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)

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Outline

• Shared Responsibility and Close Cooperationbetween 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 FinancialAccounts By Sector In Austria

Horizontal reconciliation: between sectors Vertical reconciliation:

for each economic sector

BOP-StatisticsS.11 S.12 S.13 S.14/15

Capitalaccount

Current account, Capital transfer

Financialaccount

Financial account

S.1. S.2 = -S.1

Net lending/net borrowing of economic sectors

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0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gross valueadded (at basic

prices) 1)

Disposableincome, net

Saving, net Gross fixedcapital

formation

Financial assets Financialliabilities

Households & NPISHs Nonfinancial corporations Government Financial corporations

Key Indicators - Share of Individual Institutional Sectors2000-2009 average in %

Source: Statistics Austria, OeNB. 1 GDP at market prices minus taxes plus subsidies on products.

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-4

-2

0

2

4

6

8

10

12

14

16

1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009Memo: Change in real GDP Saving ratioFinancial investment in % of NDI Financing in % of NDI

Saving, Financial Investment and Financing of Housholdsin %

Source: Statistics Austria, OeNB. Households including NPISHs; NDI = disposable income, net.

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-20

-15

-10

-5

0

5

10

15

20

25

30

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-200

-150

-100

-50

0

50

100

150

200

250

300

Financial wealth (rhs) Financial investment (lhs)Price changes (lhs) Other changes in volume (lhs)Net change in stocks (lhs) memo item: property income (lhs)

Composition of the Change of Financial Wealth of Households% of NDI

Source: Statistics Austria, OeNB. Households including NPISHs; NDI = disposable income, net.

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-50

-40

-30

-20

-10

0

10

20

30

40

50

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009Portfolio investment1 Acquisition of equity and granting of loans (+)Real investment2 Saving (-)Equity financing (-) Debt financingOther3 Net lending/net borrowing (financial accounts)

Investment and Financing of Nonfinancial CorporationsEUR billion

Source: Statistics Austria, OeNB. 1Financial investment excluding equity and loans. 2Net capital formation, change in inventories and acquisition less

disposals of valuables 3Net 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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Source: Financial accounts in Austria, visualized using Pajek softwareThe size of the nodes reflects the level of intra-sectoral exposures, the thickness of the linesindicates the gross exposures between the sectors.

“Who-to-whom Analysis” of Financial Stocks In Austria

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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0

200

400

600

800

1.000

1.200

MFI ICPF OFI GOV NFC HH ROWMFI ICPF OFI GOV NFC HH ROW

2009EUR billion

Who-to-whom Relationship of Financial Assets in Austria

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).

0

200

400

600

800

1.000

1.200

MFI ICPF OFI GOV NFC HH ROW

2000EUR billion

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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_tcm16-198540.pdf

Thank you for your attention