Fiscal Data for SDDS Plus

Transcription

1 Fiscal Data for SDDS Plus Robert Dippelsman Government Finance Division Statistics Department The views expressed herein are those of the author and should not necessarily be attributed to the IMF, its Executive Board, or its management 1

2 Background Government fiscal operations and debt are important indicators for policy and analysis. Identified data requirements: General government coverage Include extrabudgetary agencies, state/provincial governments, local governments Timely indicators Comprehensive data system has detailed annual ancient history + quicker, less detailed quarterly data Trade-offs and different techniques for quarterly data already discussed extensively in SDDS for quarterly GDP and IIP Standard format Data in national fiscal formats may make international comparisons misleading or impossible 2

3 1. GENERAL GOVERNMENT OPERATIONS 3

4 General Government Operations (GGO) in SDDS Plus Periodicity quarterly Timeliness twelve months Based on Government Finance Statistics Manual 2001 (GFSM 2001) format (GFSM 2001, Table 4.1) or its successor. The recording basis can be cash, modified accrual, or accrual (full adoption of the GFSM 2001 methodology is not required) and should be clearly identified in the metadata. 4

5 General Government Operations - SDDS Plus [compared to SDDS] Periodicity quarterly [annual] Timeliness twelve months [two quarters] Based on Government Finance Statistics Manual 2001 (GFSM 2001) format (GFSM 2001, Table 4.1) or its successor [methodology to be specified] The recording basis can be cash, modified accrual, or accrual (full adoption of the GFSM 2001 methodology is not required) and should be clearly identified in the metadata [SDDS same as SDDS Plus] 5

6 General Government Operations Breakdown ctd. From GFSM 2001 Table 4.1 Being revised in line with 2008 SNA, but structure will be the same and changes in components will be minor Consistent with G-20 Inter-Agency Group GFS Template 6

7 General Government Operations - Breakdown GFSM 2001 Table 4.1 TRANSACTIONS AFFECTING NET WORTH: REVENUE Taxes Social contributions [GFS] Grants Other revenue EXPENSE Compensation of employees [GFS] Use of goods and services Consumption of fixed capital [GFS] Interest [GFS] Subsidies Grants Social benefits [GFS] Other expense NET/GROSS OPERATING BALANCE 1 *[GFS] indicates that this item has the same name in the 1993 SNA, but has different coverage. TRANSACTIONS IN NONFINANCIAL ASSETS: NET ACQUISITION OF NONFINANCIAL ASSETS Fixed assets Change in inventories Valuables Nonproduced assets NET LENDING/BORROWING [GFS] TRANSACTIONS IN FINANCIAL ASSETS AND LIABILITIES (FINANCING): NET ACQUISITION OF FINANCIAL ASSETS Domestic Foreign NET INCURRENCE OF LIABILITIES Domestic Foreign Below-the-line 7

8 General Government Operations - Implementation Most countries listed already have quarterly GGO Others have monthly or quarterly central government with annual general government While GFSM format is used, full adoption is not required Most countries map data in national formats to GFSM format Following an IMF Executive Board decision, since 2011 IMF Article IV Staff Reports are generally required to use GFSM format. Where necessary, IMF staff map data from national formats to GFSM format 8

9 Current GGO Reporting IMF International Financial Statistics Australia Q GG Austria Q GG Canada Q GG Denmark Q GG Finland Q GG France Q GG Germany Q GG HK SAR A GG India Q BCG Indonesia Q BCG Italy Q GG Japan Q BCG Korea A CG Malaysia A BCG Mexico - - Netherlands Q GG Russian Federation Q GG Saudi Arabia - - South Africa Q BCG Spain Q GG Sweden Q GG Switzerland Q BCG Turkey Q CG UK Q GG US Q GG Q = quarterly (includes some monthly reporters) A = annual GG = general government CG = central government BCG= budgetary central government May be additional issues of timeliness and detail 9

10 General Government Operations - Implementation IMF has produced draft Quarterly General Government Statistics Guide Submitted to Government Finance Statistics Advisory Committee Draft available, publication on website later this year. 10

11 General Government Operations - Implementation Modus operandi for annual-only compilers Audited data Longer processing period Considerable detail Minimal revisions Modus operandi for central-government-only compilers Ministry of Finance may not have authority over other levels of government - may need additional legal authority or involvement of other agencies Accounting techniques used; minimal use of statistical techniques such as estimation, surveys, and sampling Budgetary-central-government-only may face issues for collecting data on extrabudgetary agencies of the central government 11

12 2. GENERAL GOVERNMENT DEBT 12

13 General Government Gross Debt (GGD) in SDDS Plus Periodicity quarterly Timeliness four months Nominal values Specified detail and supplementary items Consistent with WB-OECD-IMF Public Sector Debt Statistics Database 13

14 General Government Gross Debt - SDDS Plus [compared to SDDS] Coverage [No general government debt; Central government debt only] Periodicity quarterly [CGD quarterly] Timeliness four months [CGD quarterly] 14

15 General Government Debt - Breakdown Total Gross Debt By type of instrument: Special Drawing Rights (SDRs) Currency and deposits Debt securities Loans Insurance, pensions, and standardized guarantee schemes 1/ Other accounts payable By currency of denomination: Domestic currency Foreign currency By residence of the creditor: Domestic creditors External creditors Memorandum items (on a best effort basis): Debt securities at market value Payable within one year or less (residual maturity) Debt securities Loans Payable in more than one year (residual maturity) Debt securities Loans 1/ To be reported consistent with coverage in the sectoral balance sheets and the general government operations data. 15

16 General Government Debt Overlap with sectoral balance sheets in SDDS Plus General government financial assets and liabilities by instrument (without residence, currency, maturity, nominal value of debt securities, possibly different consolidation) Overlap with external debt in SDDS Includes general government debt owed to nonresidents 16

17 General Government Debt - Implementation Most countries listed already have quarterly GGD, while others have central government debt quarterly with general government annually 17

18 Current GGD Reporting IMF IFS or PSDS DB Australia Q GG IFS, PSDS Austria Q GG IFS, PSDS Canada Q GG IFS, PSDS Denmark Q GG IFS Finland Q GG IFS France Q GG IFS, PSDS Germany Q GG IFS, PSDS HK SAR A GG IFS India Q BCG IFS Indonesia Q GG PSDS Italy Q GG IFS Japan A GG GFSY Korea Q GG PSDS Malaysia A BCG GFSY Mexico Q GG PSDS Netherlands Q GG IFS, PSDS Russian Federation A GG GFSY Saudi Arabia South Africa Q CG PSDS Spain Q GG IFS, PSDS Sweden Q GG IFS, PSDS Switzerland A GG GFSY Turkey Q CG PSDS UK Q GG IFS, PSDS US Q GG IFS, PSDS Q = quarterly A = annual GG = general government CG = central government BCG = budgetary central government IFS = IMF International Financial Statistics PSDS = WB-OECD-IMF Public Sector Debt Statistics Database GFSY = IMF Government Finance Statistics Yearbook May be additional issues of timeliness and detail 18

19 General Government Debt - Implementation IMF released Public Sector Debt Statistics Guide in 2011, in conjunction with TFFS Quarterly General Government Guide Logistical issues tend to apply for both GGO and GGD. Changes in modus operandi for annual-only and central government-only compilers same issues as discussed above for general government operations 19

20 Thank you Any questions? Do you foresee any issues for GGO or GGD for your country? 20