Prepared by Manik Shrestha Presented by Peter Van de Ven

1. Minimum and Encouraged Set of Internationally Comparable Sectoral Accounts and Balance Sheets: Overview of the Template Advisory Expert Group on National Accounts April 23-25, 2012, New York Prepared by Manik Shrestha Presented by Peter Van de Ven

2. G-20 Recommendation 15 on Sectoral Accounts • “The IAG, which includes all agencies represented in the Inter-Secretariat Working Group on National Accounts, to develop a strategy to promote the compilation and dissemination of the balance sheet approach (BSA), flow of funds, and sectoral data more generally, starting with the G20 economies. Data on nonbank financial institutions should be a particular priority. The experience of the ECB and Eurostat within Europe and the OECD should be drawn upon. In the medium term, including more sectoral balance sheet data in the data categories of the Special Data Dissemination Standard could be considered.”

3. Objective of Recommendation 15 • Expand the dissemination and reporting of internationally comparable and detailed annual and quarterly sectoral accounts by both G20 and non-G20 advanced economies. • Expansion involves improving the compilation of sectoral accounts in terms of details (sub-sectors and asset details), closing data gaps, and developing financial flows and stocks on a from-whom-to-whom basis.

4. Milestones and Progress in Implementing Recommendation 15 • An IAG Working Group leads and takes forward work on implementation • Members are BIS, ECB, Eurostat, IMF (Chair) OECD, and UN • A joint IMF-OECD Conference on Strengthening Sectoral Position and Flow Data in the Macro-economic Accounts at IMF Headquarters during February 28 – March 2, 2011 • Provided guidance towards a minimum and encouraged set of internationally comparable sectoral accounts (Template) • A meeting of the IAG WG during September 12-13, 2011 at OECD Headquarters • Discussed the way forward and international collaboration for the implementation of work on sectoral accounts and agreed on a data reporting template • Presentation of work on sectoral accounts and the Template on sectoral accounts at the OECD working party meeting in October 2011

5. Objective of the Template • SNA – a broad framework • Implementation of SNA: Emphasis on coordination • Need to ensure international comparability • Not just standards and concepts • But also implementation • What part/s of the system • Best practices in collection and compilation • Dissemination • Template sets the scope of sectoral accounts and balance sheets • Guides the implementation • Ensures internationally coordinated efforts towards producing and disseminating internationally comparable sectoral accounts

6. Template for Sectoral Accounts • Elements of the Template • Classifications • Minimum and encouraged sector and sub-sector breakdowns • Transaction breakdowns in non-financial (current and capital) accounts • Classification of financial instruments • Classification of non-financial assets • Scope of accounts and tables • Frequency • Timeliness • One quarter for quarterly and ninemonths for annual data

7. Template: Quarterly non-financial (current and capital) accounts • Sector details • Non-financial corporations • Of which public non-financial corporations • Financial corporations • Of which public financial corporations • Monetary financial institutions • Insurance and pension funds • Other financial corporations • General government • Households and NPISHs • ROW • Transactions details are at a more aggregated level than the ones in the 2008 SNA

14. Template: Annual stocks of non-financial assets • Sector details (according to for non-financial (current and capital) accounts) • Non-financial corporations • Of which public non-financial corporations • Financial corporations • Of which public financial corporations • Monetary financial institutions • Insurance and pension funds • Other financial corporations • General government • Households and NPISHs • ROW

16. Priorities • A challenge given the various aspects of sectoral accounts and diverse situations among countries • The aim is to have internationally comparable sectoral accounts at the maximum level of details • An economy would aim for greater details than the minimum required for internationally comparable data to meet national data needs • Ultimately, requirements for analytical and policy purposes should guide the priorities

17. Arrangement for Collection and Dissemination of Sectoral Accounts • Two main principles for data collection and dissemination at the international level • Templates for collecting data from countries should have a long-term horizon, be valid as long as the current statistical standard (2008 SNA/ESA 2010) is expected to remain valid, and should allow reporting by countries that have full detail as well as by those that have less detail. • A country should be required to complete the template for a given reference period or date and submit data to only one international institution.

18. Data Collection/Transmission for Sectoral Accounts EUROSTAT OECD IMF EU members ECB Non-EU OECD members Non-OECD IMF members Euro area members Existing Future