Definition: First release

Category: Statistical methodologies

A first release for the most recent reference period T is the first official release of generally a hard economic indicator (Axis 2) computed after T + 1/2ΔT (Axis 7) and produced by the statistical institution in charge of the regular estimates (Axis 4). The first release is produced according to the statistical methodology adopted for the construction of regular releases. Statistical techniques (Axis 6) can help in adjusting the temporary (Axis 3) incomplete observations, if necessary. Hard data observed during the reference period (Axis 5 and 8) should be the core of the estimation.

Note that the difference between a flash estimate and a first release is the time at which the series is reported and the prominent role of hard data.

Explanation of axes:

Axis 1: The uniqueness of an official release versus the potential multiplicity of producers
Axis 2: The target variable
Axis 3: Revisions in the estimate
Axis 4: The adherence to the regular production process
Axis 5: The information set
Axis 6: Model versus parameter uncertainty
Axis 7: An appropriate release time
Axis 8: Reporting and reference period http://ec.europa.eu/eurostat/product?code=KS-GQ-17-008&mode=view