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

GDP after 2025: updating national accounts and balance of payments, from the Beyond GDP series of events.

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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
GDP after 2025: Updating National Accounts
and Balance of Payments

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

  • 1. GDP after 2025: updating national accounts and balance of payments 11 October 2023 Slido.com #14492
  • 2. Welcome Paul Allin Honorary Officer for National Statistics, Royal Statistical Society (RSS) Slido.com #14492
  • 3. 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
  • 4. 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
  • 5. 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
  • 6. GDP after 2025: Updating National Accounts and Balance of Payments
  • 7. GDP after 2025: Updating National Accounts and Balance of Payments
  • 8. 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 9. 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 GDP after 2025: Updating National Accounts and Balance of Payments
  • 10. 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 11. 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 12. 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 GDP after 2025: Updating National Accounts and Balance of Payments
  • 13. Examples of additional tables / data items • 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 GDP after 2025: Updating National Accounts and Balance of Payments
  • 14. 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) GDP after 2025: Updating National Accounts and Balance of Payments
  • 15. Examples of additional tables / data items • 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 16. 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 GDP after 2025: Updating National Accounts and Balance of Payments
  • 17. 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 18. 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 …, GDP after 2025: Updating National Accounts and Balance of Payments
  • 19. Any questions? Sanjiv Mahajan sanjiv.mahajan@ons.gov.uk GDP after 2025: Updating National Accounts and Balance of Payments
  • 20. Extra slides for information
  • 21. 2025 SNA Recommendations for clarification / guidance GDP after 2025: Updating National Accounts and Balance of Payments
  • 22. 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 23. Recommendations for clarification / guidance • 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 24. Recommendations for clarification / guidance • 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 25. Recommendations for clarification / guidance • 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 26. Recommendations for clarification / guidance • 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. GDP after 2025: Updating National Accounts and Balance of Payments
  • 27. 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
  • 28. 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
  • 29. 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
  • 30. 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 )
  • 31. 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.
  • 32. 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.
  • 33. 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.
  • 34. 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
  • 35. OFFICIAL - GREEN C6 changes to standard items for trade in services
  • 36. 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
  • 37. OFFICIAL - GREEN F1 changes to standard items for sector breakdowns
  • 38. OFFICIAL - GREEN B4 changes to standard items for stock/flow reconciliation
  • 39. 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
  • 40. 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
  • 41. 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
  • 42. 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)
  • 43. 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
  • 44. 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
  • 45. 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)
  • 46. 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)
  • 47. 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.
  • 48. 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.
  • 49. 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.
  • 51. Beyond GDP: SEEA and SNA Adam Dutton 11 October 2023 Natural Capital
  • 53. 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
  • 54. 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
  • 56. How are the Natural Capital Accounts structured? Natural Capital Extent Condition Physical Monetary Habitat extent and condition publication UK natural capital accounts publication
  • 64. Panel discussion Chair: Paul Allin Honorary Officer for National Statistics Royal Statistical Society Slido.com #14492
  • 65. 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
  • 66. Closing remarks Paul Allin Honorary Officer for National Statistics Royal Statistical Society Slido.com #14492