1 Satellite accounts for cooperative economy of the Republic of Serbia, 2009

2 The national accounts system as a basis for satellite accounts Satellite accounts are integral part of national accounts What are national accounts? Main macroeconomic aggregates – GVA and GDP Characteristic of satellite accounts Methodological basis for their compilation (SNA, ESA, CIRIEC Manual)

3 Could be divided in 3 groups: Data sources Financial statements:  profit and loss account,  balance sheet and  statistical annex. Survey on business activity of cooperatives and cooperative unions:  only for the data that not available in financial statements,  based on full scope,  response rate was 80.2%. Results  key business data,  non-monetary indicators and  macroeconomic aggregates

4 Key business data Cooperative economy in Serbia showed negative trends in the period

5 Non-monetary indicators Distribution by type of industry  60.6% of cooperatives operated within section A - Agriculture, hunting and forestry  20.2% were from section K - Real estate, renting and business activities. Distribution of cooperatives by size  90.7-micro, 8.0% small, 1.3% medium and no large cooperative Distribution by type of cooperatives

6 Employees by type of cooperatives Members (about ) by type of cooperatives

7 Macroeconomic aggregates GVA was the only balancing item in satellite accounts in 2009 that expressed positive value. The gross operating surplus was negative and amounted to mill. RSD This means that GVA was not sufficient to cover compensation of employees and net taxes on production. In Spain and Macedonia OS was positive in GVA continuously decreased in the period Contribution to the GDP also decreased from 0.23% to 0.16%. In Spain this share was around 1.0%, and in Macedonia only 0.04%. GVA, mill RSD Growth rate, compared to previous year, % Share in GDP, % …

8 GVA by type of industry Regarding industries the highest share in GVA of cooperatives had Agriculture – 81.5%. But, even 81.5% of GVA of cooperatives was recorded in Agriculture it was only 1.5% of GVA of Agriculture on the overall economy level. In other industries contribution of cooperatives GVA to GVA of industries on the overall economy level was very close to 0%.

9 These figures for cooperative sector can be considered relatively insignificant, and reflect long period of institutional negligence and negative influence of transitional restructuring of the Serbian economy on cooperative business. They do not represent the real economic capacity and great possibilities for future economic development of cooperatives in Serbia - especially in agriculture Also there are possibilities for establishment new type of cooperatives such as social cooperatives.

10 Thank you