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: Quarterlz National Accounts Statistics Department
1.2. Contact organization unit: IV Proleterske 2, 81000 Podgorica, Montenegro

                                                                                      2. Metadata update                                                                       Top
2.1. Metadata last certified:28 April 2023
2.2. Metadata last posted:29 December 2023
2.3. Metadata last update:28 April 2023

                                                                                3. Statistical presentation                                                                  Top
3.1. Data description:The main aim of the quarterly calculation of the gross domestic product according to the production and expenditure methods is to obtain the basic macro-economic aggregate in the system of national accounts. 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. The purpose of the quarterly calculation of the Gross Domestic Product (GDP) 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, both financial and non-financial economic activities, is provided. The calculation of QBDP is carried out according to the production and expenditure methods. 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 calculation includes all activities within the production-defined methodologies of SNA 2008 and ESA 2010 and covers the entire territory of Montenegro. Quarterly gross domestic product according to the production method is compiled 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 estimation are valued at current and constant prices (previous year prices and in average prices of 2010). The seasonal adjustment was performed using JDemetra software, using 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 under ESA 2010, the following classifications shall be used: KD2010 classification of activities that complies with NACE Rev. 2 for economic activities, CPA 2014 for products by economic activity, COFOG for the functions of the government, 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 classifications ? 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: Eurostat RAMON database classification: Monstat website:
3.3. Sector coverage:TIt covers all sectors of the Classification of Activities KD 2010 except sector U: Activity of extraterritorial organisations and bodies. 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 sector, 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 in the service of 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
Quarterly gross domestic product (QGDP) measures the total income and total expenditure of the economy. QGDP represents the market value of all final goods and services produced within a country in a quarter (three months). GDP at market prices is the final result of the production activity of resident units and can be calculated in 3 ways: - Production Approach, - Expenditure approach, and - Income approach. Monstat currently compiles QGDP on production and expenditure approach. According to the 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 consists of the products manufactured 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. According to the 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 is spending (including imputed expenditures) 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 is 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 country and which, by convention, the country consumes - collective consumption (for example: services of the courts, defense, security, environment, etc.) and -Expenditures that the state performs for the purchase of consumer goods and services produced by market producers and which the state, without any transformation, supplying households through social transfers in kind - individual consumption (for example medicament taking on receipt according regular health insurance ). *Gross capital formation consists of gross fixed capital formation, changes in inventories and net valuables. -Gross investments in fixed assets amounting to measure the producers acquisition net of disposition of new or used fixed assets during the accounting period. -Net investments in fixed assets gross investments in fixed assets net of consumption of fixed assets (depreciation). -Changes in inventories are the difference between the level of stocks at the beginning and end of the year, valued at the average market price. Inventories can be: materials, work in process, finished goods and merchandise. *Imports and exports of goods and services consist of transactions of goods (purchase / sale, exchange or gift) between resident and non-resident units. Imports and exports of goods and services do not include: - Delivery of non-resident (foreign) representative offices of resident companies perform non-residents and delivery of resident representative offices of non-resident enterprises pots 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 (e.g. land or patents). External balance of goods and services is the balancing item (balance) account of goods and services abroad. It represents the value of exports of goods and services minus imports of goods and services sector abroad. When the external balance of goods and services in foreign accounts is positive, it means a deficit (deficit) of the national economy in goods and services trade with foreign countries and vice versa if it is negative, it means a lack of overseas and excess to the national economy.
3.5. Statistical unit:Statistical units are all economic units, legal and natural persons and households, within the defined production limits within the methodologies System of National Accounts SNA 2008 and The European System of Accounts ESA 2010. According to the international methodology ESA 2010, national accounts use two types of units and two appropriate ways of looking at 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 exercise 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:The 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. The calculation 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, from first quarter of 2007 at previous year prices, at average prices of 2010 from first quarter of 2007 as well as sasonal adjusted data from first quarter of 2006. QGDP data by production approach are available from the first quarter of 2010 at current prices, from first quarter of 2011 at previous year prices and at average prices of 2010 from first quarter of 2010.
3.9. Base period:GDP in constant prices uses the prices from the previous year so that the base year is the same quarter of the previous year. Chain-linked data is regularly produced for the base year 2010, the production and expenditure approach.

                                                                                      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 chained linked volume measures, as well as seasonally adjusted data, in thousands of EUR. In addition, it is possible to perform growth rates and indices, and various other units of measure can be applied (e.g. percentages of share, per capita, data expressed in purchasing power standards).

                                                                                     5. Reference period                                                                       Top

                                                                                  6. Institutional mandate                                                                    Top
6.1. Legal acts and other
The Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12 i 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 drawn up 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 1306/2010. 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 draw up 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 2014, 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: When preparing and defining the Annual Plan, the Statistical Directorate adheres to the statistical requirements defined in the Statistical Compendium of the European Commission (link:
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
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).

                                                                                        8. Release policy                                                                         Top
8.1. Release calendar:The Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12) 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:
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 +75 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 they are published at national level. In accordance with the defined deadline for the ESA 2010 transmission programme, publication is within the deadline of t+65.

                                                                                  10. Accessibility and clarity                                                                Top
10.1. News release:Press release of the Quarterly gross domestic product of Montenegro, link:
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 additionally 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 publication published by Statistical Office are available at the following link:
10.3. Online database:To provide easy access to national accounts data, all validated national accounts data are available to users in an online database and other formats, link: Other data formats in excel form are available at the link:
10.4. Micro-data access:The Law on Official Statistics and Official Statistical System (Official Gazette of Montenegro No 18/12) 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:It is possible to find on the link data, methodology, releases, publications: Dissemination of data in the frame of enhanced General Data Dissemination Standard which is established by IMF (eGDDS), link:

10.6. Documentation on methodology:
Following methodologies are used in compilation of national accounts data: System of national accounts SNA 2008, link: European system of accounts ESA 2010, link: Handbook on price and volume measures in national accounts 2001, link: European system of accounts ESA 2010 ? transmission programme of data, link: Manual on the changes between ESA 95 and ESA 2010, link: Eurostat Manual of Supply, Use and Input-Output Tables, link:
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. Development Strategy and Programme of Official Statistics for 2019-2023 define the objectives of development. One of objectives is quality management via monitoring the implementation of European Statistical Code of Practice. 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:
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 Calendar of Statistical Data, 76 days after the end of the reference period.
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 transmissions in the framework of the ESA 2010 transmission programme should be punctually delivered to Eurostat at the timeliness defined in the transmission programme (or before). Quarterly data are published in accordance with the Annual Plan of Statistical Survey and Statistical Release Calendar in the 75 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).

                                                                                      15. Coherence and Comparability                                                                          Top
15.1. Comparability -
Comparability is ensured by applying the usual definitions of ESA 2010, which enables the geographical comparability of data between Montenegro and other countries. 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 Statistics office submits data on quarterly and annual GDP to Eurostat and 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 data for all reference periods are compiled/compiled in accordance with ESA 2010 requirements, national accounts data are fully comparable over time. Also, in case of fundamental changes in methods or classifications, revisions of long time series are carried out, which generally go back far into the past. Using a common framework, ie. 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 constant prices.

15.3. Coherence - cross
Data of quarterly GDP are adjusted with annual GDP data, at a time when annual 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:Quarterly national accounts data are subject to continuous revision as new input data become available. These revisions are called routine audits and include regular data revision. Less frequently, extraordinary audits (called benchmark revision) are the result of major changes in data sources, classifications or methodology. For example, when changing from ESA95 to ESA 2010, part of the data was revised. Preliminary data are revised at the time of availability of annual data. Statistical Office has adopted the revision policy and it is available on the website
17.2. Data revision - practice:Data from the National Accounts 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 a revision of the data of the entire system of National Accounts. While revisions should be seen as a process for progressive improvement of the quality of national accounts, e.g. as better sources and/or methods become available, the availability of revision information is a key element in understanding national accounts data and revisions occurring between releases. After the publication of the results of the calculation of the annual gross domestic product, 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 payment the balance. Data sources are usually short-term in nature and as such are subject to change over time. Quarterly GDP is calculated and published as a preliminary, and revised only once as part of the publication of final annual data.
18.2. Frequency of data
Quarterly data are collected at the end of the reference period when calculating the preliminary quarter and 9 months after the end of the reference year when calculating the annual GDP.
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. The department of national accounts usually does not just collect data, but collects it from other departments or institutions. National accounts combine data from many 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