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
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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
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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
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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
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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?
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