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Part II Supply and use tables

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1 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Piet Verbiest Statistics Netherlands: National accounts in Practice

2 Part II Supply and use tables
1 November 2006 CONSTANT PRICES >Key variables of national accounts: real growth of GDP and its components, changes in labour productivity price changes Focus:Changes over time, not level estimates >Balancing * plausibility checks Statistics Netherlands: National accounts in Practice

3 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Main aspects Linked to aggregates (GDP, values added etc.) Non existent => not observable Statistics Netherlands: National accounts in Practice

4 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Basics value = price * volume volume = quantity x quality The quality issue: Price indices should follow same products over time. However, products change -> adjust for quality changes Statistics Netherlands: National accounts in Practice

5 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Requirement of national accounts: “consistency in aggregation” Statistics Netherlands: National accounts in Practice

6 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Consistency in aggregation I. A “full” breakdown of value change in price change and volume change Value change: % Price change: % Volume change: 2% (1.94) ( * 1.03 = 1.05) Statistics Netherlands: National accounts in Practice

7 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Consistency in aggregation II. Level estimates in constant prices of an aggregate must equal the sum of the level estimates in constant prices of its components or requirement of additivity CUP PI COP Consumption Capital formation Exports Imports (-) GDP Statistics Netherlands: National accounts in Practice

8 Value index CONSTANT PRICES Part II Supply and use tables
1 November 2006 CONSTANT PRICES Value index Statistics Netherlands: National accounts in Practice 8

9 Decomposition CONSTANT PRICES Part II Supply and use tables
1 November 2006 CONSTANT PRICES Decomposition Statistics Netherlands: National accounts in Practice 9

10 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Consistency in aggregation: Paasche Price Laspeyres Volume Statistics Netherlands: National accounts in Practice

11 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Consistency in aggregation: 1. Full breakdown in price and volume: Statistics Netherlands: National accounts in Practice

12 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Consistency in aggregation: 2. Deflated aggregate = sum deflated components Statistics Netherlands: National accounts in Practice

13 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 1: GDP market prices CUP PI COP VI T-1 + Cons. HH + Cons. govt + GFCF + Ch. invent + Exports - Imports GDP Statistics Netherlands: National accounts in Practice

14 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Value added per industry Double deflation Current price data: + Output - Intermediate consumption = Value added Statistics Netherlands: National accounts in Practice

15 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Value added per industry Double deflation Constant price data + Deflated output - Deflated intermediate consumption = Deflated value added What to do if no price indices for output are available? Statistics Netherlands: National accounts in Practice

16 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 2: Value added per industry CUP PI COP VI T-1 +Output - Int Cons Value added Plausibility check Labour productivity Statistics Netherlands: National accounts in Practice

17 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 3: Trade margins and VAT CUP PI COP VI T-1 Vegetables (BP) Trade margins VAT (6%) Cons HH ? ? Volume the same in all valuation layers apply the tariffs (percentages) of t-1 on constant price estimates Statistics Netherlands: National accounts in Practice

18 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 4: Change in VAT rate CUP PI COP VI T-1 Vegetables (BP) Trade margins VAT (T= 10%, T-1 6%) Cons HH VAT% 10% 6% % ? ? Volume the same in all valuation layers apply the tariffs (percentages) of t-1 on constant price estimates Statistics Netherlands: National accounts in Practice

19 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 5: Appearing taxes on products CUP PI COP VI T-1 Vegetables (BP) Excise ? ? ? Trade margins VAT (6%) Cons HH ? ? ? 1770 ? ? ? ? ? ? Volume the same in all valuation layers apply the tariffs (percentages) of t-1 on constant price estimates Statistics Netherlands: National accounts in Practice

20 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 6: Disappearing taxes on products CUP PI COP VI T-1 Vegetables (BP) Excise ? ? ? Trade margins VAT (6%) Cons HH ? ? ? ? ? ? ? ? ? Volume the same in all valuation layers apply the tariffs (percentages) of t-1 on constant price estimates Statistics Netherlands: National accounts in Practice

21 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Example 7: New products Consumption of households CUP PI COP VI T-1 Food Audio app Other goods Repair serv 3D DVD ? ? ? Other serv Total ? ? ? ? ? ? ? ? ? Statistics Netherlands: National accounts in Practice

22 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Choice of the base year: fixed base year or previous year? Previous year: less problems with: - new products in the market - disappearing products - rapid inflation better estimate of growth in production or expenditure Attention: - Difference between base year and reference year - Non-additivity in time series Statistics Netherlands: National accounts in Practice

23 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Applied indices: Supply table Agriculture auction prices, CPI’s Mining and quarrying PPI’s Manufacturing PPI’s Gas, electricity, water PPI’s Construction PPI’s (more or less) Trade national accounts compilation Transport PPI, CPI, International prices Financial services volume indicators Commercial services SPI’s Government Volume indicators, adjusted input methods Health care Volume indicators Other services PPI, CPI, volume indicators, Imports import price indices, PPI,s, international indices Taxes on products national accounts compilation Subsidies on products national accounts compilation Trade margins national accounts compilation Transport margins national accounts compilation Statistics Netherlands: National accounts in Practice

24 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Applied indices: Use table Intermediate consumption auction prices, PPI’s, CPI’s, volune indicators (energy) Exports Export price indices, PPI,s, international indices Consumption of households CPI’s Consumption of government PPI’s, CPI’s, volume indicators, national accounts compilation Consumption of NPSH’s CPI’s, volume indicators Fixed capital formation PPI’s, import price indices, international indices Changes in stocks PPI’s VAT national accounts compilation Wages wage rates, data on absenteeism Social premiums resulting volume indicator of wages Taxes on production changes in tariff, general index Subsidies on products changes in tariff, general index Statistics Netherlands: National accounts in Practice

25 Part II Supply and use tables
1 November 2006 CONSTANT PRICES Piet Verbiest Statistics Netherlands: National accounts in Practice

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