An electronic timepiece includes a frequency supply for providing a relatively high frequency time base signal, a frequency converter responsive to the time base signal to provide a relatively low frequency time unit signal, and timekeeping means responsive to the time unit signal to provide current time information. The current time information is corrected and displayed. A calculation command signal is generated and enables a circuit means to produce, in response to the time unit signal, a frequency error signal indicative of an error in the frequency of the time unit signal. A gain/loss adjustment signal is generated in response to the frequency error signal, and a frequency adjusting circuit is provided for adjusting the frequency of the time unit signal in response to the gain/loss adjustment signal.