Industrial, construction survey data refined
The Banco de España has announced modifications to its Industrial Business Survey (ECI) and the Construction Sector Business Survey (ECC). These changes aim to improve data quality, consistency, and comparability.
Streamlining data for clarity
The Banco de España (BDE) has implemented modifications to its Industrial Business Survey (ECI) and Construction Sector Business Survey (ECC).
These adjustments are part of a statistical series review by the Ministry of Industry and Tourism and a transition to a new data dissemination system, aiming to improve data quality, consistency, and comparability.
For the ECI, only seasonally adjusted series will now be disseminated, discontinuing original series publication.
This provides a clearer view of underlying trends.
In the ECC, sectoral breakdowns are removed due to high volatility, with only aggregate data published for greater stability.
Furthermore, 'Production expectations' and 'Order book expectations' are removed from the ECC questionnaire, as they were not harmonised with the reference European programme.
These adjustments ensure BDE's statistical output aligns with international standards and offers more robust economic indicators.
Impact on statistical tables
The changes impact specific BDE statistical tables.
Table 23.16, 'Industrial and Construction Business Survey. Main results,' will no longer carry original ECI series data.
It will now integrate ECC information, previously in Table 23.18, with content adjusted for discontinuities.
The stock level, vital for industrial climate calculation, will also be added.
Table 23.17, 'Industrial Business Surveys. Breakdown by sectors (CNAE-2009),' will present seasonally adjusted ECI series, replacing original ones.
These updates ensure BDE's published statistics align with new methodologies, providing a harmonised dataset for economic analysis.
Clarity over complexity
The BDE's move to streamline its business surveys reflects a pragmatic approach to data dissemination.
By prioritizing harmonized, seasonally adjusted, and aggregate data, the institution enhances clarity and reduces noise for analysts.
While some granular detail is lost, the overall gain in consistency and comparability is a clear benefit for robust economic assessment.