BOFIT Viikkokatsaus / BOFIT Weekly 2017/30

GDP and its components for the years 2011–16 have now all been revised in accordance with a unified SNA 2008 methodology. As Rosstat has been working backwards, the revised figures for 2014–15 were released in early 2016, together with partly improved data for 2011–13 based on a temporary methodology. The newest 2011–13 figures for fixed capital formation (fixed investment), which impact the GDP figures, now include acquisition of large weapons systems as well as economically beneficial R&D activities.

In the latest round, the value of fixed capital formation during 2011–13 was increased by roughly 10 % from the earlier figures (the previous revision already boosted the value of private consumption by about 10 %). The value of GDP in the years 2011, 2012 and 2013 rose 1–3 %. In the previous temporary revision, the rise in the value of GDP for the period was about 7 % from the old figures.

The pace of real annual GDP growth now rose by 0.4 percentage points for 2012–13, because growth of private consumption was revised up by 0.7 percentage points. In contrast, annual growth in fixed capital formation weakened by 0.7 percentage points for 2012–14.