1. Eleventh Meeting of the Advisory Expert Group on National Accounts
Working Group in the ECLAC region on the Harmonization between Balance of Payments and National Accounts Statistics
Eleventh Meeting of the Advisory Expert Group on National Accounts
New York, 5-7 December 2017
Lourdes Erro*
Manager of Economic Statistics Area
Central Bank of Uruguay
* Opinions expressed here are those of the author and do not commit the Central Bank of Uruguay

2. Presentation Outline Motivation
Working Group on the Harmonization of SNA and BOP
Activities carried out so far and planned activities
Survey: main results
Questions to the AEG

3. 1. Motivation
The underlying methodology and concepts for the national accounts (2008 SNA) and the balance of payments (BPM6) are consistent with each another.
But: large differences remain in practice
The Annual National Accounts Seminar for Latin America and the Caribbean, organized by ECLAC, 8-10 November 2016, Santiago, Chile, discussed the importance of the harmonization in practice.
An initial evaluation of BoP and NA data showed that there are considerable inconsistencies in the region
Countries expressed interest in further working to better understand the reasons for the inconsistencies and to improve these statistics

4. 1. Motivation …
Note: prepared and presented during the Workshop on the harmonization of BoP and SNA, Brazilia, June 2017

5. 2. Working Group on the Harmonization BoP and NA
MAIN OBJECTIVE:
Address practical aspects of the adoption of SNA 2008 and BPM6 and arrive to practical recommendations for the harmonization of the BoP and SNA data.
Specific objectives:
Make a diagnosis based on a survey in the region
Detect causes of non harmonization, specially in selected areas
Propose ways to improve current practices
Produce a document as a practical guidance for harmonization of the BoP and SNA data
(Terms of Reference in Annex 1)

6. 2. Working Group on the Harmonization BoP and NA …
Participants and accountability
Colaboration from other Organisms
Brasil (BP/NA)
Colombia (BP/NA)
Costa Rica (BP/NA)
Annual Seminar on National Accounts (ECLAC)
BoP-SNA_WG
Nicaragua (BP/NA)
Uruguay (BP/NA)
COORDINATION
AEG
Technical Secretary: ECLAC
Venezuela (BP/NA)

7. 2. Working Group on the Harmonization BoP and NA…
PLAN OF ACTIVITIES
Workshop (training and organization)
2nd. Report
1st. Report
Practical Guide of Harmonization (draft)
2017
2018
Jun
Dic
WORK IN 4 SUBGROUPS
Survey and Diagnosis
(Plan of Activities in Annex 2)

8. 3. Activities carried out so far and planned activities
WORKSHOP
on the Harmonization of BoP and SNA data (27-29 June 2017, Brazilia, Brazil)
organized by ECLAC and UNSD
with the participation of Eurostat and IMF
Countries were trained on the integration of BoP and SNA
Direction for further work was provided:
Definition of the content of a Survey for diagnosis
Setting up of 4 subgroups to work in 4 selected areas:
General topics
Goods and Services
FISIM
FDI
A collaborative work platform was created by ECLAC:
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9. 3. Activities carried out so far and planned activities…
General topics of harmonization
Work structure for special areas
Methodological reference:
flows in SNA and BoP to be consistent
changes introduced in both manuals
Statistical Base:
business registers
scope of statistical units
statistical sources
classifications and data treatment
Publication characteristics:
publication formats
timetables
revision policy
Mechanisms supporting harmonization:
institutional framework
strategic planning.
define the problem
summarize the theoretical treatment according to reference frameworks
describe required adjustments of the basic statistics, scope and coverage, and reconciling processes to be carried out;
present practical examples of good country practices

10. 3. Activities carried out so far …
THE SURVEY
1) Manuals used as reference

11. 3. Activities carried out so far …
THE SURVEY
2) Publication characteristics
preannounced calendars: 12
comprehensive revisions warned in advance to users: 10
discrepancies between BP and RoW explained to users: 2

12. 3. Activities carried out so far …
THE SURVEY
3) Statistical sources and treatment of data (examples)

13. 3. Activities carried out so far …
THE SURVEY
8 countries make adjustments for smuggling activities and non observed economy in RoW estimations
only 3 countries take those figures in BoP statistics
8 countries carry out data conciliation in the framework of SUT in RoW estimations
only 2 countries include these amendments in BoP statistics

14. 3. Activities carried out so far …
THE SURVEY
4) Main sources of discrepancies:

15. 4. Questions to the AEG
Does the AEG agree that a preparation of a practical Guide on the Harmonization of BoP and SNA data would be useful?
Does the AEG suggest additional considerations to be taken into account?