ECB欧洲央行-Government-finance-statistics-guide_86页_959kb

Summary of the Government Finance Statistics Guide

1. Introduction

This guide provides an overview of the methodology and structure for compiling Government Finance Statistics (GFS) for the European Central Bank (ECB). It was updated in 2019 to align with the latest GFS Guideline from 2018, ensuring consistency across euro area Member States and better alignment with the European System of Accounts 2010 (ESA 2010) and the Excessive Deficit Procedure (EDP).

1.1 Latest update of the guide

• The guide was updated to reflect changes in the 2018 GFS Guideline.
• Table 1a, 1b, 1c, and 2a were revised to ensure consistency and alignment with ESA 2010.
• Table 3b was expanded with more detailed data on consolidating elements of Maastricht debt.
• Table 1b now includes a new section on transactions with the Single Resolution Board/Single Resolution Fund.

1.2 Context and purpose

• The ECB uses GFS for monetary policy analysis and convergence reports.
• GFS are also used to monitor the Stability and Growth Pact and the EDP.
• The GFS Guideline outlines reporting requirements, and the guide explains how the data are compiled.
• The guide is relevant to all Member States, including non-participating ones, as they also report to the ECB.

1.3 Methodological framework

• GFS are based on ESA 2010 and the EDP.
• The general government sector includes central, state, local governments, and social security funds.
• Intra-unit transactions are excluded from GFS, as they do not impact net lending/net borrowing.
• The ECB uses a four-category breakdown of revenue and expenditure: current and capital revenue, and current and capital expenditure.
• The DDA (Deficit-Debt Adjustment) reconciles the deficit with government debt, incorporating changes in asset values and volumes.

1.4 ECB publications and other uses of GFS

• The ECB requires annual GFS submissions in April and October, and interim updates.
• These data are used to update ECB publications, including Economic and Statistical Bulletins, Fiscal Policy Notes, and Convergence Reports.
• Quarterly GFS data are also collected for use in integrated euro area accounts and the Centralised Securities Database (CSDB).

1.5 Structure of the guide

• The guide is structured around the GFS reporting tables and additional methodological chapters.
• Each chapter includes a table that maps:
  • Guideline item numbers from Annex II of the GFS Guideline.
  • Reporting table line numbers and their relationships.
  • Corresponding ESA 2010 codes.

2. Government Revenue, Expenditure and Deficit/Surplus (Table 1a)

2.1 Introduction to Table 1a

• Table 1a provides a breakdown of government revenue and expenditure.
• It is based on ESA 2010 definitions and includes current and capital categories.
• The ECB uses this table to collect data for GFS reporting.

2.2 Table 1a: Format and contents

• Item 1: Deficit (-) or surplus (+), calculated as total revenue minus total expenditure.
• Items 2–5: Deficit/surplus by sub-sector (central, state, local, and social security funds).
• Item 6: Total revenue, including all non-financial transactions that increase net lending or reduce net borrowing.
• Item 7: Total current revenue, which includes taxes, social contributions, sales, and other current revenue.
• Item 8: Current taxes on income, wealth, etc. (D.5), including taxes on income and wealth.
• Item 9: Taxes on production and imports (D.2), which are compulsory and unrequited payments.
• Item 10: Taxes on products (D.21), including value-added tax (VAT), import duties, and excise taxes.
• Item 11: Value Added Tax (VAT), collected in stages and ultimately charged to final consumers.
• Item 12: Other taxes on production (D.29), such as land use taxes and pollution taxes.
• Item 13: Net social contributions (D.61), including actual and imputed contributions.
• Item 14: Employers' actual social contributions (D.611), including payments to social security and pension schemes.
• Item 15: Households' actual social contributions (D.613), paid into social security and pension schemes.
• Item 16: Sales, including market output, own final use, and payments for non-market output.
• Item 17: Other current revenue, which includes subsidies and property income.
• Item 19: Total capital revenue, including capital taxes.
• Item 21: Total expenditure, including current and capital expenditure.
• Item 22: Total current expenditure, including intermediate consumption, compensation of employees, and interest payable.
• Item 30: Other current expenditure, which includes subsidies, property income, taxes, and adjustments for pension entitlements.
• Item 31: Total capital expenditure, including gross fixed capital formation and changes in inventories.
• Item 34: Capital transfers payable, including investment grants.

3. Key Concepts and Methodological Notes

• Net lending/net borrowing (B.9): The core measure of government financial position.
• Consolidation: Intra-governmental transactions are consolidated in GFS, while inter-unit transactions are not.
• Deficit/Debt Reconciliation: The DDA accounts for changes in asset and liability volumes, not just the deficit.
• ESA 2010 vs. EDP: EDP debt excludes certain liabilities (e.g., insurance reserves, financial derivatives) and values debt at face value rather than market price.
• Valuation Differences: EDP uses face value, while ESA 2010 uses market value, affecting the reconciliation of deficit and debt.
• Foreign Currency Debt: EDP values foreign currency liabilities at forward contract rates, not spot rates.