## 4.      We combine these heterogeneous signals into a timely real-time measure of quarterly

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---

### Methodology and dataset
- Framework: mixed-frequency dynamic factor model (DFM) estimated in state-space form; two latent common factors (푓1, 푓2) imposed.
- Indicator screening: Bayesian Model Averaging (BMA) used to pre-select variables; PIP threshold set at around 0.4.
- COVID-19 treatment: include pandemic dummies in measurement equations and calibrate uncertainty using pre-COVID-19 periods to obtain “normal-times” confidence bands.
- Estimation sample and sources:
  - Sample span: 2015m01 to 2025m11.
  - Data sources: Haver Analytics and Andorran Department of Statistics.
  - Panel composition: 20 quarterly series and 90 monthly series (tourist flows, employment, prices, vehicle registrations, electricity consumption, external factors).
- Quarterly-to-monthly mapping for GDP: shape-preserving piecewise cubic interpolation (PCHIP) to construct monthly GDP proxy.
- Transformations:
  - Levels → yoy log differences: Δ12 log(z_t) = log(z_t) − log(z_t−12).
  - Rates/percent units → yoy simple differences: Δ12(z_t) = z_t − z_t−12.
- State-space DFM specification:
  - Observation: Y_t = Λ F_t + ε_t, ε_t ~ (0, Σ_ε).
  - State: F_t = A F_t−1 + η_t, η_t ~ (0, Q); A diagonal with AR(1) coefficients (φ1, φ2).
  - Nowcasts computed via Kalman filter and smoother.

### Selection of leading indicators (BMA results and interpretation)
- BMA addresses model uncertainty and retains indicators with high posterior inclusion probability (PIP).
- Selected indicators and PIPs:
  - Spain GDP growth: 1.00000
  - CPI Health services: 0.75125
  - Tourists: 0.68273
  - Hotel and restaurants electricity consumption: 0.52927
  - One-Day Visitors: 0.39211
- Notes on selection:
  - PIP threshold chosen at around 0.4 (rather than 0.5) to retain one-day visitors flows growth; removal of that variable yields results robust to baseline.
  - Spain GDP growth is selected in all specifications; France GDP growth is not picked by BMA.
  - Tourism-related variables and external demand indicators are central drivers; variables directly related to construction are not selected in baseline.
  - BMA selection is data- and vintage-dependent and should be viewed as a diagnostic tool to be re-run as information evolves.

### Nowcasting GDP growth: baseline results and short-horizon forecasts
- Baseline nowcast for 2025Q4: 2.75 percent, year-on-year (yoy) (point estimate, mean).
  - 68 percent confidence bands: between 1.5 and 3.7.
  - 95 percent confidence bands: between 0 and 5 percent.
- Short-horizon forecast: 2026Q1 projected at around 2.6 percent yoy.
- Comparison with machine-learning NowHub framework:
  - ML nowcast for 2025Q4: around 3 percent yoy.
  - RMSE of the selected ML model: 1.40.
  - Confidence bands similar to baseline specification.

### Validation, model comparison, and fit (horse race)
- Preferred specification: baseline based on BMA selected indicator set (lowest RMSE).
- Range of 2025Q4 estimates across specifications: between 1.4 and 3.0 percent yoy.
  - Highest values (~3 percent) when including construction or retail employment.
  - Lowest values (~1.4 percent) when excluding Spain GDP growth (Check #5) or including only France GDP growth (Check #4b).
- RMSEs (monthly valuation: horse race) and ranking:
  - Baseline (from BMA selection): 0.71 (1)
  - Check #1 (+energy consumption of financial services): 0.74 (3)
  - Check #2a (+only construction imports of inputs): 0.78 (4)
  - Check #2b (+construction imports of inputs and employment): 1.99 (6)
  - Check #2c (+only employment in construction): 0.74 (3)
  - Check #3 (+employment in retail): 0.73 (2)
  - Check #4a (+France GDP growth): 0.98 (5)
  - Check #4b (+France GDP growth – Spain GDP growth): 2.06 (7)
  - Check #5 (-Spain GDP growth): 2.06 (7)
- Interpretation:
  - Including Spain GDP growth provides substantial explanatory power; removing Spain yields a domestic-only estimate for 2025Q4 of 1.4 percent.
  - France GDP adds little independent information once Spain is included due to multicollinearity.
  - Adding single high-frequency indicators for retail, financial services, and construction does not materially improve fit relative to baseline; GDP estimates remain broadly comparable (2.4 to 3.0 percent for 2025Q4).

### Robustness and data revisions
- Re-running model with updated tourism data released in February 2026 yields 2025Q4 real GDP growth estimated at 2.8 percent yoy.
  - These revised tourism series were not available in the November 2025 vintage; the exercise is a robustness check rather than a real-time nowcast.
- Nowcasts improve as monthly data are released; most accurate estimates obtained once the full set of monthly observations of the quarter are available, typically allowing precise estimates 2–3 months ahead of official GDP release.

### Scenario analysis: road closure at Pas de la Casa
- Shock considered: temporary road closure between January 31 and March 9, 2026, imposing a cumulative decline of 10 percent in visitors in January and February 2026.
- Model-implied impact: real GDP growth in 2026Q1 declines from 2.6 percent to 2.4 percent yoy under the assumed visitor decline.
- Note: this is based on a short-horizon forecast rather than a nowcast and should be interpreted as indicative.

### Key findings on sectoral measurement and data limitations
- Tourism and external conditions—particularly Spain’s GDP growth—are central to explaining short-term fluctuations in Andorra’s activity.
- Construction sector contribution likely underestimated by current high-frequency indicators because:
  - Available proxies (employment, constructed imports measures) do not fully capture labor and imported input dynamics.
  - Combining multiple construction proxies leads to multicollinearity and worsened model fit.
- Recommendation: improve availability and coverage of high-frequency indicators for the construction sector to better capture its contribution to short-term GDP dynamics.

### Policy-relevant recommendations and replication
- Use the mixed-frequency nowcasting framework to provide timely, transparent real-time GDP estimates ahead of official releases.
- Regularly re-run BMA screening as vintages update to check stability of selected indicators.
- Enhance high-frequency data collection for construction (labor and input measures) to improve nowcast accuracy.
- A replication package (annotated Stata code covering data preparation, BMA indicator selection, and DFM estimation) is available upon request and will be made available to the authorities to enable ongoing updates and adaptation.

### Appendix II. Data Description — dataset scope and key series
- Quarterly (20 series): EA, Spain, France GDP and harmonized index of consumer prices (HICP); business confidence by sectors, value of completed real estate transactions and transfers.
- Monthly (90 series): merchandise imports by main sectors, retail trade, employment by sectors, CPI by sectors, salary by sectors, vehicle registrations, electricity consumption by sectors, number of overnight tourists and visitors, number of nights spent by overnight tourists.
- Selected Andorra quarterly series include: Real GDP growth — Quarterly; Harmonized business confidence index by sectors of activity (agriculture, industry, construction, services, wholesale and retail trade; repair of motor vehicles and motorcycles, transportation and storage, accommodation and food service activities, information and communication, financial and insurance activities, real estate activities, professional services, education; human health and social work activities, arts and entertainment), Value of completed transactions (quarterly). total, Real Estate Trans: Flats, Detached Houses & Buildings (NSA, Number), Real Estate Transfers: Land & Parking Space (NSA, Number), Real Estate Transfers: Commercial Premises & Warehouses (NSA, Number), Real Estate Transfers: Other Constructions (NSA, Number), Real Estate Transactions (NSA, Number).
- Selected Andorra monthly series include: Hotel Occupancy; Merchandise imports (construction, food and alcohol, non-food retail); Retail trade Index general (nominal and real) and components; Mortgages granted — Monthly-semiannual; Employees (NSA, Persons) and by sector including Construction (NSA, Persons); Consumer Price Index series (NSA, 2021=100) and sectoral CPIs; Vehicle Registrations and Tourism series (Number of Visitors, Number of Tourists, Average Tourist Nights Spent); Electricity Consumption by sector (Mwh); Average Salary series by sector (NSA, EUR); Vehicle Entrances (Number).
- External series: EA20 HICP indices; Spain Consumer Prices and Spain GDP (NSAWDA, Mil.Chn.2020.EUR) — Quarterly; France GDP (NSWDA, Mil.Ch.20.EUR) — Quarterly; EA20 Gross Domestic Product (NSWDA, Mil.Ch.2020.EUR) — Quarterly.

*IMF — PRINCIPALITY OF ANDORRA, sipea2026039*

### 4.      We combine these heterogeneous signals into a timely real-time measure of quarterly

### 4.      We combine these heterogeneous signals into a timely real-time measure of quarterly

### Methodology and dataset
- Framework: mixed-frequency dynamic factor model (DFM) estimated in state-space form; two latent common factors (푓1, 푓2) imposed.
- Indicator screening: Bayesian Model Averaging (BMA) used to pre-select variables; PIP threshold set at around 0.4.
- COVID-19 treatment: include pandemic dummies in measurement equations and calibrate uncertainty using pre-COVID-19 periods to obtain “normal-times” confidence bands.
- Estimation sample and sources:
  - Sample span: 2015m01 to 2025m11.
  - Data sources: Haver Analytics and Andorran Department of Statistics.
  - Panel composition: 20 quarterly series and 90 monthly series (tourist flows, employment, prices, vehicle registrations, electricity consumption, external factors).
- Quarterly-to-monthly mapping for GDP: shape-preserving piecewise cubic interpolation (PCHIP) to construct monthly GDP proxy.
- Transformations:
  - Levels → yoy log differences: Δ12 log(z_t) = log(z_t) − log(z_t−12).
  - Rates/percent units → yoy simple differences: Δ12(z_t) = z_t − z_t−12.
- State-space DFM specification:
  - Observation: Y_t = Λ F_t + ε_t, ε_t ~ (0, Σ_ε).
  - State: F_t = A F_t−1 + η_t, η_t ~ (0, Q); A diagonal with AR(1) coefficients (φ1, φ2).
  - Nowcasts computed via Kalman filter and smoother.

### Selection of leading indicators (BMA results and interpretation)
- BMA is used to address model uncertainty and to retain indicators with high posterior inclusion probability (PIP).
- Selected indicators and PIPs:
  - Spain GDP growth: 1.00000
  - CPI Health services: 0.75125
  - Tourists: 0.68273
  - Hotel and restaurants electricity consumption: 0.52927
  - One-Day Visitors: 0.39211
- Notes on selection:
  - PIP threshold chosen at around 0.4 (rather than 0.5) to retain one-day visitors flows growth; removal of that variable yields results robust to baseline.
  - Spain GDP growth is selected in all specifications; France GDP growth is not picked by BMA.
  - Tourism-related variables and external demand indicators are central drivers; variables directly related to construction are not selected in baseline.
  - BMA selection is data- and vintage-dependent and should be viewed as a diagnostic tool to be re-run as information evolves.

### Nowcasting GDP growth: baseline results and short-horizon forecasts
- Baseline nowcast for 2025Q4: 2.75 percent, year-on-year (yoy) (point estimate, mean).
  - 68 percent confidence bands: between 1.5 and 3.7.
  - 95 percent confidence bands: between 0 and 5 percent.
- Short-horizon forecast: 2026Q1 projected at around 2.6 percent yoy.
- Comparison with machine-learning NowHub framework:
  - ML nowcast for 2025Q4: around 3 percent yoy.
  - RMSE of the selected ML model: 1.40.
  - Confidence bands similar to baseline specification.

### Validation, model comparison, and fit (horse race)
- Preferred specification: baseline based on BMA selected indicator set (lowest RMSE).
- Range of 2025Q4 estimates across specifications: between 1.4 and 3.0 percent yoy.
  - Highest values (~3 percent) when including construction or retail employment.
  - Lowest values (~1.4 percent) when excluding Spain GDP growth (Check #5) or including only France GDP growth (Check #4b).
- RMSEs (monthly valuation: horse race) and ranking:
  - Baseline (from BMA selection): 0.71 (1)
  - Check #1 (+energy consumption of financial services): 0.74 (3)
  - Check #2a (+only construction imports of inputs): 0.78 (4)
  - Check #2b (+construction imports of inputs and employment): 1.99 (6)
  - Check #2c (+only employment in construction): 0.74 (3)
  - Check #3 (+employment in retail): 0.73 (2)
  - Check #4a (+France GDP growth): 0.98 (5)
  - Check #4b (+France GDP growth – Spain GDP growth): 2.06 (7)
  - Check #5 (-Spain GDP growth): 2.06 (7)
- Interpretation:
  - Including Spain GDP growth provides substantial explanatory power; removing Spain yields a domestic-only estimate for 2025Q4 of 1.4 percent.
  - France GDP adds little independent information once Spain is included due to multicollinearity.
  - Adding single high-frequency indicators for retail, financial services, and construction does not materially improve fit relative to baseline; GDP estimates remain broadly comparable (2.4 to 3.0 percent for 2025Q4).

### Robustness and data revisions
- Re-running model with updated tourism data released in February 2026 yields 2025Q4 real GDP growth estimated at 2.8 percent yoy.
  - These revised tourism series were not available in the November 2025 vintage; the exercise is a robustness check rather than a real-time nowcast.
- Nowcasts improve as monthly data are released; most accurate estimates obtained once the full set of monthly observations of the quarter are available, typically allowing precise estimates 2–3 months ahead of official GDP release.

### Scenario analysis: road closure at Pas de la Casa
- Shock considered: temporary road closure between January 31 and March 9, 2026, imposing a cumulative decline of 10 percent in visitors in January and February 2026.
- Model-implied impact: real GDP growth in 2026Q1 declines from 2.6 percent to 2.4 percent yoy under the assumed visitor decline.
- Note: this is based on a short-horizon forecast rather than a nowcast and should be interpreted as indicative.

### Key findings on sectoral measurement and data limitations
- Tourism and external conditions—particularly Spain’s GDP growth—are central to explaining short-term fluctuations in Andorra’s activity.
- Construction sector contribution likely underestimated by current high-frequency indicators because:
  - Available proxies (employment, constructed imports measures) do not fully capture labor and imported input dynamics.
  - Combining multiple construction proxies leads to multicollinearity and worsened model fit.
- Recommendation: improve availability and coverage of high-frequency indicators for the construction sector to better capture its contribution to short-term GDP dynamics.

### Policy-relevant recommendations and replication
- Use the mixed-frequency nowcasting framework to provide timely, transparent real-time GDP estimates ahead of official releases.
- Regularly re-run BMA screening as vintages update to check stability of selected indicators.
- Enhance high-frequency data collection for construction (labor and input measures) to improve nowcast accuracy.
- A replication package (annotated Stata code covering data preparation, BMA indicator selection, and DFM estimation) is available upon request and will be made available to the authorities to enable ongoing updates and adaptation.

*IMF — PRINCIPALITY OF ANDORRA, sipea2026039*

### Appendix II.  Data Description

### Appendix II. Data Description

### Dataset scope and frequency summary
- Quarterly (20 series): EA, Spain, France GDP and harmonized index of consumer prices (HICP); business confidence by sectors, value of completed real estate transactions and transfers.
- Monthly (90 series): merchandise imports by main sectors, retail trade, employment by sectors, CPI by sectors, salary by sectors, vehicle registrations, electricity consumption by sectors, number of overnight tourists and visitors, number of nights spent by overnight tourists.

### Andorra: Quarterly series (selected)
- Andorra: Real GDP growth — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. agriculture, forestry and fishing — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. industry — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. construction — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. services — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. wholesale and retail trade; repair of motor vehicles and motorcycles — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. transportation and storage — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. accommodation and food service activities — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. information and communication — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. financial and insurance activities — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. real estate activities — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. professional, scientific and technical activities; administrative and support service activities — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. education; human health and social work activities — Quarterly
- Andorra: Harmonized business confidence index by sectors of activity. arts, entertainment and recreation; other service activities — Quarterly
- Andorra: Value of completed transactions (quarterly). total — Quarterly
- Andorra: Real Estate Trans: Flats, Detached Houses & Buildings (NSA, Number) — Quarterly
- Andorra: Real Estate Transfers: Land & Parking Space (NSA, Number) — Quarterly
- Andorra: Real Estate Transfers: Commercial Premises & Warehouses (NSA, Number) — Quarterly
- Andorra: Real Estate Transfers: Other Constructions (NSA, Number) — Quarterly
- Andorra: Real Estate Transactions (NSA, Number) — Quarterly

### Andorra: Monthly series (selected)
- Andorra Hotel Occupancy — Monthly
- Andorra: Merchandise imports, aggregate construction — Monthly
- Andorra: Merchandise imports, aggregate food and alcohol — Monthly
- Andorra: Merchandise imports, aggregate non-food retail — Monthly
- Andorra: Retail trade Index general (nominal) — Monthly
- Andorra: Retail trade: food — Monthly
- Andorra: Retail trade: others — Monthly
- Andorra: Retail trade Index general (real) — Monthly
- Andorra: Retail trade: food (real) — Monthly
- Andorra: Retail trade: others (real) — Monthly
- Andorra: Mortgages granted — Monthly-semiannual
- Andorra: Employees (NSA, Persons) — Monthly
- Andorra: Employees: Agriculture, Herding, Hunting & Forestry (NSA, Persons) — Monthly
- Andorra: Employees: Fishing (NSA, Persons) — Monthly
- Andorra: Employees: Extraction (NSA, Persons) — Monthly
- Andorra: Employees: Manufacturing (NSA, Persons) — Monthly
- Andorra: Employees: Electric, Gas & Water Prod & Distribution (NSA, Persons) — Monthly
- Andorra: Employees: Construction (NSA, Persons) — Monthly
- Andorra: Employees: Trade & Repairs of Motor Vehicles (NSA, Persons) — Monthly
- Andorra: Employees: Hotel Business (NSA, Persons) — Monthly
- Andorra: Employees: Transport & Communication (NSA, Persons) — Monthly
- Andorra: Employees: Financial System (NSA, Persons) — Monthly
- Andorra: Employees: Real Estate & Business Service Activ (NSA, Persons) — Monthly
- Andorra: Employees: Public & Social Security Administration (NSA, Persons) — Monthly
- Andorra: Employees: Education (NSA, Persons) — Monthly
- Andorra: Employees: Health & Veterinary Activ, Social Serv (NSA, Persons) — Monthly
- Andorra: Employees: Other Social & Personal Service Activ (NSA, Persons) — Monthly
- Andorra: Employees: Homes Occupied By Domestic Personal (NSA, Persons) — Monthly
- Andorra: Employees: Extraterritorial Organisms (NSA, Persons) — Monthly
- Andorra: Employees: Home & Community Work (NSA, Persons) — Monthly
- Andorra: Consumer Price Index (NSA, 2021=100) — Monthly
- Andorra: CPI: Food & Nonalcoholic Beverages (NSA, 2021=100) — Monthly
- Andorra: CPI: Alcoholic Beverages & Tobacco (NSA, 2021=100) — Monthly
- Andorra: CPI: Clothing & Footwear (NSA, 2021=100) — Monthly
- Andorra: CPI: Housing, Water, Electricity, Gas & Other Fuels (NSA, 2021=100) — Monthly
- Andorra: CPI: Furnishing, HH Equipment & Routine Household Maint (NSA, 2021=100) — Monthly
- Andorra: CPI: Health (NSA, 2021=100) — Monthly
- Andorra: CPI: Transport (NSA, 2021=100) — Monthly
- Andorra: CPI: Communications (NSA, 2021=100) — Monthly
- Andorra: CPI: Recreation & Culture Services (NSA, 2021=100) — Monthly
- Andorra: CPI: Education (NSA, 2021=100) — Monthly
- Andorra: CPI: Restaurants & Hotels (NSA, 2021=100) — Monthly
- Andorra: CPI: Miscellaneous Goods & Services (NSA, 2021=100) — Monthly
- Andorra: Core CPI (NSA, 2021=100) — Monthly
- Andorra: CPI: Energy (NSA, 2021=100) — Monthly
- Andorra: CPI: Processed Food (NSA, 2021=100) — Monthly
- Andorra: CPI: Petroleum Products and Unprocessed Food (NSA, 2021=100) — Monthly
- Andorra: CPI: Unprocessed Food (NSA, 2021=100) — Monthly
- Andorra: CPI: Petroleum Products (NSA, 2021=100) — Monthly
- Andorra: CPI: Services (NSA, 2021=100) — Monthly
- Andorra: Vehicle Registrations (NSA, Units) — Monthly
- Andorra: Vehicle Registrations: Tourism Vehicles (NSA, Units) — Monthly
- Andorra: Average Salary (NSA, EUR) — Monthly
- Andorra: Average Salary: Agriculture, Herding, Hunting & Forestry (NSA, EUR) — Monthly
- Andorra: Average Salary: Fishing (NSA, EUR) — Monthly
- Andorra: Average Salary: Extraction (NSA, EUR) — Monthly
- Andorra: Average Salary: Manufacturing (NSA, EUR) — Monthly
- Andorra: Average Salary: Electricity, Gas & Water Prod/Distribution (NSA, EUR) — Monthly
- Andorra: Average Salary: Construction (NSA, EUR) — Monthly
- Andorra: Average Salary: Trade & Repairs of Motor Vehicles (NSA, EUR) — Monthly
- Andorra: Average Salary: Hotel Business (NSA, EUR) — Monthly
- Andorra: Average Salary: Transport & Communication (NSA, EUR) — Monthly
- Andorra: Average Salary: Financial System (NSA, EUR) — Monthly
- Andorra: Average Salary: Real Estate & Business Service Activities (NSA, EUR) — Monthly
- Andorra: Average Salary: Public & Social Security Administration (NSA, EUR) — Monthly
- Andorra: Average Salary: Education (NSA, EUR) — Monthly
- Andorra: Average Salary: Health & Veterinary Activ, Social Services (NSA, EUR) — Monthly
- Andorra: Average Salary: Other Social & Personal Service Activities (NSA, EUR) — Monthly
- Andorra: Average Salary: Homes Occupied by Domestic Personal (NSA, EUR) — Monthly
- Andorra: Average Salary: Extraterritorial Organisms (NSA, EUR) — Monthly
- Andorra: Average Salary: Home & Community Work (NSA, EUR) — Monthly
- Andorra: Electricity Consumption: Domestic Uses (Mwh) — Monthly
- Andorra: Electricity Consumption: Construction & Annexes (Mwh) — Monthly
- Andorra: Electricity Consumption: Industrial (Mwh) — Monthly
- Andorra: Electricity Consumption: Distribution (Mwh) — Monthly
- Andorra: Electricity Consumption: Hotel & Restaurants (Mwh) — Monthly
- Andorra: Electricity Consumption: Financial Services (Mwh) — Monthly
- Andorra: Electricity Consumption: Other Services (Mwh) — Monthly
- Andorra: Electricity Consumption: Street Lighting (Mwh) — Monthly
- Andorra: Electricity Consumption: Ski Resorts (Mwh) — Monthly
- Andorra: Electricity Consumption: Administration (Mwh) — Monthly
- Andorra: Electricity Consumption: Other Distributors (Mwh) — Monthly
- Andorra: Electricity Consumption (Mwh) — Monthly
- Andorra: Average Tourist Nights Spent (Nights) — Monthly
- Andorra: Tourism: Number of Visitors (NSA, Persons) — Monthly
- Andorra: Tourism: Number of Tourists (NSA, Persons) — Monthly
- Andorra: Vehicle Entrances (Number) — Monthly

### External (non-Andorra) series included
- EA20: HICP: Monetary Union Index: Consumer Prices (NSA, 2015=100) — Monthly
- EA20: HICP: Total excl Energy & Unprocessed Food (NSA, 2015=100) — Monthly
- Spain: Consumer Prices (NSA, 2021=100) — Monthly
- Spain: CPI excluding Non-processed Foods & Energy Products (NSA, 2021=100) — Monthly
- France: Harmonized Consumer Price Index (NSA, 2015=100) — Monthly
- France: HICP: Total excl Energy & Unprocessed Food (NSA, 2015=100) — Monthly
- Spain: Gross Domestic Product (NSAWDA, Mil.Chn.2020.EUR) — Quarterly
- France: Gross Domestic Product (NSWDA, Mil.Ch.20.EUR) — Quarterly
- EA20: Gross Domestic Product (NSWDA, Mil.Ch.2020.EUR) — Quarterly

*Source: Appendix II. Data Description (dataset listing).*

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_Source: https://www.imf.org/-/media/files/publications/selected-issues-papers/2026/english/sipea2026039.pdf_