National Accounts at a Glance 2015.

98 Pages·2015·3.046 MB·English

by  OECD

National Accounts at a Glance 2015
National Accounts at a Glance presents information using an “indicator” approach, focusing on cross-country
comparisons. The aim being to make the national accounts more accessible and informative, whilst, at the
same time, taking the opportunity to present the conceptual underpinning of, and comparability issues inherent
in, each of the indicators presented.
The range of indicators reflects the richness inherent in the national accounts dataset and encourages users
National Accounts
to refocus some of the spotlight that is often placed on gross domestic product (GDP) to other economic
important indicators, which may better respond to their needs. The publication is broken down into eight key
chapters, and provides indicators related to GDP, income, expenditure, production, household, government, at a Glance 2015
corporations and capital respectively.
ALSO AVAILABLE ON LINE
The data in this publication are also available on line via www.oecd-ilibrary.org under the title National
Accounts at a Glance, OECD National Accounts Statistics (http://dx.doi.org/10.1787/naag-data-en).
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Consult this publication on line at http://dx.doi.org/10.1787/na_glance-2015-en. 0
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This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and statistical databases.
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ISBN 978-92-64-24679-9
30 2015 07 1 P

National Accounts
at a Glance
2015
This work is published on the responsibility of the Secretary-General of the OECD.The
opinionsexpressedandargumentsemployedhereindonotnecessarilyreflecttheofficial
viewsoftheOECDorofthegovernmentsofitsmembercountries.
This document and any map included herein are without prejudice to the status of or
sovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersandboundaries
andtothenameofanyterritory,cityorarea.
Pleasecitethispublicationas:
OECD(2015),NationalAccountsataGlance2015,OECDPublishing.
http://dx.doi.org/10.1787/na_glance-2015-en
ISBN978-92-64-24679-9(print)
ISBN978-92-64-24678-2(PDF)
Series:NationalAccountsataGlance
ISSN2220-0436(print)
ISSN2220-0444(online)
ThestatisticaldataforIsraelaresuppliedbyandundertheresponsibilityofthe relevantIsraeliauthorities.Theuse
ofsuchdatabytheOECDiswithoutprejudicetothestatusoftheGolanHeights,EastJerusalemandIsraeli
settlementsintheWestBankunderthetermsofinternationallaw.
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FOREWORD
Foreword
T
his 2015 publication presents information using an “indicator” approach, focusing on cross-
country comparisons. The aim is to make the accounts more accessible and informative, whilst
takingtheopportunitytopresenttheconceptualunderpinningandcomparabilityissuesofeachof
theindicatorspresented.The2015editionisanabbreviatedversionoftheregularpublicationsince
itonlyincludestablesandmetadata.Thenextfulleditionwillbereleasedin2016.
Therangeofindicatorsissetdeliberatelywidetoreflecttherichnessofthenationalaccounts
dataset andto encourage users of economic statistics to refocus some of thespotlightthat isoften
placed on GDP to other important economic indicators, which may better respond to their needs.
Indeedmanyusersthemselveshavebeeninstrumentalinthisregard.ThereportoftheCommission
on the Measurement of Economic Performance and Social Progress (Stiglitz-Sen-Fitoussi
Commission)isbutonenotableexample.
ThatisnottounderminetheimportanceofGDP,whicharguablyremainsthemostimportant
measure of total economic activity, but other measures may better reflect other aspects of the
economy.Forexample,netnationalincomemaybeamoreappropriatemeasureofincomeavailable
tocitizensincountrieswithlargeoutflowsofpropertyincome,andhouseholdadjusteddisposable
incomepercapitamaybeabetterindicatorofthematerialwell-beingofcitizens.Butcertainlyfrom
a data perspective more can and remains to be done. The Stiglitz-Sen-Fitoussi Commission for
example highlights the pressing need for the provision, by official statistics institutes, of more
detailed information that better describes the distributional aspects of activity, especially income,
and the need to build on the national accounts framework to address issues such as non-market
servicesproducedbyhouseholdsorleisure.Itishopedthatbyproducingapublicationsuchasthis
and thereby raising awareness, the momentum from this and other initiatives will be accelerated.
ThepublicationitselfwillpickupnewindicatorsinthefutureastheybecomeavailableattheOECD.
The publication is broken down into eight chapters:The first provides a general introduction
focusing on indicators of GDP.The second focuses on income and presents a number of important
indicatorssuchasnetnationalincome,savingsandnetlending/netborrowingrates.Thethirdchapter
looksatindicatorsrelatedtotheexpenditureapproachtoGDPestimation,withinformationonthekey
componentsofdemandandimports.Thefourthchapterlooksatindicatorsfromaproductionperspective.
Thefifthchapteronhouseholdsprovidesamoredetailedapproachonhouseholdsectorindicators.The
sixthchapterfocusesongeneralgovernment,presentingseveralindicatorssuchastotalexpenditureor
grossdebtofgeneralgovernment.Theseventhchapterlooksatthehealthofcorporations.Theeighthand
finalchapterfocusesoncapital.Finallytheannexprovidesimportantreferenceindicators,importantin
theirown-rightbutalsobecausetheyareusedintheconstructionofmanyoftheindicatorspresented
elsewhere in the publication. It also provides further background on the 2008 System of National
Accounts,whichisthebasisofdatapublishedhere,withtheexceptionofChile,JapanandTurkeywho
stillpresentdataonthe1993SNAbasis.Itisimportanttonotehoweverthatdifferencesbetweenthe
2008SNAandthe1993SNAdonothaveasignificantimpactonthecomparabilityofmostindicators
presentedinthispublication.Theannexattheendofthispublicationdescribesthekeychangesfromthe
1993SNAthatmayimpactontheindicatorspresented.
NATIONALACCOUNTSATAGLANCE2015©OECD2015 3

TABLEOFCONTENTS
Table of contents
Reader’sguide ............................................................. 7
Grossdomesticproduct(GDP)................................................ 15
1. SizeofGDP ......................................................... 17
2. GDPgrowth......................................................... 18
3. GDPpercapita ...................................................... 19
Income.................................................................... 21
4. Nationalincome..................................................... 22
5. Realmeasuresofincome ............................................. 23
6. Savingrate.......................................................... 24
7. Netlending/netborrowing............................................ 25
Expenditure................................................................ 27
8. Householdconsumption.............................................. 28
9. Generalgovernmentfinalconsumption................................. 31
10. Investment ......................................................... 32
11. Exportsandimportsofgoodsandservices.............................. 35
Production................................................................. 41
12. Valueadded......................................................... 42
13. Compensationofemployees .......................................... 45
Household................................................................. 47
14. Disposableincome................................................... 48
15. Householdfinalexpenditureonhousing................................ 50
16. Householdsavingrate................................................ 51
17. Householdfinancialtransactions...................................... 52
18. Non-financialassetsofhouseholds .................................... 53
19. Compositionofhouseholdportfolio.................................... 54
20. Householddebt ..................................................... 55
21. Financialnetworthofhouseholds ..................................... 56
22. Totalnetworthofhouseholds......................................... 57
Generalgovernment ........................................................ 59
23. Totalexpenditure.................................................... 60
24. Generalgovernmentexpenditurebyfunction............................ 61
25. Taxes .............................................................. 62
26. Socialcontributions.................................................. 63
27. Socialbenefits ...................................................... 64
28. Netsavingandnetlending/netborrowing............................... 65
29. Adjustedgeneralgovernmentdebt-to-GDP.............................. 66
30. Financialnetworth.................................................. 67
NATIONALACCOUNTSATAGLANCE2015©OECD2015 5
TABLEOFCONTENTS
Corporations............................................................... 69
31. Non-financialcorporations’debttogrossoperatingsurplus ............... 71
32. Debttoequityratioinfinancialcorporations............................ 72
33. Leverageofthebankingsector ........................................ 73
34. Shareofprofitandlabourinvalueadded ............................... 74
Capital .................................................................... 77
35. Netcapitalstock..................................................... 78
36. Consumptionoffixedcapital.......................................... 79
AnnexA.Referenceseries.................................................... 81
AnnexB.The2008SNA–changesfromthe1993SNA ........................... 91
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6 NATIONALACCOUNTSATAGLANCE2015©OECD2015
READER’SGUIDE
Reader’s guide
Main features
Exceptionnaly, this edition is a reduced format containing updated tables. Indicator
definitionscanbeaccessedviathelinksbeneatheachtable.
2008SNA–Changesfromthe1993SNA
Since 2014, the majority of OECD countries publish data according to the 2008 SNA.
Data included in this publication are compiled according to the 2008 SNA “System of
NationalAccounts,2008”withtheexceptionofChile,Japan,andTurkeywhostillpresent
dataonan1993SNAbasis.Keychangesfromthe1993SNAarepresentedintheannex.
ImpactonGDPduetotheincorporationofthe2008SNA
Theincorporationofthe2008SNAandbenchmarkstatisticalrevisionsincreasedthe
GDPlevelfortheOECDtotalby3.8%fortheyear2010.Therefore,everyindicatorwhereGDP
isthedenominatorwillbeaffected.Butinsomecases,bothnumeratoranddenominator
havebeenrevisedleadingtoaminorvariationinthepreviouslypublishedindicator.Itis
importanttonotethatsincethelevelofGDPwasrevisedforallyearsitdidnothavemuch
impactonthepercentchanges.
Moreover,whenchangesininternationalstandardsareimplementedcountriesoften
take the opportunity to implement improved compilation methods- therefore also
implementing various improvements in sources and estimation methodologies. In some
countries the impact of the “statistical benchmark revision” could be higher than the
impactofthechangeoverinstandards.Forexample,theNetherlandsincreasedtheirlevel
ofGDPby7.6%for2010,butonly3percentagepointsarerelatedtotheimplementationof
the2008SNA.
Formoreinformationreferto“Newstandardsforcompilingnationalaccounts:what’s
theimpactonGDPandothermacro-economicindicators?“Statisticbrief:
www.oecd.org/std/na/new-standards-for-compiling-national-accounts-SNA2008-OECDSB20.pdf
Questionnairesandsourcedata
Unlessotherwisespecifiedalldatahavebeenprovidedbycountriesviastandardised
OECDquestionnaires.
Statisticalconventions
● Allgrowthratesrefertoconstantprices(orreal)data.
● Ratios,percentagesandsharesarederivedfromcurrentpricesdata.
● ContributionofYtothegrowthofX(YbeingacomponentofX)isdefinedasthegrowth
rateofY(chainedorfixedconstantpricesorpreviousyearprices)weightedbytheshare
ofYinXatcurrentprices(periodt-1).
NATIONALACCOUNTSATAGLANCE2015©OECD2015 7
READER’SGUIDE
Signsandabbreviations
..:Missingvalues,notapplicableornotavailable.
e:OECDestimates.
|:Break.
Countriesandzones
Data are available for most indicators for all OECD countries. Where data are not
available or have not been provided to the OECD, estimates are as much as possible
produced.
OECDtotal
OECDtotalreferstoallOECDcountriesunlessotherwisespecified.
Euroarea
Dataforthezone“euroarea”aretakenfromEurostatdatabases.
Dataineuros
DataforallmembercountriesoftheEuropeanEconomicandMonetaryUnion(EMU)
areexpressedineuros.
DatarelatingtoyearspriortoentryintotheEMUhavebeenconvertedfromtheformer
national currency using the appropriate irrevocable conversion rate.This presentation
facilitates comparisons within a country over time and ensures that the historical
evolution(i.e.growthrates)ispreserved.However,pre-EMUeurosareanotionalunitand
are not normally suitable to form area aggregates or to carry out cross-country
comparisons.
OECDaccessioncountries
In 2007 the OECD Council opened membership discussions with five candidate
countries,asaresultofwhichChile,Estonia,IsraelandSloveniabecamemembersin2010.
Discussions with the Russian Federation are currently postponed. In May 2013, the Council
decidedtolaunchanewwaveofaccessiondiscussionswithColombiaandLatvia;inApril
2015,itinvitedCostaRicaandLithuaniatoopenformalOECDaccessiontalks.TheOECDis
also engaging key global players in its work, such as Brazil, China, India, Indonesia and
SouthAfrica.Dataforthesecountriesarepartofthispublicationwheneveravailable.
General comments on concepts and comparability
Thelistofcommentsdescribedbelowrelatestocross-cuttingissuesandisprovided
heretoavoidrepetitioninthesectionsthatfollow.
Purchasingpowerparities(PPP)forGDPandforactualindividualconsumption
PPPs are the rates of currency conversion that equalise the purchasing power of
different countries by eliminating differences in price levels between countries. When
convertedbymeansofPPPs,expendituresonGDPacrosscountriesareineffectexpressed
at the same set of prices, enabling comparisons between countries that reflect only
differences in the volume of goods and services purchased. Simplistic comparisons of
economicactivityusingexchangeratesshouldgenerallybeavoidedassuchcomparisons
willembodythesepricedifferences,and,moreover,exchangerateseriestendtobemore
volatilethanPPPs,presentingdifficultieswhencomparingacrosscountriesandtime.
8 NATIONALACCOUNTSATAGLANCE2015©OECD2015