Presentation is loading. Please wait.

Presentation is loading. Please wait.

Joint WPFS-WPNA – 1 st December 2010 QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND TIMELINESS OF QUARTERLY DATA QUARTERLY SECTORAL ACCOUNTS.

Similar presentations


Presentation on theme: "Joint WPFS-WPNA – 1 st December 2010 QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND TIMELINESS OF QUARTERLY DATA QUARTERLY SECTORAL ACCOUNTS."— Presentation transcript:

1 Joint WPFS-WPNA – 1 st December 2010 QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND TIMELINESS OF QUARTERLY DATA QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND TIMELINESS OF QUARTERLY DATA Jiemin Guo and Michèle Chavoix-Mannato STD/NAD

2 Background 2009 WPFS/WPNA discussion and follow-up Financial quarterly accounts Non-financial quarterly accounts 2

3 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

4 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

5 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 5

6 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

7 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 7

8 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

9 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 9

10 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?) 10

11 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) 11

12 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

13 Meta-questionnaire: Sent to non-EU countries in April reminders Simplified sector accounts (T119): o Generation of income account o Distribution of income account o Use of disposable income o Capital accounts Data availability and timeliness surveyed Note: Annual data are already transmitted to the OECD by non-European countries in T119 13

14 Generation of income account B1GValue added, gross D1PAYCompensation of employees, paid D2PAYTaxes on production and imports, paid D29PAYOther taxes on production and imports, paid D3RECSubsidies, received D39RECOther subsidies on production, received B2A3GOperating surplus and mixed income, gross B3GMixed income, gross 14

15 Distribution of income account D1RECCompensation of employees, received D2RECTaxes on production and imports, received D3PAYSubsidies, paid D4PAYProperty income, paid D4RECProperty income, received D5PAYCurrent taxes on income, wealth etc., paid D5RECCurrent taxes on income, wealth etc., received D6MPAYSocial contributions and social benefits, other than social transfers in kind, paid D6MRECSocial contributions and social benefits, other than social transfers in kind, received D7PAYOther current transfers, paid D7RECOther current transfers, received B6NNet disposable income 15

16 Use of disposable income D8PAYAdjustment for the change in net equity of households in pension funds reserves, paid D8RECAdjustment for the change in net equity of households in pension funds reserves, received P3Final consumption expenditure B8NSaving, net 16

17 Capital account D9PAYCapital transfers, paid D9RECCapital transfers, received P5Gross capital formation P51Gross fixed capital formation P52Changes in inventories P53Acquisitions less disposals of valuables K1Consumption of fixed capital Acquisitions less disposals of non-financial non-produced assets B9Net lending/net borrowing 17

18 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: o 3 have detailed or partial QSA data o 3 have no QSA data 4 countries did not reply: CAN, CHE, ISL, and JPN. 18

19 Results AUS: 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 months ISR: mainly general government data CHL: planned for Q2 2011, start in 2005Q1 KOR: only GFCF for general government NZL, RUS, TUR: no QSA 19

20 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? 20

21 European countries 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). 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

22 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 Eurostats transmission to the OECD. Ask the status of Luxembourg QSA data (availability and transmission to Eurostat) 22

23 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: o A llow internal dissemination to the Economics Department? o And to external users? 23

24 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 24

25 THANK YOU FOR YOUR ATTENTION AND FOR YOUR FUTURE FRUITFUL COOPERATION


Download ppt "Joint WPFS-WPNA – 1 st December 2010 QUARTERLY SECTORAL ACCOUNTS : REPORT ON THE AVAILABILITY AND TIMELINESS OF QUARTERLY DATA QUARTERLY SECTORAL ACCOUNTS."

Similar presentations


Ads by Google