Data revisions is an important step towards improving the quality of statistical data. Revisions made in a professional and transparent manner enhance both plausibility of statistics and data user confidence.
Revisions are broadly defined as any changes in the value of statistics released to the public. Statistical data may be revised due to:
- incorporation of better source data;
- replacement of the estimated values of missing data with actual data or replacement of preliminary data with final data;
- changes in methodology, concepts, estimation methods and classifications;
- correction of errors.
The Bank of Lithuania revises statistical data in accordance with the recommendations from the European Central Bank, Eurostat as well as international organisations (the OECD and IMF) and following three main principles:
- Publicity – revision cycles are publicly available. Significant data revisions are documented and explained to data users.
- Consistency – as much as possible, revision policies are consistent across statistical domains. Data is revised at the same time and for the same reporting period.
- Stability – revision cycles are kept stable over a sufficiently long time period.
The Bank of Lithuania regularly performs the following revisions of the compiled data:
- Routine revision. Depending on statistical domains, routine revisions may be carried out on a monthly or quarterly basis. During these revisions preliminary data is replaced with final data and estimated values are replaced with actual data, consistency between monthly and quarterly data is performed, reclassifications are implemented, errors are corrected. Revision depth is limited to a maximum of four last years.
- Annual revision. Such revisions are performed on an annual basis and include implementation of new data sources, new statistical methods or reclassifications. Annual revision may cover the entire time series.
Statistical data may be revised when a new methodology is implemented across the EU in a coordinated manner. Such revisions take place every five years. Statistical data users are informed of the revisions in advance.
Bank of Lithuania statistics revision cycle
|
Statistical domains |
Release frequency |
Reference period |
Type of revision |
Timing |
Depth |
|
MFI balance sheet and monetary statistics |
Monthly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
1 month or up to 13 months* |
|
MFI interest rate statistics |
Monthly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
1 month or up to 13 months* |
|
Investment fund balance sheet statistics |
Monthly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
1 month or up to 13 months* |
|
March June September December |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
2 months |
||
|
January July |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
6 months |
||
|
May |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
16 months |
||
| Insurance corporation balance sheet statistics | Quarterly | All | Routine | According to dates indicated in the data release calendar when publishing reference period data | 1 quarter or up to 7 quarters* |
| Q2 | Routine | According to dates indicated in the data release calendar when publishing reference period data | 5 quarters | ||
| Pension fund balance sheet statistics | Quarterly | All | Routine | According to dates indicated in the data release calendar when publishing reference period data | 1 quarter or up to 5 quarters* |
|
Interbank market |
Monthly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference-period data |
1 month or up to 3 months* |
|
Foreign exchange market |
Monthly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
1 month or up to 3 months* |
|
Financial accounts statistics |
Quarterly Annual |
Q1 Q4
|
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
15 quarters |
|
Q2 |
Annual |
According to dates indicated in the data release calendar when publishing reference period data |
17 quarters |
||
|
Payments statistics |
Quarterly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
1 quarter or up to 4 quarters* |
|
Loan statistics (Loan Risk Database data) |
Quarterly |
All |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
9 quarters |
|
Balance of payments and international investment position |
Quarterly |
Q2 |
Annual |
According to dates indicated in the data release calendar when publishing reference period data |
13 quarters or entire time series |
|
Q4 |
Routine |
According to dates indicated in the data release calendar when publishing reference period data |
3 quarters |
||
|
Balance of payments |
Monthly |
March |
Routine |
82 days after the end of the reference period |
3 months |
|
June |
Routine |
82 days after the end of the reference period |
42 months or entire time series |
||
|
September |
Routine |
82 days after the end of the reference period |
9 months |
||
|
December |
Routine |
82 days after the end of the reference period |
12 months |
* In exceptional cases when significant errors are detected.