Quarterly Sector Accounts
in the European Union
- Recent and future developments -
OECD - NA Working Party
4-6 November 2009
Eurostat / Denis Leythienne
A joint Eurostat – ECB project
 Eurostat compiles the non-financial accounts
- of the European Union
- of the euro area (in cooperation with ECB)
 ECB compiles the financial accounts
- of the euro area (MUFA)
- reconciles them with non-financial accounts within the EAA
Scope of this presentation: non-financial accounts (QSA)
Quarterly Sector Accounts in the European Union
 Milestones
 Data collection
 European accounts
 Results
 Future developments
Milestones

1996: ESA95 Transmission programme

2000: Action Plan on EMU Statistical Requirements

2005: QSA Regulation (EC-1161/2005)

2006: First Publication of European ASA

2007: First publication of European QSA
Data collection

Full but simplified set of non-financial accounts
- From Value Added to net lending / borrowing

Institutional sectors
- Non-financial corporations (S11)
- Financial corporations (S12)
- Government (S13)*
- Households+NPISH (S14+S15)
- Rest of the World (S2)*
(*: Sectors to be reported by countries < 1% EU-GDP)

Transmission deadline: Q + 90 days
Data collection

Validation
- Accounting constraints
(Resources/Uses, Balancing items)
- Consistency vis-à-vis related statistics
(ASA / QNA / Government / BOP)
- Revision analysis
- Plausibility of quarterly patterns
=> Data sharing (next slide)
gross disposable income (lef t-hand scale)
f inal consumption (lef t-hand scale)
saving rate (right-hand scale)
195
170
25
COUNTRY A
20
145
15
120
10
5
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
95
1999
2000
2001
2002
2003
2004
gross disposable income (lef t-hand scale)
2005
2006
2007
2008
2009
f inal consumption (lef t-hand scale)
saving rate (right-hand scale)
200
20
COUNTRY B
Possible outliers
15
150
10
125
5
100
0
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
175
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
European accounts

Aggregation of the NA of the Member States
European institutions
Country A

Country B
European accounts
European institutions
Country A
Country B
Results
 News release at Q + 120 days
– EA and EU aggregates
– Jointly with QFA of the EA (ECB)
– No country breakdown
 Focus on seasonally adjusted data for key indicators:
-
Household saving rate: B6G/(B8G+D8net)
Household investment rate: P51/(B8G+D8net)
Investment rate of non-financial corporations: P51/B1G
Profit share of non-financial corporations: B2G/B1G
 Decomposition of nominal growth
Household saving rate
17%
Euro area
17%
EU27
16%
15%
15%
14%
14%
13%
13%
12%
12%
11%
11%
10%
10%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
16%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Household investment rate
12%
Euro area
12%
EU27
11%
10%
10%
9%
9%
8%
8%
7%
7%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
11%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Investment rate of non-financial corporations
Euro area
25%
EU27
25%
24%
23%
23%
22%
22%
21%
21%
20%
20%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
24%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Profit share of non-financial corporations
40%
Euro area
40%
EU27
39%
38%
38%
37%
37%
36%
36%
35%
35%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
39%
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Others
Decomposition of the nominal growth of GDP
(EA16, seasonally adjusted, current prices)
Net exports
5%
Government net lending (+) /
borrowing (-)
4%
3%
Government revenue Hholds social contributions
and income taxes
2%
Business (NFC): Changes
in inventories
1%
Business (NFC):
Investment
0%
Hholds: Investment
-1%
Hholds: Gross saving (-)
-2%
Hholds: Net property
income
-3%
Hholds: Gross Operating
Surplus
-4%
Hholds: Gross wages
-5%
Q3
Q4
2007
Q1
Q2
Q3
2008
Q4
Q1
Q2
2009
Nominal growth of GDP
Future developments
 End 2009: publication of key indicators by
country:
- Broad country coverage
- Focus on key indicators
- 4 quarter cumulated sums
 2010: Inventories of QSA Sources & Methods
(Restricted release)
 2014: Revised ESA transmission programme
- QSA merged with government statistics
- Seasonally adjusted data by country (e.g. for key indicators)
- Price / Volume data by country (e.g. for VA and investment)
For more information:
=> http://ec.europa.eu/eurostat/sectoraccounts (Eurostat)
=> http://www.ecb.eu/stats/acc/html/index.en.html (ECB)