European Central Bank

The Euro Area Real-Time Database (RTDB) is an experimental dataset that consists of vintages, or snapshots, of time series of several variables, based on series reported in the ECB’s Monthly Bulletin (MoBu). The database has been constructed in the context of the Real-Time DataBase (RTDB) project that is being coordinated by the Euro Area Business Cycle Network (EABCN). An in-depth presentation of this euro area RTDB can be found in ECB Working Paper No 1145, entitled “An area-wide real-time database for the euro area” by D. Giannone, J. Henry, M. Lalik and M. Modugno (January 2010). It contains indicators published in the MoBu, however, it focuses mainly on raw series (mainly indexes, levels and absolute values) instead of derived values (annual percentage changes) which were actually reported. Users are expected to perform relevant calculations to derive transformed data by using a software of their choice. The dataset was constructed by retrieving data stored in so called “frozen” databases which were used to produce MoBu’s statistical tables since January 2001. However, for selected 38 variables the vintages were reconstructed back to 1999 but are made available in CSV format only (see Dissemination pane). The “freezing” procedure always takes place on a working day ahead of the Governing Council meeting at precise time 3.30 p.m. It should be noted that the technology behind storage databases has evolved over the time and that the quality of early vintages might be in some cases lower due to the lack of good electronic sources available at that time. The quality of these vintages should not be in any case related to the quality of the MoBu itself as the proof reading of the later always ensures the accuracy of numbers published. All indicators in the dataset follow a so called “policy concept”, i.e. they are reported according to the methodology adopted at the time of their publication. For example, the data on GDP at constant prices were replaced by chain indices in November 2005. The dataset reflects this fact as a revision to the GDP series. When using euro area data one should also be particularly aware of a specific definition of the euro area applied. A detailed explanation of various euro area compositions can be found in General Notes of the MoBu. Bearing in mind all these limitations, the dataset should be used for research purposes only and the time series included should not be treated as reference data. For most up to date indicators users should refer to other sections of the SDW.   RTD - Real Time Database (research database)

ECB’s Revisions in Macroeconomic Projections for the Euro Area, March 2024. Macroeconomic projections aim to predict and understand the future state of the economy on a broad scale. They include information related to economic growth, inflation, wages, unemployment and trade. Eurosystem and ECB staff produce macroeconomic projections that cover the outlook for the euro area and the wider global economy. These contribute to the ECB Governing Council’s assessment of economic developments and risks to price stability.