Integrated Presentation and Analysis of
Sector Accounts in Austria
OECD Working Party on Financial Statistics
Paris, 29.11.-1.12.2010
Based on a joint-work of Karl Schwarz, Katarina Stjepanovic, Jürgen Weißenbacher (Statistics
Austria) and Michael Andreasch, Nicole Schnabl, Gerald Wimmer (Oesterreichische
Nationalbank)
Presented by Michael Andreasch (michael.andreasch@oenb.at)
Outline
• Shared Responsibility and Close Cooperation
between Statistics Austria and OeNB
• Analytical Work on Sector Accounts
• First Publication in 2010
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Work has been elaborated against the background …
• “Beyond GDP” takes also into consideration sector
analysis (e.g. Households, Government)
• Work done by Eurostat and ECB for EU / Euro Area
• Main focus:
- Income and saving / financial investment (by HH)
- Internal and external financing (of NFC)
- Financing channels (who-to-whom)
• Based on the integration of “separated accounts” within
the sequence of accounts and traditional analysis
• Taking into account the vertical reconciliation (net
lending/net borrowing) and horizontal reconciliation
between sectors.
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Responsibility
NSI
- Quarterly / annual non-financial (sector) accounts
- Excessive Deficit Procedure
- Compilation of data on goods and most items of
services and current transfers for BOP statistics
Central bank
- Quarterly / annual financial accounts
- Compilation of parts of data on property income
of all sectors for non-financial accounts
- Quarterly / annual external statistics (BOP, IIP, FDI)
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Road Map To Reconcile Non-financial and Financial
Accounts By Sector In Austria
N et lending/net borrowing of economic sectors
S.2 =
BOP-Statistics
S.1.
S.11
S.12
S.13 S.14/15 -S.1
Capital
account




Financial
account
Current account,
Capital transfer
Financial account

 Horizontal reconciliation:between sectors
reconciliation:
for each economic sector
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 Vertical
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Key Indicators - Share of Individual Institutional Sectors
2000-2009 average in %
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Gross value
added (at basic
prices) 1)
Households & NPISHs
Disposable
income, net
Saving, net
Nonfinancial corporations
Gross fixed
capital
formation
Financial assets
Government
Financial
liabilities
Financial corporations
Source: Statistics Austria, OeNB. 1 GDP at mark et prices minus taxes plus subsidies on products.
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Saving, Financial Investment and Financing of H ousholds
in %
16
14
12
10
8
6
4
2
0
-2
-4
1981
1983
1985
1987
1989
1991
1993
1995
Memo: Change in real GDP
Financial investment in % of NDI
1997
1999
2001
2003
2005
2007
2009
Saving ratio
Financing in % of NDI
Source: Statistics Austria, OeNB. Households including NPISHs; NDI = disposable income, net.
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Composition of the Change of Financial W ealth of H ouseholds
% of NDI
30
300
25
250
20
200
15
150
10
100
5
50
0
0
-5
-50
-10
-100
-15
-150
-20
-200
2000
2001
2002
2003
2004
Financial wealth (rhs)
Price changes (lhs)
Net change in stocks (lhs)
2005
2006
2007
2008
2009
Financial investment (lhs)
Other changes in volume (lhs)
memo item: property income (lhs)
Source: Statistics Austria, OeNB. Households including NPISHs; NDI = disposable income, net.
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Investment and Financing of N onfinancial Corporations
EUR billion
50
40
30
20
10
0
-10
-20
-30
-40
-50
2000
2001
2002
2003
2004
Portfolio investment1
Real investment2
Equity financing (-)
Other3
2005
2006
2007
2008
2009
Acquisition of equity and granting of loans (+)
Saving (-)
Debt financing
Net lending/net borrowing (financial accounts)
Source: Statistics Austria, OeNB. 1 Financial investment excluding equity and loans. 2 Net capital formation, change in inventories and acquisition less
disposals of valuables 3 Net capital transfers and discrepancies of net lending/borrowing between capital account and financial account. Equity
transactions excluding cross-border flows of domestic SPE included in FDI.
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“Who-to-whom Analysis” of Financial Stocks In Austria
Source: Financial accounts in Austria, visualized using Pajek software
MFI=Monetary institutes, ICPF = Insurance
Corp, pension funds, OFI = other fin.
Institutions, GOV = Government, NFC =
Nonfinancial corporations, HH =
Households including NPISH, ROW = Rest
of the World (Nonresidents).
The size of the nodes reflects the level of intra-sectoral exposures, the thickness of the lines
indicates the gross exposures between the sectors.
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W ho-to-whom Relationship of Financial Assets in Austria
2009
2000
EURbillion
EURbillion
1.200
1.200
1.000
1.000
800
800
600
600
400
400
200
200
0
0
MFI
MFI ICPF OFI GOV NFC HH ROW
ICPF O FI GO V N FC H H RO W
MFI
ICPF OFI GOV NFC
HH ROW
Source: OeNB. MFI=Monetary institutes, ICPF = Insurance Corp, pension funds, OFI = other fin. Institutions, GOV = Government,
NFC = Nonfinancial corporations, HH = Households including NPISH, ROW = Rest of the World (Nonresidents).
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Integrated Presentation of Sector Accounts in Austria
• First publication in June 2010 for the reference
period 2005-2009
• Content:
- Integrated presentation of the full sequence
of accounts and financial balance sheets for
all sectors including ROW
- Key indicators for households, nonfinancial
corporations, and government (similar to
existing indicators of Eurostat and ECB)
• Available on web-sites of Statistics Austria/OeNB:
http://www.statistik.at/web_en/statistics/national_accounts/non_financial_
sector_accounts/annual_data/index.html
http://www.oenb.at/en/img/shst_2009_juni_sector_accounts_tcm16198540.pdf
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Thank you for your attention