Agenda item 4a Conceptual linkages between the different systems of economic statistics Kurt Wass EFTA Statistical Office Workshop on the Implementation of the 2008SNA, Kiev, 29
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Agenda item 4a Conceptual linkages between the different systems of economic statistics Kurt Wass EFTA Statistical Office Workshop on the Implementation of the 2008SNA, Kiev, 29 November – 2 December 2011 1 Conceptual linkages between the different systems of economic statistics Four main systems: 1. System of National Accounts, SNA 2008 (ESA 1995/2010) • 2. Balance of Payments and International Investment Position, (BPM6 2009) • 3. interactions with rest of the world Government Finance Statistics, GFSM 2001 (2012) • 4. all economic activity in economy, including production, consumption, capital formation, income distribution, etc economic activity and impact of government on economy, and sustainability of governments’ fiscal policies Monetary and Financial Statistics, MFSM 2000 • financial system, financial assets and liabilities 2 Conceptual linkages between the different systems of economic statistics Common features to be looked for: 1. 2. 3. 4. 5. 6. 7. 8. Units Institutional sectors Residency Stock, flows and their integration Accounting rules Valuation Time of recording Data Sources 3 Conceptual linkages between the different systems of economic statistics Distribution of income accounts Current accounts Production account Generation of income account Primary distribution of income account GDP Secondary distribution of income account Redistribution of income in kind account Income accounts Use of income account Opening balance sheet Capital transfers & Non-financial assets Net lending/borrowing Financial assets & liabilities Other economic flows Closing balance sheet Balance sheet Accumulation accounts Saving SNA 4 Conceptual linkages between the different systems of economic statistics Current Account Recording transactions in goods, services, income, and current transfers Current account balance BoP/IIP Capital Account Recording transactions in capital transfers and non-produced non-financial assets Net lending/borrowing IIP Statement Opening balance sheets for financial assets & liabilities Financial Account Recording transactions in financial assets & liabilities Other changes in assets acct. (IIP) Reconciling Changes in IIP with transactions in Financial Acct. IIP Statement Closing balance sheets for financial assets & liabilities 5 Conceptual linkages between the different systems of economic statistics Revenue Opening balance sheet Net Worth Non-financial assets Net financial worth Expense Net operating balance Non-financial assets Net lending/borrowing Closing balance sheet Change in net worth OEF Net Worth Non-financial assets Non-financial assets Change in net financial worth OEF Net financial worth Financial assets Financial assets Financial assets Financial assets Liabilities Liabilities Liabilities Liabilities Stocks Transactions Other flows Stocks GFS 6 Conceptual linkages between the different systems of economic statistics Opening balance sheet Net financial worth Closing balance sheet Net lending/borrowing Change in net financial worth OEF Net financial worth Financial assets Financial assets Financial assets Financial assets Liabilities Liabilities Liabilities Liabilities Stocks Transactions Other flows Stocks MFS 7 Conceptual linkages between the different systems of economic statistics Transactions Transactions Revenue account Expense account GFS Non-financial assets Production account Income accounts Operating balance SNA ESA Capital transfers & Non-financial assets Transactions GDP (value added) export G&S import G&S income transactions current transfers Current account Saving BoP Capital account Current account balance capital transfers transactions in NPNFA MFS Transactions Financial assets & liabilities Financial assets & liabilities Financial assets & liabilities Financial assets & liabilities 8 Net lending / borrowing Conceptual linkages between the different systems of economic statistics Similarities 2001 GFS 2008 SNA 2000 MFS 2009 BOP/IIP Structure of Accounts X X * X Sectorization (5 Institutional sectors) X X X X Time of Recording (accrual) X X X X Valuation (market prices) X X X X Double Entry Accounting X X** X X Residency (center of economic interest and economic territory) X X X X * The MFS focuses only on financial assets and liabilities ** The SNA uses quadruple entry accounting 9 Conceptual linkages between the different systems of economic statistics The macroeconomic systems are to a large extent harmonized, but in practice discrepancies can be observed. Do you observe discrepancies in your country, and what are the main reasons? For example, are the differences due to issues related to: • coverage of units • classifications of stocks/flows • valuation • time of recording, accrual adjustments etc. • data sources • other? Is there a problem due to lack of cooperation between compilers, that might be in different government agencies? What solutions do you see to improve the situation? 10