DBNotes Countries - Feb08

MAIN ECONOMIC INDICATORS DATABASE NOTES
FEBRUARY 2008

AVAILABLE ON DISK FROM 08/02/2008
(STA05)DBNotes/Feb

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.
UPCOMING CHANGE IN ZONES FOR THE MEI
As stated in the May 2007 MEI there has been a change in the compilation of zones for the MEI. The OECD compiled series relating to the former European Union of 15 countries indicated by the prefix E15 will be no longer available from the March 2008 MEI.
CHANGES TO THE COMPILATION METHODOLOGY FOR ZONE AGGREGATES

In accordance with the issues outlined in the document MA zones, chain linking and weights, the OECD has revised a number of its currently published zone aggregates as follows:

  • Introduction of annual chain linked indexes for all monetary aggregate zone aggregates with time series back to 1970 in most cases, to replace the current fixed weight series where time series commence in 1990. The weights used will be GDP at current prices adjusted for PPPs.
  • Introduction of yearly chain linked indexes for industrial production and retail trade volume zone aggregates, to replace the current fixed weight series.
  • Compilation of zone aggregates for "OECD-total excluding high inflation countries" and "OECD-Europe excluding high inflation countries" based on the historical chronology presented in Table 1 of the above attached article. These new series replace the existing "excluding high inflation countries" zone aggregates series which only exclude Turkey and are compiled for the nominal variables: consumer price index (all-items, energy, food, and all-items less food less energy); producer price index; hourly earnings in manufacturing and; monetary aggregates (narrow money and broad money).

    All former zone aggregate series that have been discontinued and replaced with the series based on the new methodology (which use the same series codes) are shown in the attached spreadsheet: MEI former zone aggregates.xls.

  • 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

    CANADA    UNITED STATES    JAPAN    FINLAND    ITALY    POLAND    SLOVAK REPUBLIC    UNITED KINGDOM    EURO AREA    OECD-TOTAL    MAJOR SEVEN    OECD-EUROPE    OECD-TOTAL EXCL. HIGH INFLATION    OECD-EUROPE EXCL. HIGH INFLATION    SOUTH AFRICA    

    CANADA

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    Production
     The Industry Accounts Division of Statistics Canada has updated the base year for the constant dollar series from 1997 to 2002. The data have been revised back to January 1997:
       Production in total economyCAN.PRTTTO01.NCIXOB
       Production in total economy saCAN.PRTTTO01.NCIXOBSA
       Production in total economyCAN.PRTTTO01.NCML
       Production in total economy saCAN.PRTTTO01.NCMLSA

    UNITED STATES

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    Monetary aggregates and their components
     The following series have been revised by source to incorporate the results of its annual review of seasonal factors and a new quarterly benchmark:
       Monetary aggregate M2USA.MABMM201.ST
       Monetary aggregate M2 saUSA.MABMM201.STSA

    JAPAN

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    Producer Prices
     New national base year (2005=100) for the following series:
       PPI PROCESSED FOODSTUFFSJPN.PPFAFD01.IXOB
       PPI TEXTILESJPN.PPFATL01.IXOB
       PPI MANUFACTURINGJPN.PPIAMP01.IXOB
       PPI MACH & EQUIPJPN.PPMQME01.IXOB
       PPI IRON & STEELJPN.PPMQMP02.IXOB
       PPI CHEMICAL & CHEMICAL PRODSJPN.PPOGCH01.IXOB
       PPI PETROLEUM & COAL PRODJPN.PPOGPC01.IXOB

    FINLAND

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    Production
     Statistics Finland has revised the sample-based monthly volume index against the more extensive annual volume index for the all period of 2006 to 2007:
       Production of total industry FIN.PRINTO01.IXOB
       Production of total industry saFIN.PRINTO01.IXOBSA
       Production of manufactured durable consumer goods FIN.PRMNCG02.IXOB
       Production of manufactured durable consumer goods saFIN.PRMNCG02.IXOBSA
       Production of manufactured non-durable consumer goods FIN.PRMNCG03.IXOB
       Production of manufactured non-durable consumer goods saFIN.PRMNCG03.IXOBSA
       Production of total manufactured intermediate goods FIN.PRMNIG01.IXOB
       Production of total manufactured intermediate goods saFIN.PRMNIG01.IXOBSA
       Production in total manufacturing FIN.PRMNTO01.IXOB
       Production in total manufacturing saFIN.PRMNTO01.IXOBSA
       Production of total manufactured investment goods FIN.PRMNVG01.IXOB
       Production of total manufactured investment goods saFIN.PRMNVG01.IXOBSA



    ITALY

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    Employment
     The following series have been revised by source for Q1, Q2 and Q4 2006:
       Civilian employment: agriculture ITA.EMESAGTT.IXOB
       Civilian employment: agriculture saITA.EMESAGTT.IXOBSA
       Civilian employment: agriculture ITA.EMESAGTT.ST
       Civilian employment: agriculture saITA.EMESAGTT.STSA
       Civilian employment: females ITA.EMESCVFE.ST
       Civilian employment: males ITA.EMESCVMA.ST
       Civilian employment: all persons ITA.EMESCVTT.IXOB
       Civilian employment: all persons saITA.EMESCVTT.IXOBSA
       Civilian employment: all persons ITA.EMESCVTT.ST
       Civilian employment: all persons saITA.EMESCVTT.STSA
       Civilian employment: industry including construction ITA.EMESICTT.ST
       Civilian employment: industry including construction saITA.EMESICTT.STSA
       Civilian employment: services ITA.EMESSETT.IXOB
       Civilian employment: services saITA.EMESSETT.IXOBSA
       Civilian employment: services ITA.EMESSETT.ST
       Civilian employment: services saITA.EMESSETT.STSA
       Total employment (including armed forces) ITA.EMESTTTT.ST
       Total employment (including armed forces) saITA.EMESTTTT.STSA
       Employees: total (household survey) saITA.EMEYTTHS.STSA
     The following series has been revised by source for months in 2007:
       Labour disputes: hours lost ITA.EMECLDDH.CU
    Population & Labour force
     The following series have been revised by source for Q1, Q2 and Q4 2006:
       Civilian labour force: females ITA.PLLFCLFE.ST
       Civilian labour force: females saITA.PLLFCLFE.STSA
       Civilian labour force: males ITA.PLLFCLMA.ST
       Civilian labour force: males saITA.PLLFCLMA.STSA
       Civilian labour force: all persons ITA.PLLFCLTT.ST
       Civilian labour force: all persons saITA.PLLFCLTT.STSA
       Total labour force: females ITA.PLLFTLFE.ST
       Total labour force: males ITA.PLLFTLMA.ST
       Total labour force: all persons ITA.PLLFTLTT.ST
       Total labour force: all persons saITA.PLLFTLTT.STSA

    POLAND

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    Production
     Monthy preliminary data from March to October 2007 have been revised by the Polish Central Statistical Office based on the quartely changes applied to residential buildings:
       Production of dwellings POL.PRCNDW01.ML

    SLOVAK REPUBLIC

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    National Accounts
     New reference year 2000 for chain linked volume estimates:
       Exports of goods and services SVK.EXPEXP.LNBQRSA
       Government final consumption expenditure SVK.EXPGC.LNBQRSA
       Gross domestic product SVK.EXPGDP.DNBSA
       Gross domestic product SVK.EXPGDP.LNBQRSA
       Gross fixed capital formation SVK.EXPGF.LNBQRSA
       Imports of goods and services SVK.EXPIMP.LNBQRSA
       Private final consumption expenditure SVK.EXPPC.LNBQRSA

    UNITED KINGDOM

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    Interest Rates
     The interest rate is now the lending rate (instead of the mean (LIBID/LIBOR)
       SONIA sterling overnight interbank rate (mean LIBID/LIBOR)GBR.IRSTCI01.ST





    EURO AREA

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    Business tendency surveys (retail trade)
     For the following series, the Euro area composition has changed to include Cyprus and Malta. The historical values (since 1985), as well as the country weights, have been revised accordingly:
       Retail trade - Business situation: present saEMU.BRBUCT02.STSA
       Retail trade - Business situation: future tendency saEMU.BRBUFT02.STSA
       Retail trade - Confidence indicator saEMU.BRCICP02.STSA
       Retail trade - Employment: future tendency saEMU.BREMFT02.STSA
       Retail trade - Orders intentions/demand: future tendency saEMU.BRODTE02.STSA
       Retail trade - Volume of stocks: level saEMU.BRVSLV02.STSA
    Business tendency surveys (construction)
     For the following series, the Euro area composition has changed to include Cyprus and Malta. The historical values (since 1985), as well as the country weights, have been revised accordingly:
       Construction - Business situation: present saEMU.BCBUCT02.STSA
       Construction - Confidence indicator saEMU.BCCICP02.STSA
       Construction - Employment: future tendency saEMU.BCEMFT02.STSA
       Construction - Orders books: level saEMU.BCOBLV02.STSA
       Construction - Selling prices: future tendency saEMU.BCSPFT02.STSA
    Business tendency surveys (services)
     For the following series, the Euro area composition has changed to include Cyprus and Malta. The historical values (since 1985), as well as the country weights, have been revised accordingly:
       Services - Business situation: present saEMU.BVBUCT02.STSA
       Services - Confidence indicator saEMU.BVCICP02.STSA
       Services - Demand evolution: future tendency saEMU.BVDEFT02.STSA
       Services - Demand evolution: tendency saEMU.BVDETE02.STSA
       Services - Employment: future tendency saEMU.BVEMFT02.STSA
       Services - Employment: tendency saEMU.BVEMTE02.STSA
    Business tendency surveys (manufacturing)
     For the following series, the Euro area composition has changed to include Cyprus and Malta. The historical values (since 1985), as well as the country weights, have been revised accordingly:
       Manufacturing - Confidence indicator saEMU.BSCICP02.STSA
       Manufacturing - Industrial confidence indicator saEMU.BSCICP03.STSA
       Manufacturing - Rate of capacity utilisation saEMU.BSCURT02.STSA
       Manufacturing - Employment: future tendency saEMU.BSEMFT02.STSA
       Manufacturing - Finished goods stocks: level saEMU.BSFGLV02.STSA
       Manufacturing - Order books: level saEMU.BSOBLV02.STSA
       Manufacturing - Orders inflow/Demand: tendency saEMU.BSOITE02.STSA
       Manufacturing - Production: tendency saEMU.BSPRTE02.STSA
       Manufacturing - Selling prices: future tendency saEMU.BSSPFT02.STSA
       Manufacturing - Exports order books: level saEMU.BSXRLV02.STSA
    Consumer opinion surveys
     For the following series, the Euro area composition has changed to include Cyprus and Malta. The historical values (since 1985), as well as the country weights, have been revised accordingly:
       Consumer - Confidence indicator saEMU.CSCICP02.STSA
       Consumer confidence indicator saEMU.CSCICP03.STSA
       Consumer - Expected economic situation saEMU.CSESFT02.STSA
       Consumer - Prices: future tendency saEMU.CSINFT02.STSA





    OECD-TOTAL

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    Production
     The following series has been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's Gross Domestic Product in industry adjusted by GDP purchasing power parity:
       OTO Production of total industry saOTO.PRINTO01.IXOBSA
    Sales
     The following series has been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's Gross Domestic Product in industry adjusted by GDP purchasing power parity:
       OTO Total retail trade (Volume) saOTO.SLRTTO01.IXOBSA
    Producer Prices
     The following series has been revised by the OECD for the entire period:
       OTO PPI Manufactured products TotalOTO.PPIAMP01.IXOB
    Consumer Price Index
     The following series have been revised by the OECD for the entire period:
       OTO CPI All itemsOTO.CPALTT01.IXOB
       OTO CPI Food excl. restaurantsOTO.CPGDFD02.IXOB
       OTO CPI EnergyOTO.CPGREN01.IXOB
       OTO CPI All items non-food non energyOTO.CPGRLE01.IXOB
    Monetary aggregates and their components
     The following series have been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's gross domestic product adjusted for purchasing power parity.
       OTO Broad money (M2+) saOTO.MABMBM01.IXOBSA
       OTO Narrow money (M1) saOTO.MANMNM01.IXOBSA




    MAJOR SEVEN

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    Production
     The following series has been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's Gross Domestic Product in industry adjusted by GDP purchasing power parity:
       G7M Production of total industry saG7M.PRINTO01.IXOBSA
    Sales
     The following series has been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's private consumption expenditure adjusted by purchasing power parity:
       G7M Total retail trade (Volume) saG7M.SLRTTO01.IXOBSA
    Producer Prices
     The following series has been revised by the OECD for the entire period:
       G7M PPI Manufactured products TotalG7M.PPIAMP01.IXOB
    Consumer Price Index
     The following series have been revised by the OECD for the entire period:
       G7M CPI All itemsG7M.CPALTT01.IXOB
       G7M CPI Food excl. restaurantsG7M.CPGDFD02.IXOB
       G7M CPI EnergyG7M.CPGREN01.IXOB
       G7M CPI All items non-food non energyG7M.CPGRLE01.IXOB





    OECD-EUROPE

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    Production
     The following series has been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's Gross Domestic Product in industry adjusted by GDP purchasing power parity:
       OEU Production of total industry saOEU.PRINTO01.IXOBSA
    Sales
     The following series has been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's private consumption expenditure adjusted by purchasing power parity:
       OEU Total retail trade (Volume) saOEU.SLRTTO01.IXOBSA
    Producer Prices
     The following series has been revised by the OECD for the entire period:
       OEU PPI Manufactured products TotalOEU.PPIAMP01.IXOB
    Consumer Price Index
     The following series have been revised by the OECD for the entire period:
       OEU CPI All itemsOEU.CPALTT01.IXOB
       OEU CPI Food excluding restaurantsOEU.CPGDFD02.IXOB
       OEU CPI EnergyOEU.CPGREN01.IXOB
       OEU CPI All items non-food non-energyOEU.CPGRLE01.IXOB
    Monetary aggregates and their components
     The following series have been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's gross domestic product adjusted for purchasing power parity.
       OEU Broad money (M2+) saOEU.MABMBM01.IXOBSA
       OEU Narrow money (M1) saOEU.MANMNM01.IXOBSA




    OECD-TOTAL EXCL. HIGH INFLATION

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    Labour compensation
     The following series has been included:
       OTL Hourly earnings: manufacturing saOTL.LCEAMN01.IXOBSA
    Producer Prices
     The following series has been revised: the definition of countries with high inflation has been revised to reflect a more complete and historical list of countries.
       OTL PPI Manufactured products TotalOTL.PPIAMP01.IXOB
    Consumer Price Index
     The following series have been revised: the definition of countries with high inflation has been revised to reflect a more complete and historical list of countries.
       OTL CPI All itemsOTL.CPALTT01.IXOB
       OTL CPI Food excl. restaurantsOTL.CPGDFD02.IXOB
       OTL CPI EnergyOTL.CPGREN01.IXOB
       OTL CPI All items non-food non energyOTL.CPGRLE01.IXOB
    Monetary aggregates and their components
     The following series have been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's gross domestic product adjusted for purchasing power parity. The definition of countries with high inflation has also been revised to reflect a more complete and historical list of countries.
       OTL Broad money (M2+) saOTL.MABMBM01.IXOBSA
       OTL Narrow money (M1) saOTL.MANMNM01.IXOBSA




    OECD-EUROPE EXCL. HIGH INFLATION

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    Labour compensation
     The following series has been included:
       OEL Hourly earnings: manufacturing saOEL.LCEAMN01.IXOBSA
    Producer Prices
     The following series has been revised: the definition of countries with high inflation has been revised to reflect a more complete and historical list of countries.
       OEL PPI Manufactured products TotalOEL.PPIAMP01.IXOB
    Consumer Price Index
     The following series have been revised: the definition of countries with high inflation has been revised to reflect a more complete and historical list of countries.
       OEL CPI All itemsOEL.CPALTT01.IXOB
       OEL CPI Food excl. restaurantsOEL.CPGDFD02.IXOB
       OEL CPI EnergyOEL.CPGREN01.IXOB
       OEL CPI All items non-food non energyOEL.CPGRLE01.IXOB
    Monetary aggregates and their components
     The following series have been revised to be annually chain-linked Laspeyres indices with the weights based on the previous year's gross domestic product adjusted for purchasing power parity. The definition of countries with high inflation has also been revised to reflect a more complete and historical list of countries.
       OEL Broad money (M2+) saOEL.MABMBM01.IXOBSA
       OEL Narrow money (M1) saOEL.MANMNM01.IXOBSA

    SOUTH AFRICA

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    Balance of Payments
     The following series have been included:
       BOP Services, creditZAF.BPCRSE01.NCCU
       BOP Goods, exportsZAF.BPCRTD01.NCCU
       BOP Services, debitZAF.BPDBSE01.NCCU
       BOP Goods, importsZAF.BPDBTD01.NCCU