Transcript Workshop on the Implementation and Links between the System of National Accounts 2008 and the Government Finance Statistics Manual 20 – 22

Workshop on the Implementation and Links between the System of National
Accounts 2008 and the Government Finance Statistics Manual
20 – 22 November 2013, Istanbul, Turkey
CHANGE OVER TO THE 2008 SNA
METHODOLOGY IN THE
UKRANIAN NATIONAL ACCOUNTS
Irina NIKITINA
Director of the Macroeconomic Statistics Department
LEGAL BASIS OF UKRANIAN NATIONAL
ACCOUNTS
 Strategy for the Development of Ukrainian Statistics
for the period until 2017
(the Cabinet of Ministers of Ukraine from 20.03.2013 г. № 413)
 Annual detailed plan of the State Statistical Surveys
 The relationship between changes in SNA, GFS, PoB,
MAFS
Implementation of the international
standard 2008 SNA
State Statistics Committee, Ministry of
Finance, Ministry of Economic
Development, Treasury, National Bank
Improvement of government finance
statistics
The Ministry of Finance, Treasury, State
Statistics Committee
Improvement of the external sector
statistics
National Bank, the State Statistics
Committee
Improvement of monetary and financial
statistics
National Bank, the State Statistics
Committee, The State Commission for
Regulation of Financial Services Markets
of Ukraine, National Securities and Stock
Market Commission
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THE BASIS OF NEW UKRANIAN NATIONAL
ACCOUNTS METHODOLODY
1)The System of National Accounts,
2008 (2008 SNA);
2)The European System of National
and Regional Accounts (ESA2010).
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FIRST PRIORITY– CHANGES AFFECTING THE
SCOPE AND STRUCTURE OF GDP
•
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•
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Allocation of FISIM
Reinsurance
Research and Development
Military expenditures
Goods for processing abroad
Illegal activities
Imputed rent
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CALCULATION OF FISIM
•Formula:
FISIM = [(rL - rr) x yL] + [(rr - rD) x yD]
•The base reference rate:
average on loans and deposits in the interbank market
•Data from the National Bank of Ukraine and The State
Commission for Regulation of Financial Services
Markets of Ukraine:
monthly balances of loans and deposits
interest income on loans/interest expenditures on deposits
FISIM export and import will be included after the
adjustment in the BoP
•§ 14.16 ЕSА-2010
FISIM for Central Banks is not calculated
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ALLOCATION OF FISIM
Intermediate consumption
• institutional sectors NFC, FC, GG, NPISH, HHs
(in the part of employers and housing loans)
Output
• non-market production GG, NPISH
Final consumption (increases GDP)
• Institutional sectors GG, NPISH, HHs (in the part
of consumer credit)
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REINSURANCE
•The calculation scheme of reinsurance
services
premiums received from reinsurence
minus incurred claims
minus increase in premium supplements
•Effect of SNS:
Increases output and IC, no impact on VA
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RESEARCH AND DEVELOPMENT
The following types are included in gross
capital formation:
• basic research
• applied research
• experimental development
The following types remain in intermediate
consumption:
• support scientific and technical services (not used
repeatedly in the production)
• undertaken without the intention of obtaining benefits
• acquired by market producers in activity M 72 “Research
and Development”
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MILITARY EQUIPMENT
• Expenditures on weapon systems, which
can be used more than a year, are
transferred from intermediate consumption
to gross fixed capital formation (produced
assets).
• Single-use items are considered as
inventories
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GOODS FOR PROCESSING ABROAD
2008 SNA and BPM6 recommend to rerecord
export and import on economic ownership
basis
1. Import minus the value of imported raw materials
2. Export minus the value of processed goods plus the
processing fee
3. Intermediate consumption minus the cost of raw materials
4. Output minus the cost of raw materials
5. The value added remains the same
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ILLEGAL ACTIVITIES
Type N2. “Manufacturers, who are not
registered deliberately – illegal activity".
EU countries agreed on illegal activities included
in the SNA:
•production and distribution of drugs (assessment based
on World Drug Report UNDOC data)
•prostitution (assessment by CSW International Alliance
HIV/AIDS)
•smuggling of alcohol and tobacco (balance method,
customs data)
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IMPUTED RENT
• User cost method
(Derek Blades. Evaluation of services of owner-occupied
households. Report from the 9th UNECE/Eurostat/OECD
meeting on National Accounts 21-24.04.2008)
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10
5
-5
20
15
Other services
Public administration,
education and health care
Communication and
information, financial, real
estate, business services
Trade, transport, hotels
Construction
Manufacturing
Agriculture
IMPACT ON INDUSTRY
25
GDP
0
Изменение ВДС отраслей, %
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IMPACT ON FINAL
CONSUMPTION
4%
2%
0%
-2%
Households
6%
Import
NPISH
GFCF
OSU
Export
-4%
-6%
Изменение категорий конечного использования
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EFFECT ON GDP
Changes in nominal GDP,%
4.5
4.0
3.5
3.0
FISIM
2.5
Rent
2.0
Illegal
Science
1.5
1.0
0.5
0.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FUTURE DIRECTIONS FOR THE
DEVELOPMENT OF UKRANIAN NATIONAL
ACCOUNTS
 Changes in the institutional sectors classification
 Changes in the classification of financial and non-financial
assets
Irina NIKITINA
Director of the Macroeconomic Statistics Department
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FUTURE DIRECTIONS FOR THE
DEVELOPMENT OF PUBLIC FINANCE
STATISTICS
 Development and implementation of unified chart of accounts and accounting
standards for the public sector with the use of accrual method, currently
accounting, which provides the formation of fiscal data, is divided into two components:
- accounting of budgets (cash accounting with accrual elements on individual
transactions as debt, obligations of the budgetary funds);
- accounting in the public organizations (modified accrual method).
 Establishment of common rules for the formation of budget and financial
statements in accordance with international standards, which are developed on
the basis of International Financial Reporting Standards for the general
government sector
 Bringing classifications and budget indicators in accordance with the
requirements of the Manual on Government Finance Statistics
- provisions in the accounting standards to collect information on: consumption of fixed
capital and imputed employer’s contribution to social insurance.
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FUTURE DIRECTIONS FOR THE
DEVELOPMENT OF PUBLIC FINANCE
STATISTICS
-
Reflection in the classification of transactions in non-financial assets of the
transactions related to loans “below the line” i.e. as financing transactions
-
Separation of subsidies and current transfers, and bringing them in the line with
the requirements of the SNA 2008
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Inclusion of debt arrears in a specific class
-
Accounting for Special Drawing Rights (SDRs)
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Accounting for “shares and other equity”
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Detailed breakdown of current expenditure of budget institutions
-
Detailing of expenditures on education and R&D
-
Reclassification of expenditures on R&D and weapon systems from current to
capital expenditures
-
Development of new format for presentation of budget data for the needs of
national accounts
THANK YOU FOR ATTENTION!
Irina NIKITINA
Director of the Macroeconomic Statistics Department