The GDP revisions cycle is a set cycle year-to-year. Revisions occur to previously released quarters based on the reference period open with each release:
- a first quarter release includes revisions to all quarters of the previous year;
- a second quarter release includes revisions to only the first quarter of the same year;
- a third quarter release is the annual revision* and includes revisions to all quarters back three years (due to incorporation of Supply-Use Table);
* Comprehensive revisions (back to 1961) can occur with the annual revision when there are significant changes to concepts or methods, such as integration of new SNA concepts; and - a fourth quarter release includes revisions to all quarters of the same year.
Description - Table 1
The GDP revisions cycle is a set cycle year-to-year. Revisions occur to previously released quarters based on the reference period open with each release. For the first quarter of GDP by income and by expenditure, the release includes revisions to all quarters of the previous year; a second quarter release includes revisions to only the first quarter of the same year; a third quarter release is the annual revision and includes revisions to all quarters back three years (due to incorporation of the Supply-Use Table (SUT) for three years prior); and a fourth quarter release includes revisions to all quarters of the same year.
Comprehensive revisions (quarterly, back to 1961) can occur with the annual revision when there are significant changes to concepts or methods, such as integration of new System of National Accounts concepts.
The table illustrates the main production period for each quarter, the corresponding reference quarter/year and the release date. Using the first quarter of a year as an example: the first vintage of those estimates is released in May of the same reference year with revisions to all quarters previous year. The second vintage of the first quarter is released in August with the second quarter release. The third vintage of the first quarter is released with the third quarter release (annual revision) in November. The fourth vintage of the first quarter is released in February of the following year with the fourth quarter release. The fifth vintage of the first quarter is released in May with the first quarter of the following year. The sixth vintage of the first quarter is released with the third quarter release of the following year (annual revision) in November. The seventh vintage of the first quarter is released with the third quarter of two years after (annual revision) in November. The eighth vintage of the first quarter and the last revision vintage (excluding comprehensive revisions) is released in November with the third quarter release three years after, and reflects the incorporation of the SUT benchmark for that year.