quarterly sector accounts in the european union - recent and future developments - oecd - na working...
TRANSCRIPT
Quarterly Sector Accounts in the European Union
- Recent and future developments -
OECD - NA Working Party4-6 November 2009
Eurostat / Denis Leythienne
A joint Eurostat – ECB project
Eurostat compiles the non-financial accounts
- of the European Union- of the euro area (in cooperation with ECB)
ECB compiles the financial accounts
- of the euro area (MUFA)- reconciles them with non-financial accounts within the EAA
Scope of this presentation: non-financial accounts (QSA)
Quarterly Sector Accounts in the European Union
Milestones
Data collection
European accounts
Results
Future developments
Milestones
1996: ESA95 Transmission programme
2000: Action Plan on EMU Statistical Requirements
2005: QSA Regulation (EC-1161/2005)
2006: First Publication of European ASA
2007: First publication of European QSA
Data collection
Full but simplified set of non-financial accounts- From Value Added to net lending / borrowing
Institutional sectors
- Non-financial corporations (S11)- Financial corporations (S12)- Government (S13)*- Households+NPISH (S14+S15)- Rest of the World (S2)*
(*: Sectors to be reported by countries < 1% EU-GDP)
Transmission deadline: Q + 90 days
Data collection
Validation
- Accounting constraints
(Resources/Uses, Balancing items)
- Consistency vis-à-vis related statistics
(ASA / QNA / Government / BOP)
- Revision analysis
- Plausibility of quarterly patterns
=> Data sharing (next slide)
100
125
150
175
200
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
0
5
10
15
20
gross disposable income (left-hand scale) f inal consumption (left-hand scale)
saving rate (right-hand scale)
95
120
145
170
195Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
5
10
15
20
25
gross disposable income (left-hand scale) f inal consumption (left-hand scale)
saving rate (right-hand scale)
Possible outliers
COUNTRY A
COUNTRY B
European accounts
Aggregation of the NA of the Member States
European accounts
Country A
European institutions
Country B
Country A
European institutions
Country B
Results
News release at Q + 120 days
– EA and EU aggregates
– Jointly with QFA of the EA (ECB)
– No country breakdown
Focus on seasonally adjusted data for key indicators:
- Household saving rate: B6G/(B8G+D8net)
- Household investment rate: P51/(B8G+D8net)
- Investment rate of non-financial corporations: P51/B1G
- Profit share of non-financial corporations: B2G/B1G
Decomposition of nominal growth
Household investment rate
Household saving rate
7%
8%
9%
10%
11%
12%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
7%
8%
9%
10%
11%
12%Euro area EU27
10%
11%
12%
13%
14%
15%
16%
17%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
10%
11%
12%
13%
14%
15%
16%
17%Euro area EU27
Investment rate of non-financial corporations
Profit share of non-financial corporations
35%
36%
37%
38%
39%
40%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
35%
36%
37%
38%
39%
40%Euro area EU27
20%
21%
22%
23%
24%
25%
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
20%
21%
22%
23%
24%
25%Euro area EU27
Decomposition of the nominal growth of GDP (EA16, seasonally adjusted, current prices)
-5%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007 2008 2009
Others
Net exports
Government net lending (+) /borrowing (-)
Government revenue -Hholds social contributionsand income taxes
Business (NFC): Changesin inventories
Business (NFC):Investment
Hholds: Investment
Hholds: Gross saving (-)
Hholds: Net propertyincome
Hholds: Gross OperatingSurplus
Hholds: Gross wages
Nominal growth of GDP
Future developments
End 2009: publication of key indicators by country:
- Broad country coverage- Focus on key indicators- 4 quarter cumulated sums
2010: Inventories of QSA Sources & Methods (Restricted release)
2014: Revised ESA transmission programme- QSA merged with government statistics - Seasonally adjusted data by country (e.g. for key indicators)- Price / Volume data by country (e.g. for VA and investment)
For more information:
=> http://ec.europa.eu/eurostat/sectoraccounts (Eurostat)
=> http://www.ecb.eu/stats/acc/html/index.en.html (ECB)