Institution

Eurostat 

Year

2017

Level

Intermediate

Abstract

Chapter One of the first edition of 2017 addresses the inconsistencies in the comparisons of output growth and inflation across groups of countries. We address two issues: (i) how to measure aggregate real output and inflation for groups of countries and (ii) how to construct measures of real GDP for a group of countries where the country measures of real GDP are consistent across time and space. A method is proposed for harmonizing conflicting estimates of OECD member-country real GDP, ensuring consistency over space and overall group consistency over time. The results are general and can be used also in other regional contexts in other parts of the world.