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Singapore: Income-based Gross Domestic Product

Singapore: Income-based Gross Domestic Product. International Workshop on Household Income, Consumption and Full Accounting of the Households Sector Beijing, China 26-28 March 2012. Agenda. Overview Conceptual Framework GDI Compilation Methodology -Data Collection & Compilation Strategy

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Singapore: Income-based Gross Domestic Product

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  1. Singapore: Income-based Gross Domestic Product International Workshop on Household Income, Consumption and Full Accounting of the Households Sector Beijing, China 26-28 March 2012

  2. Agenda • Overview • Conceptual Framework • GDI Compilation Methodology • -Data Collection & Compilation Strategy • -Sources & Methods • Reconciliation Processes • GDI Revision Policy

  3. Overview • Three Approaches to GDP • The Singapore Department of Statistics (DOS) compiles and disseminates GDP estimates using all three approaches to GDP • Income-based GDP • Since 1998, DOS has compiled and published the income-based GDP, GDP(I) on an annual basis, from reference year 1980 onwards • GDP(P) as headline GDP - statistical discrepancy recorded on GDP(I)

  4. Overview

  5. Conceptual Framework • System of National Accounts (SNA), 1993/2008 • Consistent with SNA • Recent Conceptual Change/Methodological Improvements • Capitalisation of software expenditure • Treatment of employee stock options as compensation of employees • Allocation and estimation of financial intermediation services indirectly measured (FISIM)

  6. GDI Compilation Framework Data Collection & Compilation Strategy Business Register Administrative Records Up-to-date survey frame Data Management Policy Statistical Surveys Administrative Data -Comprehensive data -Consistent with national accounts concepts -Less timely -Respondent burden -Detailed analysis constrained by sample size -Comprehensive & detailed data -Less consistent with national accounts concepts -Generally more timely than surveys -Reduced cost to business -Good source of detailed analysis Adjustments & Reconciliation GDP(I)

  7. GDI Compilation Framework Sources & Methods: Compensation of Employees (CoE) • Business survey questionnaires consistent with national accounts concepts • Survey items on CoE include: • (1) Wages & salaries (including bonus & allowances) • (2) Employer's social contributions (i.e. Central Provident Fund) • (3) Staff benefits (e.g. welfare, medical & housing benefits) • (4) Expenses on share-based payment to employees (e.g. stock options) • CoE is largely compiled on the basis of annual business survey results, and cross-validated against administrative data for consistency & reliability • In the absence of benchmarked annual survey data, latest year’s estimates are extrapolated on the basis of quarterly/monthly administrative & survey data

  8. GDI Compilation Framework Sources & Methods: Compensation of Employees (CoE)

  9. GDI Compilation Framework Sources & Methods: Gross Operating Surplus (GOS) • Similar to CoE, GOS is compiled largely on the basis of business survey results, and cross-validated against administrative data • GOS is derived as a residual item: • GOS = Value added (basic price) • - Compensation of employees • - Other taxes less subsidies on production • In the absence of benchmarked annual survey data, latest year’s estimates are extrapolated on the basis of quarterly survey data.

  10. GDI Compilation Framework Sources & Methods: Gross Operating Surplus (GOS)

  11. GDI Compilation Framework Sources & Methods: Taxes less Subsidies on Production and on Imports • Taxes less subsidies on production and on imports are compiled largely on the basis of monthly/quarterly administrative data, e.g. government finance statistics (GFS).

  12. Reconciliation Processes Non-Benchmarked years Benchmarked year GDP(P) GDP(P) Statistical Discrepancy = 0 Statistical Discrepancy = 0 Statistical Discrepancy ≠ 0 Statistical Discrepancy ≠ 0 Data Reconciliation (IO tables) Data Confrontation GDP(E) GDP(E) GDP(I) GDP(I) Statistical Discrepancy ≠ 0 Statistical Discrepancy = 0 • Data confrontation among three approaches to GDP to narrow statistical discrepancy on an annual basis • Data reconciliation among three approaches to GDP (i.e. no statistical discrepancy is recorded) on the basis of updated input-output tables once every 5 years

  13. GDI Revision Policy

  14. Thank You Our Vision A National Statistical System of Quality, Integrity and Expertise Our Mission We provide Reliable, Relevant andTimely Statistics to support Singapore's Social and Economic Development

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