DBNotes Countries - Apr06

MAIN ECONOMIC INDICATORS DATABASE NOTES
APRIL 2006

AVAILABLE ON DISK FROM 07-04-2006
(STA05)DBNotes/Apr

Composite Leading Indicators for Major OECD Non-Member Economies and Recently New OECD Member Countries

The OECD developed a System of Composite Leading Indicators (CLIs) for its Member Countries in the early 1980’s based on the “growth cycle” approach and up to now the OECD compiled composite leading indicators for 23 of its 30 Member countries. The country coverage has now been expanded to include all Member countries (except Iceland) and the major six OECD non-member economies (Brazil, China, India, Indonesia, Russian Federation and South Africa) monitored by the organization in the OECD System of Composite Leading Indicators.

CLIs for the major six OECD non-member economies have been developed in co-operation with national experts, while CLIs for recently new OECD Member countries (Korea, Czech Republic, Hungary, Poland and Slovak Republic) have been constructed from potential leading indicators identified among indicators for each country available in the Main Economic Indicators database (MEI). This approach has also been applied to the CLIs constructed for New Zealand for which the unavailability of an industrial production series prevented the calculation of a CLI in the past.

The CLIs are aggregated time series, and have been compiled using a modified version of the method developed by the US National Bureau of Economic Research. In general, the index of industrial production covering all industry sectors (IIP) is used as a proxy measure for GDP as historical turning points of IIP (reference turning points) have coincided with those of the entire economies for most OECD countries. The CLI comprises a set of component series selected from a wide range of key short-term economic indicators (about 5-10 for each country). The component series selected are those known to provide an indication of future economic activity. They will also be suitable when changes in economic structures occur in future.

The new CLIs for these 12 countries and their country specific component series are attached in the spreadsheet NewCLIs12Countries.xls. Information on the new CLIs (component series and reference turning points) is also available on the OECD website at http://www.oecd.org/std/cli. . In addition, a technical paper which outlines the procedures used for compiling the CLI for the twelve new countries is available at http://www.oecd.org/dataoecd/35/22/36414874.pdf

For further information on the inclusion of these new series, please contact Ronny Nilsson at ronny.nilsson@oecd.org.


Introduction of new series and changes to codes for Labour market series (1,099 series affected)


The Main Economic Indicators (MEI) database will introduce a number of new series and code changes for existing Labour market series in the April and May releases of MEI. These changes are necessary to merge series from the former OECD publication ‘Quarterly Labour Force Statistics’ to the MEI database, and to improve the logical presentation of labour force data in the MEI.
The Excel spreadsheet Labour series changes_April2006.xls contains the following information which users may require to make changes to their data extraction systems:

• A list of existing series whose codes have been changed for the April 2006 release of MEI (160 series – see worksheet ‘NewCodes_MEIApril06’);
• A list of series newly introduced in the MEI CD Rom from the former OECD publication ‘Quarterly Labour Force Statistics’ (795 series – see worksheet ‘NewLabourSeries_MEIApril06’);
• A list of existing series whose codes will change for the May 2006 release of MEI (144 series – see worksheet ‘NewCodes_MEIMay06’).

Any queries associated with these changes should be addressed to Catherine.martin@oecd.org.

SEASONAL ADJUSTMENTS


New seasonal adjustments by OECD are generally carried out once a year, when the December figure is available. Revisions to individual series due to new seasonal adjustments by national source or by OECD are not signalled in this note.

FOR FURTHER DETAILS


Detailed methodological information, updated in real time, is available at http://stats.oecd.org/mei/.
Questions relating to these database notes should be directed by e-mail to stat.contact@oecd.org.

Countries List

AUSTRALIA    AUSTRIA    BELGIUM    CANADA    DENMARK    EURO AREA    FINLAND    FRANCE    GERMANY    GREECE    ICELAND    INDIA    IRELAND    ITALY    KOREA    LUXEMBOURG    NEW ZEALAND    NORWAY    PORTUGAL    RUSSIAN FEDERATION    SLOVAK REPUBLIC    SPAIN    SWEDEN    SWITZERLAND    TURKEY    UNITED KINGDOM    UNITED STATES    ZONES    


CANADA

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Production
 The following series have been revised by source from January 2005 as a regular process to incorporate new information such as the annual benchmarking process of the Input-Output Accounts.
   Production in total agriculture CAN.PRAFAG01.NCIXOB
   Production in total agriculture saCAN.PRAFAG01.NCIXOBSA
   Production in total agriculture saCAN.PRAFAG01.NCMLSA
   Production of total construction CAN.PRCNTO01.NCIXOB
   Production of total construction saCAN.PRCNTO01.NCIXOBSA
   Production of total construction CAN.PRCNTO01.NCML
   Production of total construction saCAN.PRCNTO01.NCMLSA
   Rate of capacity utilisation in industry CAN.PRINCU01.ST
   Production of total industry saCAN.PRINTO01.IXOBSA
   Production of total industry CAN.PRINTO01.NCIXOB
   Production of total industry saCAN.PRINTO01.NCIXOBSA
   Production of total manufactured durable goods CAN.PRMNDG01.NCIXOB
   Production of total manufactured durable goods saCAN.PRMNDG01.NCIXOBSA
   Production of total manufactured non-durable goods CAN.PRMNNG01.NCIXOB
   Production of total manufactured non-durable goods saCAN.PRMNNG01.NCIXOBSA
   Production in total manufacturing CAN.PRMNTO01.NCIXOB
   Production in total manufacturing saCAN.PRMNTO01.NCIXOBSA
   Production in total services sectors CAN.PRSOTO01.NCIXOB
   Production in total services sectors saCAN.PRSOTO01.NCIXOBSA
   Production in total economy CAN.PRTTTO01.NCIXOB
   Production in total economy saCAN.PRTTTO01.NCIXOBSA



UNITED STATES

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Sales
 The following series has been revised by source from 1992 as a result of an annual revision process:
   Total retail trade (Value) USA.SLRTTO02.NCML
Monetary aggregates and their components
 The following series have been suspended by source.
   Monetary aggregate M3USA.MABMM301.ST
   Monetary aggregate M3 saUSA.MABMM301.STSA


AUSTRALIA

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Balance of Payments
 The following series has been included:
   BOP Direct investment in reporting economy USDAUS.BPFADI03.CXCU


KOREA

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Consumer Price Index
 Historical data are now available from 1951 for the following series:
   CPI All itemsKOR.CPALTT01.IXOB



NEW ZEALAND

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Stocks
 The following series have been revised by source from 2001:
   Stocks of manufactured finished goods (Value) NZL.STMNFG02.ST
   Stocks of raw materials (Value) NZL.STMNRM02.ST
   Stocks of total manufactured goods (Value)NZL.STMNTO02.ST
Balance of Payments
 The following series have been included:
   BOP Direct investment abroadNZL.BPFADI02.CXCU
   BOP Direct investment in reporting economyNZL.BPFADI03.CXCU


AUSTRIA

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Balance of Payments
 The following series have been included:
   BOP Direct investment abroadAUT.BPFADI02.CXCU
   BOP Direct investment in reporting economyAUT.BPFADI03.CXCU



BELGIUM

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Consumer Price Index
 New national base year (2004=100) for the following series:
   CPI All itemsBEL.CPALTT01.IXOB
   CPI Food excl. restaurantsBEL.CPGDFD02.IXOB
   CPI EnergyBEL.CPGREN01.IXOB
   CPI All items non-food non-energyBEL.CPGRLE01.IXOB
   CPI HousingBEL.CPSEHO05.IXOB
   CPI Services less housingBEL.CPSELR01.IXOB
Balance of Payments
 The following series have been included:
   BOP Direct investment abroadBEL.BPFADI02.CXCU
   BOP Direct investment in reporting economyBEL.BPFADI03.CXCU


DENMARK

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Balance of Payments
 The following series has been included:
   BOP Direct investment abroad USDDNK.BPFADI02.CXCU



FINLAND

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Sales
 The following series have been revised due to changes in the seasonal adjustments ARIMA models:
   Total car sales (Volume) saFIN.SLRTVE01.IXOBSA
   Total wholesale trade (Volume) saFIN.SLWHTO01.IXOBSA
Balance of Payments
 The following series have been included:
   BOP Direct investment abroadFIN.BPFADI02.CXCU
   BOP Direct investment in reporting economyFIN.BPFADI03.CXCU


FRANCE

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Other labour market indicators
 The following series has been revised by source from June 2000 due to a new multiplicative seasonal adjustment method.
   New job vacancies saFRA.OLJVNW01.MLSA


GERMANY

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Share prices
 The following series has been changed from monthly averages to end of period values starting in 1970:
   Share prices: CDAX indexDEU.SPASTT01.IXOB


GREECE

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Balance of Payments
 The following series have been included:
   BOP Direct investment abroadGRC.BPFADI02.CXCU
   BOP Direct investment in reporting economyGRC.BPFADI03.CXCU


ICELAND

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National Accounts
 New set of accounts from Q1 1997 with financial intermediation services indirectly measured (FISIM) allocated to industries and institutional sectors and chained constant prices, reference year 2000:
   Exports of goods and services ISL.EXPEXP.LNBQR
   Government final consumption expenditure ISL.EXPGC.LNBQR
   Gross domestic product ISL.EXPGDP.CQR
   Gross domestic product ISL.EXPGDP.CQR
   Gross domestic product ISL.EXPGDP.CQR
   Gross domestic product ISL.EXPGDP.DNB
   Gross domestic product ISL.EXPGDP.LNBQR
   Gross fixed capital formation ISL.EXPGF.LNBQR
   Gross fixed capital formation ISL.EXPGF.LNBQR
   Imports of goods and services ISL.EXPIMP.LNBQR
   Private final consumption expenditure ISL.EXPPC.LNBQR
   Residual item (gdp by exp) ISL.EXPSD.LNBQR
   Changes in inventories ISL.EXPST.LNBQR



IRELAND

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Other prices
 The following series has been suppressed:
   Cost of construction: residentialIRL.OPCNRE01.IXOB
Balance of Payments
 The following series has been included:
   BOP Direct investment in reporting economyIRL.BPFADI03.CXCU


ITALY

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Leading Indicators OECD
 The following series has been revised by source due to a change of methodolgy:
   CLI Order books or demand future tendency saITA.LOCNO207.STSA



LUXEMBOURG

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Consumer Price Index
 Due to revised weights, the following series has been revised for the whole period:
   CPI Services less housingLUX.CPSELR01.IXOB
Balance of Payments
 The following series has been included:
   BOP Direct investment in reporting economyLUX.BPFADI03.CXCU


NORWAY

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Balance of Payments
 The following series has been included:
   BOP Direct investment abroadNOR.BPFADI02.CXCU




PORTUGAL

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Production
 The following series have been revised by source from the 1st quarter 2002:
   Production of buildings PRT.PRCNBD01.QL
   Production of dwellings PRT.PRCNDW01.QL
Balance of Payments
 The following series has been included:
   BOP Direct investment in reporting economyPRT.BPFADI03.CXCU
National Accounts
 New set of accounts from Q1 1995 with chained volume estimates, reference year 2000, and with financial intermediation services indirectly measured (FISIM) allocated to industries and institutional sectors:
   Exports of goods and services PRT.CMPEXP.VIXOBSA
   Government final consumption expenditure PRT.CMPGC.VIXOBSA
   Gross domestic product PRT.CMPGDP.VIXOBSA
   Gross fixed capital formation PRT.CMPGF.VIXOBSA
   Imports of goods and services PRT.CMPIMP.VIXOBSA
   Private final consumption expenditure PRT.CMPPC.VIXOBSA
   Exports of goods and services PRT.EXPEXP.LNBQRSA
   Government final consumption expenditure PRT.EXPGC.LNBQRSA
   Gross domestic product PRT.EXPGDP.CQRSA
   Gross domestic product PRT.EXPGDP.DNBSA
   Gross domestic product PRT.EXPGDP.LNBQRSA
   Gross fixed capital formation PRT.EXPGF.LNBQRSA
   Imports of goods and services PRT.EXPIMP.LNBQRSA
   Private final consumption expenditure PRT.EXPPC.LNBQRSA
   Changes in inventories PRT.EXPST.LNBQRSA


SLOVAK REPUBLIC

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Monetary aggregates and their components
 The following series have been revised by source from 2002 due to a change of methodology:
   Broad money (M2) saSVK.MABMBM01.IXOBSA
   Monetary aggregate M2SVK.MABMM201.ST
   Monetary aggregate M2 saSVK.MABMM201.STSA
   Monetary aggregate M1SVK.MANMM101.ST
   Monetary aggregate M1 saSVK.MANMM101.STSA
   Narrow money (M1) saSVK.MANMNM01.IXOBSA


SPAIN

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Balance of Payments
 The following series have been included:
   BOP Direct investment abroadESP.BPFADI02.CXCU
   BOP Direct investment in reporting economyESP.BPFADI03.CXCU



SWEDEN

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Monetary aggregates and their components
 The following series have been revised by source from 1991 due to a change of methodology:
   Broad money (M3) saSWE.MABMBM01.IXOBSA
   Monetary aggregate M3SWE.MABMM301.ST
   Monetary aggregate M3 saSWE.MABMM301.STSA
Balance of Payments
 The following series have been included:
   BOP Direct investment abroadSWE.BPFADI02.CXCU
   BOP Direct investment in reporting economySWE.BPFADI03.CXCU


SWITZERLAND

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Balance of Payments
 The following series have been included:
   BOP Direct investment abroadCHE.BPFADI02.CXCU
   BOP Direct investment in reporting economyCHE.BPFADI03.CXCU


TURKEY

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Unemployment
 The following series has been revised by source from February 2005. Until January 2005, the survey excludes unemployed persons who accepted a job which will start later. From February 2005, the survey covers all the unemployed.
   Persons Unemployed for 1-2 MonthsTUR.UNLVST01.IXOB


UNITED KINGDOM

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Sales
 The following series have been revised by source from January 2001:
   Total retail trade (Volume) saGBR.SLRTTO01.IXOBSA
   Total retail trade (Value) GBR.SLRTTO02.IXOB
   Total retail trade (Value) saGBR.SLRTTO02.IXOBSA


EURO AREA

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Balance of Payments
 The following series have been included:
   BOP Direct investment abroadEMU.BPFADI02.CXCU
   BOP Direct investment in reporting economyEMU.BPFADI03.CXCU



INDIA

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National Accounts (for non-member countries)
 The following series has been revised by source from Q2 1999 through Q4 2005:
   GDP at factor cost, current pricesIND.SNACVA01.NCCU
   GDP at factor cost, current prices saIND.SNACVA01.NCCUSA
   GDP Agriculture, forestry and fishing, current pricesIND.SNACVA02.NCCU
   GDP Industry (mining, manufacturing, electricity, gas and water), current pricesIND.SNACVA03.NCCU
   GDP Construction, current pricesIND.SNACVA04.NCCU
   GDP Services, current pricesIND.SNACVA05.NCCU
   GDP Mining and quarrying, current pricesIND.SNACVA06.NCCU
   GDP Manufacturing, current pricesIND.SNACVA07.NCCU
   GDP Electricity, gas and water, current pricesIND.SNACVA08.NCCU
   GDP Trade, hotels, transport and communication, current pricesIND.SNACVA09.NCCU
   GDP Financing, insurance, real estate and business services, current pricesIND.SNACVA10.NCCU
   GDP Community, social and personal services, current pricesIND.SNACVA11.NCCU
 Starting from Q2 1999 the following series are now available at 1999-2000 constant price values (previously in 1993-1994 constant price values):
   GDP at factor cost, constant pricesIND.SNAVVA01.NCCU
   GDP at factor cost, constant prices saIND.SNAVVA01.NCCUSA
   GDP Agriculture, forestry and fishing, constant pricesIND.SNAVVA02.NCCU
   GDP Industry (mining, manufacturing, electricity, gas and water), constant pricesIND.SNAVVA03.NCCU
   GDP Construction, constant pricesIND.SNAVVA04.NCCU
   GDP Services, constant pricesIND.SNAVVA05.NCCU
   GDP Mining and quarrying, constant pricesIND.SNAVVA06.NCCU
   GDP Manufacturing, constant pricesIND.SNAVVA07.NCCU
   GDP Electricity, gas and water, constant pricesIND.SNAVVA08.NCCU
   GDP Trade, hotels, transport and communication, constant pricesIND.SNAVVA09.NCCU
   GDP Financing, insurance, real estate and business services, constant pricesIND.SNAVVA10.NCCU
   GDP Community, social and personal services, constant pricesIND.SNAVVA11.NCCU






RUSSIAN FEDERATION

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Business tendency surveys (manufacturing)
 The following series has been included:
   Manufacturing - Total Demand: future tendencyRUS.BSDEFT01.ST
 The following series has been included (replacing RUS.BSOBLV01.ST):
   Manufacturing - Total Demand: levelRUS.BSDELV01.ST
National Accounts (for non-member countries)
 The following series has been included (replacing RUS.SNGCTT01.NCCU):
   GDP at market prices, current pricesRUS.SNACVA01.NCCU
 The following series has been included (replacing RUS.SNGCTT01.NCCUSA):
   GDP at market prices, current pricesRUS.SNACVA01.NCCUSA
 The following series has been included (replacing RUS.SNGVTT01.NCCU):
   GDP at market prices, constant pricesRUS.SNAVVA01.NCCU







ZONES

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Consumer Price Index
 The following series have been revised from January 1970 to December 1994. The series now includes Korea for the mentioned period :
   OTL CPI All itemsOTL.CPALTT01.IXOB
   OTL CPI Food excl. restaurantsOTL.CPGDFD02.IXOB
   OTO CPI All itemsOTO.CPALTT01.IXOB
   OTO CPI Food excl. restaurantsOTO.CPGDFD02.IXOB
 The following series have been revised from January 1970 to December 1994. The series now includes Mexico, Korea, Greece, Iceland, Portugal, Sweden and Turkey for the mentioned period :
   OTO CPI EnergyOTO.CPGREN01.IXOB
   OTO CPI All items non-food non energyOTO.CPGRLE01.IXOB
 The following series have been revised from January 1970 to December 1994. The series now includes Greece, Iceland, Portugal, Sweden and Turkey for the mentioned period :
   OEU CPI EnergyOEU.CPGREN01.IXOB
   OEU CPI All items non-food non-energyOEU.CPGRLE01.IXOB
 The following series have been revised from January 1970 to December 1994. The series now includes Greece, Iceland, Portugal and Sweden for the mentioned period :
   OEL CPI EnergyOEL.CPGREN01.IXOB
 The following series have been revised from January 1970 to December 1994. The series now includes Greece, Iceland, Portugal and Sweden for the mentioned period :
   OEL CPI All items non-food non energyOEL.CPGRLE01.IXOB
 The following series have been revised from January 1970 to December 1994. The series now includes Mexico, Korea, Greece, Iceland, Portugal and Sweden for the mentioned period :
   OTL CPI EnergyOTL.CPGREN01.IXOB
   OTL CPI All items non-food non energyOTL.CPGRLE01.IXOB