1 / 14

Singapore: Income-based Gross Domestic Product

Learn about Singapore's GDP compilation approaches, data collection strategies, and reconciliation processes at the 2012 International Workshop in Beijing. Explore income-based GDP, methodology frameworks, and data sources and methods.

jessicawashington
Download Presentation

Singapore: Income-based Gross Domestic Product

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Singapore: Income-based Gross Domestic Product International Workshop on Household Income, Consumption and Full Accounting of the Households Sector Beijing, China 26-28 March 2012

  2. Agenda • Overview • Conceptual Framework • GDI Compilation Methodology • -Data Collection & Compilation Strategy • -Sources & Methods • Reconciliation Processes • GDI Revision Policy

  3. Overview • Three Approaches to GDP • The Singapore Department of Statistics (DOS) compiles and disseminates GDP estimates using all three approaches to GDP • Income-based GDP • Since 1998, DOS has compiled and published the income-based GDP, GDP(I) on an annual basis, from reference year 1980 onwards • GDP(P) as headline GDP - statistical discrepancy recorded on GDP(I)

  4. Overview

  5. Conceptual Framework • System of National Accounts (SNA), 1993/2008 • Consistent with SNA • Recent Conceptual Change/Methodological Improvements • Capitalisation of software expenditure • Treatment of employee stock options as compensation of employees • Allocation and estimation of financial intermediation services indirectly measured (FISIM)

  6. GDI Compilation Framework Data Collection & Compilation Strategy Business Register Administrative Records Up-to-date survey frame Data Management Policy Statistical Surveys Administrative Data -Comprehensive data -Consistent with national accounts concepts -Less timely -Respondent burden -Detailed analysis constrained by sample size -Comprehensive & detailed data -Less consistent with national accounts concepts -Generally more timely than surveys -Reduced cost to business -Good source of detailed analysis Adjustments & Reconciliation GDP(I)

  7. GDI Compilation Framework Sources & Methods: Compensation of Employees (CoE) • Business survey questionnaires consistent with national accounts concepts • Survey items on CoE include: • (1) Wages & salaries (including bonus & allowances) • (2) Employer's social contributions (i.e. Central Provident Fund) • (3) Staff benefits (e.g. welfare, medical & housing benefits) • (4) Expenses on share-based payment to employees (e.g. stock options) • CoE is largely compiled on the basis of annual business survey results, and cross-validated against administrative data for consistency & reliability • In the absence of benchmarked annual survey data, latest year’s estimates are extrapolated on the basis of quarterly/monthly administrative & survey data

  8. GDI Compilation Framework Sources & Methods: Compensation of Employees (CoE)

  9. GDI Compilation Framework Sources & Methods: Gross Operating Surplus (GOS) • Similar to CoE, GOS is compiled largely on the basis of business survey results, and cross-validated against administrative data • GOS is derived as a residual item: • GOS = Value added (basic price) • - Compensation of employees • - Other taxes less subsidies on production • In the absence of benchmarked annual survey data, latest year’s estimates are extrapolated on the basis of quarterly survey data.

  10. GDI Compilation Framework Sources & Methods: Gross Operating Surplus (GOS)

  11. GDI Compilation Framework Sources & Methods: Taxes less Subsidies on Production and on Imports • Taxes less subsidies on production and on imports are compiled largely on the basis of monthly/quarterly administrative data, e.g. government finance statistics (GFS).

  12. Reconciliation Processes Non-Benchmarked years Benchmarked year GDP(P) GDP(P) Statistical Discrepancy = 0 Statistical Discrepancy = 0 Statistical Discrepancy ≠ 0 Statistical Discrepancy ≠ 0 Data Reconciliation (IO tables) Data Confrontation GDP(E) GDP(E) GDP(I) GDP(I) Statistical Discrepancy ≠ 0 Statistical Discrepancy = 0 • Data confrontation among three approaches to GDP to narrow statistical discrepancy on an annual basis • Data reconciliation among three approaches to GDP (i.e. no statistical discrepancy is recorded) on the basis of updated input-output tables once every 5 years

  13. GDI Revision Policy

  14. Thank You Our Vision A National Statistical System of Quality, Integrity and Expertise Our Mission We provide Reliable, Relevant andTimely Statistics to support Singapore's Social and Economic Development

More Related