Final figures will be published when all the corrections are made, Maric told a news conference in the Croatian National Statistical Office at the launch of a two-year project for the further development of public finance statistics.
According to preliminary estimates, the general government deficit will account for 2.4 percent of Gross Domestic Product, when measured by 1995 ESA standards. On the other hand, measurements carried out in accordance with 2001 GSF (the Government Finance Statistics methodology) put it at 3.3 percent of GDP in this year.
The European System of National and Regional Accounts (ESA) is an internationally compatible accounting framework for a systematic and detailed description of a total economy, its components and its relations with other total economies. The 1995 ESA replaces the European System of Integrated Economic Accounts published in 1970. The 1995 ESA is fully consistent with the revised world-wide guidelines on national accounting, the System of National Accounts (SNA). However, the ESA is focused more on the circumstances and data needs in the European Union.
The implementation of new standards will lead to changes not only in figures about the deficit but also in GDP which will be corrected due to the introduction of the grey economy as one of components, the National Statistical Office's deputy head, Ivan Sutalo said.
He added that the grey economy was assessed at making up 10 to 15 percent of GDP.
Sutalo said that the project would make it possible for Croatia to have figures on GDP, the government deficit and public debt comparable with figures from EU member states.
Currently, three Croatian institutions deal with publishing official statistics, the Statistical Office (DZS) gives data about GDP, the Finance Ministry about the government deficit, while the same ministry and the Croatian National Bank give data on the public debt.
The value of the two-year project is 800,000 euros and will be covered by funds from the CARDS 2003 programme. The twinning partner is Finland's Statistics, and experts from Sweden and Denmark will also assist in its implementation.