Understanding National Accounts : an OECD Manual.

490 Pages·2007·3.9 MB·English

by  OECD

Understanding
NATIONAL ACCOUNTS
This manual explains what GDP and GNI and U nd e r s t a nd i n g
their components are, and what they mean. It
shows how they are used and what they are used
for. And it uses practical examples and exercises NATIONAL
to clearly explain these notions.
This manual approaches national accounts from
a truly global perspective. Special chapters are
ACCOUNTS
dedicated to international comparisons as
well as to the national systems used in major
economies such as USA, China and India.
The opening chapter shows how national
accounting concepts relate to macroeconomics.
The book goes on to systematically deal with
volume and prices, international comparability,
production, final uses as well as household,
business, government and financial accounts. François Lequiller Derek Blades
It also explains how national accounts data are
gathered and outlines the history of the system of
national accounts.
National accounts data as well as answers
to exercises and supplementary material
are available online via
www.SourceOECD.org/understandingnationalaccounts.
-:HSTCQE=UWZ[[U:
ISBN 92-64-02566-9
30 2006 06 1 P

U n d e r s t a n d i n g
NATIONAL
ACCOUNTS
François Lequiller Derek Blades
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
ORGANISATION FOR ECONOMIC CO-OPERATION
AND DEVELOPMENT
The OECD is a unique forum where the governments of 30 democracies work
together to address the economic, social and environmental challenges of globalisation.
The OECD is also at the forefront of efforts to understand and to help governments
respond to new developments and concerns, such as corporate governance, the
information economy and the challenges of an ageing population. The Organisation
provides a setting where governments can compare policy experiences, seek answers to
common problems, identify good practice and work to co-ordinate domestic and
international policies.
The OECD member countries are: Australia, Austria, Belgium, Canada, the
Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland,
Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand,
Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey,
the United Kingdom and the United States. The Commission of the European
Communities takes part in the work of the OECD.
OECD Publishing disseminates widely the results of the Organisation’s statistics
gathering and research on economic, social and environmental issues, as well as the
conventions, guidelines and standards agreed by its members.
This work is published on the responsibility of the Secretary-General of
the OECD. The opinions expressed and arguments employed herein do not
necessarily reflect the official views of the Organisation or of the governments
of its member countries.
Adapted and translated from Manuel de comptabilité nationale
published by Economica, France
49 rue Héricart, 75015 Paris – http://www.economica.fr/
© OECD 2006
No reproduction, copy, transmission or translation of this publication may be made without written permission.
Applications should be sent to OECD Publishing: [email protected] or by fax [phone]. Permission to photocopy a
portion of this work should be addressed to the Centre français d'exploitation du droit de copie (CFC), 20, rue des
Grands-Augustins, 75006 Paris, France, fax [phone], [email protected] or (for US only) to Copyright Clearance
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PREFACE
Preface
In today’s “information society”, statistics are thriving. Media pay more attention to
economic indicators than ever and analysts spend more time in running their statistical and
econometric models, trying to interpret and forecast economic trends. In this context,
statistical offices have dramatically increased the amount of data and metadata they
publish to satisfy growing demand. New monthly indicators have been produced on
important phenomena (activity of the service sector, services prices, vacancies, etc.). There
is ongoing competition among OECD countries and regions to produce the most accurate
and timely indicators.
Though short-term and structural economic indicators are proliferating, media,
analysts and policy makers still pay great attention to the evolution of the gross domestic
product (GDP) and to the other variables (investment, consumption, etc.) produced in the
framework of the national accounts. In addition to annual national accounts figures,
quarterly and even monthly data are available in several countries. The borders of national
accounts have also been extended to include new areas, namely social and environmental
variables. The integration between economic and financial accounts has been enhanced,
coherently with the growing importance of capital markets and the financial dimension of
today’s economy.
To make a long story short, today's national accounts are at the core of a modern system
of economic statistics, and they provide the conceptual and actual tool to bring to coherence
hundreds of statistical sources available in developed countries. The question, however, is
whether users are fully aware of the data richness national accounts can provide. Do they fully
exploit the analytical and statistical potential of national accounts? More conceptually, can
we assume that users are aware of the changes introduced in national accounts over the last
two decades – which are quite important for drawing meaningful analytical conclusions from
them? Are we sure that when analysts use productivity data to make inflation forecasts or to
assess the long-term economic growth capabilities of a country, they are aware of the
limitations that data can have? And what about the international comparability of data?
For example, are we sure that the differential in economic growth observed over the
last ten years between the United States and the European Union is real and not just a
statistical artefact? What are the implications for the evaluation of the future of the world
economy of a 17% upward revision of the Chinese GDP published at the end of 2005? Is
GDP a good measure of wellbeing or should we look at other measures, reorienting policies
towards other targets? Can we trust national accounts figures concerning public deficit, or
are these figures manipulated for political reasons – for example including or excluding
public institutions from the perimeter of the public administration just to reduce the deficit?
These are fundamental questions for those who want to understand what is going on in the
economy, especially as policy decisions that influence the life of millions of citizens are
taken every day on the basis of these figures.
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PREFACE

The authors of this book have made a special effort to answer these questions and
many more, keeping the necessary conceptual and statistical rigour, but using, as much as
possible, language that will allow non-specialists to understand the “religion of national
accounts”. Because of the complexity of the topic, national accountants have been
sometimes considered as an esoteric group of “statistical priests”. Well, this book
demonstrates that at least some of them are able to explain the key concepts (and even
some secrets) of national accounts in an attractive and interesting way. The authors have
made interesting choices to achieve this goal: for example, each chapter begins with an
introduction discussing some economic statements or policy recommendations of the
OECD, and then the chapter explains the definition of the variables used in these economic
analyses and, also, their limitations. The book also contains a notable number of concrete
examples, illustrated by data from different OECD countries. The book has also Statlinks to
the OECD national accounts databases, which allow users to go beyond the figures
presented in the book and to learn how to use of the widest sources of national accounts
data worldwide.
Another smart choice made by the authors is to conclude each chapter with a
summary of “what should be remembered” and several exercises, whose answers will be
made available on the web pages devoted to the manual. Last, but not least, the book
includes a chapter on international comparisons and three special chapters on the United
States, China and India. These chapters are particularly important for those who want to
understand how the world economy works and will work in future. While the US case is
especially important for the completeness of its national accounts data, this book offers, for
the first time, a well structured description of Chinese and Indian data, extremely useful
even for specialists of national accounts.
Let me conclude by thanking Derek Blades and François Lequiller, who have
successfully completed a difficult task, putting their unique skills in national accounts to the
service of a wide audience of non-specialists. Too often statistics are seen as a necessary,
but very dry, subject. I always try to advocate the importance of statistics to non-specialists
remembering that the origin of the word “statistics” is “science of the State”. I use this
argument not only to convince people that they should be interested in the subject as
individual citizens, but also to underline the ethical spirit that animate statisticians in doing
their work. In this context, I would like to pay tribute to Derek and François, who have
contributed so much to the theory and the implementation of national accounts. Their past
and current work in the OECD has been very important to support the analytical and policy
activity of the Organisation, and, on behalf of the latter, I would like to thank them for this
additional effort.
Enrico Giovannini
Chief Statistician and Director, Statistics Directorate, OECD
4 UNDERSTANDING NATIONAL ACCOUNTS – ISBN 92-64-02566-9 – © OECD 2006
TABLE OF CONTENTS
Table of contents
Chapter 1. The Essential Macroeconomic Aggregates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
1. Defining GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Box 1. The reference manuals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
2. The first fundamental equation: derivingGDPinvolume. . . . . . . . . . . . . . . . . . . . 20
3. Defining demand: the role of investment andconsumption. . . . . . . . . . . . . . . . . . 23
4. Second fundamental equation: reconciling global output and demand. . . . . . . . . 24
5. Third fundamental equation: reconciling global output andincome . . . . . . . . . . . 27
Box 2. Contributions to growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Key points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Going Further . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
How are these figures obtained? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Accuracy of national accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Limitations and pitfalls to be avoided. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Shortcuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Chapter 2. Distinguishing Between Volume andPriceIncreases. . . . . . . . . . . . . . . . . . . . . . 44
1. A word of caution: compare volumes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
2. The volume/price breakdown applied to changes over time . . . . . . . . . . . . . . . . . . 46
3. The difficulties of aggregation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
4. Volume indices and price indices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Box 1. Measured in the national accounts, the volume
of computers rises very sharply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
5. Constant prices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
6. “Chained” accounts and the loss of additivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
Box 2. An example of distortion due to the use of constant prices . . . . . . . . . . . . 54
7. Unpleasant practical consequences ofchainlinking. . . . . . . . . . . . . . . . . . . . . . . 55
Box 3. How volumes are obtained in the United States national accounts . . . . . . 56
8. The special cases. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Box 4. The case of margins on computers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
9. And what about the price indices?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Box 5. Contributions and additivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Key Points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
Going further . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Chain-linked levels of changes in inventories and other similar variables . . . . . . . 63
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
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Chapter 3. International Comparisons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
1. Comparison of growth rates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Box 1. The OECD’s International Database . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Box 2. The Atkinson Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
2. Comparison of ratios: the example of thesavingratio. . . . . . . . . . . . . . . . . . . . . . 77
3. Comparison of levels of variables: GDP per head in volume. . . . . . . . . . . . . . . . . . . 80
Box 3. GDP and the measurement of welfare*. . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
4. The spatial volume/price breakdown: purchasing power parities . . . . . . . . . . . . . 83
5. Comparison of variables in absolute terms: household consumption . . . . . . . . . 90
Key Points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93
Chapter 4. Production: What it Includes and Excludes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Box 1. Apparent labour productivity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
1. The production frontier. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
2. The illegal economy and the underground economy . . . . . . . . . . . . . . . . . . . . . . . . 100
3. Measurement of output and of value added:
thegeneralcase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Box 2. The trap of internalisation and externalisation . . . . . . . . . . . . . . . . . . . . . . 102
Box 3. The problem of changes in the value of inventories . . . . . . . . . . . . . . . . . . 103
4. The measurement of output and of value added:
special cases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104
Box 4. Is the output of general government understated?. . . . . . . . . . . . . . . . . . . 106
5. Nomenclatures and classifications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107
Key Points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Going further. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
Household services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
The adjustments for the underground economy in the case of France . . . . . . . . . 113
Data sources for the value added of non-finanial enterprises:
the example of France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
FISIM. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116
Chapter 5. Defining Final Uses of GDP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
1. Final uses in the national accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
2. Households’ final consumption expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
3. Final consumption expenditure by general government . . . . . . . . . . . . . . . . . . . . 127
Box 1. Typology of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127
4. Final consumption expenditure of the NPISHs. . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
5. Moving from consumption expenditure to actual consumption. . . . . . . . . . . . . . . . . 131
6. Gross fixed capital formation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
Box 2. A special case: financial leasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
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7. Changes in inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
8. Net acquisitions of valuables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
9. Exports and imports of goods and services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139
Key points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
Going further. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
How do monetary and fiscal policies operate? . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
The limitations of the national accounts: Consumption of television orofservices
financed by advertising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
Data sources: How are the figures obtained? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
Chapter 6. The Household Account. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
1. The three key indicators in the household account . . . . . . . . . . . . . . . . . . . . . . . . 155
2. The household sector accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
3. An alternative way to measure household disposable income and consumption . 168
Key points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
Going further. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
The breakdown of gross mixed income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Actual and imputed social contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Pension funds and social security plans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Income in national accounts and in economic theory . . . . . . . . . . . . . . . . . . . . . . 176
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178
Chapter 7. Business Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182
1. The relationship between the firm (enterprise) andthecorporation. . . . . . . . . . . . 184
2. The structure of corporate-sector accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185
3. From corporations to firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194
Key points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196
Going further. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Consumption of fixed capital and amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
Profits and gross operating surplus: notto be confused. . . . . . . . . . . . . . . . . . . . 198
Insurance: are net premiums equal to the claims paid out?. . . . . . . . . . . . . . . . . . 199
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201
Chapter 8. The Financial and Balance Sheet Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
1. The importance of household wealth for the analysis ofthecurrent economic
situation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 206
2. The principle of quadruple-entry bookkeeping. . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
Box 1. Saving and investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
3. Financial assets and liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212
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Box 2. Tricks of the trade: how to distinguish a financial asset from
anon-financial asset. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214
4. The link between financial flows and financial stocks . . . . . . . . . . . . . . . . . . . . . . 216
5. The non-financial assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
6. The complete sequence of accounts of an institutional sector . . . . . . . . . . . . . . . . . 222
Key points . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
Going further. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225
Holding gains or losses and market prices in the national accounts. . . . . . . . . . . 225
A more complete example of entries in the financial accounts . . . . . . . . . . . . . . . 226
Financial accounts and money supply: the example of the euro area. . . . . . . . . . 227
Data sources: the statistical sources for the financial accounts . . . . . . . . . . . . . . 228
The valuation of assets and its relationship to economic theory . . . . . . . . . . . . . . 230
Limitations of the national accounts: The exclusions from the balance sheet
accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232
The Flow of Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233
Exercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236
Chapter 9. The General Government Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
Box 1. The cyclically adjusted financial balance (or “structural” balance) . . . . . . . . . . 241
1. A simplified diagram for general government. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242
Box 2. Why is such importance attached to item B9?. . . . . . . . . . . . . . . . . . . . . . 242
2. Detailed structure of the general government account . . . . . . . . . . . . . . . . . . . . . 244
Box 3. Limitations and pitfalls of percentages of GDP. . . . . . . . . . . . . . . . . . . . . . 248
Box 4. Definition of final consumption expenditure of general government. . . . . . . . . 249
3. What does general government include?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250
Box 5. The decision-making tree regarding inclusion ingeneralgovernment . . . . 252
4. The principal public-finance indicators. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 253
Key Points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256
Going further. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
The Maastricht criteria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
Data Sources: How are the figures obtained? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258
Tricks of the trade: Above and below the line . . . . . . . . . . . . . . . . . . . . . . . . . . . . 258
Accrual accounting in general government accounts . . . . . . . . . . . . . . . . . . . . . . 259
Exercises. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260
Chapter 10.The Input-output Table and Integrated EconomicAccounts. . . . . . . . . . . . 266
1. The supply-and-use tables (SUTs). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267
Box 1. Sources for the supply-and-use tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . 268
2. The aggregate supply and final uses tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272
3. Intermediate use table (IUT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272
4. The input-output table . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276
8 UNDERSTANDING NATIONAL ACCOUNTS – ISBN 92-64-02566-9 – © OECD 2006