Term
Text
Code
Paragraph
Institutional unit
An institutional unit is an economic entity characterised by decision-making autonomy in the exercise of its principal function. A resident unit is regarded as constituting an institutional unit in the economic territory where it has its centre of predominant economic interest if it has decision-making autonomy and either keeps a complete set of accounts, or is able to compile a complete set of accounts.
2.12
Non-financial corporations
The non-financial corporations (S.11) sector consists of institutional units which are independent legal entities and market producers, and whose principal activity is the production of goods and non-financial services. The non-financial corporations sector also includes non-financial quasi-corporations (see paragraph 2.13(f))
S.11
2.45
Financial corporations
The financial corporations sector (S.12) consists of institutional units which are independent legal entities and market producers, and whose principal activity is the production of financial services. such institutional units comprise all corporations and quasi-corporations which are principally engaged in:
(a)Â financial intermediation (financial intermediaries); and/or
(b)Â auxiliary financial activities (financial auxiliaries).
Also included are institutional units providing financial services, where most of either their assets or their liabilities are not transacted on open markets.
S.12
2.55
Central Bank
The central bank subsector (S.121) consists of all financial corporations and quasi-corporations whose principal function is to issue currency, to maintain the internal and external value of the currency and to hold all or part of the international reserves of the country.
S.121
2.72
Deposit-taking corporations except the central bank
The deposit-taking corporations except the central bank subsector (S.122) includes all financial corporations and quasi-corporations, except those classified in the central bank and in the mmf subsectors, which are principally engaged in financial intermediation and whose business is to receive deposits and/or close substitutes for deposits from institutional units, hence not only from mfis, and, for their own account, to grant loans and/or to make investments in securities.
S.122
2.75
Money market funds MMF
The mmf subsector (S.123) consists of all financial corporations and quasi-corporations, except those classified in the central bank and in the credit institutions subsectors, which are principally engaged in financial intermediation. Their business is to issue investment fund shares or units as close substitutes for deposits from institutional units, and, for their own account, to make investments primarily in money market fund shares/units, short-term debt securities, and/or deposits.
S.123
2.79
Non-MMF investment funds
The non-mmf investment funds subsector (S.124) consists of all collective investment schemes, except those classified in the mmf subsector, which are principally engaged in financial intermediation. Their business is to issue investment fund shares or units which are not close substitutes for deposits, and on their own account, to make investments primarily in financial assets other than short-term financial assets and in non-financial assets (usually real estate).
S.124
2.82
Other financial intermediaries, except insurance corporations and pension funds (S.125)
The other financial intermediaries, except insurance corporations and pension funds subsector (S.125) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation by incurring liabilities in forms other than currency, deposits, or investment fund shares, or in relation to insurance, pension and standardised guarantee schemes from institutional units.
S.125
2.86
Financial auxiliaries
The financial auxiliaries subsector (S.126) consists of all financial corporations and quasi-corporations which are principally engaged in activities closely related to financial intermediation but which are not financial intermediaries themselves.
S.126
2.95
Captive financial institutions and money lenders
The captive financial institutions and money lenders subsector (S.127) consists of all financial corporations and quasi-corporations which are neither engaged in financial intermediation nor in providing financial auxiliary services, and where most of either their assets or their liabilities are not transacted on open markets.
S.127
2.98
Insurance corporations
The insurance corporations subsector (S.128) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance (see paragraph 2.59).
S.128
2.100
Pension funds
The pension funds subsector (S.129) consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as the consequence of the pooling of social risks and needs of the insured persons (social insurance). Pension funds as social insurance schemes provide income in retirement, and often benefits for death and disability.
S.129
2,105
General government
The general government sector (S.13) consists of institutional units which are non-market producers whose output is intended for individual and collective consumption, and are financed by compulsory payments made by units belonging to other sectors, and institutional units principally engaged in the redistribution of national income and wealth.
S.13
2,111
Central government
This subsector includes all administrative departments of the state and other central agencies whose competence extends normally over the whole economic territory, except for the administration of social security funds.
S.1311
2,114
State government
This subsector consists of those types of public administration which are separate institutional units exercising some of the functions of government, except for the administration of social security funds, at a level below that of central government and above that of the governmental institutional units existing at local level.
S.1312
2,115
Local government
This subsector includes those types of public administration whose competence extends to only a local part of the economic territory, apart from local agencies of social security funds.
S.1313
2,116
Social security funds
The social security funds subsector includes central, state and local institutional units whose principal activity is to provide social benefits and which fulfil each of the following two criteria:
S.1314
2,117
Households
The households sector (S.14) consists of individuals or groups of individuals as consumers and as entrepreneurs producing market goods and non-financial and financial services (market producers) provided that the production of goods and services is not by separate entities treated as quasi-corporations. It also includes individuals or groups of individuals as producers of goods and non-financial services for exclusively own final use.
S.14
2,118
Non-profit institutions serving households
The non-profit institutions serving households (npishs) sector (S.15) consists of non-profit institutions which are separate legal entities, which serve households and which are private non-market producers. Their principal resources are voluntary contributions in cash or in kind from households in their capacity as consumers, from payments made by general government and from property income.
S.15
2,129
Rest of the world
The rest of the world sector (S.2) is a grouping of units without any characteristic functions and resources; it consists of non-resident units insofar as they are engaged in transactions with resident institutional units, or have other economic links with resident units. Its accounts provide an overall view of the economic relationships linking the national economy with the rest of the world. The institutions of the eu and international organisations are included.
S.2
2,131
The local kind-of-activity unit
The local kind-of-activity unit (local kau) is the part of a kind-of-activity unit (KAU) which corresponds to a local unit. The local KAU is called establishment in the 2008 sna and isic rev. 4. a KAU groups all the parts of an institutional unit in its capacity as producer contributing to the performance of an activity at class level (four digits) of the nace rev. 2 and corresponds to one or more operational subdivisions of the institutional unit. The institutional unit's information system must be capable of indicating or calculating for each local KAU at least the value of production, intermediate consumption, compensation of employees, the operating surplus and employment and gross fixed capital formation.
2,148
Industries
An industry consists of a group of local KAUs engaged in the same, or similar, kind-of-activity. At the most detailed level of classification, an industry consists of all the local kaus falling within a single class (four digits) of nace rev. 2 and which are therefore engaged in the same activity as defined in the nace rev. 2.
2.150
Purchaser's price
The purchaser's price is the price the purchaser pays for the products. The purchaser's price includes the following:
(a) taxes less subsidies on the products (but excluding deductible taxes like vat on the products);
(b) transport charges paid separately by the purchaser to take delivery at the required time and place;en l 174/84 official journal of the european union 26.6.2013
(c) deductions for any discounts for bulk or off-peak-purchases from standard prices or charges.
The purchaser's price excludes the following:
(a) interest or services charges added under credit arrangements;
(b) extra charges incurred as a result of late payment, where late payment means failing to pay within the period stated at the time the purchases were made.
3.06
Principal activity
The principal activity of a local KAU is the activity where the value added of such activity exceeds that of any other activity carried out within the same unit. The classification of the principal activity is determined by reference to nace rev. 2, first at the highest level of the classification and then at more detailed levels.
3.10
Secondary activity
A secondary activity is an activity carried out within a single local KAU in addition to the principal activity. The output of the secondary activity is a secondary product.
3.11
Ancillary activity
An ancillary activity is an activity whose output is intended for use within an enterprise.
3.12
Market output
Market output consists of output that is disposed of on the market or intended to be disposed of on the market.
P.11
3.17
Economically significant prices
Economically significant prices are prices that have a substantial effect on the amounts of products that producers are willing to supply and on the amounts of products that purchasers wish to acquire. Such prices arise when both of the following conditions apply:
(a) the producer has an incentive to adjust supply either with the goal of making a profit in the long run or, at a minimum, covering capital and other costs; and
(b) consumers have the freedom to purchase or not purchase and make the choice on the basis of the prices charged.
3.19
Non-market output
Non-market output is output that is provided to other units for free, or at prices that are not economically significant.
P.13
3.23
Private non-profit institution
A private non-profit institution (NPI) is defined as a legal or social entity acting for the purpose of producing goods and services whose status does not permit them to be a source of income, profit or other financial gains for the units that establish, control or finance them. Where their productive activities generate surpluses, such surpluses cannot be appropriated by other institutional units.
3.31
Basic price
The basic price is the price receivable by the producers from the purchaser for a unit of a good or service produced as output minus any tax (i.e. taxes on products) payable on that unit as a consequence of its production or sale, plus any subsidy (i.e. subsidies on products) receivable on that unit as a consequence of its production or sale. It excludes any transport charges invoiced separately by the producer. It also excludes holding gains and losses on financial and non-financial assets.
3.44
Trade margin
A trade margin is the difference between the actual or imputed sale price realised on a good purchased for resale, and the price that would have to be paid by the distributor to replace the good at the time it is sold or otherwise disposed of.
3.56
Intermediate consumption
Intermediate consumption consists of goods and services consumed as inputs by a process of production, excluding fixed assets whose consumption is recorded as consumption of fixed capital. The goods and services are either transformed or used up by the production process.
P.2
3.88
Final consumption expenditure
Final consumption expenditure consists of expenditure incurred by resident institutional units on goods or services that are used for the direct satisfaction of individual needs or wants or the collective needs of members of the community.
P.3
3.94
Goods and services for individual consumption
Goods and services for individual consumption ('individual goods and services') are goods and services acquired by a household and used to satisfy the needs and wants of members of that household. Individual goods and services have the following characteristics:
(a) it is possible to observe and record the acquisition of the goods and services by an individual household or member thereof and also the time at which the acquisition took place;
(b) the household has agreed to the provision of the goods and services and takes the action necessary to consume the goods and services, for example by attending a school or clinic;
(c) the goods and services are such that their acquisition by one household or person, or by a group of persons, precludes its acquisition by other households or persons.
3,101
Collective services
Collective services are services for collective consumption that are provided simultaneously to all members of the community or all members of a particular section of the community, such as all households living in a particular region. Collective services have the following characteristics:
(a) they can be delivered simultaneously to every member of the community or to particular sections of the community, such as those in a particular region or locality;
(b) the use of such services is usually passive and does not require the agreement or active participation of all the individuals concerned;
(c) the provision of a collective service to one individual does not reduce the amount available to other in the same community or section of the community.
3,102
Gross fixed capital formation
Gross fixed capital formation (P.51) consists of resident producers' acquisitions, less disposals, of fixed assets during a given period plus certain additions to the value of non-produced assets realised by the productive activity of producer or institutional units. Fixed assets are produced assets used in production for more than one year.
P.51g
3,124
Consumption of fixed capital
Consumption of fixed capital (P.51c) is the decline in value of fixed assets owned, as a result of normal wear and tear and obsolescence. The estimate of decline in value includes a provision for losses of fixed assets as a result of accidental damage which can be insured against. Consumption of fixed capital covers anticipated terminal costs, such as the decommissioning costs of nuclear power stations or oil rigs or the cleanup costs of landfill sites. Such terminal costs are recorded as consumption of fixed capital at the end of the service life, when the terminal costs are recorded as gross fixed capital formation.
P.51c
3,139
Changes in inventories
Changes in inventories are measured by the value of the entries into inventories less the value of withdrawals and the value of any recurrent losses of goods held in inventories.
P.52
3,146
Acquisitions less disposals of valuables
Valuables are non-financial goods that are not used primarily for production or consumption, do not deteriorate (physically) over time under normal conditions and are acquired and held primarily as stores of value.
P.53
3,154
Exports of goods and services
Exports of goods and services consist of transactions in goods and services (sales, barter, and gifts) from residents to non-residents.
P.6
3,158
Imports of goods and services
Imports of goods and services consist of transactions in goods and services (purchases, barter, and gifts) from non-residents to residents.
P.7
3,159
Non-produced assets
Non-produced assets consist of assets that have not been produced within the production boundary, and that may be used in the production of goods and services.
NP
3,184
Compensation of employees
Compensation of employees (D.1) is defined as the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during an accounting period.
D.1
4.02
Taxes on production and imports
Taxes on production and imports (D.2) consist of compulsory, unrequited payments, in cash or in kind, which are levied by general government, or by the institutions of the european union, in respect of the production and importation of goods and services, the employment of labour, the ownership or use of land, buildings or other assets used in production. Such taxes are payable irrespective of profits made.
D.2
4.14
Taxes on products
Taxes on products (D.21) are taxes that are payable per unit of a given good or service produced or transacted. The tax may be a specific amount of money per unit of quantity of a good or service, or it may be calculated as a specified percentage of the price per unit or value of the goods and services produced or transacted. Taxes assessed on a product, irrespective of which institutional unit pays the tax, are included in taxes on products, unless specifically included under another heading.
D.21
4.16
Other taxes on production
Other taxes on production (D.29) consist of all taxes that enterprises incur as a result of engaging in production, independent of the quantity or value of the goods and services produced or sold.
D.29
4.22
Subsidies
Subsidies (D.3) are current unrequited payments which general government or the institutions of the european union make to resident producers.
D.3
4.30
Subsidies on products
Subsidies on products (D.31) are subsidies payable per unit of a good or service produced or imported.
D.31
4.33
Other subsidies on production (D.39)
Other subsidies on production (D.39) consist of subsidies except subsidies on products which resident producer units may receive as a consequence of engaging in production.
D.39
4.36
Property income
Property income (D.4) accrues when the owners of financial assets and natural resources put them at the disposal of other institutional units. The income payable for the use of financial assets is called investment income, while that payable for the use of a natural resource is called rent. Property income is the sum of investment income and rent.
D.4
4.41
Interest
Interest (D.41) is property income receivable by the owners of a financial asset for putting it at the disposal of another institutional unit. It applies to the following financial assets:
(a) deposits (AF.2);
(b) debt securities (AF.3);
(c) loans (AF.4);
(d) other accounts receivable (AF.8).
D.41
4.42
Dividends
Dividends (D.421) are a form of property income to which owners of shares (AF.5) become entitled as a result of, for example, placing funds at the disposal of corporations.
D.421
4.53
Withdrawals from the income of quasi-corporations
Withdrawals from the income of quasi-corporations (D.422) are the amounts which entrepreneurs withdraw for their own use from the profits earned by the quasi-corporations which belong to them.
D.422
4.58
Reinvested earnings on foreign direct investment
Reinvested earnings on foreign direct investment (D.43) are equal to the operating surplus of the foreign direct investment enterprise
plus any property incomes or current transfers receivable,
minus any property incomes or current transfers payable, including actual remittances to foreign direct investors and any current taxes payable on the income, wealth, etc., of the foreign direct investment enterprise.
D.43
4.64
Investment income attributable to insurance policy holders
Investment income attributable to insurance policy holders corresponds to total primary incomes received from the investment of insurance technical reserves. The reserves are those where an insurance corporation recognises a corresponding liability to the policyholders.
D.441
4.68
Rent
Rent is the income receivable by the owner of a natural resource for putting the natural resource at the disposal of another institutional unit.
D.45
4.72
Current taxes on income, wealth etc.
Current taxes on income, wealth, etc. (D.5) cover all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of institutional units, and some periodic taxes which are assessed neither on that income nor that wealth.
D.5
4.77
Taxes on income
Taxes on income (D.51) consist of taxes on incomes, profits and capital gains. They are assessed on the actual or presumed incomes of individuals, households, corporations or npis. They include taxes assessed on holdings of property, land or real estate when these holdings are used as a basis for estimating the income of their owners. En 26.6.2013 official journal of the european union l 174/139
D.51
4.78
Social contributions and benefits
Social benefits are transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs, made through collectively organised schemes, or outside such schemes by government units and npishs; they include payments from general government to producers which individually benefit households and which are made in the context of social risks or needs.
D.6
4.83
Social insurance schemes
Social insurance schemes are schemes in which participants are obliged, or encouraged, by their employers or by general government, to take out insurance against certain eventualities or circumstances that may adversely affect their welfare or that of their dependants. In such schemes social contributions are paid by employees or others, or by employers on behalf of their employees, in order to secure entitlement to social insurance benefits, in the current or subsequent periods, for the employees or other contributors, their dependants or survivors.
4.88
Net non-life insurance premiums
Net non-life insurance premiums (D.71) are premiums payable under policies taken out by institutional units. The policies taken out by individual households are those taken out on their own initiative and for their own benefit, independently of their employers or government and outside any social insurance scheme. Net non- life insurance premiums comprise both the actual premiums payable by policy holders to obtain insurance cover during the accounting period (premiums earned) and the premium supplements payable out of the property income attributed to insurance policy holders, after deducting the service charges of insurance enterprises arranging the insurance.
D.71
4,112
Non-life insurance claims
Non-life insurance claims (D.72) are the claims due under contracts in respect of non-life insurance, that is, the amounts which insurance enterprises are obliged to pay in settlement of injuries or damage suffered by persons or goods (including fixed capital goods).
D.72
4,114
Current transfers within general government
Current transfers within general government (D.73) include transfers between the different subsectors of general government (central government, state government, local government and social security funds) with the exception of taxes, subsidies, investment grants and other capital transfers.
D.73
4,118
Current international cooperation
Current international cooperation (D.74) includes all transfers in cash or in kind between general government and governments or international organisations in the rest of the world, except investment grants and other capital transfers.
D.74
4,121
Current transfers to NPISHs
Current transfers to npishs include all voluntary contributions (other than legacies), membership subscriptions and financial assistance which npishs receive from households (including non-resident households) and, to a lesser extent, from other units.
D.751
4,125
Current transfers between households
Current transfers between households (D.752) consist of all current transfers in cash or in kind made, or received, by resident households to, or from, other resident or non-resident households. In particular, they comprise remittances by emigrants or workers permanently settled abroad (or working abroad for a period of a year or longer) to members of their family living in their country of origin, or by parents to children in another location.
D.752
4,129
VAT- and GNI-based EU own resources
The vat- and gni-based third and fourth eu own resources (D.76) are current transfers paid by the general government of each member state to the institutions of the european union.
D.76
4.140
Adjustment for the change in pension entitlements
The adjustment for the change in pension entitlements (D.8) represents the adjustment needed to make appear in the saving of households the change in the pension entitlements on which households have a definite claim. The pension entitlement change comes from contributions and benefits recorded in the secondary distribution of income account.
D.8
4,141
Capital transfers
Capital transfers require the acquisition or disposal of an asset, or assets, by at least one of the parties to the transaction. Whether made in cash or in kind, they result in a commensurate change in the financial, or non- financial, assets shown in the balance sheets of one or both parties to the transaction.
D.9
4,145
Capital taxes
Capital taxes (D.91) consist of taxes levied at irregular and very infrequent intervals on the values of the assets or net worth owned by institutional units or on the values of assets transferred between institutional units as a result of legacies, gifts between persons, or other transfers.
D.91
4,148
Investment grants
Investment grants (D.92) consist of capital transfers in cash or in kind made by governments or by the rest of the world to other resident or non-resident institutional units to finance all or part of the costs of their acquiring fixed assets.
D.92
4,152
Other capital transfers
Other capital transfers (D.99) cover transfers other than investment grants and capital taxes which do not themselves redistribute income but redistribute saving or wealth among the different sectors or subsectors of the economy or the rest of the world. They can be made in cash or kind (cases of debt assumption or debt cancellation) and correspond to voluntary transfers of wealth.
D.99
4,164
Financial transactions
Financial transactions (F) are transactions in financial assets (AF) and liabilities between resident institutional units, and between them and non-resident institutional units.
F
5.01
Contingent assets and contingent liabilities
Contingent assets and contingent liabilities are agreements whereby one party is obliged to provide a payment or series of payments to another unit only where certain specific conditions prevail.
5.08
Pension entitlements
Pension entitlements comprise financial claims that current employees and former employees hold against either:
(a) their employers;
(b) a scheme designated by the employer to pay pensions as part of a compensation agreement between the employer and the employee; or
(c) an insurer.
F.63
5.18
Consolidation
Consolidation in the financial account refers to the process of offsetting transactions in financial assets for a given group of institutional units against the counterpart transactions in liabilities for the same group of institutional units.
5.25
Netting
Netting is the consolidation at the level of a single institutional unit whereby accounting entries on both sides of the account for the same transaction item are offset against one another. Netting is to be avoided unless source data are lacking.
5.28
Monetary gold
Monetary gold is gold to which monetary authorities have title and which is held in reserve assets.
F.11
5.57
SDRs
SDRs are international reserve assets created by the international monetary fund (IMF) and which are allocated to its members to supplement existing reserve assets.
F.12
5.69
Currency and deposits
Currency and deposits are currency in circulation and deposits, both in national currency and in foreign currencies.
F.2
5.74
Debt securities
Debt securities are negotiable financial instruments serving as evidence of debt.
F.3
5.89
Securitisation
Securitisation is the issuance of debt securities for which coupon or principal payments are backed by specified assets or by future income streams. A variety of assets or future income streams may be securitised including, among others, residential and commercial mortgage loans; consumer loans; corporate loans, government loans; insurance contracts; credit derivatives; and future revenue.
5,104
Loans
Loans are created when creditors lend funds to debtors.
F.4
5,112
Equity
Equity is a financial asset that is a claim on the residual value of a corporation, after all other claims have been met.
F.51
5,141
Investment fund shares or units
Investment fund shares are shares of an investment fund if the fund has a corporate structure. They are known as units if the fund is a trust. Investment funds are collective investment undertakings through which investors pool funds for investment in financial and/or non-financial assets.
F.52
5.160
Non-life insurance technical reserves
Non-life insurance technical reserves are financial claims that non-life insurance policy holders have against non-life insurance corporations in respect of unearned premiums and claims incurred.
F.61
5,169
Life insurance and annuity entitlements
Life insurance and annuity entitlements consist of financial claims that life insurance policy holders and beneficiaries of annuities have against corporations providing life insurance.
F.62
5,174
Financial derivatives
Financial derivatives are financial instruments linked to a specified financial instrument or indicator or commodity, through which specific financial risks can be traded in financial markets in their own right. Financial derivatives meet the following conditions:
F.71
5,199
Employee stock options
Employee stock options are agreements made on a given date under which an employee has the right to purchase a given number of shares of the employer's stock at a stated price either at a stated time or within a period of time immediately following the vesting date.
F.72
5,221
Trade credits and advances
Trade credits and advances are financial claims arising from the direct extension of credit by the suppliers of goods and services to their customers, and advances for work that is in progress or is yet to be undertaken, in the form of prepayment by customers for goods and services not yet provided.
F.81
5,233
Other accounts receivable/payable, excluding trade credits and advances
Other accounts receivable/payable are financial claims arising from timing differences between distributive transactions or financial transactions on the secondary market and the corresponding payments.
F.89
5.240
Other changes in assets and liabilities
Other changes in assets and liabilities are economic flows, other than those that occur through transactions recorded in the capital and financial accounts, that change the value of assets and liabilities.
6.02
Nominal holding gains and losses
The nominal holding gains and losses (K.7) that relate to an asset are the increases or decreases in the asset's value accruing to its economic owner as a result of increases or decreases in its price. The nominal holding gains and losses that relate to a financial liability are the decreases or increases in the liability's valuation as a result of decreases or increases to its price.
K.7
6.27
Balance sheets
A balance sheet is a statement, drawn up for a particular point in time, of the values of assets economically owned and of liabilities owed by an institutional unit or group of units.
F
7.01
Produced non-financial assets
Produced non-financial assets (AN.1) are outputs from production processes.
AN.1
7.22
Non-produced non-financial assets
Non-produced non-financial assets (AN.2) are economic assets that come into existence other than through processes of production. They consist of natural assets, contracts, leases, licences, permits, and goodwill and marketing assets.
AN.2
7.24
Financial assets and liabilities
Financial assets (AF) are economic assets, comprising all financial claims, equity and the gold bullion component of monetary gold (paragraph 5.03). Liabilities are established when debtors are obliged to provide a payment or a series of payments to creditors (paragraph 5.06).
AF
7.28
Consumer durables
Consumer durables are durable goods used by households repeatedly over periods of time of more than one year for final consumption. They are included in the balance sheets as memorandum items. They are excluded from the main balance sheet because they are recorded as uses in the households sector's use of income account as being consumed in the period of account, and not gradually used up.
AN.m
7.95
Non-performing loans (AF.m2)
A loan is non-performing when (a) payments of interest or principal are 90 days or more past their due date; (b) interest payable of 90 days or more has been capitalised, refinanced, or delayed by agreement; or (c) payments are less than 90 days overdue, but there are other good reasons (such as a debtor filing for bankruptcy) to doubt that payments will be made in full.
AF.m2
7,101
Value added
Value added in volume terms is defined as the difference between output in volume terms and intermediate consumption in volume terms.
10.32
Employment
Employment covers all persons engaged in productive activity that falls within the production boundary of the national accounts.
11.11
Employees
Employees are defined as persons who, by agreement, work for a resident institutional unit and receive a remuneration recorded as compensation of employees.
11.12
Self-employed persons
Self-employed persons are defined as persons who are the sole owners, or joint owners, of the unincorporated enterprises in which they work, excluding those unincorporated enterprises that are classified as quasi- corporations. Persons having both an employee job and a job as a self-employed person are classified here if the self-employed job constitutes their principle activity by income.
11.15
Unemployment
In accordance with the guidelines established by the international labour organization (13th international conference of labour statisticians), further specified in the european union context by commission regulation (ec) 1897/2000 ( 1 ), the concept of unemployment comprises all persons above a specified age who during the reference period were:
(a) 'without work', i.e. not in paid employment or self-employment;
(b) 'currently available for work', i.e. were available for paid employment or self-employment during the reference period; and
(c) 'seeking work', i.e. had taken specific steps in a specified recent period to seek paid employment or self- employment.
11.20
Jobs
A job is defined as an explicit or implicit contract between a person and a resident institutional unit to perform work in return for compensation for a defined period or until further notice.
11.22
Productivity measures
Productivity is a measure of output from a production process, per unit of input. For example, labour productivity is typically measured as a ratio of output per labour-hour (an input). It is therefore essential that labour measures used in studies where the output is based on national accounts measures are consistent in concept and coverage with the national accounts. En l 174/354 official journal of the european union 26.6.2013
11.38
Regional accounts
Regional accounts are a regional specification of the corresponding accounts of the national economy. Regional accounts provide a regional breakdown for major aggregates such as gross value added by industry and household income.
13.02
Economic owner
The economic owner of entities such as a good and service, a natural resource, a financial asset or liability is the institutional unit entitled to claim the benefits associated with the use of the entity in the course of an economic activity by virtue of accepting the associated risks.
15.06
Legal owner
The legal owner of entities such as a good and service, a natural resource, a financial asset or liability is the institutional unit entitled in law and sustainable under the law to claim the benefits associated with the entities.
15.07
Operating lease
An operating lease is a lease whereby the legal owner is also the economic owner and accepts the operating risks and receives the economic benefits from the asset by charging for the use of it, in a productive activity.
15.08
Financial lease
A financial lease is one where the lessor is the legal owner of an asset but the lessee is the economic owner as the latter bears the operating risks and receives the economic benefits from using the asset in a productive activity. In return, the lessor accepts another package of risks and rewards from the lessee, in the form of repayments associated with a loan. It is frequently the case that the lessor, though the legal owner of the asset, never takes physical delivery of the asset but consents to its delivery directly to the lessee. One indicator of a financial lease is that it is the responsibility of the economic owner to provide any necessary repair and maintenance of the asset.
15.13
Life insurance
Life insurance is an activity whereby a policyholder makes regular payments to an insurer in return for which the insurer guarantees to provide the beneficiary with an agreed sum, or an annuity, at a given date or earlier if the insured person dies beforehand. A life policy can grant benefits arising from a series of risks. For example, an old-age life insurance policy can grant a benefit when the insured becomes 65 years of age and, after the death of the insured, can grant a benefit to the surviving spouse until his death.
16.09
Non-life insurance
Non-life insurance is an activity whereby a policyholder makes regular payments to an insurer in return for which the insurer guarantees to provide the beneficiary with an agreed sum on the occurrence of an event other than the death of a person. Examples of such events are: accidents, sickness, fire, etc. Accident insurance that covers life related risks is classified as non-life insurance in most european countries.
16.12
Reinsurance
An insurer may protect against an unexpectedly large number of claims, or exceptionally heavy claims, by taking out a reinsurance policy with a reinsurer. Reinsurance corporations are concentrated in a limited number of financial centres, and so many of the reinsurance flows are transactions with the rest of the world. It is common for reinsurers to take out reinsurance policies with other reinsurers to spread their risks further. This extended reinsurance is called retrocession.
16.16
Insurance technical reserves
Insurance technical reserves are the amounts that insurers set aside. The reserves are assets to the policyholders and liabilities to the insurers. The technical reserves can be distinguished between non-life and life insurance and annuities.
16.43
Public non-financial corporations
The public non-financial corporations subsector consists of all non-financial corporations, quasi-corporations and non-profit institutions, recognised as independent legal entities, that are market producers, and are subject to control by government units.
S.11001
2.51
National private non-financial corporations
The national private non-financial corporations subsector consists of all non-financial corporations, quasi-corporations and non-profit institutions which are recognised as independent legal entities and which are market producers, that are not controlled by government or by non-resident institutional units.
S.11002
2.53
Foreign controlled non-financial corporations
The foreign controlled non-financial corporations subsector consists of all non-financial corporations and quasi-corporations that are controlled by non-resident institutional units.
S.11003
2.54
Financial vehicle corporations engaged in securitisation transactions (FVC)
Financial vehicle corporations engaged in securitisation transactions (FVC) are undertakings carrying out securitisation transactions. FVC that satisfy the criteria of an institutional unit are classified in S.125, otherwise they are treated as an integral part of the parent.
2.90
Employers and own-account workers (S.141 and S.142)
The employers and own-account workers subsector consists of the group of households for which the (mixed) incomes (B.3) accruing to the owners of household unincorporated enterprises from their activity as producers of market goods and services with or without paid employees are the largest source of income for the household as a whole, even if it does not account for more than half of total household income.
S.141 and S.142
2,122
Employees (S.143)
The employees subsector consists of the group of households for which the income accruing from compensation of employees (D.1) is the largest source of income for the household as a whole.
S.143
2,123
Recipients of property income (S.1441)
The recipients of property income subsector consists of the group of households for which property income (D.4) is the largest source of income for the household as a whole.
S.1441
2,124
Recipients of pensions (S.1442)
The recipients of pensions subsector consists of the group of households for which the income accruing from pensions is the largest source of income for the household as a whole.
S.1442
2,125
Recipients of other transfers (S.1443)
The recipients of other transfers subsector consists of the group of households for which the income accruing from other current transfers is the largest source of income for the household as a whole.
S.1443
2,126
The unit of homogeneous production
A unit of homogeneous production carries out a unique activity which is identified by its inputs, process of production, and its outputs. The products which constitute the inputs and outputs are themselves distinguished by their physical characteristics, the extent to which they are processed and the technique of production used. They can be identified by a classification of products (classification of products by activity — CPA). The CPA is a product classification the elements of which are structured according to the industrial origin criterion, industrial origin being defined by nace rev. 2.
2,154
The homogeneous branch
The homogeneous branch consists of a grouping of units of homogeneous production. The set of activities covered by a homogeneous branch is identified by reference to a product classification. The homogeneous branch produces those goods or services specified in the classification and only those products.
2,155
Products
Products are all goods and services that are created within the production boundary. Production is defined in paragraph 3.07.
3.01
Production
Production is an activity carried out under the control, responsibility and management of an institutional unit that uses inputs of labour, capital and goods and services to produce outputs of goods and services.
3.07
Output
Output is the total of products created during the accounting period.
P.1
3.14
Output produced for own final use
Output produced for own final use consists of goods or services that are retained either for own final consumption or for capital formation by the same institutional unit.
P.12
3.20
Market producers
Market producers are local KAUs or institutional units the majority of output of which is market output.
3.24
producers for own final use
Producers for own final use are local KAUs or institutional units the major part of the output of which is for own final use within the same institutional unit.
3.25
Non-market producers
Non-market producers are local KAUs or institutional units the major part of the output of which is provided for free or at not economically significant prices.
3.26
Actual final consumption
Actual final consumption consists of the goods or services that are acquired by resident institutional units for the direct satisfaction of human needs, whether individual or collective.
P.4
3.100
Cost, insurance and freigh (CIF)
The CIF price is the price of a good delivered at the frontier of the importing country, or the price of a service delivered to a resident, before the payment of any import duties or other taxes on imports or trade and transport margins within the country.
3,169
Exports of services
Exports of services consist of all services rendered by residents to non-residents.
P.62
3,171
Imports of services
Imports of services consist of all services rendered by non-residents to residents.
P.72
3,172
Existing goods
Existing goods are goods that already have had a user (other than inventories).
3.180
Goodwill and marketing assets
The value of goodwill and marketing assets is the difference between the value paid for an enterprise as a 'going concern' and the sum of its assets less the sum of its liabilities. To calculate the total value of assets less liabilities, each individual asset and liability is separately identified and valued.
NP.3
3,192
Distributive transactions
Distributive transactions are transactions whereby the value added generated by production is distributed to labour, capital and government, and transactions redistributing income and wealth.
4.01
Wages and salaries in cash
Wages and salaries in cash include social contributions, income taxes, and other payments payable by the employee, including those withheld by the employer and paid directly to social insurance schemes, tax authorities, etc. on behalf of the employee
D.11
4.03
Wages and salaries in kind
Wages and salaries in kind consist of goods and services, or other non-cash benefits, provided free of charge or at reduced prices by employers, that can be used by employees in their own time and at their own discretion, for the satisfaction of their own needs or wants or those of other members of their households.
D.11
4.04
Employers' social contributions
Employers' social contributions are social contributions payable by employers to social security schemes or other employment-related social insurance schemes to secure social benefits for their employees.
D.12
4.08
Employers' actual social contributions (D.121)
Employers' actual social contributions (D.121) consist of the payments made by employers for the benefit of their employees to insurers (social security and other employment-related social insurance schemes). Such payments cover statutory, conventional, contractual and voluntary contributions in respect of insurance against social risks or needs.
D.121
4.09
Employers' imputed social contributions (D.122)
Employers' imputed social contributions (D.122) represents the counterpart to other social insurance benefits (D.622) (less eventual employees' social contributions) paid directly by employers to their employees or former employees and other eligible persons without involving an insurance enterprise or autonomous pension fund, and without creating a special fund or segregated reserve for the purpose.
D.122
4.10
Value added type taxes (VAT)
A value added type tax (VAT) is a tax on goods or services collected in stages by enterprises and which is ultimately charged in full to the final purchaser.
D.211
4.17
Taxes and duties on imports excluding VAT
Taxes and duties on imports excluding VAT (D.212) comprise compulsory payments levied by general government or the institutions of the european union on imported goods, excluding VAT, in order to admit them to free circulation on the economic territory, and on services provided to resident units by non-resident units.
D.212
4.18
Taxes on products, except VAT and import taxes
Taxes on products, except vat and import taxes (D.214) consist of taxes on goods and services that become payable as a result of the production, export, sale, transfer, leasing or delivery of those goods or services, or as a result of their use for own consumption or own capital formation.
D.214
4.19
Import subsidies
Import subsidies (D.311) consists of subsidies on goods and services that become payable when the goods cross the frontier for use in the economic territory or when the services are delivered to resident institutional units.
D.311
4.34
Other subsidies on products
Other subsidies on products (D.319) include the following:
(a) subsidies on products used domestically: these consist of subsidies payable to resident producers in respect of their production which is used or consumed within the economic territory;
(b) losses of government trading organisations whose function is to buy the products of resident producers and then sell them at lower prices to residents or non-residents, when they are incurred as a matter of deliberate government economic or social policy;
(c) subsidies to public corporations and quasi-corporations to compensate for persistent losses which they incur on their productive activities as a result of charging prices which are lower than their average costs of production as a matter of deliberate government or european economic and social policy;
(d) direct subsidies on exports payable directly to resident producers when the goods leave the economic territory or the services are provided to non-residents — except repayments at the customs frontier of taxes on products previously paid and waiving of the taxes that would be due if the goods were to be sold or used inside the economic territory.
D.319
4.35
Net social contributions (D.61)
Net social contributions are the actual or imputed contributions made by households to social insurance schemes to make provision for social benefits to be paid. Net social contributions (D.61) consist of:
employers' actual social contributions (D.611)
plus employers' imputed social contributions (D.612),
plus households' actual social contributions (D.613),
plus households' social contribution supplements (D.614),
less social insurance scheme service charges (D.61sc).
D.61
4.91
Employers' imputed social contributions (D.612)
Employers' imputed social contributions (D.612) represent the counterpart to social benefits (less eventual employees' social contributions) paid directly by employers (i.e. not linked to employers' actual contributions) to their employees or former employees and other eligible persons.
D.612
4.97
Households' actual social contributions
Households' actual social contributions are social contributions payable on their own behalf by employees, self-employed or non-employed persons to social insurance schemes.
D.613
4.100
Households' social contribution supplements
Households' social contribution supplements consist of the property income earned during the accounting period on the stock of pension and non-pension entitlements.
D.614
4,101
Social security benefits in cash
Social security benefits in cash are social insurance benefits payable in cash to households by social security funds. Reimbursements are excluded and treated as social transfers in kind (D.632).
D.621
4,103
Other social insurance benefits
Other social insurance benefits correspond to benefits payable by employers in the context of other employment related social insurance schemes. Other employment-related social insurance benefits are social benefits (in cash or in kind) payable by social insurance schemes other than social security to contributors to the schemes, their dependants or their survivors.
D.622
4,104
Social assistance benefits in cash
Social assistance benefits in cash are current transfers payable to households by government units or NPISHs to meet the same needs as social insurance benefits but which are not made under a social insurance scheme requiring participation usually by means of social contributions.
D.623
4,105
Social transfers in kind
Social transfers in kind (D.63) consist of individual goods and services provided for free or at prices that are not economically significant to individual households by government units and NPISHs, whether purchased on the market or produced as non-market output by government units or NPISHs. They are financed out of taxation, other government income or social security contributions, or out of donations and property income in the case of NPISHs.
D.63
4,108
Social transfers in kind — general government and NPISHs non-market production
Social transfers in kind — general government and NPISHs non-market production (D.631) are individual goods and services provided directly to the beneficiaries by non-market producers. Any payments made by the households themselves should be deducted.
D.631
4,109
Social transfers in kind — market production purchased by general government and NPISHs (D.632)
Social transfers in kind — market production purchased by general government and NPISHs (D.632) are individual goods and services
(a) in the form of reimbursements by social security funds of approved expenditures made by households on specific goods and services; or
(b) provided directly to the beneficiaries by market producers from which general government purchases the corresponding goods and services.
D.632
4,109
Fines and penalties
Fines and penalties imposed on institutional units by courts of law or quasi-judicial bodies are treated as other miscellaneous current transfers (D.759).
4,132
Lotteries and gambling
The amounts paid for lottery tickets or placed in bets consist of two elements: the payment of a service charge to the unit organising the lottery or gambling and a residual current transfer that is paid out to the winners.
4,135
Payments of compensation
Payments of compensation consist of current transfers paid by institutional units to other institutional units in compensation for injury to persons or damage to property, excluding payments of non-life insurance claims. Payments of compensation are compulsory payments awarded by a court of law, or voluntary payments agreed out of court. This heading covers voluntary payments made by government units or NPISHs in compensation for injuries or damage caused by natural disasters other than those classified as capital transfers.
4,136
Financial assets
Financial assets consist of all financial claims, equity and the gold bullion component of monetary gold.
5.03
Financial claim
A financial claim is the right of a creditor to receive a payment or series of payments from a debtor.
5.05
Financial liabilities
Liabilities are established when a debtor is obliged to provide a payment or a series of payments to a creditor.
5.06
Net recording of financial transactions
Net recording of financial transactions means that acquisitions of financial assets are shown net of disposals of financial assets, and that incurrences of liabilities are shown net of repayments of liabilities.
5.23
Gross recording of financial transactions
Gross recording of financial transactions means that acquisitions and disposals of financial assets are shown separately, as are incurrences and repayments of liabilities.
5.24
Currency
Currency is notes and coins that are issued or authorised by monetary authorities.
F.21
5.76
Deposits
Deposits are standardised, non-negotiable contracts with the public at large, offered by deposit-taking corporations and, in some cases, by central government as debtors, and allowing the placement and the later withdrawal of the principal amount by the creditor. Deposits usually involve the debtor giving back the full principal amount to the investor.
F.22 and F.29
5.79
Transferable deposits
Transferable deposits are deposits exchangeable for currency on demand, at par, and which are directly usable for making payments by cheque, draft, giro order, direct debit/credit, or other direct payment facilities, without penalty or restriction.
F.22
5.80
Other deposits
Other deposits are deposits other than transferable deposits. Other deposits cannot be used to make payments except on maturity or after an agreed period of notice, and they are not exchangeable for currency or for transferable deposits without some significant restriction or penalty.
F.29
5.85
Covered bonds
Covered bonds are debt securities issued by a financial corporation, or fully guaranteed by a financial corporation. In case of default of the issuing or guarantor financial corporation, bond holders have a priority claim on the cover pool, in addition to their ordinary claim on the financial corporation. En l 174/172 official journal of the european union 26.6.2013
5,111
Securities lending
Securities lending is the temporary transfer of securities by the lender to the borrower. The securities borrower may be required to provide assets as collateral to the securities lender in the form of cash or securities. Legal title passes on both sides of the transaction so that borrowed securities and collateral can be sold or 'on- lent'.
5,126
Repurchase agreements
A securities repurchase agreement is an arrangement involving the provision of securities like debt securities or shares in exchange for cash or other means of payment, with a commitment to repurchase the same or similar securities at a fixed price. The commitment to repurchase may be either on a specified future date or an 'open' maturity.
5,127
Financial leases
A financial lease is a contract under which the lessor as legal owner of an asset conveys the risks and benefits of ownership of the asset to the lessee. Under a financial lease, the lessor is deemed to make, to the lessee, a loan with which the lessee acquires the asset. Thereafter the leased asset is shown on the balance sheet of the lessee and not the lessor; the corresponding loan is shown as an asset of the lessor and a liability of the lessee.
5,134
Equity and investment fund shares or units
Equity and investment fund shares or units are residual claims on the assets of the institutional units that issued the shares or units.
F.5
5,139
Depository receipts
Depository receipts represent ownership of securities listed in other economies; ownership of the depository receipts is treated as direct ownership of the underlying securities. A depository issues receipts listed on one exchange that represent ownership of securities listed on another exchange. Depository receipts facilitate transactions in securities in economies other than their home listing. The underlying securities may be shares or debt securities.
5,143
Listed shares
Listed shares are equity securities listed on an exchange. Such an exchange may be a recognised stock exchange or any other form of secondary market. Listed shares are also referred to as quoted shares. The existence of quoted prices of shares listed on an exchange means that current market prices are usually readily available.
F.511
5,146
Unlisted shares
Unlisted shares are equity securities not listed on an exchange.
F.512
5,147
Other equity
Other equity comprises all forms of equity other than those classified in sub-categories listed shares (AF.511) and unlisted shares (AF.512).
F.519
5,153
MMF shares or units
MMF shares or units are shares issued by MMFs. MMF shares or units can be transferable and are often regarded as close substitutes for deposits.
F.521
5,164
Non-MMF investment fund shares/units (F.522)
Other investment fund shares or units other than MMF shares or units represent a claim on a portion of the value of an investment fund other than an MMF. These types of shares and units are issued by investment funds.
F.522
5,165
Provisions for calls under standardised guarantees
Provisions for calls under standardised guarantees are financial claims that holders of standardised guarantees have against institutional units providing them.
F.66
5,188
Options
Options are contracts which give the holder of the option the right, but not the obligation, to purchase from or sell to the issuer of the option an asset at a predetermined price within a given time span or on a given date.
5,203
Forwards
Forwards are financial contracts under which two parties agree to exchange a specified quantity of an underlying asset at an agreed price (the strike price) on a specified date.
5,207
Swaps
Swaps are contractual arrangements between two parties who agree to exchange, over time and according to predetermined rules, streams of payment on an agreed notional amount of principal. The most common types are interest rate swaps, foreign exchange swaps and currency swaps.
5.210
Forward rate agreements (FRAs)
Fras are contractual arrangements in which two parties, to protect themselves against interest rate changes, agree on an amount of interest to be paid, at a specified settlement date, on a notional amount of principal that is never exchanged. FRAs are settled by net cash payments in a similar way as interest rate swaps. The payments are related to the difference between the forward rate agreement rate and the prevailing market rate at the time of settlement.
5,214
Credit derivatives
Credit derivatives are financial derivatives the primary purpose of which is to trade credit risk.
5,215
Credit default swaps
Credit default swaps (CDS) are credit insurance contracts. They are intended to cover losses to the creditor (buyer of a CDS) when:
(a) a credit event occurs in relation to a reference unit, rather than being associated to a particular debt security or loan. A credit event affecting the reference unit of concern may be a default, but also a failure to make a payment on any (qualifying) liability that has become due as in cases such as debt restructuring, breach of covenants, and others;
(b) a particular debt instrument, typically a debt security or a loan, goes into default. As with swap contracts, the buyer of the cds, (regarded as the risk seller), makes a series of premium payments to the seller of the cds (regarded as the risk buyer).
5,218
Other accounts receivable/payable
Other accounts receivable/payable are financial assets and liabilities created as counterparts to transactions where there is a timing difference between these transactions and the corresponding payments.
F.8
5.230
Neutral holding gains and losses
The neutral holding gains and losses (K.71) relate to assets and liabilities and are the value of the holding gains and losses that accrue if the price of the asset or liability changes over time in the same proportion as the general price level.
K.71
6.37
Real holding gains and losses
The real holding gains and losses (K.72) relate to an asset or liability and are the difference between the nominal and the neutral holding gains and losses on that asset.
K.72
6.42
Asset
An economic asset is a store of value representing the benefits accruing to the economic owner by holding or using the entity over a period of time. it is a means of carrying forward value from one accounting period to another.
7.15
Contracts, leases and licences
Contracts, leases and licences are recorded as assets when the following conditions are met:
(a) the terms of the contract, lease or licence specify a price for the use of an asset or provision of a service that differs from the prevailing market price; and
(b) one party to the contract can realise the price difference.
AN.22
7.55
Population
On a given date, the total population of a country consists of all persons, national or foreign, who are permanently settled in the economic territory of the country, even if they are temporarily absent from it. An annual average of head counts will provide an appropriate basis for estimating national accounts variables or for use as a denominator in comparisons.
11.05
Economically active population
The economically active population comprises all persons, who provide, or are available to provide, the supply of labour for productive activities falling in the production boundary of national accounts. It includes all persons who fulfil the requirements for inclusion in employment or in unemployment as subsequently defined.
11.10
Hours worked
Total hours worked represents the aggregate number of hours actually worked as an employee or self- employed person during the accounting period, when their output is within the production boundary.
11.27
Full-time equivalence
Full-time equivalent employment, which equals the number of full-time equivalent jobs, is defined as total hours worked divided by the average annual number of hours worked in full-time jobs within the economic territory.
11.32
Employee labour input at constant compensation
For labour inputs of similar type and qualifications in the base period, employee labour input at constant compensation measures current labour inputs valued at the levels of compensation of employee jobs ruling during a selected base period.
11.35
Hire purchase
A hire purchase arrangement exists when a durable good is sold to a purchaser in return for agreed future payments. The buyer takes possession of the good immediately, though legally it remains the property of the lessor as collateral/guarantee until all agreed payments have been made by the lessee.
15.20
Resource leases
A resource lease is one where the owner of a natural resource makes it available to a lessee in return for a payment recorded as rent.
15.23
Premiums earned
Premiums earned are the proportion of premiums written that have been earned during the accounting period. Premiums written cover the period contracted in the insurance policy. The difference between premiums written and premiums earned are amounts set aside, and included in the reserves for unearned premium. Such amounts are treated as assets of the policyholders. The concept of premium earned in insurance accounting is consistent with the accruals recording principle of national accounts.
16.22
Premium supplements
Premiums supplements are the income earned from the investment of the insurance technical reserves of the insurers, which represent liabilities towards the policyholders.
16.27
Adjusted claims incurred and benefits due
Claims incurred and benefits due are the financial obligations of the insurers with respect to the beneficiary concerning the risks that the event realises in the period in question as defined by the policy.
16.32
Social insurance schemes
Social insurance schemes are schemes in which participants are obliged, or encouraged, by a third party to take out insurance against certain social risks or circumstances that may adversely affect their welfare or that of their dependants. In such schemes, social contributions are paid by employees or others, or by employers on behalf of their employees, in order to secure entitlement to social insurance benefits, in the current or subsequent periods, for the employees or other contributors, their dependents or survivors. Contributions to social insurance schemes can also be paid by, or on behalf of, self-employed or non-employed persons.
17.01
Other social insurance benefits
Other social insurance benefits, or non-pension benefits, are benefits which beneficiaries receive, directly or indirectly, depending on specific events and usually under predetermined legal or contractual terms.
17.15
Social security schemes other than pension schemes
Social security schemes other than pension schemes are contractual insurance schemes where the beneficiaries as participants of a social insurance scheme are obliged by general government to insure against risks other than old age and other age-related risks. Social security benefits other than pension benefits, known as non-pension benefits, are provided to beneficiaries by general government.
17.17
Other employment-related social insurance schemes
Other employment-related social insurance schemes are contractual insurance schemes, either compulsory by law or encouraged by a third party. In other employment-related social insurance schemes employers can make it a condition of employment that employees, the beneficiaries, participate in a social insurance scheme specified by the employer to insure against risk other than old age and age-related. Such employment-related schemes are provided to beneficiaries either by the employer or by other units on behalf of the employer.
17.20
Social insurance pensions
Social insurance pensions are benefits which beneficiaries receive upon retirement, usually under predetermined legal or contractual terms and typically in the form of a guaranteed annuity.
17.40
Social security pension schemes
Social security pension schemes are contractual insurance schemes where the beneficiaries as participants of a social insurance scheme are obliged by general government to insure against old age and other age-related risks such as disability, health etc. Social security pensions are provided to beneficiaries by general government.
17.43
Other employment-related pension schemes
Other employment-related pension schemes are contractual insurance schemes, either compulsory by law or encouraged by government, or where employers make it a condition of employment that employees (the beneficiaries) participate in a social insurance scheme specified by the employer to insure against old age and other age-related risks. These employment-related pensions are provided to beneficiaries either by the employer or by other units on behalf of the employer.
17.49
Defined contribution schemes
A defined contribution scheme is a pension scheme where the benefits are defined exclusively in terms of the level of the fund built up from the contributions made over the employee's working life and the increases in value that result from the investment of such funds by the manager of the pension scheme.
17.54
Defined benefit schemes
A defined benefit scheme is a pension scheme where the benefits payable to the employee on retirement are determined by the use of a formula, either alone or in combination with a guaranteed minimum amount payable.
17.57
Notional defined contribution schemes
A notional defined contribution scheme is similar to a defined contribution scheme but with a guaranteed minimum amount payable.
17.6
Guarantees
Guarantees are arrangements whereby the guarantor undertakes to a lender that if a borrower defaults, the guarantor will make good the loss the lender would otherwise suffer.
B5.1.1
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
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
