GDP after 2025: updating national accounts and balance of payments – 11 October 2023

GDP after 2025: updating
national accounts and
balance of payments
11 October 2023
Slido.com #14492

Welcome
Paul Allin
Honorary Officer for National Statistics, Royal Statistical
Society (RSS)
Slido.com #14492

Agenda
Slido.com #14492
14:30 – 14:35 Chair’s welcome and ‘housekeeping’
Paul Allin, Honorary Officer for National Statistics, RSS
14:35 – 14:50 System of national accounts update process
Sanjiv Mahajan, 2025 System of National Accounts Supporting Editor
14:50 – 15:00 The balance of payments update process
Perry Francis, Bank of England
15:00 – 15:10 Beyond GDP: SEEA and SNA
Adam Dutton, Office for National Statistics
15:10 – 15:20 Questions to plenary speakers
15:20 – 16:20 Panel and audience discussion: Martin Weale, King's Business School &
NSCASE; Rebecca Riley, ESCOE; Chloe Gibbs and Richard Heys, ONS
16:20 – 16:30 Closing remarks and event closes

System of national accounts update process
Series of Office for National Statistics and Royal Statistical Society events
Sanjiv Mahajan
2025 System of National Accounts Supporting Editor
Views are those of the presenter, not of the ONS

An overview
• Economic accounting statistical standards
• (Must keep evolving)
• 2025 SNA and BPM 7
• Update stages and timelines
• Priority areas of research
• State of play
• Direction of travel
• Flavour of the conceptual changes
• Examples of additional tables / data items
• Classification type changes coming
• Way ahead
• Any questions?
Annex
• Recommendations for clarification and guidance
GDP after 2025: Updating National Accounts
and Balance of Payments

2025 SNA and BPM 7
Work is well underway - State of play
• Research work mostly completed.
• Most guidance notes gone through global consultation.
• Many guidance notes completed user testing.
• Chapter annotated outlines and global consultations are complete.
• BPM 7 annotated outline underway.
• Likely to 39 SNA chapters – chapter drafting in early stages.
• Recommendations categorised in terms of impact. Full list of proposals out
for global consultations:
• Change to the 2008 SNA boundary.
• Change to the 2008 SNA Central Framework.
• Supplementary tables and extended tables within the new boundary.
• Thematic accounts going beyond the new boundary.
• Development of a common glossary of macroeconomic statistics:
• Inputs so far covering the SNA, BPM, ESA, GFS, MFS, SEEA, IPSAS and BIS.
• Started with over 1,240 terms and definitions, circa 800 now.
• Early implementation plans including task teams and testing.

Flavour of the conceptual changes
• Harmonisation across the economic accounting statistical standards:
• SNA and BPM as well as common glossary across several standards.
• Recording expenditure on data and marketing as produced, non-financial
assets:
• Recognises the information content of electronic data collected and used in
production for own use.
• Valuation using the sum-of-costs method.
• Accounting for depletion of natural resources as a cost of production:
• Along with consumption of fixed capital, will form the change from GDP to NDP.
• Renewable energy resources and treatment of biological resources:
• Differentiation between migrating resources (non-cultivated) and non-migrating
resources (cultivated, based on continuum from intensely managed to totally
undisturbed).
• Regeneration of biological resources to be recorded as GFCF.
• Depletion is treated as a cost of production.
• Clarifications for the measurement of work-in-progress

Flavour of the conceptual changes
• Unbundling the various services included in travel packages.
• Rate of return on capital employed for non-market producers’ output for
own final use.
• Treatment of rent on non-produced assets as an input cost.
• Handling of sharing of assets and split-asset approach for natural
resources:
• Natural resources to be recorded in the accounts of the legal owner
and extractor, according to the appropriation of the resource rents.
• Accounting for depletion in line with SEEA Central Framework 2012
(i.e., by adjusting the rents paid by the extractor to the legal owner).
• Changes in ownership to be recorded as other changes in the
volume of assets.
• Improving consistency in the application of the sum of costs methods.
• Changes in the measurement of the output of central banks.
• All output considered as non-market and apply sum of costs
approach.

Examples of additional tables and data items
• Distinctions made across the framework:
• Sequence of economic accounts supported by a standard set of
accounts and tables
• Supplementary tables and items
• Extended thematic accounts and tables
• SNA remains focussed on providing conceptual guidance and
encourages:
• Consistent compilation of statistics according to its conceptual
framework and guidance, which in turn enhances comparability.
• As many countries as possible to compile the sequence of
economic accounts and standard set of supporting accounts and
tables.
• Supplementary tables, extensions, etc are compiled but are more
dependent on national and regional priorities.

Examples of additional tables / data items
• Accounting for well-being:
• Improved analysis and breakdowns of the distribution of income,
consumption, saving and wealth across households:
• Households by income and wealth decile and by main source of
income
• More detailed labour market tables (also supplementary table in the
Use Table)
• Links to Extended / thematic accounts and tables:
• Unpaid household services; education and human capital; and
health
• Accounting for sustainability:
• Improved accounting of (environmental) sustainability and links to SEEA
(both the Central Framework and Ecosystem Accounting)
• Natural capital as a separate category, including both produced and
non-produced non-financial assets
• More detailed breakdowns of non-financial assets and financial assets
• Focus on improving the estimation of natural resources

• Accounting for globalisation:
• Improved international comparison of fiscal balances, standard
breakdowns of:
• Foreign-controlled corporations
• Public corporations
• National private corporations, of which part of domestic MNEs
• Various supplementary items and tables are encouraged:
• Extended supply and use tables (eSUTs)
• Data on Special Purpose Entities (SPEs) for those countries where
these entities are important
• Accounting for digitalisation:
• Improved visibility of the digital economy:
• More detailed breakdowns within intellectual property products
• Digital SUTs as extended, thematic tables - including extended
accounting for “free” services (Facebook, Instagram, TikTok, etc)
• Breakdowns of sub-sectors of financial corporations of Fintech-related
activities, as supplementary items

Examples of additional tables and data items
• Accounting for financial risks and vulnerabilities:
• Greater need for improved accounting in this area:
• Non-bank financial intermediation (shadow banking):
• Supplementary tables with more detailed breakdowns of financial
corporations and certain financial instruments.
• Breakdowns of financial derivatives
• From-whom-to-whom (supplementary) tables (not included in the
consolidated list)

• Other supplementary items and tables:
• Concessional loans
• Data on concessional loans provided by government and
international organisations.
• Reinvested earnings
• Breakdown of FDI-related dividends into payments as defined
for non-FDI corporations and other payments.
• Supplementary data on recording reinvested earnings for all
equity in corporations, direct investment as well as portfolio
investment.
• Valuation of debt securities
• At both market value and nominal value for liability positions.
• Provisions
• Broken down by financial assets related, non-financial assets
related and provisions unrelated to assets.

2025 SNA Recommendations for clarification / guidance
• Fundamentals
• Greater focus and prominence on Net measures alongside (not
replace) the Gross measures
• Valuation principles and methodologies
• Terminology
• Taxonomy for releases and products
• Further alignment and harmonisation across international
standards, including IPSAS
• See Annex for more details covering:
• Well-being and sustainability
• Globalisation
• Digitalisation
• Financial issues
• Other issues

Classification type changes coming
• Revision to ISIC:
• Changes to the hierarchy, shifting of activities, refinements, etc. approved.
• FGPs move from wholesale to manufacturing.
• Removal of the distinction of sales channels in retail trade.
• Removal of ISIC Rev. 4 Division 45 (under relevant categories and repair
services are moved in Division 95).
• Introduction of separate classes for intermediation activities.
• ISIC Rev. 5 explanatory notes are being finalised.
• Revision to CPC:
• Global consultation in 2023 and revised version submitted to UNSC in March
2024.
• Revision to COFOG:
• Underway
Beyond the 2025 SNA and BPM 7
• Updates to other EASS, handbooks and manuals as well as new ones.
• Changing c.i.f. / f.o.b. valuation of imports and exports to invoice values.
• No agreement for 2025 SNA and BPM 7. However, work should be progressed to
move to invoice values as the future new principle for valuing imports and exports.

Way ahead
In summary, forthcoming changes to concepts and
framework:
• 2025 SNA, BPM 7 and other EASSs
• ISIC and CPC
Communication and awareness will continue …,

Any questions?
Sanjiv Mahajan
sanjiv.mahajan@ons.gov.uk

2025 SNA Recommendations for clarification / guidance

Recommendations for clarification / guidance
• Fundamentals
• Greater focus and prominence on Net measures alongside (not replace) the
Gross measures.
• Valuation principles and methodologies.
• Terminology.
• Taxonomy for releases and products.
• Further alignment and harmonisation across international standards, including
IPSAS.
• Well-being and sustainability
• Emission permits
• Taxes on production recorded at surrender, valued at issuance price.
• Distinction between taxes and services
• In general, payments for licenses (taxes) and re-routing of transactions
through government.
• Labour
• More guidance on the relationship between the SNA and ICLS.

• Globalisation
• Determining economic ownership of intellectual property products.
• A decision tree to provide guidance will be introduced.
• SPEs
• A more specific definition will be introduced.
• Treatment of non-resident SPEs owned or operated by government
• An enhanced set of imputations will be described.
• Inverse merchanting
• Additional guidance will be provided.
• Valuation of imports and exports
• No change but reference will be made to using invoice values in the future.
• Unbundling of various services.
• Travel packages and health-related travel.

• Digitalisation
• Cloud computing:
• Clarification on the treatment of software licences and GFCF of data
centres.
• Recommendations on the measurement of international transactions.
• Digital intermediary platforms:
• Output to be recorded on a net basis.
• Crypto assets without a corresponding liability
• Designed to act as a general medium of exchange will be treated as non-
produced non-financial assets.
• Crypto assets with a corresponding liability
• Will be treated as financial assets, with guidance to be provided on the
appropriate financial instrument classification.
• Non-fungible tokens
• Guidance will be provided.

• Financial issues
• Trusts and similar arrangements: including specific recommendations on
the treatment of real estate investment trusts.
• FISIM: implicitly include maturity risk by using a single reference rate, with
recommendations to be provided on the choice of the reference rate.
• Factoring transactions: guidance will be provided.
• Islamic finance: new chapter to cover this area.
• Individual insurance and social insurance: treatment of hybrid insurance
and employer-independent schemes will be clarified; guidance will be
provided on the treatment of provident funds.
• Accounting for insurance and pensions: clarifications and additional
guidance will be provided in several areas (in particular, measurement of
output and income attributed to policy holders).
• Cash collateral: a flexible interpretation on the nature of cash collateral will
be provided.
• Reverse transactions: further clarification and guidance will be introduced.

• Other issues
• Public-private partnerships
• No conceptual changes but more detailed guidance will be provided.
• Price and volume measurement
• More guidance will be provided for specific products.
• Consumption of fixed capital and capital services
• Further clarifications and more guidance will be introduced.
• Informal economy
• Chapter will be refocussed to improve alignment with ICLS resolutions.
• Accounting under conditions of high inflation
• Guidance from 1993 SNA will be re-introduced.

Perry Francis – Bank of England
GDP after 2025: Updating
National Accounts and
Balance of Payments
The BPM Update Process
Royal Statistical Society – 11 October 2023
OFFICIAL - GREEN

OFFICIAL - GREEN
• Overview of update governance
• Approach to addressing specific issues
• Cost/benefit analysis
• Changes to standard items
• Changes to supplementary items
• New chapters and annexes
• Where are we now?
• Research agenda
Content

OFFICIAL - GREEN
• The System of National Accounts 2008 (SNA08) and the 6th Edition of the Balance of Payments
Manual (BPM6) were last updated in 2008. The European System of Accounts (ESA10) followed
in 2010.
• These international standards tend to be reviewed every 10-15 years.
• The current review began in earnest at the start of 2020 with publication of the new standards
scheduled for March 2025.
• The UN Statistics Department leads on the update on the SNA while the IMF Statistics
Department leads on the update of the BPM.
• UN SNA08 update homepage: https://unstats.un.org/unsd/nationalaccount/towards2025.asp
• IMF BPM6 update homepage: https://www.imf.org/en/Data/Statistics/BPM
• Tasks Teams established to address the issues and propose changes.
• Global consultation on proposed changes before discussion by the Balance of Payments
Committee (BOPCOM) and/or the Intersecretariat Working Group on National Accounts
(ISWGNA).
Update of international standards – BPM7 & SNA25

OFFICIAL - GREEN
The Task Teams
30
UK representatives
• Direct Investment – Andrew Jowett and Lee Mallet (ONS)
• Digitalisation – Richard Heys (ONS)
• Financial and Payments Systems – Perry Francis (BoE)
• Globalization – Sanjiv Mahajan (ONS)
• Informal Economy – Matt Hughes (ONS)
• Islamic Finance – Perry Francis and Michael Lyon (BoE)
• Communications – Sanjiv Mahajan (ONS), Luke Croydon (ONS) and Claire Evans (ONS)
• Wellbeing & Sustainability - Dominic Webber (ONS), David Ainsle (ONS) and Jonathan Gershuny (Centre for Time Use Research )

Issues to address
31
• SNA 2008 update: List of research issues (35 issues) –
https://unstats.un.org/unsd/nationalaccount/update_Issu
es.asp
• BPM6 update: Compendium of research issues (~60
issues) - https://www.imf.org/-
/media/Files/Data/Statistics/BPM6/compendium-of-
issues-note.ashx
• Research issues were allocated to the specific Task
Teams depending on the nature of the issue e.g. right
shows the issues addressed by the Finance and
Payments Systems Task Team.

Guidance notes
• Each issue was addressed through a Guidance Note (GN).
• GN lead author(s) identified to lead on specific topic or issue along with other sub-team members.
• GN sought to explain the issue, suggest options, ideally propose recommendations, and table
questions on the suggested options and recommendations.
• GN were drafted by a sub-team within the respective Task Teams and circulated to other Task
Team members before global consultation (FITT GNs sent to ONS).
• GN then went out for global consultation to obtain feedback on the proposals, recommendations,
questions, etc. (all TT GNs sent to ONS).
• GNs were then discussed at ISWGNA, BOPCOM, or joint meeting of the two with the goal of
approving/rejecting the recommendations or requesting further work i.e. redrafting, more
supporting information, test studies, etc.

Global consultation on cost/benefit
• July-August 2023 saw a global survey of compilers and users of external sector statistics to
establish the cost/benefit of the proposed changes to BPM.
• The survey only included questions about new data breakdowns - both standard components and
supplementary items - to focus on the recommendations with the largest expected impact on
costs and benefits. Compilers were asked to provide cost assessments on a scale from 0 (no
costs) to 5 (very high costs), while users were asked to assess the benefits on a similar scale.
• In 32 out of 57 cases, the average benefit assessment was higher than the average cost
assessment. The cost/benefit assessments indicate that there is a solid case for implementing
many of the recommended new data breakdowns to meet the needs of core users at reasonable
compilation costs.
• There is a high bar for including new standard components in BPM7. Since economies are
expected to compile these data, they would only be included if the benefits are high, and a critical
mass of economies are able to compile the data at reasonable costs.

OFFICIAL - GREEN
• BPM7 proposes to include all recommended new standard components except the breakdown of
financial derivatives by market risk category (now new supplementary item).
Changes to standard components
GN Description Benefits Costs Difference
C.6
Split telecommunications, computer, and information services 3.7 1.2 2.5
Split other business services 3.7 1.5 2.2
D.7 A sectoral breakdown of direct investment 3.7 2.0 1.7
F.1
Split nonfinancial corporations, and households and non-profit
institutions serving households
3.6 2.4 1.2
F.4 Financial derivatives by market risk category 3.1 3.7 -0.6
B.4
Produce an integrated international investment position
statement
4.2 2.2 2.0

OFFICIAL - GREEN
C6 changes to standard items for trade in services

OFFICIAL - GREEN
D7 changes to standard items for direct investment
• Standard components are items that are fully part of
the framework and contribute to the totals and
balancing items.
• Memorandum items are part of the standard
presentation, but are not used in deriving totals and
balancing items.
• Supplementary items are outside the standard
presentation, but are compiled depending on
circumstances in the particular economy, taking into
account the interests of policymakers and analysts as
well as resource costs

OFFICIAL - GREEN
F1 changes to standard items for sector breakdowns

OFFICIAL - GREEN
B4 changes to standard items for stock/flow reconciliation

OFFICIAL - GREEN
• Lower bar for including new supplementary items than for standard components.
• Propose to include recommendations when the average benefit assessment minus the average
cost assessment is not below -0.5.
• Individual assessment when the benefit-cost score is lower (14 recommendations).
• There seemed to be majority support to include 49 of the 51 recommended supplementary items
in BPM7 and exclude two: (i) an “of which: between affiliates” item under financial derivatives (GN
D.12), and; (ii) reverse transactions by type of (lent/borrowed) assets (GN F.3).
Supplementary items
Benefit less cost score Number of recommended new
supplementary items
Higher than 0 27
Between 0 and -0.5 10
Lower than -0.5 14
Total 51

OFFICIAL - GREEN
Changes to supplementary items – Current Account (17)
GN Description
C.1
Add personal, cultural, and recreation services (acquired by travelers)
Add construction
Add construction services
C.2
Breakdown of goods trade by industry
Breakdown of goods trade by ownership
Breakdown of goods trade by firm size
Breakdown of services trade by industry
Breakdown of services trade by ownership
Breakdown of services trade by firm size
Breakdown of investment income by industry
Breakdown of investment income by ownership
Breakdown of investment income by firm size
C.3
Breakdown of goods by currency
Breakdown of services by currency
C.4
Add item under general merchandise to identify trade in goods within a global manufacturing
arrangement
Add item under net exports of goods under merchanting to identify material inputs procured
by the principal in a global manufacturing arrangement from third parties and sold to the
contractor
C.7 Add travel packages

OFFICIAL - GREEN
Changes to supplementary items – Direct Investment (10)
GN Description
D.1
Greenfield direct investment (DI) (total net inward DI)
Greenfield DI (excluding pass-through funds)
Greenfield DI (additional information on reinvested earnings)
Greenfield DI (economy of immediate investor)
Greenfield DI (economy of ultimate investor)
D.4 Provide statistics on corporate inversions
D.6
DI statistics by ultimate investing economy
DI statistics that look through SPEs to the first operating unit
DI statistics identifying pass-through funds
D.12 Include “of which: between affiliates” item under financial derivatives

OFFICIAL - GREEN
Changes to supplementary items – Financial and Payments Systems (16)
GN Description
F.2 Reinvested earnings for portfolio investment
F.3 Reverse transactions by type of (lent/borrowed) assets
F.4
Financial derivatives by instrument
Financial derivatives by trading venue
F.6
Other financial corporations (OFC) breakdown: Money market funds (MMFs)
OFC breakdown: Non-MMF investment funds
OFC breakdown: Insurance corporations
OFC breakdown: Pension funds
OFC breakdown: Other financial intermediaries
OFC breakdown: Other financial intermediaries (of which: central clearing counterparties)
OFC breakdown: Captive financial institutions and money lenders, and financial auxiliaries
F.7
Introduce “of which” category for fintech companies within the subsector classification
Introduce “of which” category for instruments or services classifications where necessary to
separate out fintech-related instruments and services
F.8
Debt securities at nominal value
Introduce table to reconcile nominal and market valuation of debt securities liabilities
Direct investment inter-company lending (as supplement to the reconciliation table)

OFFICIAL - GREEN
Changes to supplementary items – General Principles, Structural and
Cross-Cutting Issues (4)
GN Description
B.2 Introduce standardized statistical definition of net international reserve
B.4
Break down “other changes in volume” into two supplementary “of which” categories -
“reclassifications” and “debt cancellation and write offs”
B.6
Geographical and industrial sector breakdowns of DI
Introduce “of which” category to identify green bonds

OFFICIAL - GREEN
Changes to supplementary items – Globalisation (4)
GN Description
G.4
Breakdown by special purpose entities (SPEs)
Nationality-based SPE statistics
G.7
Supplementary cross-border statistics detailed by geography
Supplementary cross-border statistics detailed by product

OFFICIAL - GREEN
BPM7 - Core chapters
Chapter Chapter Title
1 Introduction (revised content)
2 Overview of the Integrated Framework (revised title and revised content)
3 (SNA Chapter 4) Flows, Stocks, and Accounting Rules (revised title)
4 (SNA Chapter 5) Residence, Institutional Units and Sectors (revised title)
5 Classifications of Financial Assets and Liabilities (revised content)
6 Functional Categories in International Accounts (revised title and revised content)
7 Balance sheet: the International Investment Position (revised title)
8 Financial Account
9 Other Changes in Financial Assets and Liabilities Account
10 Goods Account (revised title and revised content)
11 Services Account (revised title and revised content)
12 Earned Income Account (revised title, provisional)
13 Transfer Income Account (revised title, provisional)
14 Capital Account
15 (SNA Chapter 23) Globalization (new chapter)
16 (SNA Chapter 22) Digitalization (new chapter)
17 (SNA Chapter 26) Islamic Finance (new chapter)
18 (SNA Chapter 39) Informal Activities (new chapter)
19 Selected Issues in Balance of Payments and International Investment Position Analysis
20 (SNA Chapter 21) Communicating and Disseminating Economic Statistics (new chapter)

OFFICIAL - GREEN
BPM7 - Annexes
Chapter Chapter Title
Annex 1 Exceptional Financing Transactions
Annex 2 Debt Reorganization and Related Transactions
Annex 3 Regional Arrangements: Currency Unions, Economic Unions, and Other Regional Statements
Annex 4 Remittances
Annex 5 Selected Issues on Cross-Border Trade (new annex)
Annex 6 Selected Issues on Direct Investment (revised title)
Annex 7 Selected Financial Issues (revised title and revised content)
Annex 8 Insurance and Pensions (revised title)
Annex 9 Positions and Transactions with IMF (previous annex to Chapter 7; revised content)
Annex 10 Sustainable Finance in External Sector Statistics: Climate Change Related Indicators (new annex)
Annex 11 Data by Partner Economy
Annex 12 Links between International Standards for Macroeconomic Statistics (revised title and revised content)
Annex 13 Changes from BPM6 (revised content)
Annex 14 Standard Components and Selected Other Items (revised content)

Where are we now and next steps?
• Draft chapters (V3) circulated to nominated reviewers (drawn from ISWGNA/AEG/BOPCOM/TT
leads).
• Chapter editors to prepare an updated version addressing comments from nominated reviewers
and other AEG/ISWGNA/BOPCOM members (V4).
• SNA lead editor/PM and BPM editors/PM review V4, then chapter updated addressing comments
(V5).
• V5 circulated to BPTT/ISWGNA/AEG for high-level review seeking approval for global
consultation.
• Chapter editors prepare updated version addressing comments from BPTT/ISWGNA/AEG (V6).
• SNA lead editor/PM and BPM editors/PM review V6, then chapter cleared for global consultation
(V7).
• V7 posted for global consultation.
• Chapter editors prepare summary of comments from global consultation and way forward for
addressing them.

Where are we now and next steps?
• Chapter editors prepare updated version addressing comments from global consultation (V8).
• V8 circulated to SNA lead editor/PM and BPM editors/PM, then chapter updated addressing their
comments (V9).
• V9, together with summary of global consultation, circulated to ISWGNA/AEG/ BOPCOM for
written consultation, with an explicit request for review by the nominated reviewers.
• Chapter editors prepare a summary of comments from AEG/BOPCOM and an updated version in
consultation with chapter reviewers (V10) for final review/ clearance of SNA lead editor/PM and
BPM PM.
• Final version (V11) posted on the respective update websites for including in the draft manuals.
• NOTE: The chapters will be subject to further review by the AEG/BOPCOM and also undergo a further
round of global consultation when the full drafts of the updated Manuals are available in 2024.
• Publication of the new standards scheduled for March 2025.

Research agenda - Valuation of Imports and Exports of Goods
• 2008 SNA and BPM7 recommend valuation of both imports and exports of goods on what is
called a free-on-board (FOB) basis.
• Under International Merchandise Trade Statistics , the valuation of goods exports is on an FOB
basis, but the valuation of goods imports is on a different Cost, Insurance and Freight (CIF) basis.
• Data are adjusted to a FOB basis using CIF adjustments which removes the estimated freight and
insurance costs of transporting the goods between the exporting country and the UK.
• There is a concern internationally over the quality of this CIF adjustment process.
• The UK is keen to explore the possible move for the multiple reasons of likely international
alignment, potential quality improvement, and adding consistency within SNA.
• As there are many angles to consider – and identified challenges - in this possible move, neither
the forthcoming SNA25 nor BPM7 will include chapters or guidance on a change of valuation
• This change will only be adopted if it is clear from the consultation and testing process that it can
be implemented in practice and the benefits outweigh the disruption (and cost) to the statistical
system.

Beyond GDP: SEEA and
SNA
Adam Dutton
11 October 2023
Natural Capital

SYSTEM OF ENVIRONMENTAL
ECONOMIC ACCOUNTING

What do the accounts help explore?
• How the environment contributes to the economy
• The impact that the economy has on the environment
• How society responds to environmental issues
ONS Environment Division

Environmental Accounts
Physical accounts
Air and
Energy
Accounts
Material
Flows and
Footprint
Physical
Energy Flow
Account
Monetary accounts
Environmental
Goods and
Services
Sector
(EGSS)
Environmental
Protection
Expenditure
(EPE)
Environmental
Taxes
ONS Environment Division

How are the Natural Capital Accounts
structured?
Natural Capital
Extent Condition Physical Monetary
Habitat extent and condition
publication
UK natural capital accounts
publication

Natural Capital
Taxes and trading

Natural Capital
Classifications

Questions to plenary
speakers
Slido.com #14492

Panel discussion
Chair: Paul Allin
Honorary Officer for National Statistics
Royal Statistical Society
Slido.com #14492

Panellists
• Professor Martin Weale, King's Business School and NSCASE
• Professor Rebecca Riley, Director, ESCoE
• Chloe Gibbs, Deputy Director – Global Trade and
Investment, ONS
• Richard Heys, Deputy Chief Economist, ONS
Slido.com #14492

Closing remarks
Paul Allin
Honorary Officer for National Statistics
Royal Statistical Society
Slido.com #14492

GDP after 2025: updating national accounts and balance of payments – 11 October 2023

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