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Council Regulation (EC) No 2223/96 of 25 June 1996 on the European system of national and regional accounts in the Community
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Article 4.(1) The Commission shall be assisted by the Statistical Programme...
Article 7.Date of application and of first transmission of data
Article 9.This Regulation shall enter into force on the 20th day...
1.01. The European System of National and Regional Accounts (1995 ESA,...
1.02. The ESA framework consists of two main sets of tables:...
Eight characteristics of ESA concepts
1.05. In order to establish a good balance between data needs...
1.07. The concepts are harmonized with those in other social and...
1.08. The identities in the accounting framework enforce the consistency of...
1.09. The concepts in the ESA are operational concepts since they...
1.10. However, at the same time, the concepts are not always...
1.11. The main concepts in the ESA are well-established and fixed...
1.12. The ESA concepts are focused on describing the economic process...
1.14. The concepts in the ESA are multi-purpose: for a great...
1.15. The detail in the conceptual framework of the ESA offers...
1.16. Flexible use is also possible by introducing additional criteria which...
1.17. This flexible use may be incorporated in a Social Accounting...
1.18. For some specific data needs the best solution is to...
1.20. An important feature of the satellite accounts is that in...
1.21. The standard framework does not pay much attention to stocks...
1.22. The standard framework and its major aggregates do not describe...
1.23. In order to attain a consistent, internationally compatible framework, administrative...
1.31. The system records two basic kinds of information: flows and...
1.32. Flows reflect the creation, transformation, exchange, transfer or extinction of...
CHAPTER 2 UNITS AND GROUPINGS OF UNITS
2.02. The units and groupings of units used in national accounts...
THE LIMITS OF THE NATIONAL ECONOMY
2.04. The units, whether institutional, local kind-of-activity or of homogeneous production,...
2.06. The economic territory does not include extraterritorial enclaves (i.e. the...
2.07. The term centre of economic interest indicates the fact there...
2.08. On the basis of these definitions, units deemed to be...
2.09. In the case of units which are principally engaged in...
2.10. In the case of units which are principally engaged in...
2.11. All units in their capacity as owners of land and/or...
2.12. Definition: The institutional unit is an elementary economic decision-making centre...
2.13. The following principles apply whenever entities do not clearly possess...
2.14. Holding corporations are institutional units whose main function is to...
2.16. In conclusion, the following are deemed to be institutional units:...
2.17. The need for aggregation means that it is impossible to...
2.18. Each of the sectors and subsectors groups together the institutional...
2.19. When the principal function of the institutional unit is to...
2.20. Table 2.2 shows the type of producer, the principal activities...
NON-FINANCIAL CORPORATIONS (S.11)
2.21. Definition The sector non-financial corporations (S.11) consists of institutional units...
2.22. The sector non-financial corporations also includes non-financial quasi-corporations.
2.23. The term ‘non-financial corporations’ denotes all bodies recognized as independent...
2.24. The term ‘non-financial quasi-corporations’ denotes all bodies without independent legal...
2.25. The sector non-financial corporations also includes all notional resident units...
2.26. Control over a corporation is defined as the ability to...
2.27. The sector non-financial corporations is divided into three subsectors:
Subsector: National private non-financial corporations (S.11002)
Subsector: Foreign controlled non-financial corporations (S.11003)
2.32. Definition The sector financial corporations (S.12) consists of all corporations...
2.33. Through the financial intermediation process, funds are channelled between third...
2.34. In the financial intermediation process, all categories of liabilities may...
2.35. The primary function of insurance corporations and pension funds consists...
2.36. Mutual funds primarily incur liabilities through the issue of shares...
2.37. Financial intermediation, generally, is limited to financial transactions on the...
2.38. Exceptions to the general limitation of financial intermediation to financial...
2.39. Auxiliary financial activities comprise auxiliary activities for realizing transactions in...
2.40. The institutional units included in the sector financial corporations (S.12)...
2.41. The financial corporations sector is subdivided into five subsectors:
2.42. With the exception of subsector S.121, each subsector may be...
2.43. Holding corporations which only control and direct a group of...
Subsector: Other monetary financial institutions (S.122)
2.48. Definition: The subsector other monetary financial institutions (S.122) consists of...
2.49. The monetary financial institutions (MFIs) comprise the subsector the central...
2.50. MFIs cannot be described simply as ‘banks’, because they may...
2.51. The following financial intermediaries may also be classified in subsector...
Subsector: Other financial intermediaries, except insurance corporations and pension funds...
2.53. Definition: The subsector other financial intermediaries except insurance corporations and...
2.54. Subsector S.123 includes various types of financial intermediaries especially those...
2.55. In particular, the following financial corporations and quasi-corporations are classified...
2.56. Subsector S.123 does not include non-profit institutions recognized as independent...
Subsector: Insurance corporations and pension funds (S.125)
2.60. Definition: The subsector insurance corporations and pension funds (S.125) consists...
2.61. The insurance contracts administered might relate to individuals and/or groups,...
2.62. Subsector S.125 includes both captive insurance corporations and reinsurance corporations....
2.64. The subsector insurance corporations and pension funds may be subdivided...
2.65. Risks concerning individuals or groups could both be included in...
2.66. Pension funds can be described as institutions which insure group...
2.67. In some countries all these types of risks could be...
SECTOR CLASSIFICATION OF PRODUCER UNITS FOR MAIN STANDARD LEGAL FORMS...
2.93. The following overview and paragraphs 2.94 to 2.101 summarize the...
2.94. Private and public corporations which are market producers are classified...
2.95. Cooperatives and partnerships recognized as independent legal entities and which...
2.96. Public producers which by virtue of special legislation are recognized...
2.97. Public producers not recognized as independent legal entities and which...
2.99. Sole proprietorships and partnerships not recognized as independent legal entities...
2.100. Holding corporations (i.e. corporations which direct a group of companies)...
2.101. Table 2.3 illustrates in schematic form the various cases which...
UNITS OF HOMOGENEOUS PRODUCTION AND HOMOGENEOUS BRANCHES
2.111. The local KAU meets the requirements of production process analysis...
2.114. Definition: The homogeneous branch consists of a grouping of units...
2.115. Homogeneous branches are units designed for economic analysis. Units of...
2.116. Homogeneous branches may be classified in three categories:
2.117. The homogeneous branches producing market goods and services and goods...
CHAPTER 3 TRANSACTIONS IN PRODUCTS
3.01. Definition: Products are all goods and services that are created...
3.02. The following main categories of transactions in products are distinguished...
3.03. Transactions in products are recorded in the following accounts:
3.04. In the supply table, output and imports are recorded as...
3.05. Supplies of products are valued at basic prices (see paragraph...
3.06. Definition: At the time of purchase, the purchaser's price is...
3.07. Definition: Production is an activity carried out under the control...
3.09. Production excludes the production of domestic and personal services that...
3.14. Definition: Output consists of the products created during the accounting...
3.15. When an institutional unit contains more than one local KAU,...
3.17. Definition: Market output consists of output that is disposed of...
3.19. Definition: In the ESA, the economically significant price of a...
3.20. Definition: Output produced for own final use consists of goods...
3.21. Products retained for own final consumption can only be produced...
3.22. Products used for own gross fixed capital formation can be...
3.23. Definition: Other non-market output covers output that is provided free,...
3.24. Definition: Market producers are local KAUs or institutional units the...
3.25. Definition: Producers for own final use are local KAUs or...
3.26. Definition: Other non-market producers are local KAUs or institutional units...
Institutional units: distinction between market, for own final use and...
3.27. For the institutional units as producers, the distinction between market,...
3.28. The first distinction is that between private and public producers....
3.29. As table 3.1 shows, private producers are found in all...
3.30. A specific category of private producers are the unincorporated enterprises...
3.31. For the other private producers, a distinction should be made...
3.33. In distinguishing market and other non-market producers by means of...
3.34. Sales may consist of various elements. For example, in case...
3.35. Private non-profit institutions serving businesses are a special case. They...
3.36. In applying the 50 % criterion to the sales and production...
3.37. Public producers can be market producers or other non-market producers....
Local KAUs and their outputs: distinction between market, for own...
3.38. After having applied the distinction market, for own final use...
3.39. For institutional units qualifying as market producers, the principal local...
3.40. For institutional units that are other non-market producers, the principal...
3.41. After having applied the distinction market, for own final use...
3.42. By convention, local KAUs as market producers and as producers...
3.43. Local KAUs as other non-market producers can supply as secondary...
3.44. In statistical practice, it may be difficult to make a...
3.45. Other non-market producers may also have revenues from the sale...
TIME OF RECORDING AND VALUATION OF OUTPUT
3.48. Definition: The basic price is the price receivable by the...
3.50. Additions to work-in-progress are valued in proportion to the estimated...
3.51. If the value of output treated as work-in-progress is to...
3.52. For buildings and structures acquired in an incomplete state, a...
3.53. The total output of an other non-market producer (a local...
3.54. The total output of an institutional unit is the sum...
3.55. In the absence of secondary market output by other non-market...
3.56. In principle, market output by other non-market producers is to...
3.57. For some specific types of output, the times of recording...
3.60. G. Wholesale and retail trade services; repair services of motor...
3.63. J. Financial intermediation services (this includes insurance services and pension...
3.65. L. Public administration and defence services, compulsory social security services...
FINAL CONSUMPTION EXPENDITURE (P.3)
3.75. Definition: Final consumption expenditure consists of expenditure incurred by resident...
3.76. Household final consumption expenditure includes the following borderline cases:
3.78. Final consumption expenditure of NPISHs includes two separate categories:
3.79. Final consumption expenditure (P.3) by government includes two categories of...
3.80. Corporations do not make final consumption expenditures. Their purchases of...
ACTUAL FINAL CONSUMPTION (P.4)
3.81. Definition: Actual final consumption consists of the goods or services...
3.82. Definition: Goods and services for individual consumption (‘individual goods and...
3.84. All household final consumption expenditure is individual. By convention, all...
3.85. For the goods and services provided by government units, the...
3.86. The relationships between the various concepts employed can be shown...
3.87. Final consumption expenditure of NPISHs is by convention all individual....
3.88. By convention, there are no social transfers in kind with...
TIME OF RECORDING AND VALUATION OF FINAL CONSUMPTION EXPENDITURE
3.89. As explained in chapter 1, goods and services should in...
3.90. Expenditure on a good acquired under a hire purchase or...
3.91. Own-account consumption should be recorded when the output retained for...
3.92. The final consumption expenditure of households is recorded at purchasers'...
3.93. Goods and services supplied as compensation of employees in kind...
3.94. Retained goods or services for own consumption are valued at...
3.95. Final consumption expenditures by general government or NPISHs on products...
3.96. Final consumption expenditure (P.3) by general government or NPISHs are...
3.101. Gross capital formation means gross of consumption of fixed capital....
GROSS FIXED CAPITAL FORMATION (P.51)
3.102. Definition: Gross fixed capital formation (P.51) consists of resident producers'...
3.103. Gross fixed capital formation consists of both positive and negative...
3.105. The following types of gross fixed capital formation may be...
3.107. Gross fixed capital formation includes borderline cases like:
3.109. Gross fixed capital formation in the form of improvements to...
3.110. Intangible fixed assets typically consist of new information, specialized knowledge,...
3.111. For both fixed assets and non-produced non-financial assets, the costs...
TIME OF RECORDING AND VALUATION OF GROSS FIXED CAPITAL FORMATION...
3.112. Gross fixed capital formation is recorded when the ownership of...
3.113. Gross fixed capital formation is valued at purchasers' prices including...
3.114. Acquisitions of intangible fixed assets are valued in different ways:...
3.115. Disposals of existing fixed assets by sale are valued at...
3.116. Costs of ownership transfer can apply to both produced assets,...
TIME OF RECORDING AND VALUATION OF CHANGES IN INVENTORIES
3.120. The time of recording and valuation of changes in inventories...
3.121. Changes in inventories should be valued at the time of...
3.122. The prices used should be consistent with those of other...
3.123. Losses as a result of physical deterioration, insurable accidental damage...
3.124. The previous paragraphs have described the conceptually correct valuation of...
IMPORTS AND EXPORTS OF GOODS AND SERVICES (P.6 and P.7)...
3.128. Definition: Exports of goods and services consist of transctions in...
3.129. Definition: Imports of goods and services consist of transactions in...
3.130. Imports and exports of goods and services do not include:...
3.131. Imports and exports of goods and services should be distinguished...
IMPORTS AND EXPORTS OF GOODS (P.61 and P.71)
3.132. Imports and exports of goods occur when there are changes...
3.133. However, in four instances the change of ownership principle is...
3.134. In the following cases exports of goods occur without the...
3.135. Imports and exports of goods include transactions between residents and...
3.136. Imports and exports of goods exclude the following goods which...
3.137. In principle, imports and exports of goods should be recorded...
3.138. Imports and exports of goods are to be valued free...
3.139. Proxies or substitute measures for the fob value may be...
IMPORTS AND EXPORTS OF SERVICES (P.62 and P.72)
3.140. Definition: Exports of services consist of all services rendered by...
3.141. Definition: Imports of services consist of all services rendered by...
3.142. Exports of services include the following borderline cases:
3.143. For imports of services most borderline cases are the mirror-image...
3.144. Imports of transport services include the following borderline cases:
3.145. Imports in respect of direct purchases abroad by residents cover...
3.146. Imports and exports of services are recorded at the time...
CHAPTER 4 DISTRIBUTIVE TRANSACTIONS
4.01. Definition: Distributive transactions consist of transactions by means of which...
TAXES ON PRODUCTION AND IMPORTS (D.2)
4.14. Definition: Taxes on production and imports (D.2) consist of compulsory,...
TAXES ON PRODUCTION AND IMPORTS PAID TO THE INSTITUTIONS OF...
4.25. The taxes on production and imports paid to the institutions...
4.26. Recording of taxes on production and imports: taxes on production...
4.27. However, some economic activities, transactions or events, which under tax...
4.28. The total value of the taxes which should be recorded...
4.29. In the system of accounts, taxes on production and imports...
4.30. Definition Subsidies (D.3) are current unrequited payments which general government...
4.31. Subsidies granted by the institutions of the European Union cover...
4.41. Definition: Property income (D.4) is the income receivable by the...
DISTRIBUTED INCOME OF CORPORATIONS (D.42)
Withdrawals from the income of quasi-corporations (D.422)
4.56. Definition: Withdrawals from the income of quasi-corporations (D.422) consist of...
4.57. These amounts are to be recorded before the deduction of...
4.58. When a quasi-corporation makes a trading profit, the unit which...
4.60. This heading includes the net operating surplus received by residents...
4.61. The heading withdrawals from the income of quasi-corporations does not...
4.62. Time of recording: withdrawals from the income of quasi-corporations are...
4.63. In the system of accounts, withdrawals from the income of...
REINVESTED EARNINGS ON DIRECT FOREIGN INVESTMENT (D.43)
4.64. Definition: Reinvested earnings on direct foreign investment (D.43) are equal...
4.65. A direct foreign investment enterprise is an incorporated or unincorporated...
4.66. Actual distributions may be made out of the entrepreneurial income...
4.67. Time of recording: reinvested earnings on direct foreign investment are...
PROPERTY INCOME ATTRIBUTED TO INSURANCE POLICY HOLDERS (D.44)
4.68. Definition: Property income attributed to insurance policy holders corresponds to...
4.69. Since technical reserves are assets of insurance policy holders, the...
4.70. Time of recording: property income attributed to insurance policy holders...
4.71. In the system of accounts, the property income attributed to...
SOCIAL CONTRIBUTIONS AND BENEFITS (D.6)
4.83. Definition: Social benefits are transfers to households, in cash or...
4.88. Social insurance schemes are schemes in which workers are obliged,...
4.89. Social insurance schemes organized by government units for their own...
4.90. Social contributions may be divided into actual contributions payable under...
4.91. Social contributions may be divided into those that are compulsory...
Actual social contributions (D.611)
4.93. Payments of actual social contributions may be compulsory by virtue...
4.94. To distinguish between social contributions that are compulsory and those...
4.95. Actual social contributions to social security funds or other government...
4.96. Time of recording: employers' actual social contributions (D.6111) and employees'...
4.97. In the system of accounts, actual social contributions are recorded:...
Imputed social contributions (D.612)
4.98. Imputed social contributions (D.612) represent the counterpart to social benefits...
4.99. It is necessary to introduce imputed social contributions if the...
4.100. Employers are recorded, in the generation of income account, as...
4.101. Time of recording: imputed social contributions which represent the counterpart...
4.102. In the system of accounts, imputed social contributions are recorded:...
NON-LIFE INSURANCE CLAIMS (D.72)
4.112. Definition Non-life insurance claims (D.72) represent the claims due under...
4.113. Non-life insurance claims do not include payments which constitute social...
4.114. As the service charges on non-life insurance are calculated by...
4.115. Time of recording: non-life insurance claims are recorded at the...
CURRENT TRANSFERS WITHIN GENERAL GOVERNMENT (D.73)
4.117. Definition: Current transfers within general government (D.73) include transfers between...
4.118. Current transfers within general government do not include transactions on...
4.119. Time of recording: Current transfers within general government are recorded...
4.120. In the system of accounts, current transfers within general government...
MISCELLANEOUS CURRENT TRANSFERS (D.75)
ADJUSTMENT FOR THE CHANGE IN THE NET EQUITY OF HOUSEHOLDS...
4.145. Capital transfers are different from current transfers by the fact...
4.146. A capital transfer in kind consists of the transfer of...
4.147. Capital transfers cover capital taxes (D.91), investment grants (D.92) and...
4.152. Definition Investment grants (D.92) consist of capital transfers in cash...
4.154. Investment grants do not include transfers of military equipment in...
4.155. The value of capital formation carried out by general government...
4.156. Heading D.92 includes not only single non-recurrent payments designed to...
4.157. Investment grants to the sector non-financial corporate and quasi-corporate enterprises...
4.158. Investment grants to the households sector include equipment and modernization...
4.159. Investment grants to general government include all payments (except grants...
4.160. Investment grants to non-profit institutions from general government and from...
4.161. Investment grants to the rest of the world should also...
4.162. Time of recording: investment grants in cash are recorded when...
4.163. In the system of accounts, investment grants are recorded:
CHAPTER 5 FINANCIAL TRANSACTIONS
5.01. Definition: Financial transactions are transactions in financial assets and liabilities...
5.02. Considering the definition of a transaction (see paragraph 1.33), a...
5.03. Financial assets are economic assets, comprising means of payment, financial...
5.04. Means of payment consist of monetary gold, special drawing rights,...
5.05. Contingent assets are contractual arrangements between institutional units, and between...
5.06. Seven categories of financial assets are distinguished: monetary gold and...
5.07. In the system, each financial asset has a counterpart liability,...
5.08. The classification of financial transactions corresponds to the classification of...
5.09. The financial assets held and the liabilities outstanding at a...
5.10. Financial transactions between institutional units are recorded in the financial...
5.11. The financial account of a sector may be consolidated or...
5.12. A financial transaction between two institutional units increases net lending/net...
5.13. The financial account by debtor/creditor (of a sector or the...
5.14. The financial account is the final account, in the full...
5.15. Financial transactions always have counterpart transactions in the system. Those...
5.16. The counterpart transaction of a financial transaction may be a...
5.17. The counterpart transaction of a financial transaction may be interest...
5.18. The counterpart transaction of a financial transaction may be property...
CLASSIFICATION OF FINANCIAL TRANSACTIONS
5.19. The financial transactions are classified in categories subdivided into sub-categories...
5.20. The classification of financial transactions and of financial assets and...
5.21. Analyses of the monetary policy transmission channels may require to...
5.22. Innovations in financial markets have diminished the usefulness of a...
5.23. Many of the categories, sub-categories and sub-positions of the financial...
MONETARY GOLD AND SPECIAL DRAWING RIGHTS (SDRs) (F.1)
5.24. Category F.1 consists of two sub-categories of financial transactions:
5.25. The financial assets classified in the category monetary gold and...
5.26. Definition: The sub-category monetary gold (F.11) consists of all transactions...
5.27. The monetary authorities sector, which is based on a functional...
5.28. Monetary gold normally takes the form of bars with a...
5.29. Transactions in monetary gold consist predominantly of sales and purchases...
5.30. Transactions in non-monetary gold, that is in gold other than...
5.31. If monetary authorities add non-monetary gold to their holdings of...
5.32. Deposits, securities and loans denominated in gold are treated as...
5.36. Definition: The category currency and deposits (F.2) consists of all...
5.37. Category F.2 is divided into three sub-categories of financial transactions:...
SECURITIES OTHER THAN SHARES (F.3)
5.50. Definition: The category securities other than shares (F.3) consists of...
5.51. Category AF.3 covers financial assets which are typically represented by...
5.53. Category F.3 is divided into two sub-categories of financial transaction:...
Securities other than shares, excluding financial derivatives (F.33)
5.54. Definition: The sub-category securities other than shares excluding financial derivatives...
5.55. Sub-category F.33 may be divided, when relevant, into two sub-positions...
Short-term securities other than shares, excluding financial derivatives (F.331)
Long-term securities other than shares, excluding financial derivatives (F.332)
5.69. Definition: The category loans (F.4) consists of all transactions in...
5.70. Generally loans are characterized by the following features:
5.71. Category F.4 may be divided, when relevant, into two sub-categories...
5.73. Definition: The sub-category long-term loans (F.42) consists of all transactions...
5.74. The distinction between transactions in loans (F.4) and transactions in...
5.75. By convention, short-term loans granted to monetary financial institutions, resident...
5.76. It might be useful analytically to allow for exceptions to...
5.77. The distinction between transactions in loans (F.4) and transactions in...
5.78. Security issues consist of a large number of identical documents,...
5.79. Secondary trade in loans exists. However, individual loans are only...
5.80. Standard loans are offered in most cases by financial corporations...
5.84. Loans may be financial assets or liabilities of all sectors...
5.85. The sub-categories short-term loans and long-term loans are not divided...
5.86. Definition The category shares and other equity (F.5) consists of...
5.87. Category F.5 is divided into two sub-categories of financial transactions:...
Shares and other equity, excluding mutual funds shares (F.51)
INSURANCE TECHNICAL RESERVES (F.6)
5.98. Definition The category insurance technical reserves (F.6) consists of all...
5.102. Category AF.6 does not include provisions established by institutional units...
5.103. Category F.6 is divided into two sub-categories of financial transactions:...
Net equity of households in life insurance reserves and in...
5.104. Definition: The sub-category net equity of households in life insurance...
5.105. Sub-category F.61 is divided into two sub-positions of financial transactions:...
Net equity of households in life insurance reserves (F.611)
5.106. Definition: The sub-position net equity of households in life insurance...
5.107. Sub-position AF.611 includes life insurance provisions, provisions for bonuses and...
5.108. Transactions in net equity of households in life insurance reserves...
5.109. Life insurance reserves are financial assets of resident or non-resident...
Net equity of households in pension funds reserves (F.612)
5.110. Definition: The sub-position net equity of households in pension funds...
5.111. Transaction in net equity of households in pension funds reserves...
5.112. Transactions in net equity of households in pension funds reserves...
5.113. Pension funds reserves are financial assets of resident or non-resident...
Prepayments of insurance premiums and reserves for outstanding claims (F.62)...
5.114. Definition: The sub-category prepayments of insurance premiums and reserves for...
5.115. Prepayments of insurance premiums result from the fact that insurance...
5.116. The prepayments of insurance premiums are financial assets of the...
5.117. Reserves for outstanding claims are held by insurance corporations in...
5.118. Reserves for outstanding claims are financial assets of the beneficiaries...
5.119. Sub-category AF.62 includes provisions for unearned premiums, other technical provisions,...
OTHER ACCOUNTS RECEIVABLE/PAYABLE (F.7)
5.120. Definition: The category other accounts receivable/payable (F.7) consists of all...
5.121. Category F.7 includes transactions in financial claims which stem from...
5.123. Category F.7 is divided into two sub-categories of financial transactions:...
Other accounts receivable/payable, excluding trade credits and advances (F.79)
5.128. Definition: The sub-category other accounts receivable/payable excluding trade credits and...
5.129. Sub-category AF.79 includes financial claims created as a result of...
5.130. Preferably, the counterpart financial transaction of interest accruing on financial...
5.131. At the date due for payment of interest, two financial...
ACCOUNTING RULES FOR FINANCIAL TRANSACTIONS
5.134. Financial transactions are recorded at the transaction values, that is,...
5.135. Financial transactions and their financial or non-financial counterpart transactions are...
5.136. The transaction value refers to a specific financial transaction and...
5.137. The transaction value does not include service charges, fees, commissions,...
Special valuation criteria for some sub-categories of financial transactions
COMPILING FINANCIAL TRANSACTIONS FROM CHANGES IN BALANCE SHEETS
6.01. Other flows cover consumption of fixed capital (K.1), acquisitions and...
ACQUISITIONS LESS DISPOSALS OF NON-FINANCIAL NON-PRODUCED ASSETS (K.2)
6.06. Definition Non-financial non-produced assets consist of land and other tangible...
6.07. Land is defined as the ground itself, including soil covering...
6.09. Acquisitions and disposals of land are valued at current market...
6.10. Acquisitions and disposals of other tangible non-produced assets cover subsoil...
6.11. Acquisitions and disposals of other tangible non-produced assets are valued...
6.12. Intangible non-financial non-produced assets consist of patented entities, leases or...
6.13. Acquisitions less disposals of non-financial non-produced assets are recorded in...
OTHER VOLUME CHANGES IN FINANCIAL ASSETS AND LIABILITIES N.E.C. (K.10)...
CHANGES IN CLASSIFICATIONS AND STRUCTURE (K.12)
6.29. Changes in classifications and structure (K.12) comprise changes in sector...
CHANGES IN CLASSIFICATION OF ASSETS AND LIABILITIES (K.12.2)
6.31. Category K.12.2 distinguishes monetization/demonetization of gold (K.12.21) and changes in...
6.32. Monetization/demonetization of gold (K.12.21) is recorded in the other changes...
6.33. Changes in classification of assets or liabilities other than monetization/demonetization...
6.34. Entries for other changes in volume (K.3 to K.10 and...
NOMINAL HOLDING GAINS/LOSSES (K.11)
6.35. Nominal holding gains are that category of other changes in...
6.36. Definition: The nominal holding gain (K.11) on a given quantity...
6.38. The nominal holding gains recorded in the revaluation account are...
6.39. Holding gains include gains on all kinds of assets: non-financial...
6.40. Nominal holding gains may accrue on assets held for any...
6.41. For purposes of calculating nominal holding gains, acquisitions and disposals...
6.42. The nominal holding gains included are those accruing on assets...
HOLDING GAINS BY TYPE OF FINANCIAL ASSET
7.01. Definition: A balance sheet is a statement, drawn up at...
7.03. Corporations are seen to have a net worth in addition...
7.04. The difference between total financial assets and total liabilities is...
7.05. For the non-financial and the financial corporations sectors the calculation...
7.06. The balance sheet completes the sequence of accounts, showing the...
7.08. A basic accounting identity links the opening balance sheet and...
7.09. The assets recorded in the balance sheets are economic assets....
7.10. Definition: Economic assets are entities functioning as a store of...
7.11. The economic benefits consist of primary incomes (operating surplus by...
7.12. An overview of the classification and coverage of economic assets...
FINANCIAL ASSETS AND LIABILITIES (AF.)
7.20. Definition: Financial assets (AF.) are economic assets, comprising means of...
7.21. Means of payment consist of monetary gold, special drawing rights,...
7.22. Contingent assets are contractual arrangements between institutional units, and between...
7.23. In the system, each financial asset has a counterpart liability,...
7.24. The classification of financial assets and liabilities corresponds to the...
VALUATION OF ENTRIES IN THE BALANCE SHEETS
7.25. A particular item in the balance sheet should be valued...
7.26. Ideally, these prices should be prices observable on the market....
7.27. In addition to prices observed on markets or estimated from...
7.28. Market prices are usually available for many of the financial...
7.29. For some assets revalued initial acquisition prices are written off...
7.31. The value of assets and liabilities denominated in foreign currencies...
7.32. Alternatives to current market values might be useful for some...
FINANCIAL ASSETS AND LIABILITIES (AF.)
7.44. Financial assets and liabilites should in principle be valued at...
Securities other than shares (AF.3)
7.47. The valuation adopted must be consistent with the treatment of...
7.48. Short-term securities other than shares excluding financial derivatives (AF.331) are...
7.49. Long-term securities other than shares excluding financial derivatives (AF.332) are...
7.50. Financial derivatives (AF.34) should be included in the balance sheets...
Shares and other equity (AF.5)
7.53. Quoted shares (AF.511) are to be valued at a representative...
7.54. The values of unquoted shares (AF.512), which are not regularly...
7.55. The estimation method applied depends very much on the basic...
7.56. Other equity (AF.513) is very often a liability of specific...
7.57. Mutual funds shares (AF.52) are to be valued at their...
Annex 7.2 A map of entries from opening balance sheet to closing...
CHAPTER 8 SEQUENCE OF ACCOUNTS AND BALANCING ITEMS
8.02. Each of the accounts shows transactions which balance out, either...
8.03. The structured recording of transactions according to a logical analysis...
8.05. The sequence of accounts applies, wholly or partly, to institutional...
8.06. The balancing items are established both gross and net. They...
8.08. Synoptic presentation of the accounts, balancing items and main aggregates:...
8.09. The sequence of accounts is composed of three main categories...
8.10. The production account (I) shows the transactions relating to the...
8.11. The production account can be used to obtain one of...
8.12. As with the balancing items of the following accounts, value...
8.13. The production account at the level of the total economy...
8.14. As financial intermediation services indirectly measured (Fisim) are not allocated...
Distribution and use of income accounts (II)
8.15. Distribution and use of income are analysed in four stages:...
Primary distribution of income accounts (II.1)
Generation of income account (II.1.1)
8.16. The generation of income account is also presented by industries,...
8.17. The generation of income account presents the sectors, subsectors and...
8.18. It analyses the extent to which value added can cover...
8.19. In the case of unincorporated enterprises in the households sector,...
8.20. In the case of own account production of accommodation services...
Allocation of primary income account (II.1.2)
8.21. Unlike the generation account, the allocation of primary income account...
8.22. ‘Primary income’ is the income which resident units receive by...
8.23. The allocation of primary income account (II.1.2) can be calculated...
8.24. As financial intermediation services indirectly measured (Fisim) are not allocated...
8.25. The allocation of primary income account is broken down into...
8.44. The accumulation accounts are flow accounts. They record the various...
8.45. Changes in assets are recorded on the left-hand side of...
REST OF THE WORLD ACCOUNTS (V)
8.65. The Rest of the World accounts record transactions between resident...
8.66. The sequence of Rest of the World accounts follows the...
EXTERNAL ACCUMULATION ACCOUNTS (V.III)
8.83. The integrated economic accounts give a concise overview of the...
8.84. In the table of integrated economic accounts, uses, assets and...
8.85. To make the table readable while giving a picture of...
8.86. The columns in the table represent the institutional sectors, namely:...
8.87. The rows in the table represent the various categories of...
8.100. Previous parts of this chapter have presented a sequence of...
8.101. The input-output table is a widely used matrix framework to...
8.102. The rest of this section will demonstrate, first, that the...
8.103. Next, the general purposes that can be served by an...
MATRIX PRESENTATION OF ESA ACCOUNTS
8.104. Table 8.19 presents the full sequence of accounts and balancing...
8.105. The figures which are presented in the tables of this...
8.106. A matrix presentation permits each transaction to be represented by...
8.107. The row and column totals have not been named. Their...
8.110. Row 2 shows output (at basic prices) plus taxes less...
8.112. Apart from the diagonal item, column 3 contains primary income...
8.113. This matrix leaves open the option whether or not to...
8.114. If redistribution of income in kind is incorporated, then account...
8.115. For the capital account, two subaccounts have been distinguished. First,...
8.116. Next, the row of the account for acquisition of non-financial...
8.117. Account 8, the financial account, opens with net lending of...
8.118. The account for other changes in assets, account 9, records...
8.119. The last four accounts for the total economy refer to...
8.121. Secondly, the external account of primary incomes and current transfers...
8.122. Thirdly, the capital account for the rest of the world...
8.123. Fourthly, the financial account gives the net acquisition of external...
8.124. Finally, the balance sheets for the rest of the world...
PROPERTIES OF ACCOUNTING MATRICES
8.126. Each entry in an aggregate matrix such as table 8.19...
8.127. In principle, each account can be broken down in two...
8.128. these subdivisions have two major consequences. First, for all categories...
8.129. When compiling such a matrix, it is convenient to start...
8.130. Among the general properties of a matrix presentation of accounts...
8.131. An aggregate matrix for the total economy can serve as...
8.132. The matrix presentation is a suitable tool for exploring the...
ADAPTATION OF THE REDUCED FORMAT MATRIX TO SPECIFIC TYPES OF...
8.133. The supply and use tables opt for a classification of...
8.134. A SAM is defined here as: The presentation of ESA-accounts...
8.135. An important social concern is the level and composition of...
8.136. The classification of (self-)employed persons may be based on a...
8.137. Both resident persons employed in non-resident enterprises and non-resident persons...
8.138. In particular, comparing (1) labour incomes of all employed persons...
8.140. The sequence of accounts in this matrix is the same...
8.141. The first two rows and columns of table 8.20 contain...
8.142. The third account records the generation of income and plays...
8.143. Here, this account accommodates transactions between two different types of...
8.144. The (residual) mixed income and operating surplus remain with the...
8.145. As the balancing item in cell (III,II) equals total domestic...
8.147. The allocation of primary income account of a detailed SAM...
8.148. In the design of this SAM, the capital and financial...
8.150. Table 8.21 serves to illustrate what kind of information can...
8.151. As a SAM integrates both income and expenditure flows and...
8.152. Integration of more basic data entails the possibility of more...
8.153. Table 8.22 shows part of the information contained in a...
8.154. The additional insights which can be obtained from such a...
8.155. In this table, the detailed information on compensation of employees...
CHAPTER 9 INPUT-OUTPUT FRAMEWORK
9.01. The input-output framework consists of three types of tables:
9.02. Supply and use tables are matrices by industry and product...
9.03. A supply table shows the supply of goods and services...
9.05. Between the supply and use tables, two types of identities...
9.06. Supply and use tables are the central framework for all...
9.09. A symmetric input-output table is a product by product or...
9.10. Most statistical information that can be obtained from producer units...
9.11. The supply and use tables serve both statistical and analytical...
9.12. The supply and use tables and symmetric input-output tables give...
9.13. The supply and use tables and symmetric input-output tables can...
9.14. The supply and use tables and symmetric input-output tables can...
9.15. The supply and use tables and the symmetric input-output table...
9.17. The classification used for industries in the NACE Rev. 2...
9.18. In the supply and use tables, the classification for products...
9.19. The distinction between market output, output for own final use...
9.20. The distinction between market producers and producers for own final...
9.22. In the supply table, flows of goods and services are...
9.25. GDP is valued at market prices. This aggregate can be...
9.26. The use table 9.6 also contains some supplementary information: gross...
9.28. For productivity analysis, hours worked is the preferable labour input...
9.29. For a proper compilation and understanding of the supply and...
9.30. In the supply and use tables, two adjustment items should...
9.31. The transfer of existing goods is recorded in the use...
9.32. Direct purchases abroad by residents and purchases on the domestic...
9.33. Throughout the supply and use tables, the NACE Rev. 2...
9.34. The transition from supply and use at basic prices to...
9.35. In general, when preparing supply and use tables and making...
9.36. In practice, both types of balances may be needed to...
9.37. Thus, the following tables are involved in the balancing process:...
9.38. The transition of supply and use from basic prices to...
9.40. The transport margins include transportation costs paid separately by the...
9.41. Table 9.7 shows a somewhat simplified picture of a trade...
9.43. Supply at basic prices includes net other taxes on production,...
9.44. VAT may be deductible, non-deductible or just not applicable:
9.46. Table 9.8 on taxes less subsidies on products is simplified,...
9.47. The way of recording taxes and subisidies on products is...
9.49. The use table for imported products should be compiled by...
9.50. The use table for goods and services produced domestically can...
9.51. In order to serve more specific purposes, the supply and...
9.53. In the ESA, the product-by-product input-output table is the most...
9.54. The product-by-product input-output table (see tables 9.4 and 9.12) can...
9.55. Step (a) involves transfers of outputs in the form of...
9.57. Supplementary statistical and technical information should be utilized as much...
9.58. The assumptions used to transfer outputs and associated inputs hinge...
9.59. The importance of the role played by the assumptions depends...
9.60. Step (c) involves the aggregation of the products in the...
9.61. The classifications in the symmetric input-output table coincide with those...
9.62. The symmetric input-output table 9.12 should be accompanied by at...
CHAPTER 10 PRICE AND VOLUME MEASURES
10.01. In a system of economic accounts, all the flows and...
10.02. When time comparisons of flows and stocks are concerned, equal...
10.03. The general rule for comparisons in space is that accurate...
10.04. The economic accounts have the advantage of providing a suitable...
10.05. Despite the advantages of an integrated system based on the...
GENERAL PRINCIPLES OF MEASURING PRICE AND VOLUME INDICES
DIFFERENCES IN QUALITY AND DIFFERENCES IN PRICE
10.15. The physical and other characteristics to be taken into consideration...
10.16. Differences in quality are reflected by the following factors:
10.18. The dimension of quality has to be taken into account...
10.19. Definition: The existence of observed unit value differences is not...
10.20. Lack of information means that purchasers may not always be...
10.21. Price discrimination implies that sellers may be in a position...
10.22. Parallel markets may exist for several reasons. Buyers may be...
PROBLEMS IN THE APPLICATION OF THE PRINCIPLES
10.31. To apply the principles of price and volume to the...
10.41. The non-market services produced by general government and non-profit institutions...
10.42. The services provided to individuals can be given to single...
10.43. The pure collective services are produced by general government for...
10.44. It may not be possible in practice to obtain reliable...
10.45. The calculation of intermediate consumption at constant prices poses no...
10.46. Calculation at constant prices of the compensation of employees and...
Taxes and subsidies on products and imports
10.47. Although essentially limited to transactions involving goods and services, the...
10.48. The simplest case is that of taxes which represent a...
10.50. The amount of tax on products (excluding VAT) (D.215 and...
10.51. Similarly, the amount of subsidies on products (D.31) is measured...
10.52. VAT on producs (D.211) is, both for the whole economy...
CHOICE OF INDEX NUMBER FORMULAE AND THE BASE YEAR
10.61. The construction of an integrated system of price and volume...
10.62. The preferred measure of year-to-year changes in volume is a...
10.63. The preferred measure of year-to-year changes in prices is a...
10.64. Chain indices that use Laspeyres volume indices to measure changes...
10.65. Although the preferred measure of volume and price is a...
10.66. It is therefore recommended that disaggregated constant price data, i.e....
10.67. When base-year values are extrapolated by chain volume indices, it...
INTERSPATIAL PRICE AND VOLUME INDICES
10.68. Comparisons of prices and volumes between countries have to overcome...
10.69. If the economies of the two countries differ much from...
10.70. Direct quantitative comparisons between economic situations that have little in...
10.71. For non-market services, international comparisons face the same problem as...
10.72. The need to make international comparisons of prices and volumes...
10.73. The approach adopted in the ESA to the calculation of...
10.74. The EKS index utilizes all the indirect indices linking country...
CHAPTER 11 POPULATION AND LABOUR INPUTS
11.01. Certain comparisons between countries, or between industries or sectors within...
11.02. These titles are defined in the system on the basis...
11.03. Labour inputs must be classified on the basis of the...
11.04. The aggregates to which the figures for population and labour...
11.26. Definition: Total hours worked represent the aggregate number of hours...
11.27. In accordance with the norms established by the International Labour...
11.28. On the other hand, hours actually worked do not include:...
11.29. Total hours worked is the aggregate number of hours actually...
11.30. Many surveys of enterprises record hours paid not hours worked....
11.31. For business cycle analysis, it may be useful to adjust...
CHAPTER 12 QUARTERLY ECONOMIC ACCOUNTS
12.01. The quarterly economic accounts form an integral part of the...
12.02. The importance of quarterly economic accounts derives essentially from the...
12.03. The period of time to which the quarterly accounts relate...
12.04. The statistical methods used for compiling quarterly accounts may differ...
12.05. The quarterly accounts series quite often show very short-term variations...
12.06. Since quarterly accounts adopt the same framework as annual accounts...
12.07. The time consistency must be ensured for raw data and,...
12.08. If, in principle, most of the operations and balancing items...
12.09. From a theoretical point of view there are no obstacles...
13.01. Regional accounts are a regional specification of the corresponding accounts...
13.02. A full set of accounts at the regional level implies...
13.03. Conceptual difficulties (see paragraphs 13.10 to 13.14) partly explain why...
13.08. Two types of unit are distinguished. First of all the...
13.10. In the case of institutional units two types of institutional...
13.11. All transactions of the uniregional institutional units are allocated to...
13.12. Some of the transactions of multiregional units cannot, strictly speaking,...
13.13. One may think of allocating all transactions of multiregional units...
13.14. Due to the abovementioned considerations, the system of regional accounts...
13.19. As a general principle, aggregates on production activities should be...
13.20. The general principle of allocating gross fixed capital formation by...
13.21. In practice, it may be that information is only available...
13.22. When defining a local KAU three situations can be distinguished:...
13.23. Ancillary activities are not isolated to form distinct entities or...
13.24. For some industries, the methods for regionalization need some further...
13.25. For the construction industry, building sites should be treated as...
13.26. For transport industries including pipeline transport it is essential to...
13.27. For financial intermediation industries, value-added should be allocated according to...
13.28. Output is to be valued at basic prices (see paragraph...
13.29. The regional equivalent of GDP is GDPR (gross domestic product...
13.30. Gross domestic product per region is the result of the...
13.31. Regional accounts of households are a regional specification of the...
13.32. The regional household accounts are based on the households that...
13.33. In general the rules for determining the residence of households...
13.34. In the regional accounts of households, two considerations have to...
LEASING AND HIRE PURCHASE OF DURABLE GOODS
12. For ease of exposition, the following description of the different...
Private funded social insurance schemes
15. Schemes financed by autonomous funds are treated differently from schemes...
16. All four items are recorded exclusive of holding gains or...
17. The remaining transactions apply to both autonomous and non-autonomous funds....
18. Employers' actual contributions are recorded again in the secondary distribution...
19. The entry in the financial account contains two elements:
20. As a consequence of the entry in the financial account,...
21. If a resident employee works for a non-resident employer, the...
22. If a non-resident employee works for a resident employer, the...
27. The output of other insurance services, both life and non-life,...
28. Actual premiums earned are the actual premiums that cover the...
29. Claims due cover events that occur within the current period....
34. The output (P.1) of other non-life insurance enterprises is calculated...
35. In the allocation of primary income account, property income attributed...
36. In the secondary distribution of income account net premiums earned...
37. In the financial account, net equity of policyholders in non-life...
38. When non-resident units purchase cover from resident non-life insurers, the...
REGROUPING AND CODING OF INDUSTRIES (A*), PRODUCTS (P*) AND FIXED...
CLASSIFICATION OF INDIVIDUAL CONSUMPTION BY PURPOSE (COICOP)
CLASSIFICATION OF THE PURPOSES OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLDS (COPNI)...
Table A.IV.3 — Full sequence of accounts for non-financial corporations...
Table A.IV.4 — Full sequence of accounts for financial corporations...
Table A.IV.5 — Full sequence of accounts for general government...
Table A.IV.7 — Full sequence of accounts for non-profit institutions...
DEFINITION OF GOVERNMENT DEFICIT FOR THE PURPOSE OF THE EXCESSIVE DEFICIT PROCEDURE
1. The breakdowns A*3, A*10, A*21, A*38 and A*64 derived from...
3. The transmission of Table 12 shall use either the NACE...
4. The data transmission according to the breakdowns A*38 and A*64...
5. With the first transmission due after 31 August 2011 under...
6. With the first transmission due after 31 August 2012 of...
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