To ensure that statistical data from different countries are comparable, the European Union has two classification systems in force – the European System of Accounts 2010 (ESA 2010) and the Statistical Classification of Economic Activities in the European Community (hereinafter – NACE; NACE is an acronym from the name of this classification in French, Nomenclature statistique des Activités économiques dans la Communauté Européenne). NACE allows institutional units to be classified according to their economic activity.
More information about NACE (NACE Rev. 2 and NACE Rev. 2.1)
Since the entry into force of NACE Rev. 2 on 1 January 2008, globalization and digitalization have changed the way goods and services are provided in economic activities. Therefore, NACE has been revised, and its Rev. 2.1 has been developed and approved by the Commission Delegated Regulation (EU) 2023/137 of 10 October 2022 amending Regulation (EC) No 1893/2006 of the European Parliament and of the Council establishing the statistical classification of economic activities NACE Revision 2. NACE Rev. 2.1 is in force as of January 2025, but its application deadline may vary in different statistical areas.
NACE has four levels:
– the first level consisting of headings identified by an alphabetical code (sections);
– the second level consisting of headings identified by a two-digit numerical code (divisions);
– the third level consisting of headings identified by a three-digit numerical code (groups);
– the fourth level consisting of headings identified by a four-digit numerical code (classes).
The economic activities of institutional units are classified at all NACE levels: first at the highest level (for example, financial and insurance activities are in section K according to NACE Rev. 2), then at the levels of divisions and groups, and finally at the class level (for example, class 64.91 – financial leasing).