Bank of Lithuania

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

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

Q2

Annual

According to dates indicated in the data release calendar when publishing reference period data

17 quarters or entire time series

Q1

Q4

Routine

According to dates indicated in the data release calendar when publishing reference period data

15 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.

Last update: 17-04-2018