Glossary:Non-observed economy (NOE)

Non-observed economy (NOE) refers to all productive activities that may not be captured in the basic data sources used for compiling national accounts. The following activities are included: underground, informal (including those undertaken by households for their own final use), illegal, and other activities omitted due to deficiencies in the basic data collection program. The term ‘non-observed economy’ encompasses all of these activities and the related statistical estimation problems.

Further information

• Building the System of National Accounts - non-observed sector (background article)

Related concepts

• National accounts (NA)
• System of national accounts (SNA)

Source

• ESA 2010 par. 11.26
• Non-Observed Economy in National Accounts, Survey of Country Practices, United Nations, 2008.