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IV. Household final consumption expenditure and gross capital formation Vu Quang Viet UNSD consultant Household income and expenditure survey and income in national accounts • Employers’ imputed social contribution (calculated by statisticians and unknown to employees) particularly for the government sector to guarantee that contribution is adequate for the government to pay future social benefits to current employees in cases of defined benefit scheme; • Correction by national accountants for fisim in interest payable and interest receivable and insurance service charges by national accountants in pension and insurance schemes in order to distinguish between service charges (production) and income flows; • Imputation of services from owner-occupied housing, a purely national account concept. COE receivable by household sector Compensation of Household National accounts employees (COE) survey Conceptually similar, they are income receivable by residents. COE ð COE based on establishment survey must be adjusted to exclude COE payable to abroad and include those earned from abroad. Must be adjusted to include Employers' social Less reliable imputed employers’ social contribution contributions Mixed income receivable by household sector Household Mixed income National accounts survey Mixed income from May be For major crops, estimate output, IC agricultural activities less and mixed income by land use (from sale and own reliable and per yield, but for minor consumption except than backyard activities, national owner-occupied info accountants have to rely on housing) from household surveys NA Residential rental income Rely on household survey for this and other rental item or production statistics and income less cost real estate sector. Mixed income from other Rely on hH survey such as own- activities production of goods at home, own-construction, etc. Property income and current transfers Household Mixed income National accounts survey Property income May rely on banking statistics and government finance statistics Current transfers Much less reliable Income taxes Government finance statistics Social transfers Government finance statistics, pension and insurance statistics Analysis of country data • Graphs show percentages of difference (SNA value – Survey value)/Survey value. • In general, SNA values are significantly higher than survey values, except mixed income. • COE by 20-45%, Wages & salaries 5-25%. Given wages and salaries are more reliable, focus should be on them, while social contributions may be estimated from administrative sources. • Mixed income, exept Thailand, is generally over-estimated by HS, varies from -60% to 20%. • Property and current transfers are extremely underestimated by HS. • PCE are also underestimated by HS. Differences are at least 40% Even PCE of food are at least 30%. • For PCE, Macao and Mongolia are exceptions, why? • Gross capital formation is overestimated in Indonesia. Compensation of employees Mixed income Property income Social contributions, benefits & other current transfers Final consumption expenditure & Purchased in the market Food, manufactured goods consumption Lessons drawn from county data • From the data supplied by the countries participating in this workshop, it is clear that for national accounts purposes: – Data on household final consumption obtained by household survey is not comprehensive enough for national account purposes. – Data on compensation of employees is more comprehensive, but still need further analysis for weakness. • It is thus important that GDP should be compiled using simultaneously by three approaches through the use of the commodity flow technique. What to do about the discrepancy problem between HH surveys and National Account (NA)? • Is the trend over time in HH survey the same as NA? • Do you use survey results in any way in NA estimation? • Or do you estimate GDP by final expenditure mainly by residual approach? Or supporting by commodity flow approach? • Was there any improvement of HH survey over time in your country experiences?
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