Joint WPFS-WPNA – 1 st December 2010 QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND...
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Transcript of Joint WPFS-WPNA – 1 st December 2010 QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND...
Joint WPFS-WPNA – 1st December 2010
Jiemin Guo and Michèle Chavoix-Mannato STD/NAD
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 non-financial 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 indicators12
Meta-questionnaire: Sent to non-EU countries in April 2010 + 2
reminders Simplified sector accounts (T119): o Generation of income accounto Distribution of income accounto Use of disposable incomeo 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 accountB1G 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 accountD1REC 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 Social contributions and social benefits, other than social transfers in kind, received
D7PAY Other current transfers, paid
D7REC Other current transfers, received
B6N Net disposable income
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Use of disposable incomeD8PAY Adjustment for the change in net equity of households in pension
funds reserves, paidD8REC Adjustment for the change in net equity of households in pension
funds reserves, receivedP3 Final consumption expenditure
B8N Saving, net
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Capital accountD9PAY Capital transfers, paid
D9REC Capital transfers, received
P5 Gross capital formation
P51 Gross fixed capital formation
P52 Changes in inventories
P53 Acquisitions less disposals of valuables
K1 Consumption of fixed capital
Acquisitions less disposals of non-financial non-produced assets
B9 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:o3 have detailed or partial QSA datao3 have no QSA data
4 countries did not reply: CAN, CHE, ISL, and JPN.
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ResultsAUS:
◦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 monthsISR: mainly general government dataCHL: planned for Q2 2011, start in 2005Q1KOR: only GFCF for general governmentNZL, 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:o11 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:oFRA and DEU did not allowed transmission to OECDo 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:oAllow internal dissemination to the Economics
Department? oAnd 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