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Satellite accounts for cooperative
economy of the Republic of Serbia, 2009
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The national accounts system as
a basis for satellite accounts
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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)
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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
• Could be divided in 3 groups:
 key business data,
 non-monetary indicators and
 macroeconomic aggregates
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Key business data
• Cooperative economy in Serbia showed negative trends in the period
2007-2009.
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Non-monetary indicators
• Distribution by type of cooperatives
•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
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• Employees by type of cooperatives
• Members (about 122 000) by type of cooperatives
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Macroeconomic aggregates
GVA, mill RSD
Growth rate, compared to
previous year, %
Share in GDP, %
2007
5265.2
…
0.23
2008
5088.3
-3.4
0.19
2009
4256.2
-16.4
0.16
• GVA continuously decreased in the period 2007-2009
•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 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 195.5. 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 2008.
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GVA by type of industry
Share in total GVA of cooperatives
12.3%
6.2%
81.5%
Agriculture, hunting and forestry
Real estate, renting and business activities
Others
• 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%.
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• 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.
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Thank you
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