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Implementation European system of accounts 2010

Implementation European system of accounts 2010. Eurostat 5 November 2014. Content overview. Part A: Impact of ESA 2010 on GDP Part B: Impact of ESA 2010 on the statistics for the excessive deficit procedure (EDP).

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Implementation European system of accounts 2010

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  1. Implementation European system of accounts 2010 Eurostat 5 November 2014

  2. Content overview • Part A: Impact of ESA 2010 on GDP • Part B: Impact of ESA 2010 on the statistics for the excessive deficit procedure (EDP)

  3. Part A:A.1. Impact on GDPA.2. What is driving revisions to GDP

  4. The main ESA 2010 changes • Research and Development • Expenditure on weapon systems • Inexpensive tools for common operation • Government, public/private sector delineation • Employers' pension schemes

  5. A.1. Impact on GDPLevel changes

  6. Total impact on EU GDP level – 20103.67% Statistical improvements 1.40% Methodological changes (ESA2010) 2.27% +

  7. Summarising the changes to EU GDP

  8. Summarising the changes to EU GDP Othermethodological changes

  9. Summarising the changes to EU GDP Othermethodological changes

  10. Summarising the changes to EU GDP Otherstatisticalimprovements Othermethodological changes

  11. Changes in GDP levels: country data

  12. Changes in GDP levels: country data

  13. Changes in GDP levels: country data

  14. Changes in GDP levels: country data

  15. Nominal GDP under ESA95 and ESA 2010(€ billions)

  16. Nominal GDP under ESA95 and ESA 2010(€ billions) €461bn GDP of Sweden: €436bn

  17. Nominal GDP under ESA95 and ESA 2010(€ billions)

  18. Nominal GDP under ESA95 and ESA 2010(€ billions)

  19. EU GDP growth rate

  20. EU GDP growth rate

  21. Euro area GDP growth rate

  22. Euro area GDP growth rate

  23. A.2. What is driving the revisions to GDP?

  24. What are the main components of the production approach? Output less Intermediate Consumption Gross Value Added EU28 = 11.5 tri euros

  25. Where is the GVA (ESA2010) being generated?

  26. Where is the GVA (ESA2010) being generated?

  27. Where is the GVA (ESA2010) being generated?

  28. Where is the GVA (ESA2010) being generated?

  29. Where is the GVA (ESA95) being generated?

  30. Which industries are driving revisions to GDP?

  31. Which industries are driving revisions to GDP?

  32. Which industries are driving revisions to GDP?

  33. Revisions to EU28 GVA by industry for the year 2010

  34. Revisions to EU28 GVA by industry for the year 2010

  35. What are the expenditure components of GDP? • Final consumption expenditure • Households and Non Profit Institutions Serving HH • General Government • Gross capital formation • Gross fixed capital formation • Changes in inventories • AcqlessDisp of valuables • Exports less Imports

  36. How do expenditure components contribute to GDP?

  37. How do expenditure components contribute to GDP?

  38. EU28 – ESA95 vs ESA2010 Expenditure components of GDP

  39. GFCF and HH&NPISH Fin Cons Exp as a % of GDP

  40. GFCF and HH&NPISH Fin Cons Exp as a % of GDP

  41. EU28: Revisions from the expenditure components of GDP

  42. EU28: Revisions from the expenditure components of GDP

  43. EU28: Revisions from the expenditure components of GDP

  44. EU28: Revisions from the expenditure components of GDP

  45. EU28: Revisions from the expenditure components of GDP

  46. Next steps • Asset breakdowns of gross fixed capital formation • Income components by industry • Further analysis on trade • Further industry breakdowns up to A*64

  47. Conclusions • Changes shift EU GDP upwards by 3.67% • Recalculation of back data  no breaks in series • Changes hardly impact GDP growth rates • Industries driving revisions to EU28 GDP • B to E: M&Q, manufacturing, electricity, gas, water supply… • PAD, compulsory social security, education, human health and social work activities • Expenditure components driving revisions to levels of EU28 GDP • Gross fixed capital formation • HH & NPISH Final consumption expenditure

  48. Part B: Government Finance Statistics Overview of topics B.1. Publication of deficit and debt and relating information – annual and quarterly data B.2. Quick reminder on the ESA 2010-driven methodological changes on deficit and debt B.3. Revisions of deficit and debt data

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