Contact infoGovernment Finances, Economic Statistics
Jesper Søgaard Dreesen
+45 3917 3054
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The data is collected throughout the year from various sources. It is then processed in relation to the national accounts system, where it may be necessary to contact the specific source to clarify certain characteristics of the data. It can also be necessary to make imputations in cases where the data is not available at the time of publication. When a full set of financial accounts for all (sub-)sectors are designed a series of corrections is performed to ensure the internal consistency within the national account's framework.
List of primary sources for the financial account statistics in Denmark:
- Reports from The Danish Financial Supervisory Authority .
- Monetary and financial statistics from Danmarks Nationalbank
- Statistics on quoted shares.
- Statistics on quoted bonds.
- Statistics on loans and deposits.
- Quotations from Copenhagen Stock Exchange (NASDAQ OMX).
- Statistics on major insurance companies and consumer credit companies.
- Accounting and VAT statistics.
- Accounts in general.
- Tax return statistics.
- Accounts for general government.
Frequency of data collection
Not relevant for these statistics.
One of the fundamental goals when compiling national accounts statistics is to maintain comparability over time. Therefore, the statistical sources are adapted in order to be consistent with the concepts of the national accounts. This process is the first part of the quality assurance of statistics where it may be necessary to contact the specific source to clarify certain characteristics of the data, or if the new data is significantly different than expected. As data is collected continuously throughout the year, it may be necessary to make imputations for the data that are not available at the time of publication. The internal consistency of financial accounts functions as a quality control in the production, as different sources with the same information can be compared.
The data is collected throughout the year from many different sources. It is then processed in relation to the national accounts system, where it may be necessary to contact the specific source to clarify certain characteristics of the data. It may be necessary to make imputations in cases where the data isn’t available at the time of publication. After the first quality assurance where data is validated and the concepts of the national accounts are adapted a full set of financial accounts for all (sub-)sectors are designed. For each (sub-)sector the transition from the opening balance sheet account to the closing balance sheet account is calculated as below:
opening balance sheet + financial transactions + other changes in volume + revaluations = closing balance sheet
Financial accounts make up a consistent system, showing the financial flows and net worth of each sector of the economy over time. Corrections is carried out due to the internal consistency, which is the basis of national accounts.
The financial accounts are - on both the asset and liability side - based on a number of financial instruments. It is a property of a financial instrument that if it appears as an asset for one unit it will simultaneously appear as a liability for another unit. An example is bank deposits of households, which are an asset for households and a liability for banks. For each account and instrument this sector/counter-sector relationship implies that the sum of all assets equals the sum of all liabilities. It also holds by definition the sum of net lending / net borrowing across sectors equals zero.
The internal consistency of financial accounts functions as a quality control in the production, as different sources with the same information can be compared.
A link between the non-financial sector accounts and the financial accounts is net lending/ net borrowing (given by the total transactions in assets less of the total transactions in liabilities). The net lending/net borrowing obtained in the non-financial sector accounts is per definition identical to the net lending/net borrowing obtained in the financial accounts. This is due to the fact, that non-financial transactions always have a counterpart transaction in the financial accounts. In practice, this equality rarely holds due to that the statistics are produced on different data sources which may be affected by temporal concerns or missing observations. The deviation between the net lending/net borrowing obtained in non-financial sector account and the net lending/net borrowing obtained in the financial accounts serves as an important quality indicator for the statistical production. It can give rise to to a re-evaluation and sometimes re-estimation of sources and calculation. The balance act between the non-financial accounts and financial accounts is usually performed in the financial accounts. This is due to the fact that transactions in the financial accounts usually are linked with greater uncertainty compared to the transactions in the non-financial accounts. The starting point in the financial accounts is usually balances, which are based on high quality sources. Thereafter revaluations and transactions are compiled from other sources or estimated. This composition of different sources can give rise to a biased distribution between revaluations and transactions, which leads to an inaccurate net lending/net borrowing in the financial accounts. The balancing of the net lending/net borrowing does not influence the balances. The balancing is done in the financial transaction account. To obtain the transition from beginning of the period to the end of the period a counterpart transaction is placed in the account for other changes in volume. This practice is chosen because the balances of the financial accounts have the most reliable sources.
There is no correction of data beyond what has already been described under data validation and data compilation.