Joint WPFS-WPNA – 1st December 2010

Jiemin Guo and Michèle Chavoix-Mannato STD/NAD

Background

2009 WPFS/WPNA discussion and follow-up

Financial quarterly accounts

Non-financial quarterly accounts

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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

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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 2010

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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

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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)

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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

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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 1999

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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

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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?)

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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)

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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 indicators12

Meta-questionnaire: Sent to non-EU countries in April 2010 + 2

reminders Simplified sector accounts (T119): o Generation of income accounto Distribution of income accounto Use of disposable incomeo Capital accounts

Data availability and timeliness surveyed

Note: Annual data are already transmitted to the OECD by non-European countries in T119

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Generation of income accountB1G Value added, gross

D1PAY Compensation of employees, paid

D2PAY Taxes on production and imports, paid

D29PAY Other taxes on production and imports, paid

D3REC Subsidies, received

D39REC Other subsidies on production, received

B2A3G Operating surplus and mixed income, gross

B3G Mixed income, gross

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Distribution of income accountD1REC Compensation of employees, received

D2REC Taxes on production and imports, received

D3PAY Subsidies, paid

D4PAY Property income, paid

D4REC Property income, received

D5PAY Current taxes on income, wealth etc., paid

D5REC Current taxes on income, wealth etc., received

D6MPAY Social contributions and social benefits, other than social transfers in kind, paid

D6MREC Social contributions and social benefits, other than social transfers in kind, received

D7PAY Other current transfers, paid

D7REC Other current transfers, received

B6N Net disposable income

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Use of disposable incomeD8PAY Adjustment for the change in net equity of households in pension

funds reserves, paidD8REC Adjustment for the change in net equity of households in pension

funds reserves, receivedP3 Final consumption expenditure

B8N Saving, net

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Capital accountD9PAY Capital transfers, paid

D9REC Capital transfers, received

P5 Gross capital formation

P51 Gross fixed capital formation

P52 Changes in inventories

P53 Acquisitions less disposals of valuables

K1 Consumption of fixed capital

Acquisitions less disposals of non-financial non-produced assets

B9 Net lending/net borrowing

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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:o3 have detailed or partial QSA datao3 have no QSA data

4 countries did not reply: CAN, CHE, ISL, and JPN.

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ResultsAUS:

◦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 monthsISR: mainly general government dataCHL: planned for Q2 2011, start in 2005Q1KOR: only GFCF for general governmentNZL, RUS, TUR: no QSA

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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?

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European countries

Since April 2010 an automatic data transmission (ESA table 0801) from Eurostat to OECD has been set up:o11 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:oFRA and DEU did not allowed transmission to OECDo IRL, ITA, NOR, and SWE: no formal response to

Eurostat to authorize transmission

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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 Eurostat’s transmission to the OECD.

Ask the status of Luxembourg QSA data (availability and transmission to Eurostat)

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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:oAllow internal dissemination to the Economics

Department? oAnd to external users?

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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

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THANK YOU FOR YOUR ATTENTION

AND FOR YOUR FUTURE FRUITFUL

COOPERATION