Revision of Statistical Data is a Normal Practice

12 october 2017 | Nezavisimaya Gazeta

On the tenth working day of October, the Russian Federal State Statistics Service will determine whether the industry growth has accelerated or slowed down in autumn. Publishers of the Nezavisimaya Gazeta believe that the official statistics is often revised retrospectively and out of all recognition, and instead of initial recession in certain months, there may be a stable growth.

Vladislav Onischenko
Vladislav Onischenko
First Deputy Head

Different data are revised, usually these which are not very successful for the Russian economy. Sometimes, during the correction, indicators were revised downwards, but these were rare events.

The publishers think that this time the indicators will also be revised positively: next year, the recession registered in February 2017 will turn into growth next to zero in new reports, and the July deceleration will become acceleration. 

Both the Ministry of Economic Development and the Russian Federal State Statistics Service gave similar comments to the newspaper about the reasons for statistics adjustments: the revision of data on production indexes is not only international practice but also an objective necessity. The interviewed experts agree with it.

"Old assessments do not disappear, and if necessary, they may be used", the First Deputy Head of the Analytical Center Mr. Vladislav Onischenko thinks. According to him, methodology revision is objectively related to the commencement of usage of OKVED-2. In this case, backward retrospective revised estimation of series is a normal practice, the Deputy Head believes. "As for the reasons for the transition to OKVED-2, there are many of them, and the main one is about 10 years delay in application of the standards of the Organization for Economic Cooperation and Development," Onischenko explained.

Source: Nezavisimaya Gazeta

Picture from open sources