Download International Directions and User Needs 13 June 2011

International Directions and User Needs
Workshop on New Zealand’s National Accounts and Financial Statistics
13 June 2011
Purpose of the session
Review international statistical developments
that may / will influence the range of
macroeconomic statistics produced in NZ.
Assess whether NZ statistics measure up.
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The demands for macro-economic statistics
Demands evolve and change over time, and
assessing user needs is an ongoing process.
o Formal and informal assessments of user needs
o International developments monitored closely.
o Internally, feedback from official reports, reviews, workshops
and client contact are all important.
Demand exceeds resources => prioritisation
o Advisory Committee on Economic Statistics input.
Report card : adequate but needs to improve.
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Responding to international developments
Revised international standards
• Due to, for example:
o economic events (globalisation, financial innovation)
o new focus (productivity, sustainability)
o new treatments / clarification
• Frameworks:2008 SNA, BPM6, GFS, MBS, SEEA
• Classifications :ISIC (= ANZSIC06)
• Major exercise: implementation of SNA08
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Responding to international developments
Establishing a minimum “core” set of economic
statistics
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Special Data Dissemination Standards
o
o
o
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ESCAP Core Set
o
o
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IMF 1996 – being further modified following GFC
Prescribed minimum set of statistics for countries accessing
capital markets
Voluntary: 67 countries subscribe, but not NZ
Agreed in 2010 ; countries to have by 2020
Defines capability initiative and linked to SNA08
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Responding to international developments
Global Financial Crisis
•
Early warning & business cycle indicators (UNSD)
o
o
o
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Data template of timely indicators being promoted
Methodology guides on Flash estimates, business cycle
indicators
Central data-hub in each country
GFC and Information Gaps (G20)
o
IMF report : consensus on gaps & data recommendations
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Strengthen FSIs (IMF – 45 countries subscribe but not NZ)
Better data on risk transfer instruments; financial networks
Balance sheets / flow of funds for sectors
More distributional data
Standardised government finance data based on GFS
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Responding to international developments
GDP and Beyond
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•
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Measuring the Progress of Societies (OECD)
Stiglitz, Sen and Fitoussi Report 2009
Consensus that new measures needed to complement GDP
and provide more balanced indicators of welfare
o
Improving & supplementing existing GDP measure
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o
o
o
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Resolve quality issues, esp. for services
Focus more on income and consumption of households, not production
More prominence to distributions
Broaden income measures to include non-market activities
Complement NA/cs with environmental & social aspects
Develop multi-dimensional quality of life indicators
Develop & refine sustainable development indicators
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Responding to Internal Pressures
• Formal & informal feedback
• Based on feedback, the KEY gaps and quality issues
identified as:
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Quarterly data on service industries & business profits
Quarterly income measure of GDP
Improved real measures of government services => productivity
Better saving, investment & wealth => financial accounts &
balance sheets
Consistent government financial statistics => GFS
Improved data on non-building construction
Improved land and house price data
Improved timeliness
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Responding to Internal Pressures
• Limited resources
o Maintain quality and continuity of existing economic statistics
o Prioritisation, reflecting internal and external demands
o Collaborate with other OSS partners
• Need to establish the required infrastructure for
sustainable production, efficiency & flexibility
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