Revisions are defined as any changes to statistics that have already been published. Revisions are a consequence of, among other things, the updating of statistical methods in step with developments in international statistics manuals, the refining of published data with better or more complete source data, and the correction of any errors in source data.
Danmarks Nationalbank revises financial statistics according to a published plan: the revision cycle. It determines when the individual statistics are revised, and the periods that are subject to revision.
As a general rule the statistics are revised according to the fixed revision cycle. However, deviations may occur; for example, significant changes to the statistics will entail extraordinary revisions if Danmarks Nationalbank considers it necessary to facilitate users' interpretation of data. Deviations may also be related to the length of the revision period and the time of revision. Deviations are stated clearly in the NYT publication in which data is published.
The revision cycle is designed to follow the production cycle for the various statistics. It also reflects Danmarks Nationalbank's weighing of quality and costs with regard to reporters, users and Danmarks Nationalbank itself.
Danmarks Nationalbank seeks to ensure consistency over time within the individual time series by compiling historical data in connection with major revisions. However, it is always based on various factors weighed against each other, such as user considerations, costs and the existence of source data. Any breaks in data series are stated in footnotes to the relevant tables and charts.
Revisions are documented in the NYT publication in which the revised data is published. It is stated which period has been revised, whether there have been deviations from the revision cycle, the extent of the revisions and – concerning major revisions – the reason.
Revisions that are related to changes of methodology are described in detail in the NYT publications. Danmarks Nationalbank will provide information on changes of methodology well in advance.
Details of the sources and methodologies applying to the individual statistics are stated in the respective "Sources and Methodologies". Where published data is particularly uncertain and subsequent revision should be anticipated, this is stated in footnotes to the relevant tables and charts.