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Good Morning ********************** Welcome to

Good Morning ********************** Welcome to. ESTP course on National Accounts ESA 2010 Luxembourg, 30 May – 03 June 2016 Eurostat. Structure of the Course. First three days on basics of national accounting Brief history of National Accounts (NA) Overview of ESA2010 Units and Sectors

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Good Morning ********************** Welcome to

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  1. Good Morning**********************Welcome to ESTP course on National Accounts ESA 2010 Luxembourg, 30 May – 03 June 2016Eurostat

  2. Structure of the Course First three days on basics of national accounting • Brief history of National Accounts (NA) • Overview of ESA2010 • Units and Sectors • Production, Expenditure, Income • Stocks and Flows Last two days on specific topics: • Supply/Use Tables and Balancing • Employment • Price and Volume Measures • Financial Accounts • Quarterly National Accounts and European Sector Accounts • FISIM • Government Finance Statistics Parallel sessions on items 8, 14, 19 and 24

  3. Item 1:Introduction to National Accounts ESTP course on National Accounts ESA 2010 Luxembourg, 30 May – 03 June 2016Eurostat

  4. A bit on History of NA • Two main characteristics of the modern NA: consistent bookkeeping system and macroeconomic theory. • Double entry bookkeeping: Luca Pacioli 1494 • Tableau économique (1758) by François Quesnay: economiccircuit, economicflowsbetweensectors(landowners, farmers, artisansandmerchants) • John Maynard Keynes 1936: modern macroeconomics, role of government • WassilyLeontief, input-output analysis (Nobel Price 1973) • Richard Stone (Nobel Price 1984); flowed into UN System of National Accounts

  5. Modell of the National Economy

  6. The System of NA • The aim of NA: measure value added created in one period (GDP) production  value added  income  use of income (expenditure) • UN level: SNA • EU level: ESA • Harmonised concepts, methods, definitions, classifications and recording/bookkeeping rules

  7. SNA and ESA UN level: SNA 1993 SNA 2008 EU level: ESA 1995 ESA 2010

  8. Key features of the System • The value added of NA: It is a complete and consistent system! • Basic macroeconomic identities hold; supply = use • It is a complex interlinked system. • Three approaches to measure GDP: Production Approach (PA), Expenditure Approach (EA) and Income Approach (IA) • Different Sources and different Methods • Balancing! • The sequence of accounts: production, distribution of income, use of income

  9. The three Approaches to GDP

  10. Further features of the System • Satellite Accounts: for specific needs e.g. Economic Accounts for Agriculture, Environmental Accounts, Tourism, Health Care. • Supply and use tables / symmetric input-output tables: details of the production process and flows of goods and services. • Price and Volume Measures

  11. The Uses of NA • for economic analysis (structural analysis, business cycle analysis) • for policymaking (productivity, growth, employment etc.) • for monetary policy-making • for financial markets, businesses • for research purposes • and for administrative uses

  12. Administrative Uses of NA • EU own resources purposes • VAT based own resource • GNI based own resource • EU structural funds • Surveillance purposes • Excessive Deficit Procedure (EDP) • Macroeconomic Imbalances

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