QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND TIMELINESS OF QUARTERLY DATA Jiemin Guo and Michèle Chavoix-Mannato STD/NAD Joint WPFS-WPNA – 1 st December 2010
Outline Background 2009 WPFS/WPNA discussion and follow-up Financial quarterly accounts Non-financial quarterly accounts 2
Background 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 3
Quarterly data availability OECD Secretariat presentation on ◦ currently available data on quarterly sector accounts ◦ possibly available data in countries regarding nonfinancial 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 4
OECD countries’ reactions 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 G 20 of the availability of integrated Balance Sheets for all sectors 5
Follow-up 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) 6
Financial quarterly accounts 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 S 13 on a consolidated basis for S 1311, S 1312, S 1313, S 1314 on financial transactions and on financial stocks for instruments F 1, F 2, F 5 and F 7 sub-instruments F 331, F 332, F 34, F 41, F 42, F 61, F 62 from 1998 Q 4 onwards for stocks and from 1999 Q 1 onwards for transactions (as requested in the regulation) OECD can download these data from Eurostat website 7
Financial quarterly accounts 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 8
Financial quarterly accounts ECB EURO AREA DATA COLLECTION Quarterly data for all sectors A selection of sectors and sub-sectors S 1, S 13, S 14+S 15 and S 2 sub-sectors S 121+S 122, S 123+S 124, S 125 Main financial assets and liabilities categories instruments F 1, F 2 and F 7 most sub-instruments : F 21, F 22+F 29, F 331, F 332, F 34, F 41, F 42, F 511, F 512+F 513, F 52, F 611, F 612, F 62 As a consequence, it will not be possible for OECD to derive annual EU countries data from quarterly data 9
Financial quarterly accounts ECB/EUROSTAT COLLECTION FOR OTHER EU COUNTRIES Quarterly data for all sectors Ø Eurostat will not request quarterly financial accounts from non EA countries Ø Non EA countries are encouraged to transmit their quarterly accounts to ECB IN THAT CASE Ø OECD will send them the same questionnaire as for non EU countries (Gesmes/Excel transmission? ) 10
Financial quarterly accounts 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 Turkey) No reply from one country (Japan) 11
Financial quarterly accounts 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 indicators 12
Non-financial quarterly accounts Meta-questionnaire: Ø Ø Sent to non-EU countries in April 2010 + 2 reminders Simplified sector accounts (T 119): o o Generation of income account Distribution of income account Use of disposable income Capital accounts Ø Data availability and timeliness surveyed Note: Annual data are already transmitted to the OECD by non-European countries in T 119 13
Non-financial quarterly accounts Generation of income account B 1 G Value added, gross D 1 PAY Compensation of employees, paid D 2 PAY Taxes on production and imports, paid D 29 PAY Other taxes on production and imports, paid D 3 REC Subsidies, received D 39 REC Other subsidies on production, received B 2 A 3 G Operating surplus and mixed income, gross B 3 G Mixed income, gross 14
Non-financial quarterly accounts Distribution of income account D 1 REC Compensation of employees, received D 2 REC Taxes on production and imports, received D 3 PAY Subsidies, paid D 4 PAY Property income, paid D 4 REC Property income, received D 5 PAY Current taxes on income, wealth etc. , paid D 5 REC Current taxes on income, wealth etc. , received D 6 MPAY Social contributions and social benefits, other than social transfers in kind, paid D 6 MREC D 7 PAY Social contributions and social benefits, other than social transfers in kind, received Other current transfers, paid D 7 REC Other current transfers, received B 6 N Net disposable income 15
Non-financial quarterly accounts Use of disposable income D 8 PAY D 8 REC P 3 B 8 N Adjustment for the change in net equity of households in pension funds reserves, paid Adjustment for the change in net equity of households in pension funds reserves, received Final consumption expenditure Saving, net 16
Non-financial quarterly accounts Capital account D 9 PAY D 9 REC P 51 P 52 P 53 K 1 B 9 Capital transfers, paid Capital transfers, received Gross capital formation Gross fixed capital formation Changes in inventories Acquisitions less disposals of valuables Consumption of fixed capital Acquisitions less disposals of non-financial non-produced assets Net lending/net borrowing 17
Non-financial quarterly accounts Data availability in non-EU countries: Out of the 12 countries surveyed: Ø 8 countries replied to the meta-questionnaire on QSA data availability: i. e. AUS, CHL, ISR, KOR, NZL, RUS, TUR and USA, of which: o 3 have detailed or partial QSA data o 3 have no QSA data Ø 4 countries did not reply: CAN, CHE, ISL, and JPN. 18
Non-financial quarterly accounts Results AUS: ◦ data from 1959 Q 3 at T+9 weeks ◦ from Financial Accounts (T+12 weeks) financial and non-financial corporations data Capital accounts USA: data from 1992 Q 1 at T+1 or 2 months ISR: mainly general government data CHL: planned for Q 2 2011, start in 2005 Q 1 KOR: only GFCF for general government NZL, RUS, TUR: no QSA 19
Non-financial quarterly accounts 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 SNA 93? ISR: beginning period ? timeliness? sectors coverage to be extended ? CHL: period coverage to be extended? (before 2005 Q 1) KOR, NZL, RUS, TUR: any plan to develop QSA? 20
Non-financial quarterly accounts European countries Ø Since April 2010 an automatic data transmission (ESA table 0801) from Eurostat to OECD has been set up: o 11 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). Ø FRA, DEU, IRL, ITA, NOR, and SWE have not transmitted any QSA data: o FRA and DEU did not allowed transmission to OECD o IRL, ITA, NOR, and SWE: no formal response to Eurostat to authorize transmission 21
Non-financial quarterly accounts Missing OECD countries, next steps Ø In quest of formal agreement from Ireland, Italy, Norway, and Sweden allowing Eurostat for QSA transmission to the OECD. Ø Enquire France and Germany to send their publishable (non confidential) QSA data to OECD through the standard ESA table 0801 for all sectors. Ø 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. Ø Ask the status of Luxembourg QSA data (availability and transmission to Eurostat) 22
Non-financial quarterly accounts Data dissemination, next steps Ø EU data received so far by the OECD is confidential: no dissemination outside of Statistics Directorate Ø For publishable data that have been already released at national level: o Allow internal dissemination to the Economics Department? o And to external users? 23
Non-financial quarterly accounts Future developments: Ø Continue cooperation with Eurostat (participation to bi-annual QSA Task Force) Ø Improve QSA data collection (timeliness, coverage, seasonal adjustment…) Ø Compile some comparable key variables/indicators (, i. e. saving rate, investment rate, profit share, …) with available data Ø Provide information for Principal Global Indicators website 24
THANK YOU FOR YOUR ATTENTION AND FOR YOUR FUTURE FRUITFUL COOPERATION
Скачать презентацию QUARTERLY SECTORAL ACCOUNTS REPORT ON THE AVAILABILITY
1061f304421fad1ce002eef5210458f7.ppt