COMPILATION OF GDP BY INCOME APPROACH & ACCOUNTS FOR HOUSEHOLD SECTOR Department of Statistics, Malaysia March 2012
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COMPILATION OF GDP BY INCOME APPROACH & ACCOUNTS FOR HOUSEHOLD SECTOR
Department of Statistics, Malaysia March 2012
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CONTENTS
Introduction GDP Income Approach By Institutional Sector Data sources Methodology Institutional sectors in Malaysia Sequence of the accounts
INTRODUCTION
3 GDP by Income approach By Institutional sector and kind of economic activity By Institutional Sector: • Can be seen through the compilation of Distribution and use of Income Accounts and Capital Accounts.
• Based on Sequence of Account in current prices at annual basis By Kind of economic activity • To complement the production and expenditure approach • To see the distribution of value added by various economic activity • At annual basis in current prices
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GDP INCOME APPROACH BY INSTITUTIONAL SECTOR Statistics compiled by Central Bank on CB, FC, MB, leasing & factoring Annual surveys by DOSM eg. EC BOP statistics from DOSM
DATA SOURCES
Annual reports from govt. agencies Insurance reports by Central Bank Annual reports from individual companies
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METHODOLOGY
The compilation is based on the concepts and methodology outlined in the United Nations publication entitled `System of National Accounts 1993’ (SNA 1993).
compilation presents the sequence of accounts from production account to capital account.
These accounts show how : production gives rise to income income is distributed & redistributed income is used for consumption or saved saving is translated into fixed capital formation and net borrowing or lending
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INSTITUTIONAL SECTORS IN MALAYSIA
MALAYSIA (TOTAL ECONOMY) FINANCIAL CORPORATIONS BANKS OTHER FINANCIAL CORPORATIONS INSURANCE CO.
& PENSION FUNDS NON-FINANCIAL CORPORATIONS GOVERNMENT SECTOR HOUSEHOLD AND NON-PROFIT ORG.
REST OF THE WORLD PUBLIC FEDERAL PRIVATE STATE PUBLIC PRIVATE PUBLIC PRIVATE PUBLIC PRIVATE LOCAL
SEQUENCE OF THE ACCOUNTS Production account Generation of income account Allocation of primary income account Secondary distribution of income account Redistribution income in kind account Use of disposable income account Use of adjusted disposable income account
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Capital account
COMPILATION FRAMEWORK
ROW Total Economy
Pub
NFC
Pri Pub
FC
Pri Fed
GOV
State Local
Household & NPISH Production Account Primary Distribution of Income Account Secondary Distribution of Income Account Use of Income Account Capital Account
CAPITAL ACCOUNT
Capital account shows saving as a source of funding for capital formation 4 categories of changes in assets are distinguished in the capital account: gross fixed capital formation changes in inventories acquisition less disposal of valuables acquisition less disposal of non-produced non- financial assets
PRODUCTION ACCOUNT
first account in the sequence of accounts records the activity of producing goods and services calculates gross value added by subtracting intermediate consumption measured at purchaser’s prices from output measured at basic prices
PRIMARY DISTRIBUTION OF INCOME ACCOUNT
Consists of two consecutive accounts: generation of income account allocation of primary income account Compensation of employees during the accounting period includes the remuneration, in cash or in kind, payable by an enterprise to an employee in return for work done
SECONDARY DISTRIBUTION OF INCOME ACCOUNT
Consists of two consecutive accounts: - secondary distribution of income account - redistribution of income in kind account 3 main kinds of current transfers are: - current taxes on income, wealth, etc - social contributions and benefits - other current transfers
USE OF INCOME ACCOUNT
There two version of the use of income accounts: use of disposable income account use of adjusted disposable income account Transactions on final consumption of goods and services for which a sector is the ultimate bearer of the expense even though it is not the sector to which the goods and services are delivered. 3 types of final consumption expenditure: household final consumption expenditure final consumption expenditure of NPISHs government final consumption expenditure
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