OECD Working Party on National Accounts
1 ~ 3 December 2010, Paris, France
Min Woo KIM
National Income Statistics & Coordination Team
National Accounts Office
Economic Statistics Department
The Bank of Korea
Phase
Milestones
Pre SNA
Basic data on production, prices,
consumption, trade, etc.
Phase 1
GDP by industry and expenditure at current and
constant prices
Phase 2
Phase 1 plus External transactions and aggregates: GNI, GDI,
savings, and etc.
Phase 3
Phase 2 plus Production account for all institutional sectors
and Government integrated account
Phase 4
Phase 3 plus integrated accounts for all institutional sectors
until capital accounts
Phase 5
Phase 4 plus financial accounts for all institutional sectors
Phase 6
Phase 5 plus Other changes in assets accounts and Balance
sheet for all institutional sectors
Implementation
1995
2000
2009
(Test Compilation Completed)
Items
Production
1993 SNA recommendation
Inclusion of illegal activities
Status of implementation
Implemented
○
(but not specified)
Expenditure
Production of goods within households for own
Consumption
○
Output and value added to be valued at basic,
producers’ and purchasers’ prices
○
Premium supplements to be included in the output
of insurance
○
Distribution of FISIM to industry and final users
○
Classification of expenditures into COFOG, COICOP,
COPP and COPNI
○
Partly implemented Not yet implemented
Items
Institutional sector
classification
and sequence
of accounts
1993 SNA recommendation
Status of implementation
Implemented
Sequence of Accounts have to be compiled for five
broad institutional sectors.
○
Commodity flow and balances - Supply and use
table, I/O Table
○
Production account – Uses and resources of GDP
by institutions/activity
○
Income and appropriation account – Distribution of
national income by institution and its appropriation
○
Accumulation account – Capital account, financial
account, other changes in volume of assets account,
revaluation account
Balance sheets – To be compiled as part of
integrated set of accounts
○
(Test Compilation
Completed)
○
(Test Compilation
Completed)
Partly implemented Not yet implemented
Items
Economic
assets
1993 SNA recommendation
Status of implementation
Implemented
Entire expenditure on mineral exploration
to be treated as capital formation
○
Expenditure on software
○
Government defence expenditure on fixed assets
other than weapons and their means of delivery
○
Valuables
○
Entertainment, literary or artistic originals
Partly implemented Not yet implemented
○
(lack of data sources)
Prices and
volume
measures
Charging CFC on government fixed assets
including roads and bridges
○
Estimates at constant prices for full system of
national accounts
○
Chain volume measures
○
Items
Time of recording
Satellite accounts
Others
1993 SNA recommendation
Status of implementation
Implemented
Cultivated natural growth of crops to be included in output
as work in progress or gross fixed capital formation over the
entire period of the growth process.
○
Livestock raised for food are to be treated as work-in-progress
until slaughtered. Furthermore, entries are to be recorded for
own account production as the animal grows.
○
The speculative construction to be shown as part of inventories
until the ownership has been transferred to the eventual user
of the asset. Hence it should not be treated as gross fixed capital
formation until that time. Output remains part of the work in
progress of the institutional unit producing the asset until sold.
○
All transactions to be recorded on an accrual basis in order to
reflect the time when the transactions occurred rather than when
it may be paid for.
○
Partly implemented
○
Natural resources accounting
(not needed in Korea)
○
Tourism accounts
(several studies
completed)
Social accounting matrix
(several studies
completed)
The return to labour and capital for unincorporated enterprises
owned by households to be termed as ‘mixed income’.
No statistical discrepancy; emphasis on classification,
simplification and harmonisation
Not yet implemented
○
○
○
Element
0. Prerequisites of quality
0.1 Legal and institutional environment
0.2 Resources
0.3 Relevance
0.4 Other quality management
1. Assurances of integrity
1.1 Professionalism
1.2 Transparency
1.3 Ethical standards
2. Methodological soundness
2.1 Concepts and definitions
2.2 Scope
2.3 Classification/sectorization
2.4 Basis for recording
3. Accuracy and reliability
3.1 Source data
3.2 Assessment of source data
3.3 Statistical techniques
3.4 Assessment and validation of intermediate data
and statistical outputs
3.5 Revision studies
4. Serviceability
4.1 Periodicity and timeliness
4.2 Consistency
4.3 Revision policy and practice
5. Accessibility
5.1 Data accessibility
5.2 Metadata accessibility
5.3 Assistance to users
Assessment
Observed
Largely Observed
Comments
○
○
○
○
○
○
○
○
○
○
○
○
○
○
○
○
ㅇ No specific estimates for the non-observed
economy.
→ Not large in Korea.
ㅇ Use the Denton method for benchmarking.
ㅇ Periodically undertake revisions analyses of
the type conducted in 2006.
→ Recommendations fully accepted.
○
○
○
○
○
○
ㅇ BOK's online database requires the installation
of software that may create computer security
concerns for the users outside Korea.
• Translation of 2008 SNA Manual(Done)
• Rearrangement of internal organization
• Priority setup: Main changes for Korean economy
• Seminars and workshops
• Research, test compilation, and comparison
• Backcasting
National Account Office
* To-be organization set up in 2011
National Income
Statistics and
Coordination Team
National Expenditure
Statistics Team
Monetary & Financial
Statistics Team
Balance of Payment
Statistics Team
Statistics Planning
Team
Input-Output
StatisticsTeam
Flow of Funds Team
International
Investment Position
Team
Statistics Development
Team
National Balance Sheet
Team
Corporate Statistics
Team
Foreign Exchange
Analysis Team
Economic Survey
Team
Price Statistics Team
2009
2010
2011
Setting up
International
Translation Organization,
Seminar
of
Budget,
on
Manual
and Priority
2008 SNA
2012
Research &
Test
Compilation
2013
2014
Backcasting
Compilation
based on
2008 SNA
and
Publication
• Research and developments
• Military expenditures
• Entertainment, literary or artistic originals
• Consumption of fixed capital
• Financial intermediary services indirectly
measured(FISIM)
• Goods for processing and merchanting
• Financial services and other issues
2010
R&D
2011
Research
2013
Test compilation
2014
implementing
Backcasting
Research
Military
Test compilation
Backcasting
Research
Originals
Test compilation
Backcasting
Research
FISIM
Int. trade
2012
Test compilation
Backcasting
Research
Test compilation
Backcasting
2
S
0
N
0
A
8
• Research papers on the changes from 1993 SNA to
2008 SNA prior to application
• Publication of 『Korean System of National
Accounts 2014』 and 『Comparison Table』
• Open lectures and seminars with policymakers,
academia, journals, and the general public
• Simultaneous compilation of National Accounts
based on 1993 and 2008 SNA, if needed
• Implementation assessment with the international
organizations