New methodology of national accounts system and peculiarities of its implementation
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Date
2020
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
SNA is a combination of integrated macroeconomic accounts and balances
based on internationally agreed concepts, classifications, and general accounting
rules. Its methodological basis is the international manual SNA 2008, developed
by the United Nations (UN), Eurostat, the International Monetary Fund, the World
Bank and the Organization for Economic Cooperation and Development (OECD).
EU countries have begun switching to the new SNA methodology in 2014.
Armenia, Turkey, Ukraine and Belarus have also joined their ranks during 2014-
2015.
Nowadays, the SNA 2008 has been introduced in about 80 countries around
the world, including Georgia, however, some countries, still follow the previous
version of the National Accounts System (SNA 1993).
Implementation of the new SNA 2008 methodology, with the active
involvement of international experts, has been running in GEOSTAT since 2017.
The transition to the SNA 2008 has led to a number of changes in
national accounts, on the one hand, it is related to the calculation of different
macroeconomic indicators in accordance with the new standard, and, on the other
hand, the substantial improvement of the data source, in terms of assessing the
scope of the non-observed economy and the processing of administrative data.
Differences between the old and new methodologies are mainly related to
the change in the FISIM, capitalizing on research and development, processing
costs, and improving the calculation of imputed rents on owner occupied
dwellings.
Improvements to the data source include assessing the scope of the non-observed
economy in various sectors and improving the quality of indicators.
As international practice shows, all the above-mentioned changes leads to
an overall increase in GDP and other aggregates of national accounts. However, in
order to harmonize with the figures for the previous period, the historical series
were revised and recalculated, from 2010.
Description
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Keywords
National accounts, system of national accounts, Gross Domestic Products (GDP), Non-observed economy
Citation
Economics and Business, №1, 2020, pp. 30-40