Sectoral Accounts and Balance Sheets (Recommendation 15) Status of IMF Technical Assistance

1. Sectoral Accounts and Balance Sheets(Recommendation 15)Status of IMF Technical Assistance Kim Zieschang Statistics Department, IMF

2. IMF Training on sectoral accounts • STA conducted regional training on sectoral accounts and balance sheets as follows: • Singapore Regional Training Institute (March 2012) • 9 countries (Hong Kong, SAR, India, Indonesia, Malaysia, Pakistan, Philippines, Republic of Korea, Singapore, and Thailand). • Joint Vienna Institute (September 2012) • 17 countries (Belarus; Bulgaria; China, Mainland; Czech Republic; Estonia; Hungary; Iceland; Latvia; Lithuania; Poland; Romania; Russian Federation; Slovak Republic; Slovenia; South Africa; Turkey; and Ukraine). • Singapore Regional Training Institute (April 2013) • 9 countries (China, Mainland, India, Indonesia, Malaysia, Pakistan, Philippines, Republic of Korea, Singapore, and Thailand).

3. IMF Technical Assistance • STA conducted missions on sectoral accounts and balance sheets during FY 2012 and 13 to the following five countries • Russia (October/November 2011) • Thailand (July 2012) • Philippines (July/August 2012) • South Africa (November 2012) • Indonesia (December 2012) • Missions assisted the countries in designing work programs for developing sectoral accounts and balance sheets. • Specific data sources and possible compilation methods were discussed with these countries. • The Templates for Minimum and Encouraged Set of internationally Comparable Sectoral Accounts and Balance Sheets developed by the Working Group on Sectoral Accounts provided the basis for discussion with these countries. • http://www.imf.org/external/np/sta/templates/sectacct/index.htm and http://unstats.un.org/unsd/nationalaccount/imp.asp

4. Plans for FY 2014 • Initiate missions to Brazil, Mexico, and Turkey • Regional Workshop for Indonesia, Thailand, and Philippines • Follow-up missions to Indonesia and Thailand

5. Current status and future plans Russia Current status • Annual sectoral current and capital accounts are disseminated regularly. These accounts does not follow institutional sector classification completely. • Sectoral financial accounts and balance sheets are not compiled. Work plan • Quarterly current and capital accounts and annual stocks of produced nonfinancial assets by institutional sectors (2016)*- for the period 2012-14. • Quarterly sectoral stocks and transactions of financial assets and liabilities (2016)- for the period 2012-14. * indicates expected month / year of completion

6. Current status and future plans Thailand Current status • Annual current and capital accounts for general government and NPISHs. Annual flow of fund accounts by institutional sectors compiled. • Stocks of fixed assets by economic activity compiled. Work plan • Experimental annual current and capital accounts by institutional sectors (2013)- for the period 2010-12. • Experimental annual /quarterly sectoral stocks of financial assets and liabilities (2014) and quarterly sectoral financial accounts (2015) • Development of methodology and data sources for the compilation of stocks of produced nonfinancial assets (2014).

7. Current status and future plans Philippines Current status • Annual and quarterly financial accounts by institutional sector compiled. Quarterly accounts not disseminated due to weaknesses in the compilation process. • Experimental sectoral current accounts are compiled, but not disseminated. Work plan • Improve financial account and initiate development of sectoral current and capital accounts.

8. Current status and future plans South Africa Current status • Current and capital accounts on annual basis, and flow of fund accounts on annual and quarterly basis are compiled by institutional sectors. • Annual household balance sheet for selected household assets and liabilities. Balance sheets for other sectors not compiled. • Experimental estimates of annual stocks of some mineral resources. Work plan • Develop /improve quarterly stocks and transactions of financial assets and liabilities by institutional sectors (Dec 2014). • Improve compilation of annual stocks of produced nonfinancial assets by institutional sectors (Dec 2014). • Improve compilation of annual stocks of sub-soil assets and develop methods for the compilation of stocks of land (Dec 2014).

9. Current status and future plans Indonesia Current status • Full sequence of transaction accounts (experimental) compiled on an annual basis for some sectors. • Annual flow of funds covering main institutional sectors and quarterly flow of funds with limited institutional breakdown disseminated regularly. Work plan • Annual current and capital accounts by institutional sectors (2015)- for the period starting from 2010. • Annual stocks and transactions of financial assets and liabilities (2015)- for the period starting from 2010. • Annual stocks of produced nonfinancial assets (2015)- for the period starting from 2010. • Quarterly stocks and transactions of financial assets and liabilities (2017)- for the period starting from 2012.

10. Data Collection and Validation • Task Force established by the IAG to organize and steer pilot projects on the collection and validation of national accounts statistics among member institutions • First meeting of the Task Force took place in April 2013 • Pilot projects to focus on the following datasets: • (i) GDP and main aggregates (including population), and • (ii) sectoral accounts • Pilot projects to begin in September 2013 and will run for two years • Data collection templates being developed for GDP and main aggregates (including population) • For sector accounts, the templates and data collection arrangements that were agreed by the Working Group on Sectoral Accounts to be followed • Participating agencies are expected to continue to follow their data collection practices during the pilot projects IMF Statistics Department