IMF--GDDS--Guatemala-Table A. National accounts

Dissemination
Standards
Bulletin Board

Special Data Dissemination Standard Site
(SDDS)

General Data Dissemination System Site
(GDDS)
    Introduction
    Metadata
    What's New
    Contact Us

Data Quality Reference Site (DQRS)

AS PROVIDED BY GUATEMALA AS A PARTICIPANT IN THE GDDS


	Guatemala Table A. Comprehensive Framework Real Sector


CORE FRAMEWORK: National Accounts
National Descriptor (as applicable):
ENCOURAGED EXTENSION(S) (as applicable):
National Descriptor (as applicable):
National Methodological Publication (as applicable):

CONTACT PERSON(S):
	Mr. Fernando Danilo Estrada Pérez Deputy Director Economic Statistics Bank of Guatemala 7a. Avenida 22-02 zona 1, Centro Cívico Guatemala, Guatemala Telephone: (502) 24856000 Fax: (502) 22381431 Email: fdep@banguat.gob.gt
	Mr. Victor Estuardo Flores Suchite Unit Chief Economic Statistics Bank of Guatemala 7a. Avenida 22-01 zona 1, Centro Cívico Guatemala, Guatemala 01001 Telephone: (502) 24296000 ext 3321 Fax: (502) 22381431 Email: vefs@banguat.gob.gt
Date Metadata Updated: November 2008
Date Metadata Certified: November 2008
Printer Friendly Page

I. Analytical Framework, Concepts, Definitions, and Classifications
Analytical Framework, Concepts and Definitions

2.1.1 Concepts and definitions

In Guatemala, the national accounts are the responsibility of the National Accounts Section in the Economic Statistics Department of the Bank of Guatemala (BANGUAT).

The general framework used to compile national accounts statistics is based on the SNA 1993.

Classification System

2.3.1 Classification/sectorization

Guatemala’s national accounts contain several classifications or nomenclatures that are used as the basis for its accounting and data compilation framework. In this regard and to design the different frameworks for the SNA 1993, the system’s basic nomenclatures were created. These nomenclatures, listed below, reflect the current characteristics of the Guatemalan economy:

·       Institutional Sectors Classification of Guatemala (NSIG), based on the five main sectors of the SNA 1993;

·       Transactions Classification of Guatemala (NTG); the classification proposed in the SNA 1993 manual was taken into account in the preparation of this classification;

·       Industries or Economic Activities Classifications of Guatemala (NAEG), which was designed using the International Standard Industrial Classification (ISIC), Rev. 3. It contains three levels of disaggregation: the first consists of 17 large groups of industries; the second, 59; and the third, 143;

·       Products Classification of Guatemala (NPG) prepared using the Central Product Classification (CPC) Rev. 1.0. This classification is broken down into three levels: the first covers 65 product groups; the second includes a total of 226 products; and the third, 7,308 products; and,

·     Classification of Individual Consumption according to Purpose (COICOP).

II. Scope of the Data
Unit Coverage
2.2.1 Scope

The scope of national accounts statistics encompasses the accounts and aggregates included in the SNA 1993.

Supply and use tables are compiled annually at current and previous-year prices, as well as the cross-classification table of industries and institutional sectors, the table of integrated economic accounts, and the flow of funds table. The following information is also available:

Annual value added and GDP at current and previous-year prices by economic activity.

Annual expenditure on GDP at current and previous-year prices.

Components of annual value added at current prices by activity.

Sequence of accounts of the economy as a whole and by institutional sector up to net lending.

Sequence of accounts up to the closing balance for public financial and nonfinancial corporations.

The definition of the units comprising the economy is adjusted to SNA 1993 guidelines. The measurement of free zones is also included.

Production is defined in accordance with SNA 1993 guidelines. In this regard, own-account production of all goods for own final consumption, and output of goods for own-account fixed capital formation is quantified.
Transaction Coverage
Geographic Coverage

Unrecorded Activity (as relevant)
2.2.1 Scope

Activities in the informal sector are not identified separately, given that they are incorporated into the production measurement for the household sector.
Periodicity
4.1.1 Periodicity

Annual
Timeliness
4.1.2 Timeliness

Preliminary: 11 months; Revised and final: 18-24 months.

III. Accounting Conventions
2.4.1 Valuation

The valuation rules used for recording flows and stocks are in accordance with the SNA 1993, specifically:

Market prices are used to value flows and stocks.

Market production is valued at basic prices.

Production for own use is valued at the equivalent market price, with the exception of construction by general government, which is measured by incurred costs.

Intermediate consumption is valued at purchaser’s prices.

The value added tax, excluding the deductible part, is included in the valuation of intermediate consumption.
The calculation of insurance and freight is made for merchandise imports.

Total imports and exports are valued on an f.o.b. basis and are converted into local currency using the prevailing market exchange rate at the time of the transaction (only in the case of imports and exports of goods).

2.4.2 Recording basis

Ongoing projects are measured for the main agricultural exports (coffee, bananas, cardamom, and sugarcane).

Government revenue is recorded on a cash basis, while expenses are recorded on an accrual basis.

IV. Nature of the Basic Data Sources
3.1.1 Source data collection programs

Annual statistics on enterprises and establishments are collected through a regular survey program by the National Program for the Improvement of Economic Statistics (PRONAME), which was created by the Framework Agreement on Cooperation between the Bank of Guatemala and the National Institute of Statistics (INE), signed on January 12, 2000 and renewed on December 14, 2004.

The main goal of this program is to constantly provide timely data that ensures broad coverage of national economic activity and that is necessary to properly compile the macroeconomic accounts under the country’s system of national accounts and produce studies and research based on a statistical database, which support the economic authorities and private agents in the decision-making process.

PRONAME has developed the following targeted programs:

A.          Directories

1)           National Directory of Businesses and Their Locations (DINEL)

This project, the first implemented by PRONAME, was carried out between July 2000 and June 2001. The objective of DINEL was to set up a general reference framework of businesses and their locations that operate in the country’s main production centers, classified by economic activity and using ISIC Rev. 3.

DINEL captured data on businesses and their locations that were registered in the census of the country’s urban areas, as well as data on areas that were not registered in the census but that showed a concentration of businesses devoted to economic activity. Using the “sweep” procedure, 3,247 sectors of the map were covered in 157 municipalities across the country. Large businesses located outside of urban areas were registered using the “non-sweep” procedure.

2)           Updating of DINEL

The robust development of economic activity among businesses means that the directory must be updated constantly so that it contains the most recent information, which is used to compile up-to-date listing parameters.

In this regard, data was updated for the capital city in 2004; for the towns in the department of Guatemala, Quetzaltenango and three towns in Totonicapán in 2005; and data for the departments of Escuintla, Suchitepéquez, Retalhuleu, San Marcos, Huehuetenango, Totonicapán, Quiché, Sololá, Chimaltenango and Sacatepéquez is being updated in 2006.

B.          Economic surveys

1)           First Economic Survey (PEEC)

The First Economic Survey was carried out from March 3, 2003 to August 2, 2003, with the goal of directly compiling the economic and financial information of businesses and their locations for the year 2001, and calculating the account variables under the SNA 1993. Some 234 economic activities were included in the survey, in accordance with ISIC Rev. 3.

2)           Continuous Economic Surveys (EECONT)

The goal of these surveys was to ensure the continuity of the PEEC by compiling the same economic and financial data for the years following 2001. These surveys have been carried out in the following periods:

a)       First Continuous Economic Survey (EECONT1)



Compiled data from 2002 and conducted between March 15, 2004 and June 16, 2004.

b)       Second Continuous Economic Survey (EECONT2)

Compiled data from 2003 and conducted between September 6, 2004 and December 5, 2004.

c)       Third Continuous Economic Survey (EECONT3)

Compiled data from 2004 and conducted between April 4, 2005 and June 29, 2005.

d)       Fourth Continuous Economic Survey (EECONT4)

Compiled data from 2005 and conducted between April 4, 2006 and June 29, 2006.

e)       Fifth Continuous Economic Survey (EECONT5)

                                       Compiled data from 2006 and conducted between April 4, 2007 and June 29, 2007

f)       Sixth Continuous Economic Survey (EECONT6)

Compiled data from 2007 and conducted between April 7, 2008 and June 6, 2008

3)           Other surveys

a)       First Economic Survey of Indices (PEEI)

This survey was conducted in parallel to the third economic survey, from April 4, 2005 to June 29, 2005. The goal of this survey was to obtain data for use in constructing price, volume, and value indices by product. Quarterly data was obtained for the main products of businesses during the 2001‑2004 period.

b)       Continuous Economic Survey of Indices (EECI)



                This survey was conducted in parallel to the fourth economic survey, from April 4, 2006 to June 29, 2006. The goal of this survey was to obtain data to continue the process of constructing price, volume, and value indices by product. Similar to the previous survey, quarterly data were obtained for the main products of businesses for 2004 and 2005.

c)       Quarterly Economic Survey

1)       First Quarterly Economic Survey (EET06-1)

                                Compiled data from the first quarter of 2006 and conducted between April 24 and May 26, 2006.

2)       Second Quarterly Economic Survey (EET06-2)

                                Compiled data from the second quarter of 2006 and conducted between July 3 and August 4, 2006.

  3)       Third Quarterly Economic Survey (EET06-3)

                                Compiled data from the third quarter of 2006 and conducted between October 2 and November 3, 2006.

  4)       Fourth Quarterly Economic Survey (EET06-4)

                                Compiled data from the fourth quarter of 2006 and conducted between January 8 and February 9, 2007.

5)       Fifth Quarterly Economic Survey (EET07-1)

                                Compiled data from the first quarter of 2007 and conducted between April 9 and May 11, 2007.

6)       Sixth Quarterly Economic Survey (EET07-2)

                                Compiled data from the second quarter of 2007 and conducted between July 2 and August 3, 2007.

  7)       Seventh Quarterly Economic Survey (EET07-3)

                                Compiled data from the third quarter of 2007 and conducted between October 1 and November 2, 2007.

8)       Eight Quarterly Economic Survey (EET07-4)

                                Compiled data from the fourth quarter of 2007 and conducted between January 7 and February 8, 2007.

9)       Nineth Quarterly Economic Survey (EET08-1)

                                Compiled data from the first quarter of 2008 and conducted between April 7 and May 9, 2007.

10)       Tenth Quarterly Economic Survey (EET08-2)

                                Compiled data from the second quarter of 2008 and conducted between July 7 and August 8, 2007.

In addition, the INE is responsible for other types of surveys, such as:

·         Household Income and Expenditure Survey (ENIGFAM), 1998/1999;

·         National Standard of Living Survey (ENCOVI), 2000;

·         National Standard of Living Survey (ENCOVI), 2006;

·         IV National Agricultural Census, 2002-2003;

·         XI National Population Census and VI Housing Census 2002; and

·         National Survey of Employment and Income (ENEI), 2002

The Bank of Guatemala is home to a wide range of institutions that provide data based on administrative sources to measure activities not covered by the economic surveys conducted by PRONAME or those conducted by the INE.

3.1.2 Source data definitions, scope, classifications, valuation, and time of recording

The source data are consistent with the time of recording, reference periods, and valuation of national accounts statistics.

The administrative records used to compile national accounts statistics offer an acceptable approximation of the methodological requirements for national accounts statistics.

The coverage of all economic activities in the economic surveys carried out by PRONAME reflects the contents of the National Directory of Businesses and Their Locations (DINEL)

3.1.3 Source data timeliness

National accounts analysts have follow-up procedures for ensuring the timely receipt of source data.

3.2.1 Source data assesment

PRONAME technicians regularly monitor information on sampling errors for each survey conducted under this project.

V. Compilation Practices
3.3.1 Source data statistical techniques

PRONAME has implemented compilation procedures, such as coding, editing, and tabulation, to minimize the number of processing errors.

3.3.2 Other statistical procedures

a.      Procedures for the production approach

Estimations of household accounts include measuring formal and informal enterprises, although they have not been presented separately until now.

In fact, given the very particular characteristics of the household sector, some production activities are captured in economic surveys, while others are not, because they are conducted on a mobile basis or within the home.

The home-based business segment is known as non-visible, because these units are not included in the DINEL.



Consequently, the measurement of the non-visible segment of the household sector was made as follows:

·   The number of employed persons by economic activity for all households was calculated using the ENIGFAM;

·   The number of employed persons in 2001 was estimated and compared with economic surveys;

·   The difference between the number of employed persons according to the ENIGFAM and the economic surveys was considered the non-visible segment; and

·   Average productivity per employed person was calculated based on economic surveys and by activity according to the NAEG;

Data on the production of non-visible enterprises was obtained by multiplying average productivity (obtained from economic surveys) by the number of employed persons in the non-visible segment.

The output for rentals of owner-occupied dwellings is valued at the estimated rent that renters would pay for similar lodgings.

The average rents paid by households for their dwellings are obtained from the 2000 ENCOVI results.

To this end, homogenous types of housing were determined by taking into account the characteristics of the dwellings reported by this housing survey, in an effort to calculate an average rental price.

The reference points for this estimate are the actual rents reported in the survey, following a clean-up of the data to ensure the quality of the calculation.

Given that household surveys are not conducted on a continual basis, the change in the Index of Real Housing Rentals, prepared by the INE, is used to estimate the rental price for the remaining years.

Work in progress is calculated only for the main agricultural crops, such as coffee, bananas, cardamom, and sugarcane.

To estimate fixed capital consumption, the data on fixed assets depreciation reported by businesses in the economic surveys are used as a proxy, as there is insufficient data available to use the perpetual inventory method.

For GDP volume measures, the double indicator method is used (double deflation), given that deflators for production and intermediate consumption are already used for 226 products according to the NPG.

Measurements of the volume of product taxes and subsidies are estimated by extrapolating the tax or subsidy from the preceding base year through a volume extrapolator of the transactions that are subject to that tax or subsidy.

The volume of production of commercial margins is estimated by extrapolating the commercial margins of the preceding base year through a sales volume extrapolator by type of use.

The volume change in GDP is measured through annual chain indices, given that the national accounts at constant prices are calculated based on previous-year prices.

b.      Procedures for the expenditure approach

·         The final consumption expenditure of households is compiled at the four-digit level of the COICOP;

·         Expenditure by residents living abroad is included in final household consumption expenditure and imports;

·         Expenditure in the economy by nonresidents is excluded from final household consumption expenditure and is included in exports;

·         The implicit household consumption deflator is consistent with the CPI;

·         Final consumption expenditure by government is compiled at the one-digit level of the COFOG, excludes incidental sales, and is derived by deflating the components of the cost of production for final use;

·         Gross fixed capital formation is compiled by institutional sector and type of assets;

·         Changes in stocks are compiled by institutional sector and type of inventory; and

·         Expenditure on articles considered as stores of value is included in the estimation of objects of value only for financial corporations.

3.4.1 Validation of intermediate results

The data obtained from the main sources used to compile national accounts statistics are checked against other independent data sources.

3.4.2 Assessment of intermediate data

Potential discrepancies in intermediate data are assessed on a regular basis and the corresponding adjustments made as necessary.

3.4.3 Assessment of discrepancies and other problems in statistical outputs

The supply and use framework is used to identify and research discrepancies and ensure that statistical results are consistent.

3.5.1 Revision studies and analyses

The initial estimates are normally revised twice and then classified either as revised or as final.

VI. Other Aspects
4.2.1 Internal consistency

A consistent set of GDP estimates is prepared by economic activity and expenditure component at current and previous-year prices. GDP is also calculated at current prices in the expenditure approach.

4.2.2 Temporal consistency

The 2001-base national accounts contain observed data for the 2001-2006 series and spliced data for the 1990-2000 series.

4.2.3 Intersectoral and cross-domain consistency

The national accounts statistics are generally consistent with the balance of payments statistics, government finance statistics, and other statistical frameworks, given that the same information sources are used.

4.3.1 Revision schedule

The original estimates for the reference year are revised twice: once in November and again in June of the following year

4.3.2 Identification of preliminary and/or revised data

At the time of disclosure, users are told whether or not the published data is preliminary.

4.3.3 Dissemination of revision studies and analyses

The report on monetary, exchange rate, and credit policy, which analyzes, inter alia, the behavior of the real sector, is regularly published on the Bank of Guatemala website.

VII. Plans for Improvement
Recent Improvements

DQAF Codes

Recent Improvements

In June 2006, the Bank of Guatemala completed the implementation of the 1993 System of National Accounts (SNA 1993) and the changes in the base year of the country´s national accounts from 1958 to 2001

Beginning in January 2007, the Bank of Guatemala uses the SNA 1993 and the new base year 2001 to measure the country´s national accounts.

The Bank of Guatemala has coordinated with the public sector so that the results of the SNA 1993 implementation process and the base year (2001) are officially used since the first quarter of 2007.

Short Term

DQAF Codes

Short-term

Finalize by the end of 2008 the measurement of the informal sector in the national accounts, since estimations of household accounts include the measurement of formal and informal enterprises, although they have not been presented separately until now. The publication will cover only the years of 2002, 2004 and 2006 due to the availability of employment and household surveys.

The Quarterly national Accounts project which comprises quarterly series on the GDP for the production side and expenditure at current and constant prices for the 2001-I 2007-IV period, harmonized with the annual figures, and the series corresponding to 2008-I to 2008-4 will be presented by the end of the first semester of 2009.

The input-output matrix for 2006 is being prepared and is slated for completion by the end of the first semester of 2009

Medium Term

DQAF Codes

Medium-term

0.1.2

A new IMAE Index is being prepared with enhanced variables that ensure a better signaling on the behavior of the economic activity, according to the new structure of the GDP based on the SNA 1993 and the base year 2001.

Efforts are being made to pursue the Framework Agreement on Cooperation between the Bank of Guatemala and the National Institute of Statistics (INE), through which the National Program for the Improvement of Economic Statistics (PRONAME) functions and a large quantity of basic statistics are compiled to prepare the national accounts on an annual and quarterly basis.

Technical Assistance/Financing Needs/Other Prerequisites

Short Term
Technical assistance from international organizations in targeted areas, such as informal sector measurement, quarterly national accounts and the input-output matrix.
Medium Term
Technical assistance from international organizations in targeted areas, such as the construction of the IMAE Index.