Abstract:This paper addresses the issues of Quarterly National Accounts compilation and Gross Domestic Product (GDP) revisions as well as GDP shortterm forecasting based on available monthly series of economic...This paper addresses the issues of Quarterly National Accounts compilation and Gross Domestic Product (GDP) revisions as well as GDP shortterm forecasting based on available monthly series of economic and financial indicators. If GDP is promptly and properly measured, policy makers and the general public can closely monitor implementation of the fiscal consolidation program. Reputation of the program depends on achievements that should be beyond any doubt. Since figures on quarterly GDP and its components are provisional until autumn of next year, and subject for revision over the next two years - which is a standard ESA 2010 methodology - accuracy of data might interfere with prompt availability. Additionally, nowcasting can provide timely estimates of current GDP. Figures on this quarter GDP are available two months after the end of the quarter. Flash estimates of GDP are available one month after the end of the quarter. The nowcasting technique can substantially shorten this gap. However, the challenging issue is related to a choice of the monthly series that should be included in Mixed Data Sampling econometrics. We address both of these issues in this paper.Read More