The role of sector accounts in the progressive alignment of Georgia with the European statistical system

Abstract

The development of sector accounts within the system of national accounts is the high on the Development Strategy of the National System of Official Statistics of Georgia and the global policy agenda as well. The System of National Accounts (SNA) is a comprehensive, consistent and flexible set of macroeconomic accounts to meet the needs of government, policy-makers, decisionstakers and private-sector analysts. National accounts provide information to analyze the structure of economies and their development over time. SNA promotes the integration of economic and related statistics in a system that is based on consistent economic and statistical concepts and methods. As such, it allows domestic and international comparative analysis, helps economists to measure the level of economic development and the rate of economic growth, the change in consumption, saving, investment, debts and wealth for not only the total economy but also each of its institutional sectors. Institutional sector accounts present a complete and consistent set of data for sectors, which combine institutional units with broadly similar characteristics and behavior. The role of sector accounts is extremely important in constructing the comprehensive system of national accounts of any countries. As Georgian statistics is on its starting point to develop sector accounts, current abstract emphasizes the needs of sharing the best practice of the EU countries in compilation of sector accounts and making comprehensive analysis. Furthermore, progressive alignment of the statistical system of Georgia with the European Statistical System is defined by the EU-Georgia Association Agreement in order to ensure integrity and comparability of official statistics at the global level.