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Published jointly: Commission of the European Communities—Eurostat, IMF, Organization for Economic Cooperation and Development (OECD), United Nations (UN), and World Bank (1993).
This pamphlet is based on the current international standards, but see http://unstats.un.org/ unsd/nationalaccount/iswgna.htm and http://www.imf.org/external/np/sta/bop/bopman5.htm for information about their review.
Market producers sell most or all of their output at economically significant prices (that is, at prices that have a significant influence on the amount producers are willing to supply or on the amounts purchasers wish to purchase). Nonmarket producers provide most or all of their output to others free or at prices that are not economically significant.
Transactions also include some activities internal to a unit that are analytically useful to treat as being between two units. For example, consumption of fixed capital is treated as a transaction even though only one unit is involved. Each of the statistical systems regards the unit as acting in two capacities—as the user of the fixed asset and the owner of the asset.
In the national accounts, entries would be recorded for both the household unit and the corporation, resulting in quadruple recording of the transaction.
In a number of countries, an alternative measure known as gross national product (GNP) is emphasized. It is equal to GDP plus net primary income flows with the rest of the world. In the 1993 SNA, GNP is more correctly referred to as gross national income (GNI).
The discussion has been couched in terms of taxes on production but applies equally to subsidies on production. Subsidies are effectively a negative tax.
GDP at factor cost is not a concept used explicitly in the system.
The third category of capital formation, net acquisition (that is, acquisitions less disposals) of valuables, was introduced in the 1993 SNA. Valuables (such as precious stones and metals and paintings) are used as “stores of value” and not for consumption or production.
Tables 2 through 6 in this chapter include sample data entries based on the data examples given in the 1993 SNA.
The sequence of accounts can also be applied at the level of the individual institutional unit, which makes it a very powerful compilation and verification framework.
Accounting for the consumption of fixed capital in any account in this sequence will result in a net measure for the balancing item.
Users may be also interested in information on an industry breakdown of GDP and its components. SUTs provide this information, discussed in the annex to this chapter.
Compensation of employees is recorded in both the generation and allocation of income accounts. In the former, it would be compensation paid to resident and nonresident households, whereas for the latter it would be compensation received by the resident household sector.
National income is commonly defined as GDP plus net primary income receivable from the rest of the world.
An implicit price deflator for an aggregate, such as GDP, is obtained by dividing the value at current prices by the value at constant prices and multiplying the result by 100.
The term real GDP should be avoided. The concern is either with the volume measure of GDP or with real income.
Gross domestic expenditure is GDP measured by the expenditure approach.
Institutional units may engage in several different kinds of productive activity simultaneously. For detailed analysis of production, therefore, the 1993 SNA recommends that economists partition them into separate establishments, each of which engages in a single type of productive activity at a single location. Industries are then defined as groups of establishments engaged in the same kind of productive activities.
The second edition of the CPIS Guide was issued in 2002 (IMF, 2002a).
Provisional reserves template guidelines were issued in 1999. The formal version was issued in 2001 (Kester, 2001).
The capital account concept of previous editions of the balance of payments manual was revised and renamed the financial account in BPM5.
A supplement to the BPM5 on financial derivatives was issued in 2000.
Some minor classification differences exist, including the treatment of financial intermediation services indirectly measured (FISIM).
This is the format used in the analytic statements in the Balance of Payments Statistics Yearbook (IMF, various issues) and International Financial Statistics (IMF, various issues).
When the domestic currency depreciates against the currency of denomination, then the value of the asset/liability denominated in foreign currency will increase in domestic currency terms, and the exchange rate changes will be positive. Conversely, when the domestic currency appreciates against the currency of denomination, then the value of the asset/liability denominated in foreign currency will decrease in domestic currency terms, and the exchange rate changes will be negative.
BPM5, pages 104–07.
See Chapters 15 and 16 of the Guide for a discussion of the analytic uses of external debt data.
Even though excluded from the monetary and financial statistics, data on contingencies should be reported as memorandum items.
All of the surveys follow the same basic analytical structure.
Unlike the central government sector, claims on other domestic sectors are presented on a gross basis. Government deposits are excluded from broad money because the rationale for managing these deposits, influenced by policy considerations, is different from the one guiding the managing of the deposits of other sectors of the economy, including nonfinancial public enterprises. Therefore, claims on central government are presented on a net basis.
However, there is no direct link to the 1993 SNA data examples for several reasons. First, in the financial accounts of the 1993 SNA all sectors may hold currency and deposits, whereas in the DCS money issuers (central bank and other depository corporations) do not hold them. Second, the 1993 SNA financial account of a sector is not consolidated, whereas one of the principles for constructing the DCS is the consolidation of accounts between institutional units within a sector.
The macroeconomic statistical standards include tables and classifications that provide some of this additional information. For example, the classification of monetary statistics and the balance of payments identifies the domestic counterparty sector, and the GFSM 2001 includes a table (Table 9.2) that classifies financial transactions by sector.
The GFSM 2001 has more features that differ from the 1993 SNA than any of the other macroeconomic statistical systems. The relationship between the two systems is spelled out in detail inBox 16.
Some of the key issues involved in moving from the GFSM 1986 to GFSM 2001 are discussed inBox 17.
This concept, applied to both the general government and public corporations, is used in the measurement of public sector debt (seeBox 18).
The GFSM 2001 defines consumption of fixed capital as the decline in the value of the stock of fixed assets during the accounting period as a result of physical deterioration, normal obsolescence, and accidental damage. This definition is consistent with the national accounts.
The Government Finance Statistics Manual 2001 (GFSM 2001; IMF, 2001) has one principal difference from the other systems, in that it recognizes that the government has an actual liability (and government employees have an asset) for government employee unfunded pensions.
The only difference between the 1993 SNA and balance of payments current account classifications relates to financial intermediation services indirectly measured (FISIM). The 1993 SNA allocates a portion of interest to imports and exports of services, whereas the balance of payments treats all interest as income; this has no impact on the current account balance.
This equation is introduced inChapter II.
Except for transactions in nonfinancial assets of financial corporations, which are generally not of analytical significance.
The monetary and financial statistics can also separately identify claims on financial and nonfinancial public corporations, so credit provided to various definitions of the public sector can be measured provided that sectorization is sufficiently comprehensive.
Net credit is taken to be identically equal to the net acquisition of financial assets.
The existing macroeconomic systems do not fully address the disaggregations needed for the BSA, particularly the domestic/foreign currency breakdowns. However, the need for these extra details to facilitate vulnerability assessments has been addressed in the more recent work on external debt and public sector debt statistics (see chapter on balance of payments and international investment position andBox 18 on public sector debt).