Quaterly Government Finance Statistic August 2013 Gitte Frej Knudsen

Production of quarterly Government Finance Statistic Main data sources: Detailed accounting reports from subsectors The main results: Publications available from Statistics Denmarks webside: The detailed results: Tables available from StatBank Denmark: Transmission to Eurostat ESA95 Questionnaire table 2501, 2502: Quarterly Non-Financial Accounts of General Government Compiling system Accounting transactions with detailed coding Output Publication Detailed accounting transactions from: Agency for the Modernisation of Public Administration. Municipalities Regions Accrual basis: Preliminary accounting reports year (t) Half-finalised/Final accounting reports year (t-1) to (t-3) Exceptions: Taxes Income transfers to households Extra-budgetary units Social security funds 1.Accounting data + Extra-budgetary units - Integrated units + Social security funds 2. Other datasources Tax authorities ATP 3. National accounts classification Accrual principle 4. Validation Statistics about employment and VAT 5. Revisions

Accrual principle 1 Accrual principle: Transactions in the economy must be recorded when the economic activity takes place. The development of some variables are not set correctly in the accounts: Interest Consumption of fixed capital Current transfers to/from the rest of the world Capital transfers to/from the rest of the world Imputed social contribution The timing of the bookkeeping is not due to accrual principle.

 Uses data from the annual budget statistics.  Distributed on a quarterly basis using the so-called Denton algorithm. Denton- algorithm in practice: Ecotrim Accrual principle 2 4

Timetable for the production 5 Completed: Detailed accounting transactions with coding Results to the quaterly estimation of GNP in national accounts: Consumption expenditure Acquisition of fixed assets (t+60) (t+40) (t+75) Publication (t+85) Relation to national accounts Timeline of the productions process (t = end of a quarter) (t= 31st March, 30th June, 30th September, 31st December Adding other data sources Extra-budgetary units Social security funds Validation Statistics about employment and VAT Adding other data sources Tax authorities ATP Validation Reports from Ministry of Finance Results to the quaterly national accounts by sectors. Prepare the statistic articles

Net lending (+) / Net borrowing (-) 6

ESA95 Questionnaire, table

ESA95 Questionnaire, table Revenue (billions DKK)2012Q1 Market output12,8 Taxes on Production and Imports79,1 Other subsidies on production1,8 Property income receivable8,3 Current Taxes132,5 Social contributions7,9 Actual social contributions3,7 Imputed social contributions4,2 Other current transfers receivable3,8 Capital transfers receivable2,9 Total general government revenue249,2 Total general government expenditure260,2 Net lending (+) / Net borrowing (-)-11,0