008 is in line with ESA 2010. In accordance with the Nomenclature of Territorial Units for Statistics (NUTS) and the Data Transmission Programme (ESA 2010), the Statistical office submits data on quarterly and annual GDP to Eurostat at all three levels of NUTS classification. The territory of Montenegro is considered to be a single statistical region. |
| 15.2. Comparability over time: | As the data for all reference periods are compiled in accordance with the requirements of ESA 2010, the data on national accounts can be fully time-comparable. Also, in the case of fundamental changes in methods, improvement of data sources or the emergence of new data sources, classifications, revisions of time series are carried out in order to form a new complete time-comparable data series. Using a common framework, the European System of Accounts ESA 2010, data for Montenegro can be compared over time, for the quarterly time series from 2006 onwards. Data are available and comparable with data from other countries from the first quarter of 2006 onwards, in current prices, and from the first quarter of 2007 onwards, in previous year''s prices. |
| 15.3. Coherence - cross domain: | Data of quarterly GDP are revised and reconciled with the annual GDP data, at a time when the annual GDP data become final and available. |
| 15.4. Coherence - internal: | The quality of data is provided by applying the concepts, definitions and classifications which are harmonized with the System of National Accounts (SNA 2008) and the European System of National Accounts (ESA 2010). |
| 17. Data revision Top | |
| 17.1. Data revision - policy: | Statistical Office has adopted the revision policy and it is available on the website: http://www.monstat.org/eng/page.php?id=1411&pageid=3 |
| 17.2. Data revision - practice: | National Accounts data are subject to revisions in case of changes in international methodologies or if new data sources become available. National Accounts represent a wide range of data on different areas that are integrated into the National Accounts system so that a change in one area will have an impact elsewhere, and therefore the revision of one part of National Accounts can lead to revision of the data in the entire system of National Accounts. While revisions should be seen as a process for progressively improving the quality of national accounts, e.g. better sources and/or methods are becoming available, the availability of revised information is a key element for understanding national accounts data and revision occuring between releases. After the publication of the annual gross domestic product compilation results, the data of the quarterly gross domestic product are reconciled with the annual data in order to achieve internal compliance. |
| 18. Statistical processing Top | |
| 18.1. Source data: | The compilation of national accounts data is based on statistics that are primarily collected for other purposes (primary statistics). It relies on various data sources, including administrative data: accounting financial reports, tax data, budget reports, population census, statistical surveys of enterprises and households, reports of supervisory institutions and organizations, annual and quarterly reports, trade statistics of goods and services, information on balance of payment. Data sources are usually short-term in nature and as such are subject to change over time. Quarterly GDP is calculated and published as preliminary and is subject to revision until final annual data is published. |
| 18.2. Frequency of data collection: | Data are collected quarterly. |
| 18.3. Data collection: | Data collection is very country-specific and also varies according to the nature of the data source, e.g. administrative databases, tax records, administrative registers, surveys, financial statements, etc. National accounts collect data from multiple sources. Data collection techniques are different, depending on available sources of information, timeliness of data release and other factors. |
| 18.6. Adjustment: | Adjustment of data is done, if necessary, in cases where the concepts and definitions of data collected from various data sources differ from concepts and definitions used in the system of national accounts. |
| 19. Comment Top | |
| None | |
