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Statistical presentation

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National Accounts, Economic Statistics
Bo Siemsen
+45 3917 3069

bsm@dst.dk

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Annual National Accounts, Total Economy (Discontinued)

The National Accounts are designed to present a complete picture of the economy. The National Accounts provide the conceptual and actual tool to bring to coherence all economic activity and development in Denmark.

Data description

In the final national accounts the economic flows are viewed from two different points of view. The economic transactions are on the one hand described in a functional system and on the other hand described in an institutional sector system. In the functional system, detailed information on product flows is available such as production, import and export, intermediate consumption, final consumption expenditure and gross fixed capital formation, including information about the incomes that are generated and the factors of production in the form of labour and capital goods that have participated in the production process. In the institutional sector system, distributive and financial transactions are described as well, since focus here is on the economic agents as decision-making units. The core of the final functional national accounts is approximately 2,350 product balances at current prices. Additionally, product balances in prices of the previous year as well as detailed information on gross fixed capital formation and capital goods are being compiled.

In the functional system the main aggregates of the Production account and the Generation of income account are compiled at the most detailed industry level of the final national accounts, i.e. at 117 industry groups. Figures on employment are compiled at this level as well. The main aggregates are: Production, Intermediate production, Gross value added, Compensation of employees and Gross operating surplus and mixed income. Of these, the first three are also compiled as chain volume indices (chained values). This is an attempt to isolate the volume part of the monetary values. In addition, figures are given for private consumption expenditure using a classification of 72 individual consumption groups and for gross fixed capital formation using a classification of 69 industries both at current prices and as chained values.

From 2008 on-wards the production of government goods for individual consumption is compiled using a new methodology in chained values (constant prices). The introduction of volume indicators means that the chained values now directly reflects the volumes produced of government goods for individual consumption, such as operations on public hospitals and public education in primary schools. The collective government goods e.g. public security and infrastructure are however still calculated using the input-method i.e. as the sum of production costs in constant prices. The introduction of volume indicators for production of government goods for individual consumption in constant prices is described in the publication "General Government Output and Productivity". In this the public volume indicators are treated and analysed in detail. It is free of charge and can be downloaded from the tab "Publications" on https://dst.dk/en/Statistik/emner/produktivitet-og-input-output.aspx

The development in the volume of economic transactions involving products e.g. production, consumption and investment is illustrated by decomposing transaction values in current prices into their price and volume components. This decomposition is done for those aggregates of the national accounts that relate to real transactions. The decomposition is done by calculating Laspeyres chain volume indices currently with base year 2010 (chained values).

The Laspeyres chain volume indices are calculated by extrapolating the values of the base period by the Laspeyres volume indices calculated with the previous year as base year. The frequent change of base year gives a better estimate of the year-to-year growth rates than growth rates calculated in a system with a constant base year. The drawback of chain volume indices is a lack of additivity in the chained values. Because of the lack of additivity the basic national accounts identities valid at current prices do not apply to volumes based on chain volume indices.

Besides the chained values for transactions involving products, are calculated chained values for some types of household income. These values describe the real income development, i.e. the development of the purchasing power of the income. Real income is calculated by correcting the development of the income for the change in prices of the products the income is assumed to buy. Disposable gross income is corrected with the price development of private consumption expenditure, and adjusted disposable income with the price development of actual individual consumption (sum of private consumption expenditure and government individual consumption expenditure). The chained values for disposable net income and adjusted disposable net income is calculated by subtracting the chained values for consumption of fixed capital from the corresponding gross values.

Classification system

Statistics Denmark's industrial classification DB07, which is a Danish version of the EU NACE, rev. 2. and the UN's ISIC, rev. 4, contains a number of standard classifications: the 127, 36, 19, and 10 classifications.

The final national accounts classification of 117 industries corresponds - with few deviations - to the 127 standard classification and the 117 industries of the national accounts can be aggregated to the other standard classifications. For this reason, national accounts figures can easily be compared to and used in connection with other statistics that are based on the DB07-standard classifications.

However, comparisons with other statistics at a detailed industry level will often show differences, partly because of differences in definitions of variables, and partly because of the calendar year delimitation of the national accounts and its requirement of total coverage of the economic activity.

Internationally there is a high degree of comparability with the national accounts of other countries because the Danish national accounts are compiled in accordance with the definitions in the European System of National Accounts ESA2010.

Sector coverage

All industries according to Danish Industrial Classification of All Economic Activities 2007 (DB07).

Statistical concepts and definitions

Account Concepts: The national accounts are compiled in accordance with the definitions in the EU's "European System of National and Regional Accounts - ESA2010", which is a European version of the UN's "A System of National Accounts 2008". The main structure of the national accounts consists of a number of consolidated accounts for the economy as a whole which are called: Goods and services account, Production account, Generation of income, distribution of income and spending of income accounts, Capital account and Rest of the world account. The Goods and services account shows the value of the total supply of goods and services in the form of output and imports of goods and services. The supply is equivalent to the value of the total use of goods and services distributed between intermediate consumption, final consumption expenditure, gross fixed capital formation, changes in inventories and exports of goods and services. The central variable GDP - Gross Domestic Product - can be found in the Production account. The Generation of income, distribution of income and spending of income accounts show the incomes, which are a result of the Danish value added tax, to which these incomes accrue, and how they are used. The Capital account shows how gross savings have been spent on gross fixed capital formation and changes in inventories, resulting in net lending/net borrowing. This, in turn, corresponds to the balance in the Rest of the world account, which largely corresponds to the balance of the current account in the balance of payments. In the institutional system, the above mentioned accounts (except the Goods and services account) are divided into the following institutional sectors: Non-financial enterprises, Financial enterprises, Government services, Households, Non-profit Institutions serving Households (NPISH) and Rest of the world account.

Statistical unit

For the compilation of output, intermediate consumption, taxes linked to production and subsidies, wages and salaries, employment, fixed capital formation and depreciation, the statistical unit is the local kind-of-activity unit. For the compilation of distributive and financial transactions, which cannot be divided up unambiguously among the individual kind-of-activity units belonging to a decision making unit (enterprise), the unit is the larger institutional unit, which in most cases will be the same as the legal unit which is the enterprise.

Statistical population

All units generating Danish economic activity

Reference area

Denmark.

Time coverage

  • Annual National Accounts, final 1966-2015
  • Annual National Accounts, preliminary 2016-2017

Base period

Production, Intermediate production, Gross value added are also compiled as chain volume indices (chained values) with 2010 as base year. This is an attempt to isolate the volume part of the monetary values.

Unit of measure

Mill. DKK

Reference period

The flow figures in the national accounts refers to transactions during the year, while employment figures are averages over the year.

Frequency of dissemination

Annually.

Legal acts and other agreements

Act on Statistics Denmark § 6 and §§ 8 - 12.

Council Regulation (EU) No 549/2013 of May 21 2013 on the European system of national and regional accounts in the European Union (ESA2010) (OJ L 174 26.06.2013, p. 1).

Cost and burden

There is no direct burden of response since data are collected by other offices in Statistics Denmark.

Comment

Not available