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National Institute of Statistic and Geography of Mexico Mexican System of National Accounts: achievements and prospects.

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Presentation on theme: "National Institute of Statistic and Geography of Mexico Mexican System of National Accounts: achievements and prospects."— Presentation transcript:

1 National Institute of Statistic and Geography of Mexico Mexican System of National Accounts: achievements and prospects

2 INEGI and the Mexican System of National Accounts One of the objectives that INEGI persecutes is to offer timeliness economic data that fulfills with criteria of international acceptance and that allows to the users a better knowledge of the economic performance of the country and in the decision making of public policies. The Mexican national accounts are compiled and disclosed by the National Institute of Statistic and Geography (INEGI). The operation of the INEGI is based in the Law of the National System of Information on Statistics and Geography (LSNIEG). This Law indicates that INEGI is a public organism with technical autonomy and of management.

3 The Institute has like exclusive faculties to: make the national censuses, integrate the system of national accounts and elaborate the national consumer and producer prices indexes. The system of national accounts has the character of information of national interest. INEGI and the Mexican System of National Accounts

4 At present the MSNA uses fixed base year, the reference year is The past year initiated a project for updating the base year from 2003 to 2008, the project is planning to conclude in The timetable envisaged for generic activities is as follows: Mexican System of National Accounts Project of change of base year 2008 Activity Supply and use tables 2008 Input-output table 2008 Annual calculations base 2008 = 100: industry and institutional sector Short term indicators base 2008 = 100 Satellite accounts Systemic Comprehensive Program of the MSNA

5 General objective of the Project of change of base year 2008 Supply and use tables Goods and services accounts Satellite accounts Short term indicators Input-output table Accounts by institutional sectors International recommendations: SNA 2008 IMF-ROSC Mexico Recommendation # 15 of the G-20, Sectoral accounts (compilation of balance sheets) New classifications: NAICS 2007 CCP 2.0 Classifications by purpose Infrastructure of basic statistics Enhanced retrospective series International recommendations: SNA 2008 IMF-ROSC Mexico Recommendation # 15 of the G-20, Sectoral accounts (compilation of balance sheets) New classifications: NAICS 2007 CCP 2.0 Classifications by purpose Infrastructure of basic statistics Enhanced retrospective series Mexican System of National Accounts 2008 Change of base year 2008 Systemic Comprehensive Program

6 Achievements reached currently in the annual calculations of the MSNA The MSNA is generated on the basis of the guidelines that emanate of the SNA 1993, and recently already has been possible the incorporation of some items reviewed in the SNA 2008, mainly in the Accounts by institutional sectors. The items already incorporated are: Treatment of non-life insurance in catastrophic situations Measurement of financial services Treatment of the output of Central Bank Financial assets classification and subsectors of the financial sector Private/public/government sector delineation

7 The items not yet achieved in the MSNA have been classified in two groups. The first whose incorporation could be obtained by means of the Project of the change of base year The second one involves interrelations with other statistical systems (Balance of payments, Government finance) and that, therefore, entails a deeper work than should be solved through the interinstitutional mechanisms. Prospects of the SNA 2008 in the MSNA

8 The attention of the G20 Recommendations in Mexico, specially the 15 th one, correspond to INEGI with the support on information mainly provided by Bank of Mexico or/and Secretariat of Finance and Public Credit and other financial institutions, depending on its scope. Compilation and dissemination of the balance sheet approach (BSA), flow of funds, and sectoral data more generally, starting with the G-20 economies. Data on nonbank financial institutions should be a particular priority. The experience of the ECB and Eurostat within Europe and the OECD should be drawn upon. INEGIs participation in the G20 Recommendations

9 Attention of the Recommendation #15 Sectoral accounts In order to comply with this recommendation, INEGI has developed a preliminary exercise for Balance sheets for the period For this, the initial data needs to be confronted with several sources, thus the measurements do not reflect the final data or version. This exercise will serve as a diagnostic to assess the extent of the available source of information and the not covered needs. A more finished exercise with data for internal and external sectors will be completed by the end of this year. Within the work plan of the Project of the change of base year 2008, is expected to expand the central framework of accounts by institutional sectors, including balance sheets annually. México, preliminary data S.1 Total economy Series: Stocks in millions of pesos Total assets21,771,62727,401,68332,141,36738,060,07348,041,96356,543,44558,511,38361,883,826 Non financial assets9,909,00311,304,62012,857,75514,558,58916,158,69318,142,11919,176,56222,909,560 Financial assets11,862,59616,097,00719,283,61223,501,48431,883,27138,401,16839,334,66238,974,107 Financial liabilities15,577,90120,539,27524,663,26429,833,97239,089,54246,565,57847,606,51949,147,859 Net worth6,193,7256,862,4097,478,1038,226,1008,952,4219,977,86710,904,86412,735,966

10 Attention of the Recommendation #15 Sectoral accounts The approach of Balance sheet proposed by G20 considers some extensions to the scheme suggested by the SNA They are basically three items that need to be disclosed: domestic and foreign currency and remaining maturity in the instruments in long term for debt securities and loans, and foreign controlled non financial and other deposit-taking corporations. In the preliminary exercise prepared it has been explored these extensions, the following table shows some of the results for domestic and foreign currency. Finally, the reviewing of source of data up to this moment indicates that there are some gaps in the external sector, some non banking financial intermediaries and topics related with the valuations that need to be solved in a integral framework.

11 Strengthening of the extensions of the central framework of the MSNA The satellite account development in the framework of the MSNA has also been extended currently. Annual updates of the System of Economic and Ecological Accounts and the Tourism Satellite Account are routine activities. In addition, the following accounts have been developed in this year: Satellite Account of the Health Sector of Mexico Satellite Account of the Non Profit Institutions of Mexico Satellite Account of the Unpaid Work of Households of Mexico

12 The new mechanisms of operation in INEGI will allow the institutional interrelation necessary to promote an implementation in a coordinated manner with the institutions in charge to produce the Monetary and Financial Statistics, Government Finance and Balance of Payments. It is recognized that only from a suitable level of communication and interinstitutional commitment it will be possible to obtain the implementation of the SNA 2008, in benefit of the national and international users of economic data, the interests of other statistical systems and of the own national accounts. Conclusions

13 The MSNA is being updated constantly, looking for addressing a priority activity of the system of economic information of Mexico. With implementation of a new base year in a framework of an integral work plan, that consider all the products and indicators, besides new prospects, the Office of national accounts of Mexico is looking for its consolidation in the regional and international context. The constant objective is to update and strengthening of the central framework and its extensions. Conclusions

14 Thanks for your attention.

15 Porque proporcionamos información para todos… ¡México cuenta con el INEGI!


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