Old national methodology

Published: 23/2/2016 Modified: 16/12/2016

These are monetary statistics historical data (tables A1 to D12) for the period from December 1993 to December 2012 and statistical data on banks' interest rates on loans and deposits (tables G1 to G4) for the period from December 1992 to March 2014, as well as price statistics (tables J1 to J3a) compiled in accordance with the old national methodology. All items in tables A1 to D12 and G1 to G4 are reported on a gross basis (i.e. before value adjustments). The tables also include data on banks undergoing winding-up proceedings.

Since December 1999, monetary statistics data (with the exception of interest rate statistics) have been based on data collected pursuant to the CNB's Decision relating to the bank statistical report and the sector classification of institutional units on the sector classification pursuant to the CNB's Decision on the Chart of Accounts for banks. Interest rate statistics, as of July 1995, have been based on data collected pursuant to the CNB's Decision on the obligation to submit the report on interest rates on loans and deposits.

Table J1 contains historical retail price index and industrial producer price index series based on the average of 2010 for the period from January 1992 to December 1997 (the period immediately prior to the first release of consumer price index and harmonised consumer price index data), as well as the corresponding rates of change relative to the preceding period and the same period in the previous year. Table J3a shows the discontinuous series of annual and quarterly hedonic real estate price index (HREPI) data based on the average of 2010 compiled by the CNB up to the second quarter of 2015.

TABLE J3a Hedonic real estate price index


Published: 16/12/2016

TABLE J3a Hedonic real estate price index

The Croatian National Bank started methodological work on developing a hedonic real estate price index (HREPI) in 2008. By using data on realised transactions and estimates of realised transactions from the database of Hrvatska burza nekretnina (Croatian association of real estate agencies) as input data, an econometric model was constructed to create a hedonic real estate price index (HREPI), which is methodologically consistent with the Eurostat’s Handbook on Residential Property Prices Indices. From the first quarter of 1997, the HREPI is reported on a quarterly and annual basis at the level of the Republic of Croatia and two regions: the City of Zagreb and the Adriatic coast. The main idea behind the methodology used to calculate the index is that buyers determine the usefulness of a real estate based on its characteristics and therefore it is necessary to determine the prices of those characteristics (attributes), the so-called implicit prices. However, as there is no market for individual attributes of residential property, their prices are estimated by simple econometric models. After estimating prices of individual attributes, it is possible to determine a pure price of each real estate property, i.e. a price adjusted by the impact of individual attributes of a given real estate, such as its location, floor area, the number of rooms, etc. The movements of pure prices are directly used to calculate the HREPI. Under this methodology, such an index, in contrast with indices based on average prices or medians of a square meter of floor space, adjusts price movements for possible biases in the data caused by the fact that, for example, an unusually large number of real estate properties of above- or below-average quality have been sold in a certain period.