Jiemin Guo and Michèle Chavoix-Mannato
STD/NAD
Joint WPFS-WPNA – 1st December 2010
 Background
 2009 WPFS/WPNA discussion and follow-up
 Financial quarterly accounts
 Non-financial quarterly accounts
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 The recent financial and economic crisis has
highlighted the critical importance of relevant timely
statistics internationally comparable statistics
 It has exposed a significant lack of timely
information on the institutional make-up of
economies
To fill this gap and to meet the growing
demands of policy makers, the OECD
Secretariat proposed at the 2009 WPFS-WPNA
meeting a possible collection of quarterly
sector data from OECD countries
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 OECD Secretariat presentation on
◦ currently available data on quarterly sector accounts
◦ possibly available data in countries regarding nonfinancial and financial sector accounts
 OECD Secretariat proposal
◦ to send questionnaires to obtain more detail on the
availability and timeliness of such data
◦ to launch a first quarterly data collection in 2010
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 Welcome of the OECD initiative
 Agreement on the OECD proposal of
collecting quarterly sector accounts
 In particular, confirmation by the IMF Delegate,
on behalf of the IAGEFS, that this proposal is
exactly what is asked by the IAGEFS
 Highlighting of the importance for the G20 of
the availability of integrated Balance Sheets for
all sectors
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 Questionnaires to be sent to non-EU countries
depending on their replies to the survey on
availability and timeliness
 Consultation with Eurostat to collect EU
quarterly sector accounts data
 Consultation with ECB to collect Euro Area
quarterly financial accounts data (to be
validated by ECB before transmission to OECD)
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EUROSTAT DATA COLLECTION
Quarterly data on Government sectors
◦ for EU countries and Norway (i.e 21 OECD countries) plus Estonia
◦ on both a consolidated and a non-consolidated basis for S13
◦ on a consolidated basis for S1311, S1312, S1313, S1314
◦ on financial transactions and on financial stocks for
◦
 instruments F1, F2, F5 and F7
 sub-instruments F331, F332, F34, F41, F42, F61, F62
from 1998 Q4 onwards for stocks and from 1999 Q1
onwards for transactions (as requested in the regulation)
OECD can download these data
from Eurostat website
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ECB EURO AREA DATA COLLECTION
Quarterly data for all sectors
 Agreement to enhance the ECB dissemination policy by
transmitting to OECD the quarterly financial accounts of
EA countries
 No direct contact with countries in case of anomalies
 First transmission end January 2011 (through Eurostat)
Non-consolidated transactions and positions
EA countries
From the first quarter of 1999
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ECB EURO AREA DATA COLLECTION
Quarterly data for all sectors
 A selection of sectors and sub-sectors
 sectors S1, S11, S13, S14+S15 and S2
 sub-sectors S121+S122, S123+S124, S125
 Main financial assets and liabilities categories
 instruments F1, F2 and F7
 most sub-instruments : F21, F22+F29, F331, F332, F34,
F41, F42, F511, F512+F513, F52, F61, F611, F612, F62
As a consequence, it will not be possible for OECD to
derive annual EU countries data from quarterly data
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ECB/EUROSTAT COLLECTION FOR OTHER EU COUNTRIES
Quarterly data for all sectors
 Eurostat will not request quarterly financial accounts
from non EA countries
 Non EA countries are encouraged to transmit their
quarterly accounts to ECB
IN THAT CASE
 OECD will send them the same questionnaire as for
non EU countries (Gesmes/Excel transmission?)
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OECD DATA COLLECTION FOR NON-EU COUNTRIES
 A number of non-EU OECD countries are in a
position to provide OECD with quarterly data
 Same coverage for annual and quarterly financial
accounts and balance sheets data for 5 countries
(Australia, Canada, Korea, Norway, USA)
 Work in progress in 2 countries for either
transactions or stocks (Chile, Mexico)
 No quarterly data available for 5 countries (Iceland,
Israel, New Zealand, Switzerland and Turkey)
 No reply from one country (Japan)
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NEXT STEPS
 Collection of quarterly data from Eurostat and ECB for
most EU countries
◦
BUT the difference in coverage between annual and
quarterly accounts will prevent the OECD to derive
annual accounts from quarterly data
 Collection of quarterly data from non-EU countries and
possibly non EA countries (same questionnaire as for
annual data)
◦ BUT non all countries can supply these data
No dissemination of quarterly financial account data
Publication of relevant quarterly indicators
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Meta-questionnaire:


Sent to non-EU countries in April 2010 + 2
reminders
Simplified sector accounts (T119):
o
o
o
o
Generation of income account
Distribution of income account
Use of disposable income
Capital accounts
 Data availability and timeliness surveyed
Note: Annual data are already transmitted to the OECD by non-European
countries in T119
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Generation of income account
B1G
Value added, gross
D1PAY
Compensation of employees, paid
D2PAY
Taxes on production and imports, paid
D29PAY
Other taxes on production and imports, paid
D3REC
Subsidies, received
D39REC
Other subsidies on production, received
B2A3G
Operating surplus and mixed income, gross
B3G
Mixed income, gross
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Distribution of income account
D1REC
Compensation of employees, received
D2REC
Taxes on production and imports, received
D3PAY
Subsidies, paid
D4PAY
Property income, paid
D4REC
Property income, received
D5PAY
Current taxes on income, wealth etc., paid
D5REC
Current taxes on income, wealth etc., received
D6MPAY
Social contributions and social benefits, other than social transfers in kind, paid
D6MREC
D7PAY
Social contributions and social benefits, other than social transfers in kind,
received
Other current transfers, paid
D7REC
Other current transfers, received
B6N
Net disposable income
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Use of disposable income
D8PAY
D8REC
P3
B8N
Adjustment for the change in net equity of households in pension
funds reserves, paid
Adjustment for the change in net equity of households in pension
funds reserves, received
Final consumption expenditure
Saving, net
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Capital account
D9PAY
D9REC
P5
P51
P52
P53
K1
B9
Capital transfers, paid
Capital transfers, received
Gross capital formation
Gross fixed capital formation
Changes in inventories
Acquisitions less disposals of valuables
Consumption of fixed capital
Acquisitions less disposals of non-financial non-produced
assets
Net lending/net borrowing
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Data availability in non-EU countries:
Out of the 12 countries surveyed:
 8 countries replied to the meta-questionnaire
on QSA data availability: i.e. AUS, CHL, ISR,
KOR, NZL, RUS, TUR and USA, of which:
o 3 have detailed or partial QSA data
o 3 have no QSA data
 4 countries did not reply: CAN, CHE, ISL, and
JPN.
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Results
 AUS:
◦ data from 1959Q3 at T+9 weeks
◦ from Financial Accounts (T+12 weeks)
 financial and non-financial corporations data
 Capital accounts





USA: data from 1992Q1 at T+1 or 2 months
ISR: mainly general government data
CHL: planned for Q2 2011, start in 2005Q1
KOR: only GFCF for general government
NZL, RUS, TUR: no QSA
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Questions
 CAN, CHE, ISL, JPN: fill the questionnaire?
 AUS: part of non-financial QSA data were released in
financial QSA with three weeks delay. Any reason?
 USA: NIPA definitions->work on consistency with
SNA93?
 ISR: beginning period ? timeliness? sectors coverage to
be extended ?
 CHL: period coverage to be extended? (before 2005Q1)
 KOR, NZL, RUS, TUR: any plan to develop QSA?
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European countries
 Since April 2010 an automatic data
transmission (ESA table 0801) from Eurostat to
OECD has been set up:
o 11 countries (AUT, BEL, CZE, DNK, ESP, FIN, GRC, NLD,
POL, PRT and GBR) at T +105 days (i.e. once data has
been validated by Eurostat).
 FRA, DEU, IRL, ITA, NOR, and SWE have not
transmitted any QSA data:
o FRA and DEU did not allowed transmission to OECD
o IRL, ITA, NOR, and SWE: no formal response to
Eurostat to authorize transmission
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Missing OECD countries, next steps
 In quest of formal agreement from Ireland, Italy, Norway, and
Sweden allowing Eurostat for QSA transmission to the OECD.
 Enquire France and Germany to send their publishable (non
confidential) QSA data to OECD through the standard ESA
table 0801 for all sectors.
 Seek possibility of receiving QSA data from countries that
have limited reporting obligations (Hungary, Slovak Republic,
Slovenia and Estonia), through formal agreement for
Eurostat’s transmission to the OECD.
 Ask the status of Luxembourg QSA data (availability and
transmission to Eurostat)
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Data dissemination, next steps
 EU data received so far by the OECD is
confidential: no dissemination outside of
Statistics Directorate
 For publishable data that have been already
released at national level:
o Allow internal dissemination to the Economics
Department?
o And to external users?
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Future developments:
 Continue cooperation with Eurostat
(participation to bi-annual QSA Task Force)
 Improve QSA data collection (timeliness,
coverage, seasonal adjustment…)
 Compile some comparable key
variables/indicators (, i.e. saving rate,
investment rate, profit share, …) with available
data
 Provide information for Principal Global
Indicators website
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THANK YOU FOR YOUR ATTENTION
AND FOR YOUR FUTURE FRUITFUL COOPERATION