Common use of Chain-linking and benchmarking Clause in Contracts

Chain-linking and benchmarking. There is no need to proceed with benchmarking for the first quarterly estimates as the values are estimated directly from quarterly data sources. However, when it comes to revising the first estimates according to estimates that are based on annual sources and calculations, adjustments become necessary. Current price values are benchmarked for the whole time series, while previous year’s price values are benchmarked only for the periods where SUT provide the annual values. As SUT are fully integrated with ANA, they also have to stay coherent with QNA totals. Benchmarking for previous year’s price values is done on a more aggregated level than for current price values. There is no need to have values for previous year’s prices on the level of compilation. But the values are available for all the necessary macroeconomic aggregates. In the periods where no SUT is available, current price values are deflated according to the regular QNA procedure. Previous year’s price values for ANA are arrived at as the sum of quarters. Chain-linked volumes are arrived at according to the regular QNA process. The revised current and previous year’s prices serve as the basis for this process. No additional adjustments are done via benchmarking.