Since the announcement of the business cycle indicators and monitoring indicators in 1977, they have been widely used by all fields. In particular, the business cycle indicators underwent six revisions, in 1978, 1987, 2007, 2013, 2018, and 2024 respectively; the monitoring indicators underwent nine revisions, in 1978, 1984, 1989, 1995, 2001, 2007, 2013, 2018, and 2024 respectively.
Taking into account factors such as the rapid changes of domestic economic structure, coupled with the weakening of some component indicators to reflecting business cycle, the business cycle indicators and monitoring indicators should be reviewed regularly to accurately reflect the economic situation. The main processes of 2024 revision work involved are as follows:
- Self-administered Research, Analysis, and Review by the National Development Council (NDC)
The council have begun comprehensively review and revision work since August 2022, to examine the performance of the business cycle indicators and monitoring indicators and to eliminate component that have poor correspondence with business cycle. Subsequently, based on economic significance, conformity, statistical adequacy, prompt availability, consistency of timing, and smoothness, suitable components were reselected as replacements.
- Invitations to Scholars, Experts, Government Agencies, and Private Academic Institutions for Panel Discussions
After reviewing the business cycle indicators and monitoring indicators, the preliminary revision results were examined by scholars, experts, and government agency representatives invited.
- Trial compilation of the new version of the business cycle indicators and monitoring indicators
For the sake of prudence and rigor, the new version of the business cycle indicators and monitoring indicators has conducted a 12-month trial compilation starting from February 2023. During the trial compilation phase, continuous observation and review were conducted to ensure the stability of the new version of business indicators.
- The new version of indicators for Official Launch on March 4th, 2024
The trial compilation results show good performance after the business cycle indicators and monitoring indicators were revised. They also accurately reflect economic situations. The new version of the business cycle indicators and monitoring indicators was officially launched in the release of the business indicators for January 2024 on March 4th in the year.