Term
Description
Accrual basis
Flows are measured on an accrual basis if the value reflects when the flow is created, transformed or extinguished, or when claims and obligations arise, are transformed or cancelled, rather than when payment is made.3
Accumulation accounts
Accumulation accounts consist of the capital account, the financial account, the other changes in the volume of assets account, and the revaluation account.
Actual final consumption of government and NPISHs
Actual final consumption (P.42) of government and NPISHs is the value of collective goods and services acquired by government and NPISHs.
Actual final consumption of Households
Actual final consumption (P.41) of households is the value of individual goods and services acquired by households either directly, or provided by government and NPISHs, for the direct satisfaction of human wants and needs.
Adjusted claims incurred and benefits due in non-life insurance
In non-life insurance, adjusted claims incurred and benefits due are the financial obligations of the insurers with respect to the beneficiary, adjusted to reflect the normal levels over time.
Adjusted disposable income
Adjusted disposable income is the balancing item in the redistribution of income in kind account. For each sector, it adds the value of social transfers in kind receivable and subtracts the social transfers in kind payable.
Adjustment for the change in pension entitlements
The adjustment for the change in pension entitlements (D.8) is added to the disposable income of households so that the change in pension entitlements on which households have a definite claim, appears in household saving.
Ancillary activity
An ancillary activity is a supporting activity whose output is intended solely for use within an enterprise.
Asset
An asset is a store of value providing benefits over time by holding or using the asset over that time.
Balance sheet
A balance sheet is a statement drawn up for a point in time, which shows the values of the stock of assets and liabilities owned.
Balance sheet valuation
Assets and liabilities are valued at market prices applying on the date to which the balance sheet refers.
Balancing item
The balancing item for an account is obtained by subtracting the value of the entries on one side from the value on the other side. In non-financial accounts, the balancing item will be shown as resources less uses, on the uses side of the account.
Barter
A barter transaction is one where goods and services are exchanged for different goods and services, without using money as the medium of exchange.
Basic price
The basic price is the price received by producers from the purchaser of a good or service produced as output, less taxes plus subsidies payable as a consequence of production or sales. Taxes (D.29) and subsidies (D.39) levied on the business as a result of its existence, such as a payroll tax (USA) or local business rates (UK), or a general farm subsidy, which are not linked to the value or amount of sales, are not deducted.
Bills
Bills are defined as securities that give the holders the unconditional rights to receive stated fixed sums on specified dates.
Bonds and debentures
Bonds and debentures are securities that give the holders the unconditional right to fixed payments or contractually determined variable payments.
Branch
A branch is an unincorporated enterprise belonging to a non-resident unit, known as the parent. A branch is treated as a resident and quasi-corporation in the territory where it is located.
Calendar effect
The calendar effect is the impact on a time series of working and trading days, holidays, and other calendar phenomena such as leap years.
Capital taxes
Capital taxes (D.91) are taxes levied at irregular and very infrequent intervals on the value of assets owned by or transferred amongst institutional units as a result of legacies, gifts between persons, or other transfers.
Capital transfers
Capital transfers (D.9) are unrequited transfers which require the acquisition or disposal of capital assets.
Captive financial institution
Captive financial institutions consist of institutional units providing financial services, where most of either their financial assets or liabilities are not transacted on open financial markets.
Catastrophic losses (K.3)
Catastrophic losses (K.3) are the result of large-scale discrete events such as earthquakes, war and toxic spills that destroy economic assets. They are recorded in the other changes in volume of assets account.
Central Bank
The Central Bank is the national financial institution that exercises control over key aspects of the financial system, such as interest rates. It issues currency, and holds much of the international reserves of the country.
Central Government
Central government is all administrative departments of the State and other central agencies whose competence extends over the whole economic territory, except for the administration of social security funds.
Changes in inventories
Changes in inventories (P.52) are measured by the value of entries into inventories less the value of withdrawals, and less the value of any recurrent loss of goods held in inventories.
Claim
A non-life insurance claim is the amount payable to the policy-holder by the insurer in respect of an event occurring which is covered by the policy.
Claims outstanding
Claims outstanding are claims that have not yet been reported, have been reported but not yet settled, or have been both reported and settled, but not yet paid.
Collective consumption services
A collective consumption service is provided simultaneously to all members of the community, or a large part of the community. It is non-rival in that a change in the number of recipients does not change the benefit provided to each member of the community.
Compensation of employees
Compensation of employees (D.1) is the remuneration in cash or in kind, payable by an employer to an employee in return for work done by the employee.
Consumer durables (AN.m)
Consumer durables (AN.m) are goods used by households for over a year. They are included in the balance sheet as memorandum items.
Consumption of fixed capital
Consumption of fixed capital (P.51c) is the decline in value over time of fixed assets as a result of normal physical wear and tear and obsolescence.
Contingent assets and liabilities
Contingent assets and liabilities are agreements whereby one party is obliged to provide payment to another unit only if certain specific conditions prevail. As they are not unconditional obligations, are not recognised as financial assets and liabilities.
Contingent pension entitlements
Pension entitlements (F.63) does not include contingent pension entitlements established by unfunded government defined benefit employer pension schemes or social security pension funds.
Contract
A contract is an agreement for the provision of goods or services, which will usually specify the quantity of goods and nature of the service, the price and date of delivery.
Contracts, leases and licences (AN.22)
Contracts, lease and licences (AN.22) are agreements which are recognised as assets, if they can achieve a value through price movements of assets and products under contract specifications, and this value can be realised on the market.
Control
Control over a corporation is the ability to determine general corporate policy.
Corporation
A corporation is an institutional unit which is an independent legal entity, whose principal activity is the production of goods or services.
Cost, insurance and freight (CIF)
Imports are valued on a cost, insurance and freight (CIF) basis when the value is at the price of a good delivered at the border of the importing country, before the payment of import taxes and trade and transport margins within the importing country. (cf FOB).
Credit default swap (CDS)
A credit default swap is an agreement between an investor and a guarantor, with reference to a claim on a third party. The investor is the buyer of protection and makes regular payments to the guarantor, who pays the value of the claim on the third party if it defaults.
Credit derivative
Credit derivatives are financial derivatives whose primary purpose is to trade credit risk.
Cultivated biological resources (AN.115)
Cultivated biological resources are animal resources yielding repeat products, and tree, crop and plant resources yielding repeat products whose natural growth and regeneration is under the direct control, responsibility and management of an institutional unit.
Currency (F.21)
Currency consists of notes and coins of fixed nominal values issued or authorised by monetary authorities.
Current accounts
Current accounts deal with the production, generation, distribution and redistribution of income and the use of this income in the form of final consumption.
Current external balance
The current external balance of the economy is the surplus of its current transactions (trade in goods and services, primary and secondary incomes) with the rest of the world.
Current international cooperation (D.74)
Current international cooperation (D.74) includes all transfers in cash or kind between general government and governments or international organisations in the rest of the world, except investment grants and other capital transfers.
Current taxes on income, wealth, etc. (D.5)
Current taxes on income, wealth, etc. (D.5) are compulsory unrequited payments levied by general government and the rest of the world on income and wealth, and other specific periodic taxes.
Current transfer
A current transfer is a transaction between two parties where one party provides a good, service, non-financial or financial asset to the other party, with no expectation of anything of economic value in exchange.
Current transfers between households (D.752)
Current transfers between households (D.752) consist of all current transfers in cash or kind between resident households and non-resident households. This includes remittances by workers permanently settled abroad, back to their families.
Current transfers to NPISHs (D.751)
Current transfers to NPISHs (D.751) include all voluntary contributions other than legacies, member subscriptions and financial assistance.
Current transfers within general government (D.73)
Current transfers within general government (D.73) include transfers between the different sub-sectors of general government, with the exception of taxes, subsidies, investment grants and other capital transfers.
Databases
A database consists of files of data organised to permit resource-effective access to the data.
Debt reorganisation/restructuring
Debt reorganising or restructuring is defined as the arrangements agreed between the creditor and debtor that alter the existing terms for servicing the debt.
Debt securities (F.3)
Debt securities (F.3) are negotiable financial instruments such as bonds or certificates of deposits, serving as evidence of debt, which has defined terms such as amount borrowed, interest rate and date of maturity.
Defined benefit pension scheme
A defined benefit pension scheme is one where benefits payable to members are determined by the rules of the scheme. The employer bears the risk regarding benefits payable.
Defined contribution pension scheme
A defined contribution pension scheme is one where the benefits are determined by the contributions made and the return from the investment of funds. On retirement, the employee bears the risks regarding benefits payable.
Depository receipts
Depository receipts evidence ownership of securities listed in other economies: ownership of the depository receipts is treated as direct ownership of the underlying securities.
Deposits (F.22 and F.29)
Deposits (F.22 and F.29) are standardised non-negotiable contracts, offered by deposit-taking corporations allowing the placement and later withdrawal of money by the creditor.
Deposit-taking corporations (S.122)
Deposit-taking corporations are financial corporations and quasi-corporations which are principally engaged in financial intermediation, whose business is to receive deposits and on their own account, to grant loans and/or to make investments in securities.
Direct investment income
Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy.
Disposable income (B6g)
Disposable income in the household sector is the value available to spend on final consumption goods and services: it is the balancing item of the secondary distribution of income account.
Distributed income of corporations (D.42)
Distributed income of corporations (D.42) is the sum of dividends paid to owners of shares (D.421) and withdrawals from the income of quasi-corporations (D.422).
Distributive transactions
Distributive transactions are how value added generated by production is distributed to labour, capital and government by transfers, and how income and wealth are redistributed through taxes and other transfers.
Dividends (D.421)
Dividends (D.421) are a form of property income to which owners of shares (AF.5) become entitled as a result of placing funds at the disposal of corporations.
Durable goods
Durable goods are ones that can be used over a period of one year or more. They can be consumer durables or fixed assets.
Economic appearance of assets (K.1)
Economic appearance of assets (K.1) is the increase in the volume of non-financial assets that are not the result of production; an example is the discovery of natural resources.
Economic disappearance of non-produced assets (K.2)
Economic disappearance of non-produced assets (K.2) includes the depletion of natural resources, and the writing down of the value of purchased goodwill.
Economic flows
Economic flows reflect the creation, transformation, exchange, transfer or extinction of economic value. They cause a change in value of an institution's assets and liabilities.
Economic owner
The economic owner of entities such as a good, the facilities to provide a 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.
Economically active population
The economically active population comprises all persons who can provide the supply of labour for the productive activities falling inside the production boundary of the national accounts.
Economically significant prices
Economically significant prices are prices that have a substantial effect on the amount of products that producers are willing to supply and purchasers wish to acquire.
Economy
The economy of a country is a system whereby institutions and people interact through exchanges and transfers of goods, services and the means of payment (e.g. money), for the production and consumption of goods and services.
Employee stock options (ESO)
Employee stock options are a form of income in kind, and consist of an employer giving an employee the option to buy shares at a specified price at some future date.
Employees
Employees are persons who by agreement work for a resident institutional unit and receive a remuneration for their labour.
Employers' actual social contributions (D.611)
Employers' actual social contributions (D.611) are paid by employers to social security schemes and other employment related social insurance schemes to secure social benefits for their employees.
Employers' imputed social contributions (D.612)
Employers' imputed social contributions (D.612) are the counterpart to social benefits paid directly by employers to their employees, ex-employees and other eligible persons.
Employers' social contributions
Employers' social contributions are payable by employers to social security funds or other employment-related social contribution schemes to secure social benefits for their employees.
Employment
Employment is defined as all persons engaged in productive activity that falls within the production boundary of the national accounts.
Employment-related social insurance
Employment-related social insurance schemes are schemes for employees, to provide pensions and other entitlements that are part of the conditions of employment, and where the responsibility for the scheme does not devolve to government.
Enterprise
An enterprise is comprised of one or more kind of activity units that act as producers of goods and services.
Entertainment, literary and artistic originals
Entertainment, literary and artistic originals consist of original films, sound recordings, manuscripts, tapes, models etc., on which drama performances, radio and television programming, musical performances, sporting events, literary and artistic output, etc., are recorded or embodied.
Entitlements to non-pension benefits (F.65)
Entitlements to non-pension benefits (F.65) is the excess of net contributions over benefits, and represents an increase in the liability of the insurance scheme towards the beneficiaries.
Entrepreneurial income
Entrepreneurial income is operating surplus and mixed income plus property income from financial and other assets less interest on debts, other investment income payable, and rent on land and other natural resources.
Equity (F.51)
Equity (F.51) is a financial asset that is a claim on the residual value of a corporation, after all other claims have been met.
Equity and investment fund shares or units (F.5)
Equity and investment fund shares or units (F.5) are residual claims on the assets of the institutional units that issued the shares or units.
Exports and imports of goods (P.61 and P.71)
Exports and imports of goods occurs when economic ownership changes between residents and non-residents, irrespective of physical movement of goods across national borders.
Exports and imports of services (P.62 and P.72)
Exports and imports of services (P.62 and P.72) occurs when services are rendered between residents and non-residents.
Exports of goods and services (P.7)
Exports of goods and services (P.7) are transactions in goods and services from residents to non-residents.
Final consumption expenditure (P.3)
Final consumption expenditure (P.3) is expenditure on goods and services used by households, NPISHs and government to satisfy individual and collective needs.
Financial asset
A financial asset is a claim on another party, specified in a contract, governing repayment of a loan. The debtor incurs an equal liability on the issue of the loan.
Financial assets
Financial assets consist of all financial claims, equity and the gold bullion component of monetary gold.
Financial auxiliaries
Financial auxiliaries are institutional units that provide auxiliary services in realising transactions in financial assets and liabilities, without themselves being put at risk by acquiring the financial assets or incurring liabilities.
Financial claim
A financial claim is the right of a creditor to receive payments from a debtor under the terms of a liability.
Financial corporations
Financial corporations are institutional units which are independent legal entities, market producers, and whose principal activity is the production of financial services.
Financial derivatives (F.71)
Financial derivatives (F.71) are financial instruments linked to a specific financial instrument or indicator or commodity, through which financial risks are traded in the market in their own right.
Financial intermediary
A financial intermediary is an institution, such as a bank, building society, or unit-trust company, that holds funds from lenders in order to make loans to borrowers.
Financial intermediation
Financial intermediation is the activity in which an institutional unit acquires financial assets and incurs liabilities on its own account by engaging in financial transactions on the market.
Financial intermediation services indirectly measured (FISIM)
Financial intermediation services indirectly measured (FISIM) is the intermediation service charge derived as the difference between a reference rate and the rate actually paid to depositors and charged to borrowers.
Financial lease
A financial lease is a contract under which the lessor as the legal owner of an asset conveys the risks and benefits of ownership of the assets to the lessee.
Financial option - see options
Financial transactions
Financial transactions are the net acquisition of financial assets or the net incurrence of liabilities, for each type of financial instrument.
Fines and penalties
Fines and penalties are compulsory payments imposed on institutional units by courts of law or quasi-judicial bodies.
Fixed assets
Fixed assets are produced assets used in production for more than one year.
Foreign direct investment enterprise
A foreign direct investment enterprise is one in which a non-resident investor owns 10% or more of the equity or voting power for a corporation, and the equivalent for an unincorporated enterprise.
Forward rate agreements (FRAs)
Forward rate agreements (FRAs) are financial derivatives in the form of contracts in which two parties agree on an amount of interest to be paid, at a specified settlement date, on a notional amount of principal.
Forwards
Forwards are financial derivatives in the form of contracts under which two parties agree to exchange a specified quantity of an underlying asset at an agreed price on a specified date.
Free on board (FOB)
Imports and exports are valued on a free on board (FOB) basis when the value is at basic prices plus transport and distributive services up to the exporting border, plus taxes less subsidies on exported goods.
Full-time equivalence
Full-time equivalent employment is the number of full-time equivalent jobs, defined as total hours worked divided by the average annual number of hours worked in full-time jobs in the economic territory.
Futures
Futures are forward contracts traded on organised exchanges, typically settled by the payment of cash rather than the delivery of the underlying asset, and are valued and traded separately from the underlying item.
General government (S.13)
General government consists of institutional units which are non-market producers, whose output is intended for individual and collective consumption, financed by compulsory payments made by units in other sectors. It also consists of institutional units principally engaged in the redistribution of national income and wealth through taxes and benefits.
Goods
Goods are tangible produced objects over which ownership rights can be established and these rights can be traded between institutional units on markets.
Goods and services for individual consumption
Goods and services for individual consumption are those acquired by a household to satisfy the needs and wants of that household. The acquisition of a product by one household prevents the acquisition of that product by another.
Gross capital formation (P.5)
Gross capital formation (P.5) consists of gross fixed capital formation (P.51g), changes in inventories (P.52), and acquisitions less disposals of valuables (P.53).
Gross Domestic Product (GDP)
GDP is a measure of the total economic activity taking place on an economic territory which leads to output meeting the final demands of the economy.
Gross Domestic Product (GDP) - expenditure approach
GDP is measured through the expenditure approach as the total of all final expenditures made in consuming the final output of the economy, capital formation, plus exports less imports of goods and services.
Gross Domestic Product (GDP) - income approach
GDP is measured through the income approach as the total of all the incomes earned in the process of producing goods and services, plus taxes less subsidies on products.
Gross Domestic Product (GDP) - production approach
GDP is measured through the production approach as the sum of values added by all activities which produce goods and services, plus taxes less subsidies on products.
Gross fixed capital formation (GFCF) (P.51g)
Gross fixed capital formation (GFCF) (P.51g) consists of acquisitions less disposals of fixed assets, plus certain additions to the value of non-produced assets through productive activity.
Gross national disposable income (GNDI)
GNDI is derived from gross national income by adding net current transfers receivable by resident units from non-resident units.
Gross national income (GNI)
Gross national income (GNI) is defined as GDP plus net compensation of employees receivable from aboard plus net property income from abroad.
Gross recording of financial transactions
Gross recording of financial transactions is the recording of acquisitions and disposals of financial assets separately, as are incurrences and repayments of liabilities.
Gross value added (GVA)
GVA is the value of output less the value of intermediate consumption, without allowing for the use over time of fixed assets.
Gross value added (GVA) at basic prices
GVA at basic prices is defined as output valued at basic prices less intermediate consumption valued at purchasers' prices.
Gross value added (GVA) at producers' prices
GVA at producer prices is defined as output valued at producers' prices less intermediate consumption valued at purchasers' prices.
Guarantees
Guarantees are arrangements whereby the guarantor undertakes to a lender that if a borrower defaults, the guarantor will make good the loss to the lender.
Head office
A head office is a unit that exercises managerial control over its subsidiaries.
Holding company
A holding company holds assets of subsidiary corporations but does not undertake any management activities. It is classified as a captive financial institution (S.127).
Holding gains and losses
Holding gains and losses occur when there are changes in the value of assets due solely to price changes.
Homogeneous production unit
A unit of homogeneous production carries out a unique activity identified by its inputs, process of production and its outputs.
Hours worked
Total hours worked are the number of hours actually worked as an employee or self-employed person, to produce output falling within the production boundary.
Households (S.14)
Households consist of individuals or groups of individuals usually living in a single dwelling, who act jointly as consumers or entrepreneurs.
Households' actual social contributions (D.613)
Households' actual social contributions (D.613) are social contributions payable on their own behalf by employees, self-employed or non-employed persons to social insurance schemes.
Illegal transactions
Illegal economic actions are recorded as illegal transactions when the units involved enter into the transaction by mutual consent.
Import subsidies (D.311)
Import subsidies (D.311) consist 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.
Imports of goods and services (P.7)
Imports of goods and services (P.7) are transactions in goods and services from non-residents to residents.
Imports taxes and duties (D.212)
Taxes and duties on imports excluding VAT (D.212) comprise compulsory payments levied by government or the institutions of the EU on imported goods and services.
Imputation
Imputation is the recognition and valuation of a transaction where none exists - often a rerouting of an economic flow such as employers' imputed social contributions (D.122).
Income in kind
Income in kind received by employees is measured by the value of goods and services provided for work done.
Index-linked securities
Index-linked securities are financial instruments where either the coupon payments (interest) or the principal or both, are linked to an index such as a price index or price of a specific commodity.
Individual consumption - see goods and services for individual consumption
Industry
An industry consists of a group of kind of activity units engaged in the same, or similar, kinds of activity.
Institutional units
Institutional units are economic entities that are capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in their own right.
Insurance
Insurance is an activity whereby institutional units protect themselves against the negative financial consequences of specific uncertain events.
Insurance corporations (S.128)
Insurance corporations are 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 insurance.
Insurance premium - actual
The actual premium is the amount payable to the direct insurer to secure insurance cover for an event occurring during a specified time period.
Insurance premium - net
Net premiums are defined as actual premiums plus premium supplements less insurance service charges payable by the policy holders.
Insurance premium - unearned
Premiums unearned are the amount of the actual premium received that relates to the previous accounting period.
Insurance premium supplements
Premium supplements are the income earned from the investment of the technical reserves of the insurer, which are liabilities to the policyholders.
Insurance premiums - earned
Premiums earned are the part of the actual premium that provides cover in the accounting period.
Insurance technical reserves
An insurance corporation has at its disposal technical reserves consisting of unearned premiums, claims outstanding, etc.
Intellectual property products (IPPs)
Intellectual property products (IPPs) are non-produced intangible fixed assets, the result of research and development, investigation or innovation. Access to IPPs can be restricted through legal instruments such as patents.
Interest (D.41)
Interest (D.41) is property income received by the owners of financial assets such as deposits, debt securities, loans, and other accounts receivable.
Interest rate swap
An interest rate swap contract involves an exchange of cash flows related to interest payments, or receipts, on a notional amount of principal, which is never exchanged.
Intermediate consumption (P.2)
Intermediate consumption (P.2) consists of goods and services consumed as inputs to a production process, excluding the consumption of fixed assets.
Inventories
Inventories are produced assets which came into existence in the current period or before, that are either work in progress, goods held for sale, or use in production, or other use at a later date.
Investment fund shares or units (F.52)
Investment funds are joint investment undertakings through which investors pool funds for investment in financial or non-financial assets The shares or units (F.52) are shares of an investment fund if the fund has a corporate structure, and units if the investment fund is a trust fund.
Investment grants (D.92)
Investment grants (D.92) are capital transfers in cash or kind made by governments or by the rest of the world to other resident or non-resident institutional units to finance the costs of their acquiring fixed assets.
Investment income
Investment income is the income receivable by the owner of a financial asset in return for providing funds to another institutional unit.
Investment income attributable to insurance policy holder (D.441)
Investment income attributable to insurance policy holders(D.441) corresponds to total primary incomes received from the investment of insurance technical reserves.
Job
A job is a contract between a person and a resident institutional unit to perform work in return for compensation.
Joint venture
A joint venture requires the creation of a corporation, partnership or other institutional unit in which each party legally has joint control over the activities of the unit.
Kind of Activity Unit
A kind-of-activity unit is an enterprise, or part of an enterprise, that engages in only one kind of productive activity, or in which the principle activity accounts for most of the value added generated.
Labour force
The labour force consists of those who are actively prepared to make their labour available for producing goods and services that are included within the production boundary.
Land (AN.211)
Land (AN.211) is a location comprised of the ground, including the soil covering and surface waters, over which ownership rights can be exercised.
Land improvements (AN.1123)
Land improvements are recorded as capital formation and the additional value is shown as a separate asset for produced non-financial assets.
Legal owner
The legal owner of entities such as a good, 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.
Liability
A liability is established when a debtor is obliged to provide payments to a creditor.
Licenses - see contracts, leases and licenses
Life insurance
Life insurance is an activity whereby a policyholder makes payments to an insurer in return for an agreed sum to go to the beneficiary at a given date, or earlier if the insured dies before the given date.
Life insurance and annuity entitlements (F.62)
Life insurance and annuity entitlements (F.62) are financial claims that life assurance policy holders and beneficiaries of annuities have against corporations providing life insurance.
Listed shares (F.511)
Listed shares (F.511) are equity securities listed on an exchange such as a stock exchange.
Loans (F.4)
Loans (F.4) are financial assets created when creditors lend funds to debtors, with repayment terms which are fixed.
Local government (S.1313)
Local government consists of institutional units carrying out public administration whose competence extends only to a local part of the economic territory.
Local kind-of-activity units
Local kind-of-activity units are components of institutional units which carry out separate production activities.
Market output
Market output is output disposed of on the market, or intended to be disposed of on the market.
Market producer
A market producer is a local KAU or institutional unit, the major part of whose output is market output.
Merchanting
Merchanting is the purchase of goods in country A with subsequent resale in country B without ever being present in country C of the merchant.
Military inventories
Military inventories consist of single-use items such as ammunition, missiles, rockets, bombs that are delivered by weapons or weapon systems.
Mineral exploration and evaluation
Mineral exploration and evaluation consists of the value of expenditures on exploration for petroleum and natural gas, and for non-petroleum deposits and subsequent evaluation of the discoveries.
Mixed income
For unincorporated enterprises in the households sector, mixed income is income from self-employment. It has characteristics of wages and salaries, and characteristics of profit.
Monetary financial institutions (MFIs)
Monetary financial institutions (MFIs) are institutional units classified either as the central bank (S.121), deposit taking corporations except the central bank (S.122),or as money market funds (MMFs) (S.123).
Monetary gold (F.11)
Monetary gold (F.11) is gold to which the monetary authorities have title and which is held as reserve assets.
Money market fund shares
Money market fund shares or units represent a claim on a proportion of the value of an established money market fund.
Money market funds (MMFs) (S.123)
MMFs are collective investment schemes engaged in financial intermediation, whose business is to receive investment fund shares or units as deposits, and on their own account, to make investments in money market fund shares or units, short-term debt securities and deposits.
National disposable income (NDI)
National disposable income (NDI) is the sum of the disposable incomes of the institutional sectors, equal to national income plus net current transfers from abroad.
Net Domestic Product (NDP)
NDP is GDP less consumption of fixed capital.
Net national disposable income (NNDI)
NNDI is defined as net national income plus current transfers receivable from abroad, less current transfers paid abroad.
Net national income (NNI)
NNI is defined as gross national income (GNI) less the consumption of fixed capital.
Net non-life insurance premiums (D.71)
Net non-life insurance premiums (D.71) are premiums payable under policies taken out by institutional units, comprising actual premiums payable by policy holders, and premium supplements payable out of property income attributed to policy holders, after deducting service charges.
Net recording of financial transactions
Net recording of financial transactions is the recording of the acquisition of financial assets net of disposals, and the incurrence of liabilities net of repayments.
Net social contributions (D.61)
Net social contributions (D.61) comprise employers actual and imputed social contributions, plus households' actual (D.613) and supplement (D.614) social contributions, less social insurance scheme service charges (D.61SC).
Net worth of the economy
The net worth of the total economy is the value of non-financial assets of the economy plus the balance of financial assets and liabilities of the economy with the rest of the world.
Netting
Netting occurs in categories such as changes in inventories, and increases in assets and liabilities to show the final effect of these types of flows at the end of the accounting period.
Neutral holding gains and losses (K.71)
A neutral holding gain (loss) (K.71) in assets and liabilities is the increase (decrease) over a period, in the value of holding gains (losses) when the price changes are in accord with the changes in the general price level.
Nominal holding gains and losses (K.7)
Nominal holding gains and losses on assets and liabilities are changes in the value of the assets and liabilities due to changes in price.
Non-financial asset
A non-financial asset is a good (tangible or intangible) which is used over time.
Non-financial corporations
Non-financial corporations are institutional units which are independent legal entities, market producers, and whose principal activity is the production of goods and non-financial services.
Non-life insurance
Non-life insurance is an activity where the policy holder makes 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.
Non-life insurance claims (D.72)
Non-life insurance claims (D.72) are the claims due under contracts in respect of non-life insurance - the amounts insurance enterprises pay in settlement of claims regarding injuries or damage suffered by persons or goods.
Non-life insurance technical reserves (F.61)
Non-life insurance technical reserves (F.61) are financial claims that non-life insurance policy holders have against non-life insurance corporations in respect of unearned premiums and claims incurred.
Non-market output
Non-market output is output that is provided to other units free, or at prices that are not economically significant.
Non-market producer
A non-market producer is a local KAU or institutional unit whose major part of output is provided free or at not economically significant prices.
Non-money market (MMF) investment funds
Non-MMF investment funds are collective investment schemes principally engaged in financial intermediation whose business is to receive investment fund shares or units which are not close substitutes for deposits, and on their own account to make investments in financial assets other than short-term assets and in non-financial assets such as real estate.
Non-observed economy
The non-observed economy includes illegal activities where the parties are willing partners, and hidden/underground activities which are unreported to avoid official scrutiny, and informal (unrecorded) activities.
Non-performing loans
Non-performing loans are loans when payments are 90 days past their due date, or interest payments payable over 90 days have been capitalised, or there is good reason such as debtor filing for bankruptcy to doubt payment.
Non-produced assets
Non-produced assets (NP) are assets that have not been produced within the production boundary.
Non-profit institution (NPI)
A private non-profit institution (NPI) is a legal or social entity producing goods and services, whose status prevents them from being a source of income or profit or other financial gain for the units that establish, control or finance them.
Non-profit institution (NPI)
A private non-profit institution (NPI) is a legal or social entity producing goods and services, whose status prevents them from being a source of income or profit or other financial gain for the units that establish, control or finance them.
Non-profit institutions serving households (S.15)
Non-profit institutions serving households (NPISHs) are non-profit institutions which are legal entities, which serve households and which are private non-market producers.
Notional resident unit
When land located in a territory is owned by a non-resident
entity, a notional unit that can be treated as resident is
identified for statistical purposes as being the owner of the
land. This notional resident unit is a kind of quasi corporation.
One-off guarantees
One-off guarantees are contingent assets or liabilities, as the degree of risk cannot be estimated with sufficient certainty to enable a value to be estimated for a financial asset or liability.
Operating lease
An operating lease is where the lessor charges a rental to the lessee for the use of a non-financial asset, and the lessor remains the legal and economic owner of the asset.
Operating surplus
Operating surplus is the surplus arising from production after allowing for intermediate consumption and compensation of employees.
Options
Financial options are contracts which give the holder the right but not the obligation, to purchase from or sell to the issuer of the option, an asset at a pre-determined price within a given time span or on a given date.
Other accounts receivable/payable (F.8)
Other accounts receivable/payable (F.8) are financial assets and liabilities created as counterparts to transactions where there is a timing difference between the transactions and the corresponding payments.
Other accounts receivable/payable, excluding trade credit and advances (F.89)
Other accounts receivable/payable excluding trade credit and advances (F.89) are financial claims arising from timing differences between distributive transactions or financial transactions on the secondary market, and the corresponding payments.
Other capital transfer (D.99)
Other capital transfers (D.99) are transfers other than investment grants and capital taxes which redistribute saving or wealth among the different sectors of an economy and the rest of the world.
Other changes in assets
Other changes in assets record economic changes that are not the result of transactions.
Other changes in assets and liabilities
Other changes in assets and liabilities are economic flows other than those recorded in the capital and financial accounts, that change the value of assets and liabilities.
Other current taxes (D.59)
Other current taxes (D.59) include taxes on the ownership or use of land and buildings by owners, taxes on net wealth, poll taxes, expenditure taxes, and payments for some licences.
Other current transfers (D.7)
Other current transfers (D.7) comprise net non-life insurance premiums (D.71), non-life insurance claims (D.72), current transfers within general government (D.73), current international cooperation (D.74), miscellaneous current tran.sfer (D.75), and VAT and GNI-based EU own resources (D.76).
Other deposits (F.29)
Other deposits (F.29) are non-transferable deposits, and cannot normally be used as means of payment or be exchanged for currency or other transferable deposits.
Other employment-related social insurance schemes
Employment related social insurance schemes are schemes for employees, to provide pensions and other entitlements that are part of the conditions of employment, and where the responsibility for the scheme does not devolve to government.
Other equity (F.519)
Other equity comprises all forms of equity not included under listed and unlisted shares.
Other financial intermediaries, except ICPFs
Other financial intermediaries except ICPFs are financial corporations and quasi-corporations principally engaged in financial intermediation by incurring liabilities in forms other than currency.
Other investment income (D.44)
Other investment income (D.44) comprises investment income attributable to insurance policy holders (D.441), payable on pension entitlements (D.442) and attributable to collective investment fund shareholders (D.443).
Other monetary financial institutions
Other monetary financial institutions consist of deposit taking corporations except the central bank (S.122) and money market funds (S.123).
Other social insurance benefits
Other social insurance benefits (D.622) are benefits payable by employers as part of employment-related social insurance schemes, to contributors and their dependents or survivors.
Other subsidies on production (D.39)
Other subsidies on production (D.39) consist of subsidies except subsidies on products, which resident producer units receive as a consequence of engaging in production.
Other subsidies on products (D.319)
Other subsidies on products (D.319) consist of subsidies on goods or services produced by resident enterprises, or on imports, that become payable as a result of the production, sale, transfer, leasing or delivery of those good or services, or as a result of their use for own consumption or own capital formation.
Other taxes on production (D.29)
Other taxes on production (D.29) consist of taxes incurred by enterprises engaging in production, independent of the quantity or value of the goods and services sold.
Output
Output is the total of all products created during an accounting period.
Output from own account production
Output produced for own final use consists of goods or services retained by the producer for his own final consumption or capital formation.
Output of insurance
Output of the insurance activity is defined as premiums earned plus premium supplements less claims incurred less increases in technical reserves.
Output of life insurance
The output of life insurance is total premiums earned plus premium supplements less benefits due, less increases (plus decreases) in technical reserves.
Output of non-life insurance
The output of non-life insurance is total premiums earned plus premium supplements (property income earned on technical reserves) less adjusted claims incurred.
Output of non-market producer
The output of a non-market producer is valued as the sum of costs i.e. the sum of intermediate consumption (P.2), compensation of employees (D.1), consumption of fixed capital (P.51c), and other taxes (D.29) less subsidies (D.39) on production.
Output of services from owner-occupied dwellings
The output of services from owner-occupied dwellings is an imputed transaction where the estimated value of rental is that which a tenant would pay for the same accommodation.
Output of wholesale and retail services
The output of wholesale and retail services is measured by the trade margins realised on the goods purchased for resale.
Own funds
Own funds are the sum of net worth (B.90) and the value of equity and investment fund shares (AF.5) as liabilities in the balance sheet.
Parent enterprise
A parent enterprise is an enterprise with one or more resident or non-resident subsidiaries.
Partitioning
Partitioning of a transaction occurs when a transaction appearing to the parties involved as a single transaction, is recorded as two or more differently classified separate transactions.
Pension entitlements (F.63)
Pension entitlements (F.63) comprise financial claims that current employees and former employees have against either their employers, a pension scheme, or an insurer.
Pension funds (S.129)
Pension funds are 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).
Perpetual Inventory Model (PIM)
The Perpetual Inventory Model (PIM) is a method for estimating the level of assets and consumption of fixed capital from time series of gross fixed capital formation. A depreciation function is used to calculate consumption of fixed capital and to obtain net capital stock by subtracting accumulated capital consumption from the gross capital stock.
Population
The population of a country is defined as all those persons who are usually resident in the country.
Primary incomes
Primary incomes are incomes earned through participation in the production process, together with ownership of non-financial and financial assets - the main components are income from employment, interest, profits and dividends.
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.
Produced non-financial assets (AN.1)
Produced non-financial assets (AN.1) are outputs from a production process.
Producer price
The producer price is the price received by the producer for a unit of goods or services produced as output, less any VAT or similar deductible tax, invoiced to the purchaser. It excludes any transport charges invoiced separately.
Production
Production is an activity carried out under the control, responsibility and management of an institutional unit that uses labour, capital and products to produce outputs of products.
Production boundary
The production boundary of the ESA includes all production of goods and services in the economy. The boundary is made clear in borderline cases by specific examples of where an activity lies in or outside the boundary.
Productivity measures
Productivity is a measure of output from a production process, per unit of input such as labour.
Products
Products are goods and services produced within the production boundary.
Property income (D.4)
Property income (D.4) accrues when the owners of financial assets and natural resources place them at the disposal of other institutional units. Financial assets generate interest payments and dividends, and natural resources such as natural land, generate rent.
Provisions for calls under standardised guarantees (F.66)
Provisions for calls under standardised guarantees (F.66) are financial claims that holders of standardised guarantees have against institutional units providing them.
Public non-financial corporations
Public non-financial corporations are non-financial corporations which are recognised as independent legal entities and are market producers, subject to government control.
Public private partnerships (PPPs)
Public private partnerships (PPPs) are long-term contracts between government and a private enterprise, whereby the private partner acquires or builds an asset, operates it for a period and then hands the asset over to the government.
Purchaser's price
The purchaser's price is the price paid by a purchaser for a product, excluding any VAT or similar deductible expenditure tax. The purchaser's price of a good will include any transport charges paid separately.
Purchases less sales of goodwill and marketing assets (AN.23)
Purchases less sales of goodwill and marketing assets (AN.23) is the excess of the price paid for an institutional unit over the value of its own funds.
Purchasing power parity
A purchasing power parity (PPP) is defined as the number of units of country B's currency that are needed in B to purchase the same quantity of an individual goods or service as one unit of country A's currency will purchase in A.
Quasi transit trade
Quasi transit trade are goods imported into a country, cleared through Customs for free circulation within the EU, and then dispatched to a third country in the EU.
Quasi-corporations
Quasi-corporations are entities whose economic and financial behaviour is different from their owners, and similar to that of corporations. They are deemed to have autonomy of decision and are considered as distinct institutional units.
Real holding gains and losses
Real holding gains and losses (K.72) on assets and liabilities are the difference between the nominal and neutral gains and losses, in the absence of transactions and other changes n the volume of assets.
Re-exports
Re-exports are foreign goods that are imported then exported with no substantial transformation from their imported state.
Reference rate for FISIM
Fixing a reference interest rate for FISIM allows FISIM to be allocated between borrower and lender. If the lender receives L interest, and the borrower pays B interest, and the reference rate is R, then the service charge to the lender is R - L, and to the borrower B - R.
Reinsurance
An insurer can protect against an unexpectedly large number of claims or exceptionally large value claims by taking out a reinsurance policy with a reinsurer, to protect against such an eventuality.
Reinvested earning on foreign direct investment (D.43)
Reinvested earnings on foreign direct investment (D.43) are equal to the operating surplus of the foreign direct investment enterprise plus property income and current transfers receivable, less property incomes and current transfers payable.
Rent (D.45)
Rent (D.45) is the income receivable by the owner of a natural resource through placing the natural resource at the disposal of another institutional unit.
Rental
Rentals are payments for the use of produced fixed assets.
repurchase agreements (repo's)
A securities repurchase agreement (repo) is an arrangement where securities are provided for cash, with a commitment to repurchase the securities at a fixed price, and at a fixed date or with "open"" maturity."
Requited transactions
Requited transactions are transactions that involve an exchange of something for something, for example the provision of goods for money.
Rerouting
Rerouting of a transaction occurs when a single transaction between A and C is recorded as two transactions: one between A and B, and one of the same value between B and C.
Research and development
Research and development assets are measured through the value of expenditures on creative work and subsequent development to create Intellectual Property Products.
Resident unit
A unit is resident in a country when it has a pre-dominant centre of economic interest in that country, and it engages for a period of economic activity for one year or more.
Resource lease
A resource lease is where the lessor charges a rent to the lessee for the use of a natural resource such as land, and the lessor remains the legal and economic owner of the resource.
Rest of the world (S.2)
The rest of the world is a grouping of all non-resident units that are engaged in transactions with resident units.
Satellite account
A satellite account elaborates or modifies the tables and accounts of the central framework of the national accounts, to serve specific data and analytical needs.
Saving
Saving is that part of disposable income not used for final consumption expenditure.
Seasonality
Seasonality is a pattern repeating on a regular basis in the same period of each year.
Secondary activity
A secondary activity is an activity carried out within a single local KAU in addition to the principal activity, and whose output should be suitable for delivery outside the producer unit.
Securitisation
Securitisation is the issuance of debt securities for which the coupon or principal payments are backed by specified assets or future income streams.
Self-employed
Self-employed persons are the sole or joint owners of the unincorporated enterprises in which they work.
Services
Services are a productive activity which benefits the recipient in meeting a want such as a haircut. The service provided is not the haircut itself, which is an outcome, but the service is "haircutting"" which is consumed in the act of delivery. "
Social accounting matrix (SAM)
A social accounting matrix (SAM) links the supply and use tables and the institutional sector accounts, and commonly shows additional information on specified topics such as employment.
Social assistance
Social assistance benefits are paid for the benefit of members of society, independently of participation in a social insurance scheme.
Social assistance benefits in cash (D.623)
Social assistance benefits in cash (D.623) are current transfers payable to households by government or NPISHs to meet the same needs as social insurance benefits, but not under a social insurance scheme.
Social benefits other than social transfers in kind (D.62)
Social benefits other than social transfers in kind (D.62) comprise social security benefits in cash, other social insurance benefits, and social assistance in cash.
Social contributions and benefits (D.6)
Social contributions and benefits (D.6) comprise net social contributions (D.61) and social benefits other than social transfers in kind (D.62), and social transfers in kind (D.63).
Social insurance schemes
Social insurance schemes are schemes in which participants are obliged or encouraged by third parties to take out insurance against certain eventualities and circumstances.
Social security benefits in cash (D.621)
Social security benefits in cash (D.621) are social insurance benefits payable in cash to households by social security funds.
Social security funds (S.1314)
Social security funds include central, state and local institutional units whose principal activity is to provide social benefits to the community.
Social security schemes
Social security schemes cover the entire community, or large parts of the community, and are imposed, controlled and financed by government.
Social transfers in kind (D.63)
Social transfers in kind (D.63) are individual goods and services provided free or at prices that are not economically significant, to individual households by government or NPISHs.
Special Drawing Rights (SDRs)
Special Drawing Rights (SDRs) are international reserve assets created by the IMF and allocated to its members to supplement existing reserve assets.
Special purpose entity (SPE)
A Special Purpose Entity (SPE) is a limited company created to fulfil a narrow, specific and temporary objective, to isolate a financial risk, a specific taxation or a regulatory risk.
Special Purpose Entity (SPEs) accounts
The accounts of SPEs with no independent rights of action are consolidated with the parent corporation unless they are resident in a different economy from that of the parent, in which case they are recognised as a separate institutional unit.
Standardised guarantees
Standardised guarantees are issued in large numbers so that a reliable estimate of the number of calls under the guarantees can be made. Standardised guarantees are financial assets.
State government (S.1312)
State government consists of separate institutional units exercising functions of government at a level below that of central government and above local, except for the administration of social security funds.
Stocks
Stocks are the holding of assets and liabilities at a point in time.
Subsidies (D.3)
Subsidies (D.3) are current unrequited payments which general government or the institutions of the EU make to resident producers.
Subsidies on products (D.31)
Subsidies on products (D.31) are subsidies payable per unit of a good or service produced or imported.
Supply table
The supply table shows the supply of goods and services by product, and by domestic producing industry and imports.
Swaps
Swaps are financial derivatives in the form of contracts between two parties who agree to exchange streams of payments on an agreed notional amount of principal - the most common types are interest rate swaps, foreign exchange swaps and currency swaps.
Taxes and duties on imports excluding VAT (D.212)
Taxes and duties on imports excluding VAT (D.212) comprise compulsory payments levied by government or the institutions of the EU on imported goods and services, excluding VAT.
Taxes on income (D.51)
Taxes on income (D.51) are taxes on income, profits and capital gains.
Taxes on production and imports (D.2)
Taxes on production and imports (D.2) consist of compulsory, unrequited payments levied by government or the institutions of the EU, in respect of production or import of goods and services.
Taxes on products (D.21)
Taxes on products (D.21) are taxes payable per unit of a good or service produced or sold.
Terms of trade
Terms of trade is the ratio of average export prices to average import prices.
Trade credit and advances (F.81)
Trade credit and advances (F.81) are financial claims arising from (trade credits) the direct extension of credit by the suppliers of goods and services to their customers, and (advances) prepayment by customers for products or work not yet delivered.
Trade margin
A trade margin is defined as 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.
Trading gains or losses
The trading gain or loss from changes in the terms of trade is the difference between real Gross Domestic Income (GDI) and GDP in volume terms.
Transactions
A transaction is an economic flow that is an interaction between institutional units by mutual agreement, or an action within an institutional unit that is useful to treat as an interaction, because the unit is operating in two different capacities.
Transactions in products
Transactions in products are exchanges between institutional units detailing the origin ( domestic output or imports) and use (intermediate consumption, final consumption, capital formation or exports) of products.
Transferable deposits (F.22)
Transferable deposits (F.22) are deposits exchangeable for currency on demand at par and can be used for direct payment.
Transfers
A transfer is a transaction in which one party provides a good, service or an asset to another party without receiving anything in return.
Transit trade
Transit trade is where goods cross a country on their way to final destination, and are generally excluded from foreign trade statistics, balance of payments and national accounts of the country in transit.
Uncompensated seizures (K.4)
Uncompensated seizures (K.4) occur when governments or other institutional units take possession of assets of other institutional units without compensation, for reasons other than payment of taxes, fines etc.
Unemployment
Persons are in unemployment if they are without work, currently available for work, and seeking work.
Unincorporated enterprise
An unincorporated enterprise is one where the production activity of a government unit, an NPISH or household cannot be recognised as a that of a quasi-corporation.
Unlisted shares (F.512)
Unlisted shares are equity securities not listed on an exchange.
Unrequited transactions
Unrequited transactions are payments in cash or kind from one institutional unit to another with no counterpart in return.
Use table
The use table shows the use of goods and services by product type, and by type of use for both intermediate and final consumers.
Valuables
Valuables are non-financial goods not used primarily for production or consumption, but held as a store of value.
Value added - see gross value added
Value added is the difference between the output and intermediate consumption of an industry.
Value-added type taxes (D.211)
A value added type tax (VAT) is a tax on goods and services collected in stages by enterprises and which is ultimately charged in full to the final purchasers.
VAT and GNI-based EU own resources (D.76)
VAT and GNI-based EU third and fourth own resources (D.76) are current transfers paid by the general government of each Member State to the Institutions of the European Union.
Wages and salaries in cash (D.11)
Wages and salaries in cash (D.11) are cash payments for work done, and include social contributions, income tax etc. paid by the employee, including those withheld by the employer and paid direct to social insurance schemes etc. on behalf of the employee.
Wages and salaries in kind (D.11)
Wages and salaries in kind (D.11) are goods and services provided free or at reduced prices by employers to employees, which are not used as part of the production process.
Weapon systems
Weapon systems treated as capital formation by government, consist of vehicles and other equipment such as warships, submarines, military aircraft, tanks, missile carriers and launchers etc.
Withdrawals from the income of quasi-corporations (D.422)
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.
Work in progress
Work-in-progress consists of output produced by an enterprise that is not yet sufficiently processed to be in a state in which it is normally supplied to other institutional units.
Research and development (R&D)
Research and development (R&D) is creative work undertaken on a systematic basis to increase the stock of knowledge, and use of this stock of knowledge for the purpose of discovering or developing new products, including improved versions or qualities of -existing products, or discovering or developing new or more efficient processes of production.
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
