Revisions of macroeconomic indicators

In implementing its policy, the Bank of Russia analyses a wide range of macroeconomic data. However, the data available at a particular point in time is often only a preliminary estimate since it is published on the basis of incomplete information and is subject to subsequent revision. The resulting uncertainty in the data can significantly affect modelling results and the associated decisions. It is therefore important that in retrospective analysis we reconstruct the information used to make economic decisions at the time they were made, rather than by using the data that only became available a few years later. This requires the availability of all indicators as they were published in real time (i.e. their vintages).

The vintages of the main macroeconomic indicators presented in this section have been compiled to improve the understanding of data revisions.

Before use, it is recommended to read the README files and related works describing the methodology of dataset collection.

Published data vintages are only the result of research. They should not be viewed as indicators officially published by the Bank of Russia, so we cannot guarantee that they are free from inaccuracies and errors. Any inaccuracies and errors are solely those of the authors. Should you find any, please email us at gornostaevda@cbr.ru.

Related methodology papers:

Gornostaev, А. Porshakov, S. Seleznev, А. Sterkhova, and D. Chernyadev (2021). GDP revisions: measurement and implications [in Russian]. Bank of Russia Analytical Notes.

Gornostaev, A. Ponomarenko, S. Seleznev, and A. Sterkhova (2022). A Real-Time Historical Database of Macroeconomic Indicators for Russia. Russian Journal of Money and Finance, 81(1), 88–103.

Gornostaev, N. Makhankova, P. Milyutin, A. Ponomarenko, and S. Seleznev (2024). Reconstructing the publication history of Russia’s GDP and its components. Bank of Russia Working Papers Series.