esa95 manual on government deficit and debt pdf

esa95 manual on government deficit and debt pdf

It provides the appropriate answers to most of the statistical and accounting problems posed in the EU in the last years. Result of a collective work of reflection, conceptual and textual elaboration made by a group of experts, coordinated by Eurostat, representing EU Member States, the Commission and the European Central Bank. It was discussed and improved by the working parties on national and financial accounts. Data Database Statistics by theme Statistics A to Z Publications All publications Statistics Explained About us Who we are Contact Accessibility Opportunities Calls for tenders Grants. Brexit content disclaimer. The aim of the manual is to aid its application for calculating the government deficit and debt. It provides the appropriate answers to most of the statistical and accounting problems posed in the EU in the last years. Custodian: Eurostat Leave the password fields blank to remove any current password. MS Word-like content editing experience thanks to a rich set of formatting tools, dropdowns, dialogs, system modules and built-in spell-check. Linguee Look up words and phrases in comprehensive, reliable bilingual dictionaries and search through billions of online translations. Blog Press Information Linguee Apps You helped to increase the quality of our service. Following investigations by the Austrian statistical authorities, the necessary revisions have been introduced in the reported deficit and debt data. The Netherlands: Eurostat is expressing a reservation on the quality of the government deficit data reported by the Netherlands, due to uncertainties on the statistical impact of the government interventions relating to the nationalisation and restructuring of SNS Reaal in 2013. The size of the impact is being clarified with the Dutch statistical authorities. Based on currently available information, Eurostat expects that the resulting increase in the government deficit for 2013 would not exceed 0.3% of GDP.http://promtong.com/promtong/temp/dutchmen-voltage-owners-manual.xml

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Amendment by Eurostat to reported data6 Eurostat has made no amendments to the data reported by Member States. Other issues i. Intergovernmental lending For the purpose of proper consolidation of general government debt in European aggregates and to provide users with information, Eurostat is collecting and publishing data on government loans to other EU governments, including those made through the European Financial Stability Facility (EFSF). For 2013 the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal. ii. Supplementary tables for the financial crisis Annex 2 contains supplementary tables for the financial crisis for the EU and the euro area. Background In this News Release, Eurostat, the statistical office of the European Union, is providing7 government deficit and debt data based on figures reported in the first 2014 notification by EU Member States for the years 20102013, for the application of the excessive deficit procedure (EDP). This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue. Annex 1 shows the main revisions since the October 2013 News Release. It is calculated according to national accounts concepts (European System of Accounts, ESA95). For Estonia and Latvia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate. Euro area (EA18): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. In the attached table, the euro area is defined as including Estonia and Latvia for the full period, although Estonia joined the euro area on 1 January 2011 and Latvia on 1 January 2014. Up to 30 June 2013, the European Union (EU27) included 27 Member States. From 1 July 2013 the European Union (EU28) also includes Croatia.http://gshosnab.ru/userfiles/dutchwest-2465-manual.xml

In the attached table, all periods refer to the EU28. Government expenditure and revenue are reported to Eurostat under the ESA95 transmission programme. They are the sum of non-financial transactions by general government, and include both current and capital transactions. The Commission (Eurostat) expresses reservations when it has doubts on the quality of the reported data. This provision of data shall be effected through publication. Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data. Annex 1 Main revisions between the October 2013 and the April 2014 notifications Below are shown country specific explanations for the largest revisions in deficit and debt for 2010-2012 between the October 2013 and the April 2014 notifications, as well as in GDP. Denmark: The decrease in the deficit for 2012 is due to updated source data mainly on taxes, extra-budgetary units and the local government sub-sector. Luxembourg: The improvement in the government balance for 2012 is mainly due to a revision in tax receivables resulting from updated source data and the correction of investment expenses of the local government sub-sector. Slovakia: The decrease in the deficit for 2011 is due to the reclassification of the Railway Infrastructure Company in the general government sector. Sweden: The increase in the deficit for 2012 is mainly due to updated source data on taxes. Debt Belgium: The increase in the debt for 2010, 2011 and 2012 is mainly due to the inclusion of a number of units in the general government sector, updated source data for the state government sub-sector and other corrections and methodological adjustments which have followed the latest Eurostat EDP visits.

France: The increase in the debt for 2010, 2011 and 2012 is mainly due to changes in the sources and methods used to consolidate central government debt and the inclusion of some units in the central government sub-sector. Austria: The increase in the debt for 2010, 2011 and 2012 is mainly due to the inclusion of liabilities not recorded in public accounts of Land Salzburg prior to the 2013 audit by the Federal Audit Office. GDP The GDP for 2012 notified in April 2014 for EDP purposes was revised by a number of Member States compared with that notified in October 2013, in general by small amounts. An increase of about 1% of GDP for 2010 and 2011 and of about 0.7% for 2012 has been notified by Malta. Changes in GDP affect deficit and debt ratios due to the denominator effect. Support measures for non financial institutions or general economic support measures are not included in the tables. The second table relates to data on stocks of financial assets and liabilities arising from interventions relating to support of financial institutions. It distinguishes between activities which have contributed to government liabilities (included in government debt) and activities which may potentially contribute to government liabilities in the future, but which are currently recorded as contingent on future events (not included for the moment in government debt). In addition, imputations relating to the financing costs should be included. 5. Guarantees covered are those granted by general government to non-general government financial institutions. It does not include guarantees on bank deposits, or guarantees on the liabilities of special purpose entities included in (h). It is only the value of active guarantees, not announced ceilings for schemes. It also includes guarantees on assets, which would imply incurrence of government liability in case of a call. 6.

Liquidity schemes included here are those where the government securities used are not recorded in government debt (see the Eurostat Decision and accompanying guidance note for details). Their liabilities are recorded outside the general government sector (as contingent liabilities of general government). Compared with the third quarter of 2013, twelve Member States registered an increase in their debt to GDP ratio at the end of the fourth quarter of 2013, fourteen a decrease and two remained stable. Provisional Further data are available in the publication on quarterly government finance statistics: We are a non-profit group that run this service to share documents. We need your help to maintenance and improve this website. You can change your cookie settings at any time.Statistical bulletinStatistical bulletinWhile the debt provides a measure of the total owed by government. Under the Maastricht Treaty with the EU, the UK deficit should not exceed 3% of GDP and the UK debt should not exceed 60% of GDP This was fourth consecutive fall in the deficit as a percentage of GDP Since 2002, debt as a percentage of GDP has grown in each calendar year They fulfil the legal requirement for the UK (and other EU Member States) to report actual and planned government deficit and debt The source data for this publication are the same as those used in compiling the monthly Public Sector Finances bulletin. However, there are three main differences between this bulletin and the Public Sector Finances. The Protocol on the Excessive Deficit Procedure, annexed to the Maastricht Treaty, defines two criteria and reference values with which Member States’ governments should comply. These are: Thus for comparisons over time the figures as a percentage of GDP (also measured in current prices) are used to provide a comparable time series. General government net borrowing and gross debt In the calendar year 2013, the UK government deficit (net borrowing) was ?92.9 billion (5.8% of GDP).

This is the fourth reduction in the deficit since 2009 when it was ?160.9 billion (11.4% of GDP). However, in 2013 the deficit was still higher in 2013 than in 2008. The deficit was above the 3% Maastricht reference value between 2003 and 2005. It was just below the 3% in 2006 and 2007. Since 2008, the deficit has been above 3%. The estimates of net borrowing provided under the Maastricht Treaty include the impact of the transfer of Royal Mail Pension Plan assets and the Bank of England asset purchase facility in 2012 and 2013 respectively.Between 1992 and 1996 net borrowing as a percentage of GDP remained above the 3% to GDP reference value for borrowing. For the three years 1999 to 2001 general government net borrowing as a percentage of GDP reduced as net borrowing was negative, indicating a surplus. The net borrowing was close to the 3% of GDP reference value for the years 2003 to 2007. Since then it has been above the 3% reference value. Government net borrowing as a percentage of GDP is illustrated in Figure 2. Following this flotation of Royal Mail on the London Stock Exchange, ONS reviewed the classification of the company and decided that it should be classified as a Private Non-Financial Corporation (moving it from the Public to Private sector). More detail on the decision is provided in the classification article Royal Mail sale: Impacts in the National Accounts and Public Sector Finances. Lloyds Banking Group On 17 September 2013 the UK Government began selling part of its share holding in Lloyds Banking Group. The sale of the shares does not impact on the public sector net borrowing because it is a financial transaction. The cash received from the sale of the government’s 6% stake (at 75p a share) was ?3.2 billion. Bank of England Asset Purchase Facility Fund The Chancellor announced on 9 November 2012 that it had been agreed with the Bank of England to transfer to the Exchequer the excess cash in the Asset Purchase Facility Fund.

In line with European guidance (from Eurostat) the amount of cash that reduces net borrowing is limited by the entrepreneurial income earned by the Bank of England in the previous year. For the calendar year 2013, there was a transfer of ?40.2 billion from the Asset Purchase Facility to HM Treasury, of which ?18.6 billion affected the deficit (net borrowing). Of this transfer ?6.4 billion impacted on the deficit (net borrowing). Environmental levies The EU Emissions Trading System (ETS) and UK Carbon Reduction Commitments (CRCs) Energy Efficiency Scheme are two environmental schemes which are administered by the Environment Agency to reduce emissions. Data from both schemes have been included in the statistics included in this release. As the schemes provide revenue to the government (classified as taxes on production in the Non-Financial Account) they reduce net borrowing. The impact on net borrowing of the revenue from ETS was ?57 million, ?244 million, ?341 million, ?257 million and ?356 million in Q2 of 2009, 2010, 2011, 2012 and 2013 respectively. Subsequent payments were received in Q3 and Q4 of 2013 totalling ?601 million. The figures in this statistical bulletin will be published by Eurostat on 23 April 2014. The tables in this bulletin present the UK Government debt and deficit position at the end of both the financial and calendar years. The United Kingdom, uniquely within the European Union, is assessed against the deficit and debt on a financial year basis. The UK figures may be compared to those of other EU Member States on the Government Finance Statistics section of the Eurostat website. The latest UK government deficit and debt figures exceed the reference values set out in the Protocol on the Excessive Deficit Procedure. According to the last deficit and debt figures published on 21 October 2013, 17 Member States had a deficit exceeding the 3% reference value and 14 Member States had gross debts exceeding the 60% reference value in 2012 Quarter 4.

While the key statistics provided to Eurostat are those of general government consolidated gross debt and general government net borrowing (or deficit), detailed datasets showing the components of the debt and deficit statistics, as well as supplementary government finance statistics, are also supplied by Member States. A full set of government finance tables provided by the UK to Eurostat in March 2014 will be published on the ONS website on 22 April 2014.Revisions to the data are consistent with revisions incorporated within the Public Sector Finances statistical bulletin since October 2013. In general, the scale of the revisions is well within what might be reasonably expected based on revisions in previous years. For more information on these revisions see the revisions analysis (89.5 Kb Excel sheet) attached to this release. Further information on these and other revisions can be found in the PSF statistical bulletin and the summary quality report (201.4 Kb Pdf) relating to EDP and PSF statistics. These Public Sector Finances (PSF) statistical bulletins focus on data for the latest month and the financial year to date, although they also include long time series which put the data in context. The PSF statistics, and the statistics in this bulletin, are both compiled using National Account concepts and rules, following the European System of Accounts 1995 (ESA95) and additional guidance in the Manual on Government Deficit and Debt. Although the statistics in the PSF bulletin and this bulletin are compiled using the same data sources and following the same national accounting practices, there are some differences between the coverage of the two bulletins and the definitions of the key statistical aggregates. There are three main differences between the figures. The first is one of coverage. The Public Sector Finances covers the entire public sector while the figures in this bulletin are restricted to general government.

The general government sector, as defined in National Accounts, covers agencies and departments within central government and within local government. The public sector is a wider concept covering publicly-controlled companies as well as general government. This means that this bulletin does not include the gross debt of public corporations. The second difference is that the net debt measure reported in the PSF bulletin (and used by the UK Government for budget and forecast purposes) is calculated as the total stock of financial liabilities minus liquid assets. By contrast, the debt measure used as part of the Excessive Deficit Procedure (EDP) and reported in this bulletin is a gross debt measure which is calculated as the total stock of all financial liabilities. The general government gross debt is higher than the general government net debt found by the total value of all general government liquid assets. The third difference is that the EDP deficit statistics are compiled according to EDP rules described in the relevant legislation and following guidance in the Manual on Government Deficit and Debt. In two areas these rules and guidelines differ from those following in producing the net borrowing measure published in the PSF statistical bulletin. The first area of difference is that general government net borrowing published in the PSF statistical bulletin (in accordance with ESA95 rules) excludes interest payments or receipts received as part of financial instruments known as swaps and forward rate agreements. A swap agreement is one where two parties agree to exchange cash flows. As an example, the Government may hold foreign currency bonds, whose interest payments are subject to variable exchange rates. In order to receive a more steady cash flow the Government may enter a swap agreement with another organisation where they agree to swap the interest flow of the foreign currency bonds with an alternative interest flow provided by the counterpart organisation.

This is an illustrative example only and governments may enter into swap and forward rate agreements for a wide range of reasons. The second area of difference is in the recording of expenditure on single use military equipment. In the UK National Accounts and PSF this expenditure is recorded on an accrued basis in line with International Financial Reporting Standards (IFRS). However, in this publication the military expenditure is accrued to the point of delivery of the goods, in line with Eurostat guidance in the Manual on Government Deficit and Debt. The effect of including swap and forward rate agreements can increase or decrease general government net borrowing. Similarly, accruing military goods expenditure at the point of delivery, instead of as stage payments are made, can drive net borrowing up or down. For further information on the methodology employed within the Public Sector Finances and this bulletin, then a methodological guide (360.3 Kb Pdf) can be found on the ONS website. However, tables M5, M6 and M9 only cover more recent periods. All values in the tables are at current prices and are not seasonally adjusted. The debt figures are at nominal value. That is the debt is valued at the face value of the debt, which is what the government will be liable to pay, and not the market value of the debt. Table M1 shows the general government deficit and debt (in.Table M2 shows the general government debt by financial instrument (in ? million). Table M3 shows transactions (or changes) in general government debt by financial instrument (in ? million). Table M4 shows how the deficit can be reconciled with the changes in gross debt (in ? million). Table M5 shows how the unconsolidated financial liabilities of central government and local government are consolidated to arrive at general government consolidated gross debt (in ? million).

Table M6 shows how the unconsolidated transactions (or changes) in financial liabilities of central government and local government are consolidated to arrive at consolidated transactions in general government gross debt (in ? million). Table M7 shows how general government net borrowing (or deficit) can be reconciled with the general government net borrowing reported in the Public Sector Finances bulletin of 21 March 2014 (in.Table M8R shows revisions in deficit and debt between the figures published in this bulletin and those published in the last bulletin on 2 October 2013 (in.It does not include wider economic stimulus packages. The table is presented into two parts. Part 1 shows the impact on government deficit from both the expenditure undertaken by government and the revenue received as part of these support measures. Part 2 shows the impact on the government balance sheet from the support measures. Part 2 also includes estimates of the contingent liabilities that government is exposed to through the activities undertaken to support financial institutions. All figures are in ? million. The Protocol on the Excessive Deficit Procedure, annexed to the Maastricht Treaty, defines two criteria and reference values for compliance. These are a deficit to Gross Domestic Product (GDP) ratio of 3%, and a debt to GDP ratio of 60%. EU Member States have to report their actual and planned government deficits, and their levels of debt, to the European Commission to specific deadlines twice each year. The estimates in this statistical bulletin are supplied to the European Commission by ONS in accordance with the schedules in the Excessive Deficit Procedure. Forecasts for future years are provided separately by HM Treasury. The first deadline (1 April) is designed so that the European Commission can gain an early sight of Member States’ debt and deficit for the previous calendar year, and the second deadline (1 October) is to receive updates to these figures.

However, for the United Kingdom, uniquely within the European Union, the Stability and Growth Pact sets the reference period to be the financial year (1 April to 31 March), recognising the different budgetary year arrangements in the United Kingdom. The second deadline (1 October) thus provides for the UK the first estimate for the latest financial year. The Protocol on the Excessive Deficit Procedure defines Government deficit and debt following the rules and principles laid out in the European System of Accounts 1995. This is also the manual that governs the United Kingdom’s National Accounts. A summary quality report (201.4 Kb Pdf) for the public sector finances is available on the ONS website. This report describes in detail the intended uses of the statistics presented in this publication, their general quality and the methods used to produce them. The Regulation does not amend general government net borrowing for National Accounts purposes, which is the version presented in the Public Sector Finances Statistical Bulletin. The reconciliation between the net borrowing published in this bulletin and that published in the Public Sector Finances (PSF) statistical bulletin of 21 March 2014 is shown in table M7. It can be seen in table M7 that the net borrowing figures do not only differ due to the different methodologies for swaps but also differ with regard to the recording of expenditure on single use military equipment. In the UK National Accounts and PSF this expenditure is currently recorded on an accrued basis in line with International Financial Reporting Standards (IFRS). However, in this publication the military expenditure is accrued to the point of delivery of the goods, in line with Eurostat guidance. The estimate of GDP used in this bulletin is consistent with that published on 28 March 2014 in the UK National Accounts. A report of their findings was published on 3 November 2011.

Following work to comply with the requirements itemised in the UKSA report, the Public Sector Finances has had designation as National Statistics confirmed. The United Kingdom Statistics Authority has designated these statistics as National Statistics, in accordance with the Statistics and Registration Service Act 2007 and signifying compliance with the Code of Practice for Official Statistics. Designation can be broadly interpreted to mean that the statistics: As part of our continuous engagement strategy, we welcome comments on how else we might improve the Government Deficit and Debt Statistical Bulletin.The public sector finances revisions’ policy was reviewed at the end of 2012 and subsequently updated to more fully reflect compilation processes. The Public Sector Revisions’ policy (59.3 Kb Pdf) is available on the ONS website. Revisions to the EDP data are consistent with the revisions period in the Public Sector Finances statistical bulletin, which aims to incorporate the most up-to-date information for all time periods and therefore revisions can be included for any time periods. A summary quality report can be found on the ONS website which provides further information on how the quality of the statistical measures is assured. One indication of the reliability of the key indicators in this bulletin can be obtained by monitoring the size of revisions. For this reason a new Annex has been introduced showing the magnitude of revisions between publications for general government net borrowing and general government consolidated gross debt. A summary of the information in the Annex can be found in the Summary table of revision indicators attached below. Detailed data supplied to Eurostat under the Excessive Deficit Procedure are available on both the ONS website and on the Eurostat website. The latest available data are those published in October 2013. Once finalised the detailed data relating to this publication will be published on 22 April 2014.

Eurostat analyse all data provided by Member States and publish a press release which places the UK figures in a European context and provides commentary on any issues specific to member states. Details of the revisions policy for this and the other public sector finances statistical bulletins are available in the Public Sector Revisions’ policy (59.3 Kb Pdf). Information on the classification of institutional units for the purposes of National Accounts can be found at National Accounts classifications. An inventory (133.3 Kb Pdf) of the data sources used within the data supplied for the Excessive Deficit Procedure is available on the ONS website. In addition some members of the Treasury’s Fiscal Statistics and Policy (FSP) team will have access to them at all stages, because they are involved in the compilation or quality assurance of the data, and some members of the Treasury’s Communications team will see the HM Treasury bulletin, but only within the 24 hour pre-release period, because they place the data on the website. An electronic dataset is made available one working day after publication of the Public Sector Finances Statistical Bulletin. The dataset contains quarterly data consistent with the latest Public Sector Finances Statistical Bulletin, analysed by economic category and subsector. Statistical bulletinStatistical bulletin. In 2012, the government deficit1 of both the euro area2 (EA17) and the EU282 decreased in absolute terms compared with 2011, while the government debt1 rose in both zones. In the euro area the government deficit to GDP ratio decreased from 4.2% in 20113 to 3.7% in 2012 and in the EU28 from 4.4% to 3.9%. In the euro area the government debt to GDP ratio increased from 87.3% at the end of 2011 to 90.6% at the end of 2012 and in the EU28 from 82.3% to 85.1%. The report revealed deficiencies with regard to financial management and to completeness of the public accounts of the Land Salzburg.

The statistical implications of the audit for EDP data are being investigated by Statistics Austria in collaboration with Eurostat, in order to clarify the precise impacts on 2012 and also on preceding years. It is possible that this will lead to an upward revision of government debt of up to half a percent of GDP, with more minor revisions to the government deficit, based on the information available at this point. For 2012 the intergovernmental lending figures relate mainly to lending to Greece, Ireland and Portugal. Eurostat publishes supplementary tables by Member State on its website: This notification is based on the ESA95 system of national accounts. This News Release also includes data on government expenditure and revenue. Annex 1 shows the main revisions since the April 2013 News Release. It is calculated according to national accounts concepts (European System of Accounts, ESA95). Government debt is the consolidated gross debt of the whole general government sector outstanding at the end of the year (at nominal value). For those countries not belonging to the euro area, the rate of conversion into euro is as follows: For Estonia, data for the years prior to the adoption of the euro have been converted into euro according to the irrevocable conversion rate. In the attached table, the euro area is defined as including Estonia for the full period, although Estonia joined the euro area on 1 January 2011. From 1 July 2013 the European Union (EU28) also includes Croatia. They are the sum of non-financial transactions by general government, and include both current and capital transactions.Data referring to the financial year (1 April to 31 March), are shown in italics. For the United Kingdom, the relevant data for implementation of the excessive deficit procedure are financial year data. Changes in GDP affect deficit and debt ratios due to the denominator effect.http://eastbayscanning.com/images/bosch-logixx-8-user-manual-pdf.pdf