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Advancements in Financial Statistics and National Accounts: Insights from the OECD Meeting

On December 1, 2010, Martine Durand, OECD Chief Statistician, presented key outcomes from the Ministerial Council Meeting (MCM) held in Paris, focusing on priorities for national accounts and financial statistics. Highlights included the endorsement of strategic orientations such as green growth, gender measurement, and anti-corruption. The meeting aimed at enhancing OECD's statistical coordination, improving financial and non-financial accounts, and addressing pressing global economic issues through increased collaboration with member countries for resilient economic development.

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Advancements in Financial Statistics and National Accounts: Insights from the OECD Meeting

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  1. National Accounts Working PartyWorking Party on Financial Statistics1st December 2010Introductory RemarksMartine DurandOECD Chief Statistician

  2. -Report on MCM 2010-Main highlights of CSTAT’s 2011-2012 Programme of Work and Budget- Implications for national accounts and financial statistics

  3. Main Outcomes of MCM 2010 Paris, 27-28 May 2010

  4. Main Outcomes of MCM 2010 • Ministers endorsed the Secretary-General’s Strategic Orientations’ paper and the 6 priority areas he has identified for increased “horizontal work” over the next biennium : • development • green growth • skills • gender • measuring progress • anti-corruption • Intermediate or final products on these priorities will be delivered on the occasion of the OECD 50th Anniversary

  5. Main Outcomes of MCM 2010 (2) • Ministers discussed sources of growth (e.g. Green Growth; Innovation; Trade and Investment) to build more resilient and productive economies and referred to Measuring Progress of Societies • Ministers also discussed how to foster economic development and social progress in developing countries • They endorsed a Declaration on Propriety, Integrity and Transparency in the Conduct of International Business and Finance • The OECD Factbook with a special focus on the crisis was released at the OECD Forum during the MCM

  6. CSTAT’s Strategic Orientations and Draft 2011-2012 PWB Main highlights

  7. Structural Changes to CSTAT PWB • Main activities have been regrouped into 6 core areas • National Accounts and PPPs; Financial Statistics • Composite Leading Indicators and other Short-Term Indicators • International Trade and Competitiveness Indicators • Business and Globalisation Indicators • Labour and Households Statistics • Coordination of OECD Statistical Work and Other Coordination Activities • Under a single Output Area • 6.2.1 : Statistical Coordination, Research, Collection and Dissemination

  8. Priorities for 2011-12 • PWB reflects OECD-wide priorities relevant to CSTAT : • Increased work with Enhanced Engagement Countries • Measuring Progress • Green growth • New Sources of Growth: Follow-up to Innovation Strategy • Gender • Communications and Dissemination • As well as CSTAT’s own priorities: • Reinforcing core statistical information and IT infrastructure • Developing new streams of methodological work • Enhancing CSTAT’s coordination role

  9. Prioritisation of new activities and research projects

  10. Implications for financial statistics and national accounts and the WPNA & WPFS

  11. Improving and extending financial and non-financial accounts and related indicators • Quarterly sector accounts: for the first time, the following data will be collected on quarterly basis • Financial accounts • Institutional investors • Household assets and liabilities • Non-financial sector accounts • Environmental accounts (joint work with ENV) • OECD contributes to revision of SEEA • Measures of CO2 embodied in imports, using Input-Output tables • Research on extended growth accounting and productivity measurement that take account of natural assets and environmental services

  12. Improving and extending financial and non-financial accounts and related indicators (2) • Disaggregation of household distribution of income account by income quintile: OECD/Eurostat Taskforce put in place • Measures of own-account production of household services • Decomposition of differences between growth rates of volume GDP and real disposable household income • Intangible assets –beyond NA • Estimates of human capital • Measurement issues in conjunction with innovation capital (jointly with STI/NESTI)

  13. Nearly all these issues are on the agenda of this meeting! • STD, together with other directorates of OECD are engaged in all these directions of work. In view of the challenges ahead, there is a need for co-operation with other international organisations and national data providers

  14. Thank you for your attention!

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