Quarterly Sector Accounts in the European Union

- Recent and future developments -

OECD - NA Working Party4-6 November 2009

Eurostat / Denis Leythienne

A joint Eurostat – ECB project

Eurostat compiles the non-financial accounts

- of the European Union- of the euro area (in cooperation with ECB)

ECB compiles the financial accounts

- of the euro area (MUFA)- reconciles them with non-financial accounts within the EAA

Scope of this presentation: non-financial accounts (QSA)

Quarterly Sector Accounts in the European Union

Milestones

Data collection

European accounts

Results

Future developments

Milestones

1996: ESA95 Transmission programme

2000: Action Plan on EMU Statistical Requirements

2005: QSA Regulation (EC-1161/2005)

2006: First Publication of European ASA

2007: First publication of European QSA

Data collection

Full but simplified set of non-financial accounts- From Value Added to net lending / borrowing

Institutional sectors

- Non-financial corporations (S11)- Financial corporations (S12)- Government (S13)*- Households+NPISH (S14+S15)- Rest of the World (S2)*

(*: Sectors to be reported by countries < 1% EU-GDP)

Transmission deadline: Q + 90 days

Data collection

Validation

- Accounting constraints

(Resources/Uses, Balancing items)

- Consistency vis-à-vis related statistics

(ASA / QNA / Government / BOP)

- Revision analysis

- Plausibility of quarterly patterns

=> Data sharing (next slide)

100

125

150

175

200

Q1

Q2

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Q4

Q1

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

0

5

10

15

20

gross disposable income (left-hand scale) f inal consumption (left-hand scale)

saving rate (right-hand scale)

95

120

145

170

195Q

1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

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Q1

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

5

10

15

20

25

gross disposable income (left-hand scale) f inal consumption (left-hand scale)

saving rate (right-hand scale)

Possible outliers

COUNTRY A

COUNTRY B

European accounts

Aggregation of the NA of the Member States

European accounts

Country A

European institutions

Country B

Country A

European institutions

Country B

Results

News release at Q + 120 days

– EA and EU aggregates

– Jointly with QFA of the EA (ECB)

– No country breakdown

Focus on seasonally adjusted data for key indicators:

- Household saving rate: B6G/(B8G+D8net)

- Household investment rate: P51/(B8G+D8net)

- Investment rate of non-financial corporations: P51/B1G

- Profit share of non-financial corporations: B2G/B1G

Decomposition of nominal growth

Household investment rate

Household saving rate

7%

8%

9%

10%

11%

12%

Q1

Q2

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Q4

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

7%

8%

9%

10%

11%

12%Euro area EU27

10%

11%

12%

13%

14%

15%

16%

17%

Q1

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

10%

11%

12%

13%

14%

15%

16%

17%Euro area EU27

Investment rate of non-financial corporations

Profit share of non-financial corporations

35%

36%

37%

38%

39%

40%

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

35%

36%

37%

38%

39%

40%Euro area EU27

20%

21%

22%

23%

24%

25%

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1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

20%

21%

22%

23%

24%

25%Euro area EU27

Decomposition of the nominal growth of GDP (EA16, seasonally adjusted, current prices)

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2007 2008 2009

Others

Net exports

Government net lending (+) /borrowing (-)

Government revenue -Hholds social contributionsand income taxes

Business (NFC): Changesin inventories

Business (NFC):Investment

Hholds: Investment

Hholds: Gross saving (-)

Hholds: Net propertyincome

Hholds: Gross OperatingSurplus

Hholds: Gross wages

Nominal growth of GDP

Future developments

End 2009: publication of key indicators by country:

- Broad country coverage- Focus on key indicators- 4 quarter cumulated sums

2010: Inventories of QSA Sources & Methods (Restricted release)

2014: Revised ESA transmission programme- QSA merged with government statistics - Seasonally adjusted data by country (e.g. for key indicators)- Price / Volume data by country (e.g. for VA and investment)

For more information:

=> http://ec.europa.eu/eurostat/sectoraccounts (Eurostat)

=> http://www.ecb.eu/stats/acc/html/index.en.html (ECB)