Introduction

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28 Οκτ 2013 (πριν από 3 χρόνια και 9 μήνες)

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Introduction
:

National accounts are the basic tools for planning and forecasting, as well as for
the preparation of policies and economic strategies which are planned by decision
makers in the State, beside its importance to the different sectoral and economical
systems
. The national accounts importance comes from the fact that it is used by
many authorities, inside and outside the country. At the local level, the national
accounts data are used as a measure of growth of economic and social
development. It is also used t
o assess the economic situation at the macro and
sectoral level according to international standards. The compilation and
presentation of tables for macro
-
economic variables of national accounts of the
State must have a high degree of accuracy and objectiv
ity, to ensure the quality of
its results and accuracy of its uses. At the international level, the national accounts
variables are considered as the base for the purposes of international comparisons,
in terms of economic performance levels of the country
. Therefore,
the National
Bureau of Statistics is keen to

provide the requirements of the preparation of the
national accounts data, in a timely manner and with a high level of accuracy and
reliability, so that it can meet the needs of all users.

System of

National Accounts (
SNA
)

divides the economy into
the following
Sectors
:


-

The
Non
-
financial
corporations
sector

-

The
F
inancial
corporations
sector
which
includes banks and insurance companies

-

The
General government
sector
(
Federal
, local and insurance

and pension funds)

-

The Non
-
profit
institutions serving households

-

The
H
ousehold
s

sector.

-

T
he
Rest of the

world.


The most important definitions used in national accounts:


O
utput:

Output
consists of those goods and services that are produced within
an
establishment that become available for use outside that establishment
.

The output
can also be retained by their owners for own final consumption or
for
own gross
fixed capital formation
, as is the case when the farmers who produce food crops
.
They keep

some part of the output for their own consumption and

put
the other

part
in the market
. Output

varies
in form,

sometimes
as

goods and other times
as
services
. T
he nature of
output varies
from one economic activity to another activity
and from one sector t
o another
.


Intermediate Consumption:

Intermediate consumption consists of the value of
the goods and services consumed as inputs by a process of production

and is
divided into:


1)
Intermediate Consumption

of goods
:

s
uch as raw materials
,

fuel, oil, spare parts
and packaging materials, stationery, electricity, water and other supplies needed for
production purposes.


2)
Intermediate Consumption

of s
ervice
: such as
maintenance and operating
expenses and expenses o
n

research and testing, tra
nsportation, transfer and
processing services, hospitality expenses and gifts
, cos
ts of training programs,
commissions and
residential and non
-
residential
rents and other required service
s.


Gross
Value
A
dded:

Gross Value added is

the difference between
va
lue of output

and
value of
intermediate consumption and
is calculated at the level of
institutio
nal
sectors and economic activities.


Net Value Added:

Net value added i
s the difference between gross value added
and
consumption of fixed

capital.


Consumption of
F
ixed

C
apital:

E
ach capital good

has
some life span and has to
be replaced after its useful life.

Consumption of fixed capital is the decline, during
the course of the accounting period, in the current value of the stock of fixed assets
owne
d and used by a producer as a result of physical deterioration, normal
obsolescence or normal accidental damage.


Compensation of
E
mployees:

Compensation of employees is the sum of rewards
in cash or in kind paid by the employer to an employee for work performed by the
latter during the accounting period. Compensation of employees consists of the
following:


1)
Wages and salaries

in cash
: It i
ncludes

wages and salaries paid
in cash on a
regular basis, weekly, monthly or as agreed in contract.


2)
B
enefits in kind: It i
nclude
s all the
goods and services provided to the
employees without charge such as meals and drinks

in restaurant
s

and bar
s
,
fu
rniture and transportation
,

tickets for
personal
travel, leisure services,

housing,

electricity
and
water
etc
.


3)
I
nsurance benefits:
It

includes
pension
on retirement and the value of

premiums

paid for

social insurance
such as

health insurance
,

life insurance, insurance against
work injuries
etc
.


Taxes on
P
roduction and
I
mports:

It consists of taxes on products that are paid
for goods or services produced, sold, transferred or disposed of. It also includes
taxes and duties on imports that becom
e payable when the goods enter economic
zone by crossing the border or when services are provided from non
-
resident units
to resident units. It further includes other taxes on production which consist mainly
of taxes on the ownership or use of land or buil
dings or other assets.


Operating Surplus:

Operating surplus
is

balancing items in generation of income
account and are defined as value added less compensation of employees less taxes
paid on production plus subsidies received


Gross
Fixed
Capital F
ormation:

It is the value of acquisitions less disposals of
new or existing fixed assets. Fixed assets consist of both tangible fixed assets
(dwellings, other buildings and structures, other structures, transport equipment,
other machinery and equipment et
c.) and intangible fixed assets (computer
software, entertainment, literary or artistic originals, etc.).