CHAPTER 9
SUPPLY AND USE TABLES AND THE INPUT-OUTPUT FRAMEWORK
INTRODUCTION
The supply and use and symmetric input-output tables can be extended and modified for specific purposes such as productivity accounts, labour accounts, quarterly accounts, regional accounts and environmental accounts in monetary or physical terms.
- the structure of the costs of production, and the income generated in the production process;
- the flows of goods and services produced within the national economy;
- the flows of goods and services between the domestic economy and the rest of the world; for analysis in a European context, a distinction is required between intra-EU flows and flows with countries outside the EU.
Supplies |
Producing industries |
Rest of the world |
Totals |
---|---|---|---|
Products |
Output values |
Import values |
Total supply by product |
Totals |
Total industry output |
Total imports |
Total supply |
- intermediate consumption by industry;
- final consumption expenditure : households, government and NPISH;
- gross capital formation; and
- exports.
- compensation of employees;
- other taxes less subsidies on production;
- net mixed income, net operating surplus and consumption of fixed capital.
Uses |
Industries |
Final consumption |
Gross capital formation |
Rest of the world |
Total |
---|---|---|---|---|---|
Products |
|
|
|
|
|
Total |
Intermediate consumption |
Final consumption |
Gross capital formation |
Exports |
Total use |
Components of value added |
Compensation of employees |
|
- for each industry, output equals intermediate consumption plus gross value added;
- for each product, supply equals the sum of all uses, shown in balanced rows in the supply and use framework. This identity is valid only when supply and use are on the same valuation basis, i.e. both at purchaser's prices or both at basic prices (see paragraphs 9.30 to 9.33). Accordingly, for each product: supply at purchasers' prices is equal to output of the product at basic prices plus imports at basic prices plus trade and transport margins plus taxes less subsidies on products which is equal to use of the product at purchasers' prices, which is equal to intermediate demand for the product plus final consumption expenditure plus gross capital formation plus exports. At the level of the total economy, total intermediate demand is equal to total intermediate consumption, trade and transport margins sum to zero over the whole economy as they are matched by the output of the margin industries, and so this identity can be stated as: output + imports + taxes on products less subsidies on products = Intermediate consumption + final consumption +gross capital formation + exports therefore output – intermediate consumption + taxes on products less subsidies on products = final consumption + gross capital formation + exports less imports which shows the equivalence of the production and expenditure approaches to measuring GDP;
- gross value-added as the difference between output and intermediate consumption by industry. It is identical to the sum of the incomes generated. So gross value-added equals the sum of compensation of employees, consumption of fixed capital, net operating surplus/mixed income, and other taxes less subsidies on production. This enables the consistency of the income approach to measuring GDP to be checked with the production approach.
- the goods and services account;
- the production account;
- the generation of income account.
|
Industries (NACE) |
Total |
---|---|---|
Sector |
|
|
S.11 Non-financial corporations |
|
|
Intermediate consumption |
|
|
Gross value added |
|
|
Compensation of employees |
|
|
Other taxes less subsidies on production |
|
|
Consumption of fixed capital |
|
|
Net operating surplus/mixed income |
|
|
Output |
|
|
Gross fixed capital formation |
|
|
Stock of fixed assets |
|
|
Employment |
|
|
S.12 Financial corporations |
|
|
Intermediate consumption |
|
|
... |
|
|
Employment |
|
|
S.13 General government |
|
|
S.14 Households |
|
|
S.142 Own-account workers |
|
|
Services of owner-occupied dwellings |
|
|
S.15 NPISH |
|
|
Sector totals |
|
|
Intermediate consumption |
|
|
.... |
|
|
Employment |
|
|
- the entries show how products are used as intermediate consumption to make products, or
- the entries show how the outputs of industry are used in the intermediate consumption of other industries to create the industrial output.
|
Products produced |
Final consumption |
Gross capital formation |
Rest of the world |
Total |
---|---|---|---|---|---|
Products used |
Intermediate consumption |
Final consumption of households, NPISHs and government |
Gross capital formation |
Exports |
|
Totals |
|
|
|
|
|
Components of gross value added |
|
|
|
|
|
Rest of the world |
|
|
|
|
|
Total |
|
|
|
|
|
DESCRIPTION
A major role of supply and use tables is to show changes in the structure of the economy, e.g. changes in the importance of various industries, changes in the inputs used and outputs produced and changes in the composition of final consumption expenditure, gross capital formation, imports and exports. Such changes may reflect developments such as globalisation, outsourcing, innovation and changes in labour costs, taxes, oil prices and exchange rates.
Supply and use tables in prices of the previous year are used to compile GDP volume growth statistics, for describing changes in economic structure in nominal or volume terms. They also provide a framework in which to present national price changes and changes in labour costs.
STATISTICAL TOOL
- according to the production approach, GDP at market prices is equal to output at basic prices minus intermediate consumption at purchasers' prices, plus taxes (less subsidies) on products;
- according to the expenditure approach, GDP at market prices is equal to the sum of final use categories minus imports: final consumption expenditure + gross capital formation + exports – imports;
- according to the income approach, GDP at market prices is equal to the sum of compensation of employees, consumption of fixed capital, other taxes less subsidies on production and net operating surplus/mixed income, plus taxes less subsidies on products.
- identifying gaps and inconsistencies in data sources;
- making estimates by residual, for example estimating the final consumption of specific products as a residual after other uses of the products have been allocated;
- making estimates by extrapolating figures from a base period to later periods for which less reliable information is available. For example, annual figures may be estimated on the basis of the detailed supply and use figures for a benchmark year, and later quarterly figures can be estimated by extrapolating from the reference period;
- checking and improving the consistency, plausibility and completeness of figures in the supply and use tables and derived figures such as those in the production accounts. To this end, the balancing process is not limited to supply and use tables at current prices:
- with the aid of the tables such as Table 9.3 showing the linkage with the sector accounts, a direct comparison can be made between production, expenditure and income estimates from the supply and use system, and those from independent sources used in the sector accounts. Reconciliation at this stage guarantees that, following the supply and use balancing process, consistency is obtained between the supply and use tables and the sector accounts;
- deriving symmetric input-output tables from the supply and use tables can give feedback revealing inconsistencies and weaknesses in the supply and use tables.
- by compiling supply and use tables at current prices and in volume terms for two or more years, estimates of changes in volumes, values and prices can be balanced simultaneously: compared to compiling and balancing supply and use tables for a single year in isolation at current prices only, this is a major extension of the effectiveness of the supply and use framework;
- weighting and calculation of index numbers and price and volume measures, e.g. of GDP by deflating final uses by product or of GDP by applying the double-deflation method by industry. Deflation is carried out at the lowest possible level of aggregation of transactions, consistent with reliable estimates of price movements, for the following reasons:
- generally speaking, price and volume indicators will be more representative at a low level of aggregation;
- quality change can be measured better at a lower level of aggregation, e.g. changes in the composition of the supply or use of a product group can be taken into account;
- available price indices from price statistics are often of the Laspeyres type. The objection that they are applied in place of the theoretically more appropriate Paasche type is less severe if they are used at a low level of aggregation.
TOOL FOR ANALYSIS
SUPPLY AND USE TABLES IN MORE DETAIL
Classifications
- available data on products are often much more detailed than those on industries;
- the characteristic output of one industry may be subject to substantially different tax regimes and prices, for example when there is price discrimination. Compilation and analysis benefit from different products being distinguished;
- to enable high quality deflation and the estimation of measures in volume terms, the product groups are homogeneous and well linked to the available price deflators;
- to ensure a transparent compilation process, separate products are needed to reveal major specific national accounts conventions, such as the services of owner-occupied dwellings, insurance and the market and non-market output by government units.
- intra-EU flows, distinguishing between within the European Monetary Union and with other Member States;
- imports and exports with non-EU countries.
Valuation principles
- supply at purchasers' prices is equal to use at purchasers' prices;
- supply at basic prices is equal to use at basic prices.
- reallocating trade margins;
- reallocating transport margins;
- adding taxes on products (except deductible VAT);
- deducting subsidies on products.
- supply and use Tables 9.5 and 9.6 showing the final results of balancing totals of supply and use by products at purchaser's prices;
- the tables on trade and transport margins (Table 9.7) and on taxes (less subsidies) on products (Table 9.8).
Supplies |
Industries (NACE) |
Rest of the world |
Total supply at basic prices |
Trade and transport margins |
Taxes less subsidies on products |
Total supply at purchasers' prices |
---|---|---|---|---|---|---|
Products (CPA) |
Output by product and industry |
Imports by product (CIF) |
Total supply by product |
|
||
1 |
||||||
2 |
||||||
3 |
||||||
4 |
||||||
Total |
Total output by industry |
|
0 |
|
||
Market output |
|
|
0 |
|
||
Output for own final use |
0 |
|
0 |
|
||
Non-market output |
|
0 |
|
Uses |
Industries (NACE) |
Final consumption |
Gross capital formation |
Rest of the world |
Total |
---|---|---|---|---|---|
Products (CPA) 1 2 3 4
... |
Intermediate consumption of products by industry |
Final consumption expenditure by product and by (a) households (b) NPISH (c) government |
Gross capital formation by product and by (a) Gross fixed capital formation (b) changes in valuables (c) changes in inventories |
Exports by product (FOB) |
Total use by product |
Total |
Total intermediate consumption by industry |
Total final consumption |
Total gross capital formation |
Total exports |
Total use of products |
Compensation of employees Other taxes less subsidies on production Consumption of fixed capital Net operating surplus Mixed income |
Gross value added components by industry |
|
|||
Total |
Total inputs by industry |
||||
Supplementary information Gross fixed capital formation Fixed capital stock Employment |
|
Trade and transport margins
Trade and transport margins on the supply of products |
||||
---|---|---|---|---|
|
Wholesale trade |
Retail trade |
Transport |
Trade and transport margins |
Products (CPA) 1 2 3 4
|
|
|
|
Trade and transport margins on total supply by product |
Total |
Total wholesale trade |
Total retail trade |
Total transport |
Total margins on supply by product |
Trade and transport margins on the use of products |
|||||
---|---|---|---|---|---|
|
Industries (NACE) |
Final consumption |
Gross capital formation |
Exports |
Trade and transport margins |
Products (CPA) 1 2 3 4
|
Trade and transport margins on intermediate consumption by product and by industry |
Trade and transport margins on final consumption expenditure by product and by (a) households (b) NPISH (c) government |
Trade and transport margins on gross capital formation by product and by (a) gross fixed capital formation (b) changes in valuables (c) changes in inventories |
Trade and transport margins on exports |
Trade and transport margins on total use by product |
Total |
Trade and transport margins on intermediate consumption, total by industry |
Total trade and transport margins on final consumption |
Total trade and transport margins on gross capital formation |
Total trade and transport margins on exports |
Total margins on use by product |
- transport of goods from where they are manufactured to where the purchaser takes delivery of them, in the event that the manufacturer pays a third party for the transport and provided that this amount is invoiced separately to the purchaser;
- transport of goods arranged by the manufacturer or by the wholesale or retail trader in such a way that the purchaser has to pay separately for the transport costs even when the transport is carried out by the manufacturer or the wholesale or retail trader themselves.
- if the manufacturer transports the goods himself, such transportation costs are included in the basic prices of the manufacturer's output; this transport represents an ancillary activity and the individual costs of transport are not identifiable as transportation costs;
- if the manufacturer arranges for the goods to be transported without a separate invoice for the transport services, such transportation costs are included in the basic prices of the manufacturer's output; such transportation costs are identifiable as such and are recorded as part of the manufacturer's intermediate consumption;
- if wholesale and retail traders arrange for goods to be moved from where they take delivery of them to where another purchaser takes delivery, the costs involved are included in the trade margin if no separate charge is made for transportation to the purchaser. Again, as with manufacturers, such costs represent an ancillary activity of wholesale and retail traders or the purchase of an intermediate service, thus entering trade margins but not transport margins;
- if a household buys goods for final consumption purposes and arranges for transport by a third party, the transport costs involved are recorded as final consumption expenditure on transport services and not included in trade or transport margins.
- In transforming the uses, a distinction needs to be made between wholesale trade and retail trade in order to take account of the differences in their prices. In drawing up the tables, it should be borne in mind that wholesale traders sell directly to households as well as industries, for example furniture, and that retail traders sell to industries such as cafes and restaurants, as well as households.
- In calculating and analysing trade margins on products for final consumption expenditure by households, for each product group the most important distribution channels may also be distinguished in order to take account of the differences in their prices; the distinction between wholesale trade and retail trade is not detailed enough. For example, goods and services can be bought by households in a supermarket, a grocery, flower shop, department store, abroad or obtained as income in kind. For some products, secondary sales are important, as in the case of cigarette sales by cafes, restaurants and petrol stations. Sales by retailers are adjusted to obtain the value of sales to households, for example sales to businesses, government and tourists should be deducted. Of course, such distinctions can only be introduced if the available data sources provide sufficient information for estimates of the importance of each of the distribution channels. Even for one trader or transporter, different products generally have different margins. Data on margins by type of product are the most appropriate and used when available.
- In calculating transport margins, a distinction by type of transport such as rail, air, sea and inland waterway, and road, is useful.
Taxes less subsidies on production and imports
- taxes on products (D.21):
- value added type taxes (VAT) (D.211);
- taxes and duties on imports excluding VAT (D.212);
- taxes on products, except VAT and import taxes (D.214);
- other taxes on production (D.29).
Taxes less subsidies on supply |
||||||||
---|---|---|---|---|---|---|---|---|
Taxes less subsidies on product supplies |
Total taxes less subsidies on products |
|||||||
|
VAT |
Taxes on imports |
|
Other taxes on products |
Subsidies on imports |
|
Other subsidies on products |
|
Products (CPA) 1 2 3 4
|
|
|
|
|
|
|
|
Taxes less subsidies on total supply by product and by use |
Totals |
|
|
|
|
|
|
|
|
Taxes less subsidies on uses |
||
---|---|---|
Total taxes less subsidies on products |
Taxes less subsidies on product uses |
|
Industries (NACE) 1 – 2 – 3 – 4 - …. |
||
Products (CPA) 1 2 3 4
|
Taxes less subsidies on products for final uses: Final consumption (a) households (b) NPISH (c) government Gross capital formation: (d) gross fixed capital formation (e) changes in valuables (f) changes in inventories Exports |
Taxes less subsidies on Intermediate consumption of products by industry |
- for the use of products, the different types of taxes on products are not distinguished and subsidies are not shown separately; for the supply of products, only three types of taxes on products and two types of subsidies are distinguished. In general, it is useful to show each major type of tax or subsidies on products separately, and then allocate the total to the various product groups;
- different tax rates and subsidies can apply to different distribution channels; the latter should therefore also be distinguished when relevant and sufficient information exists.
- Some of these differences indicate that the initial estimate of taxes on products in the supply and use tables does not comply with the ESA definitions:
- in case of exemption the initial estimate of taxes on products is therefore lowered;
- in case of hidden economic activities or evasion of the payment of taxes on products, such as when the payment of taxes is compulsory but there is no tax assessment, the estimate of taxes on products is therefore lowered.
- In some instances, the differences may indicate that the initial estimate for taxes and subsidies on products erroneous, for example because the output of some product is underestimated. Modifications of the estimates of the flows of goods and services can then be made.
- deductible VAT applies to most of intermediate consumption, most of gross fixed capital formation and part of changes in inventories;
- non-deductible VAT often applies to final consumption expenditure by households, part of gross fixed capital formation such as new owner-occupied dwellings, part of changes in inventories and part of intermediate consumption, for example intermediate consumption of government units and financial corporations;
- VAT is in general not applicable to:
- exports to countries outside the EU;
- the sale of any goods or services subject to a zero rate of VAT regardless of their use; however, a zero rate of VAT implies that the VAT paid on purchases can still be reclaimed; intermediate consumption and gross capital formation of these producers is therefore corrected by the amount of the VAT reclaimed;
- any producers exempted from VAT registration, such as small businesses and religious organisations; in this situation, the right to claim back the VAT on purchases is generally restricted.
Other basic concepts
In the supply table, in order to achieve a comparable valuation with domestic production in the same product group, imports of goods are valued at CIF values. The CIF value includes the transport and insurance services provided by residents, such as own-account transport or transport by specialised resident carriers. In order to achieve a consistent valuation between imports and exports, exports of services should include this value.
In the institutional sector accounts, imports of goods are valued at FOB values, i.e. in line with the valuation for exports of goods. However, in the case of FOB valuation the value of transport and insurance services provided by residents, which is included in the export of services, will be smaller, since it only covers those services provided inside the exporting country. The result of employing different valuation principles is thus that net total imports are the same, but that both total imports and total exports are larger for CIF valuation.
The two valuation principles can be reconciled in the supply and use tables by introducing adjustment items for imports as well as exports. The adjustment items should be equal to the value of the transport and insurance services by residents incorporated in the CIF value but not in the FOB value, i.e. referring to the transport and insurance from the border of the exporting country to the border of the importing country. Such adjustment items, once incorporated in the supply and use tables, need no special treatment in the input-output calculations.
- industries constitute of a group of kind-of-activity units (KAUs) engaged in the same or similar kind-of-activity. An important feature of supply and use tables is that they record secondary activities separately. This implies that KAUs need not to be homogeneous in their production activities. The concept of KAUs is explained in more detail in Chapter 2. A completely homogeneous unit of production is used in a symmetric product by product input-output table;
- if an establishment undertaking purely ancillary activities is statistically observable, in that separate accounts for the production it undertakes are readily available, or if it is in a geographically different location from the establishments it serves, it is recorded as a separate unit and allocated to the industrial classification corresponding to its principal activity, in both national and regional accounts. In the absence of suitable basic data being available, the output of the ancillary activity may be estimated by summing costs. If neither of these two conditions is met, all inputs consumed by an ancillary activity such as materials, labour, and consumption of fixed capital, are treated as inputs to the principal or secondary activity which they support;
- goods or services produced and consumed within the same accounting period and within the same local KAU are not separately identified. They are therefore not recorded as part of the output or intermediate consumption of that local KAU;
- minor processing, maintenance, servicing or repair on behalf of other local KAUs is to be recorded net, i.e. excluding the value of the goods involved;
- imports and exports occur when there is a change of ownership between residents and non-residents. Physical movement of goods across national borders does not by itself imply an import or export of these goods. Goods sent abroad for processing are not recorded as exports and imports. In contrast, buying and reselling goods with non-residents without the goods entering the merchant's economy are recorded as exports and imports in the accounts of the producer and final purchaser, and a net export of goods under merchanting is shown in the accounts of the merchant economy;
- durable goods can be rented or be subject to operating leasing. In such instances, they are recorded as fixed capital formation and fixed capital stock in their owner's industry; in the industry of the user intermediate consumption by amount of the rental paid is recorded;
- persons working via temporary agencies are recorded as being employed in the industry of those agencies and not in the industries in which they actually work. As a consequence, in the latter industries, the fees paid to the agency for the supply of labour are recorded as intermediate consumption and not as compensation of employees. Labour contracted out is treated as services provided;
- employment and compensation of employees are broad concepts:
- employment for social reasons is also counted as employment; this applies, for example, to work placements for disabled people, employment projects for people who have been unemployed for a long time and employment programmes for young people seeking jobs. As a consequence, the people involved are employees and receive employee compensation and not social transfers, though their productivity may be lower than that of other employees;
- employment includes cases where the persons involved are not expected to work at all, e.g. persons dismissed but receiving, for a given period, payments from their former employer. However, employment in terms of hours worked is not distorted by this convention, as no hours are actually worked.
Supplementary information
- employment figures are often used for grossing up values of output, compensation of employees, intermediate consumption and mixed income,
- key-ratios such as output, compensation of employees and mixed income per unit of labour such as hours worked, can be compared over time and by industry to check the plausibility of the estimates,
- it helps to ensure consistency between the values by industry and employment data by industry. For example, without an explicit link to employment data, the balancing process may result in changes in the values by industry without corresponding changes in the employment figures.
DATA SOURCES AND BALANCING
TOOL FOR ANALYSIS AND EXTENSIONS
- supply and use tables,
- symmetric input-output table industry by industry,
- symmetric input-output table product by product.
Simple application of the product technology assumption gives results that are unacceptable, insofar as the input-output coefficients sometimes generated are improbable or even impossible, in the form of negative coefficients. Improbable coefficients may be due to errors in measurement and to heterogeneity of product-mix in the industry of which the transferred product is the principal product. This can be tackled by making adjustments based on supplementary information or exploiting informed judgement to the fullest extent possible. Another solution is to apply the alternative assumption of fixed product sales structure. In practice, employing mixed technology assumptions combined with supplementary information has proven to be a useful approach for compiling symmetric input-output tables.
- a matrix showing the use of imports; the format of this table is the same as that of the import table supporting the supply and use tables, except that a symmetric structure with the same classification on both axes is used;
- a symmetric input-output table for domestic output.
- analysis of production, cost structures and productivity;
- analysis of prices;
- analysis of employment;
- analysis of the structure of capital formation, final consumption, exports, etc.;
- analysis of economic growth by using the cumulated costs shares to allocate imports to the various final uses;
- analysis of the contribution to economic growth and employment of exports to other (blocks) of countries;
- analysis of imports of energy required;
- analysis of the impact of new technologies;
- analysis of the effects of changes in tax rates (e.g. VAT) or the introduction of a national minimum wage;
- analysis of the relationship between domestic production and the environment, e.g. focusing on the use of specific products like fuel, paper and glass or the emission of pollutants.
- more detailed product and industry classifications based on national classifications or to take account of specific purposes, e.g. for the analysis of the role of research and development in the national economy;
- more detailed geographical breakdown of imports and exports, e.g. intra-EU trade sub classified by country and extra-EU trade sub classified by economic regions and some specific countries such as China, India, Japan and the United States;
- classification of imports into:
- imports of products that are also domestically produced ('competitive imports');
- imports of products that are not domestically produced ('complementary imports').
Both types of imports can be expected to have a different relationship with and importance for the national economy. Competitive imports can be the subject of analysis and economic policy as they may be a substitute for domestic output; they could therefore be incorporated as a separate category of potential final use in the use tables. For complementary imports, for example in the case of a sudden rise in energy prices, analyses will mainly focus on the impact of changes in their prices and the national economy;
- classification of compensation of employees by criteria such as level of education, part-time/full-time, age and gender. This classification could then also be applied to the supplementary information on employment. In this way, the supply and use tables can also be used for analyses of the labour market;
- breakdown of compensation of employees into:
- wages and salaries, including social contributions by employees
- employers' social contributions.
This breakdown permits analysis of the role of social contributions for the price of labour inputs and the shifting of this burden towards gross operating surplus;
- classification of final consumption by purpose, which for households is Coicop, for NPISH it is COPNI and for government it is COFOG. The functional classification of this expenditure enables the impact of each function of the rest of the economy to be assessed. For example, the importance of public and private expenditure on health care, transport and education can then be assessed.
List of abbreviations and acronyms
ABO | accrued benefit obligation |
ABS | asset-backed security |
BPM6 | Balance of payments manual, sixth edition |
CCP | central counterparty clearing house |
CDS | credit default swap |
CIF | cost, insurance and freight |
COFOG | Classification of the Functions of Government |
COICOP | Classification of Individual Consumption by Purpose |
COPNI | Classification of the Purposes of Non-Profit Institutions Serving Households |
COPP | Classification of Outlays of Producers by Purpose |
CPA | Classification of Products by Activity |
EAA | economic accounts for agriculture |
EAFRD | European Agricultural Fund for Rural Development |
EAGF | European Agricultural Guarantee Fund |
EC | European Commission |
ECB | European Central Bank |
EMU | economic and monetary union |
ESA | European System of Accounts |
ESO | employee stock option |
ESSPROS | European System of Integrated Social Protection Statistics |
EU | European Union |
EURIBOR | European interbank offered rate |
EUROSTAT | the statistical office of the European Union |
FDI | foreign direct investment |
FISIM | financial intermediation services indirectly measured |
FOB | free on board |
FRA | forward rate agreement |
FVC | financial vehicle corporation |
GAB | general arrangements to borrow |
GDP | gross domestic product |
GFS | government finance statistics |
GNI | gross national income |
GVA | gross value added |
IAS | international accounting standards |
IASB | International Accounting Standards Board |
IASC | International Accounting Standards Committee |
IC | insurance corporations |
ICLS | International Conference of Labour Statisticians |
ICPF | insurance corporations and pension funds |
ICT | information, communications and telecommunications |
IFRS | International Financial Reporting Standards |
IIP | international investment position |
ILO | International Labour Organisation |
IMF | International Monetary Fund |
IMTS | international merchandise trade statistics |
INTRASTAT | statistical collection system |
I-O | input-output |
IPO | initial public offering |
IPSASB | International Public Sector Accounting Standards Board |
ISIC | International Standard Industrial Classification of all Economic Activities |
ISIN | international securities identification number |
KAU | kind-of-activity unit |
KLEMS | capital, labour, energy, materials and services |
LIBOR | London interbank offered rate |
MFI | monetary financial institution |
MMF | money market fund |
MSITS | Manual on statistics of international trade in services |
N.E.C. | not elsewhere classified |
NAB | new arrangements to borrow |
NACE | general industrial classification of economic activities within the European Union |
NDP | net domestic product |
NOS | net operating surplus |
NPI | non-profit institution |
NPISH | non-profit institution serving households |
NUTS | nomenclature of territorial units for statistics |
OECD | Organisation for Economic Cooperation and Development |
OMFI | other monetary financial institution |
OTC | over the counter |
PAYE | pay as you earn |
PBO | projected benefit obligation |
PF | pension funds |
PIM | perpetual inventory method |
PPP | purchasing power parity |
PPP | public-private partnership |
PPS | purchasing power standard |
PRGF | Poverty Reduction and Growth Facility |
R & D | research and development |
ROW | rest of the world |
SAM | social accounting matrix |
SDR | special drawing right |
SEEA | System of Environmental-Economic Accounts |
SNA | System of National Accounts |
SOCX | Social Expenditure Database |
SPE | special-purpose entity |
SPV | special-purpose vehicle |
STRIPS | Separate Trading of Registered Interest and Principal Securities |
UCITS | undertakings for collective investment in transferable securities |
UN | United Nations |
VAT | value added tax |
![Eurostat](https://ec.europa.eu/eurostat/esa2010/img/bottom_right_bkg2.png)