## 1. Priority Recommendations ## Source details **Canonical URL:** [1. Priority Recommendations](https://www.imf.org/-/media/files/publications/cr/2020/english/1slvea2020003.pdf) ## Other formats - [Markdown version](/-/media/files/publications/cr/2020/english/1slvea2020003.pdf.md) - [Structured JSON version](/-/media/files/publications/cr/2020/english/1slvea2020003.pdf.json) --- ### Summary of mission outcomes - A Technical Assistance (TA) mission by CAPTAC-DR was conducted from February 26–March 2, 2018 to assist the Central Reserve Bank of El Salvador (BCRES) with concluding the compilation of the Monthly Volume Indicator of Economic Activity (Índice Mensual de Volumen de la Actividad Económica – IMVAE) and the development of annual institutional sector accounts (AISAs). - The mission followed up on recommendations from a previous mission in September 2017: to compile the IMVAE with base year 2005, and to assess data sources available for AISA compilation, using 2005 background data. The BCRES decision to start regular compilation as of 2014 was considered. - Current BCRES practice and datasets: - BCRES compiles national accounts with base year 1990 in accordance with the System of National Accounts 1968 (1968 SNA). - A new National Accounts (NA) series with base year 2005, based on the System of National Accounts 2008 (2008 SNA), was ready for publication. On March 23, 2018, the BCRES disseminated the new base year 2005 results. - IMVAE measurements use surveys conducted by DIGESTYC, combined with available administrative records. - Purpose of the two key work areas addressed by the TA: - Analyze consistency of IMVAE results for 2015–September 2017 in accordance with the consolidation methodology and indicators defined by DCN technical staff. - Develop annual sector accounts (AISAs) for the economy, starting with the financial sector and the government, for 2014 onwards. ### Priority recommendations - March 15, 2018 — Obtain the results of IMVAE calculations with base year 2005 for January 2018 and close 2017. - Responsible Institution: BCRES - March 23, 2018 — Disseminate the Annual and Quarterly National Accounts results with new base year 2005. - Responsible Institution: BCRES - December 2018 — Develop the series of economic accounts for the financial sector and general government for 2014–2016. - Responsible Institution: BCRES ### Monthly Volume Indicator of Economic Activity, 2015–September 2017 — findings - Reviewed DCN processes to consolidate the IMVAE (base year 2005) and compile economic activity indicators according to prior recommendations. - Noteworthy interinstitutional effort to use results from the Monthly and Quarterly Economic Surveys (MES and QES) conducted by DIGESTYC with BCRES support. - A preliminary IMVAE (base year 2005) with descriptive indicators by economic activity was developed and 2017 indicators were analyzed using MES information. - Methodology and consistency checks performed: - Reviewed monthly estimation procedures, weighted aggregation methodology, and indicator selection to ensure IMVAE quality and consistency with QNA results. - Ensured IMVAE (base year 2005) incorporates QNA methodological and conceptual recommendations for the same reference year: updated price weightings for volume-based chain indices; consistency across annual, quarterly, and monthly periods via benchmarking; seasonal adjustment; and improved basic statistics. - Analyzed seasonally adjusted series, checked parameters, and validated processes for each indicator and for the overall IMVAE. - Consistency analysis tools and practices used: - Benchmark-to-indicator ratio (BI) examined to verify alignment of monthly indicators with quarterly/annual data; a properly aligned BI should remain constant with minimal fluctuations. - Procedures to couple indicators from different sources over January 2005–January 2018 were reviewed; coupling relied on varying techniques depending on activity and available monthly information. - For some activities (agriculture, mining, electricity, gas and water, construction, real estate services, financial services, government), single-source indicators cover January 2005–December 2017 and show consistent monthly and quarterly trends. - For activities measured using MES (industry, trade, services), source data from establishments were checked to construct indicators for 2015–September 2017. ### Recommended actions — IMVAE (explicit) - Continue to apply the established methodology for compiling and continuously updating the IMVAE, while constantly analyzing the consistency, quality, and timeliness of the indicator and its alignment with quarterly data, ensuring conceptual consistency with QNA aggregates. - Always apply procedures to analyze the consistency of high-frequency indicators with less frequent (annual and quarterly) data; comparisons should include indicator performance and all available economic information (sector news, related indicators). - DCN technical team, with coordinators, should continue to bolster skills in handling, constructing, and interpreting economic situation indicators; training in short-term indicator construction and analysis should continue. - Operational guidance for timely IMVAE tracking (as of February 2018): - Note publication schedules for short-term indicators to enable strategic planning for data collection and calculation each month. - Maintain policy for reviewing and updating IMVAE data according to quarterly and annual publication schedules and incorporate via benchmarking. - Constantly review and, if necessary, update or replace selected indicators to ensure they accurately reflect the activity measured. - First option for monthly indicators: derive from established timely sources using the IMVAE methodology; validate previous month’s figure in the context of economic reports and sector news before incorporation. - Second option when primary indicator is unavailable: construct a percentage change rate from a similar indicator or use related information to extrapolate the prior series. - Specific recommendations based on 2015–2017 series: - Reinforce technical team skills in preparing short-term indicators and in sector monitoring, given the reconstruction of the series and consistent 2010–2017 monthly outcomes usable to consolidate the IMVAE. - Review the MES database results that BCRES received on March 12, 2018 and use those results to perform recalculations and reanalyze consistency for all months in 2017 and for January 2018. If survey delays occur, consider alternative indicators to produce estimates. ### Annual Institutional Sector Accounts — Financial sector (findings and actions) - An institutional sector accounts exercise is available for 2005 as part of the dataset prepared for the new 2005 base year; that exercise and files are based on the System of National Accounts 1993 (1993 SNA). - AISA compilation work entails starting at the institutional unit level, aggregating to subsectors, and producing integrated economic accounts; a column must be included in the integration file for the goods and services account (Account zero) as the framework based on the Supply and Use Table (SUT). - BCRES set 2014 as the initial year for an AISA series and the mission proposed preparing a concise set of accounts for the economy as a whole and for the external sector to obtain domestic aggregates and a rest-of-the-world account. - Team composition and data sources: - Mission requested meetings with the SUT integration team, financial services measurement team, financial statistics specialists (including a monetary and financial statistics specialist), and team members responsible for institutional accounts, government sector, and balance of payments. - The Superintendency of the Financial System compiles data from supervised agents (banks, insurance companies, pension funds, cooperative banks), representing more than 90 percent of financial sector information, stored in the Central Financial Information Repository (CIF), established in 2005. CIF covers up to five years. - BCRES extracts financial statements from CIF and uploads them to the economic database, adding them to SINEF (operational since 1994). SINEF contains trial balances with a 10-digit breakdown for banks and cooperative banks and a 14-digit breakdown for insurance companies, along with monetary balance sheets (balance monetario), including the central bank’s trial balance broken down by sector. ### The Department of Financial and Fiscal Statistics (DEFF) — data collection and use - DEFF uses monetary balance sheet accounts to perform monetary and financial surveys to monitor monetary, credit, and external sector aggregates. - For banks, non-accounting information in specific accounts that use sectorization (for investments and deposits, for example) is used to enable cross-comparison of information. - A 10-digit breakdown is used for cooperative banks, with no non-accounting information currently required. - Based on this information, DEFF prepares Standardized Monetary Data Forms (Formularios Estandarizados de Datos Monetarios – FEDM), which include the various standardized surveys relayed to the IMF and the Central American Monetary Council. - These statistics have been developed extensively and standardized in the region covered by CAPTAC-DR. ### Consolidation, adjusted balance sheets, and use for AISAs - DEFF maintains a summary of balance sheets containing a matrix of all banks, cooperative banks, and insurance companies. - Totals are kept by type of intermediary, with a 10-digit breakdown; DEFF includes sectorization for banks. - The information provided takes the form of consolidated, adjusted balance sheets, including intrabank transactions. - The information available in the BCRES is identified as the most consistent source for drawing up financial asset balance sheets and the respective flows for financial intermediaries. - The starting point for the AISAs will be the financial sector with its information on financial asset stocks and flows; use of that information will help establish a working method for the whole set of economic accounts in the financial sector. - Recommended Action: - Ask the DEFF for information from the adjusted balance sheets of banks, cooperative banks, and insurance companies for 2013 to 2017 in order to develop an exercise starting from the production account through to the balance sheet using the 2008 SNA economic classification. ### External sector (National Accounts Area) - The external sector account for 2014–2016 was requested to integrate domestic economy accounts with the external sector and obtain national aggregates. - The mission proposes establishing a set of accounts that show GDP in its three facets and include goods and services account data. - A set of six accounts was suggested (see Appendix I). - Recommended Action: - The person in charge of the external sector establishes the rest-of-the-world account and reconciles it with the balance of payments. ### General government accounts and conversion to 2008 SNA - BCRES has accrual-basis information on budget execution (revenue and expenditure), the economic performance statement (estado de rendimiento económico), and the general balance sheet (trial balance, economic performance statement, and general balance sheet). - These three reports are received for the central government, decentralized institutions, social security funds, and local governments; they are monthly and are not consolidated, meaning that the general government total can be obtained. - Work on each economic activity is done at the administrative unit or decentralized institutional level; current files are based on the 1993 SNA. - The mission proposes separating balance sheets so they can be based on the 2008 SNA. - Recommended Actions: - Work on the financial asset stocks data to obtain an aggregate balance sheet for each institutional subsector and regroup as needed by sector of economic activity or by group of special treatment entities, for the period 2013–2016. - Separate the work on current accounts and the capital account currently based on the 1993 SNA and prepare work files for financial and balance sheet accounts, making the most of the information available based on the 2008 SNA. At this stage, this is recommended for the government and financial sectors. ### Detailed technical assessment: priority actions, outcomes, and implementation status - Outcome: The high-frequency information has been compiled and disseminated both in-house and to the general public. - Priority: Continue to apply the methodology established for compiling and continuously updating the IMVAE, while constantly analyzing consistency, quality, and timeliness and ensuring alignment with quarterly data and QNA concepts and guidelines. Status: Ongoing. Guidelines were established during the mission. - Priority: Always apply procedures to analyze the consistency of short-term indicators with less frequent (annual and quarterly) data. Status: Ongoing. Guidelines were established during the mission. - Priority: DCN technical team, with coordinators, to continue bolstering skills in handling, constructing, and interpreting economic situation indicators. Status: Ongoing. - Priority: Review the MES results (to be received on March 13, 2018) and use those results to perform calculations again and reanalyze consistency for all months in 2017 and for January 2018. If delays occur, consider alternative indicators. Target completion date: March 15, 2018. - Outcome: The sequence of annual accounts for the economy as a whole is being compiled (up to net lending). - High-priority actions implemented: - Ask the DEFF for information from adjusted balance sheets of banks, cooperative banks, and insurance companies for 2013 to 2017 to develop an exercise from the production account through to the balance sheet using the 2008 SNA economic classification. Verifiable indicator: Financial statistics database. Target Completion Date: June 2018. Implementation Status: Implemented. - Person in charge of the external sector establishes the rest-of-the-world account and reconciles it with the balance of payments. Verifiable indicator: Rest-of-the-world account. Target Completion Date: June 2018. Implementation Status: Implemented. - Medium-priority actions implemented: - Work on the aggregate balance sheet information for each institutional subsector and regroup as needed by sector of economic activity or by group of special treatment entities, for the period 2013–2016. Verifiable indicator: Economic accounts for each financial intermediary. Target Completion Date: September 2018. Implementation Status: Implemented. - Separate current accounts and capital account work based on 1993 SNA and prepare work files for financial and balance sheet accounts based on 2008 SNA for government and financial sectors. Verifiable indicator: Revised work files. Target Completion Date: December 2018. Implementation Status: Implemented. ### Appendix I: Suggested set of accounts to integrate economy and external sector - I Goods and services account (Current values in millions of dollars) - Resources: P.1 - Production; D.21-D.31 - Taxes on products, net (D.21 - Taxes on products; D.31 - Subsidies on products); P.7 - Goods and services imports - Uses: P.2 - Intermediate consumption; P.3 - Final consumption expenditure; P.51b - Gross fixed capital formation; P.52 - Change in stocks; P.6 - Goods and services exports - II Income generation account (Current values in millions of dollars) - Uses: D.1 - Compensation of employees; D.2 - Taxes on products and imports (D.21; D.29); D.3 - Subsidies (-); B.2b - Gross operating surplus; B.3b - Mixed income, gross - Resources: B.1b - Gross value added / Gross domestic product - III National disposable income account (Current values in millions of dollars) - Uses: B.1b; D.1_rec; D.1_pag; D.4_rec; D.4_pag; Tr_rec; Tr_pag - Resources: B.6b - Gross disposable income - IV Use of income account (Current values in millions of dollars) - Items: B.6b; P.3; B.8b; B.12 - External balance on current account; P.5b - Gross capital formation - V Capital account (Current values in millions of dollars) - Uses: P.51b; P.52 - Resources: B.8n - Net savings; TK_rm_1 - Capital transfers received from the rest of t; B.9 - Net lending (+) / net borrowing (-) - VI Current transactions with the rest of the world account (Current values in thousands of dollars) - Uses: P.6 (and D.1_rec; D.4_rec; Tr_rec) - Resources: P.7 (and D.1_pag; D.4_pag; Tr_pag); B.12 - External balance on current account *Source: 1slvea2020003 - 1. Priority Recommendations; Chapter 21* ### 1. Priority Recommendations_____________________________________________________________________________ 5 ### 1. Priority Recommendations ### Summary of mission outcomes - A Technical Assistance (TA) mission by CAPTAC-DR was conducted from February 26–March 2, 2018 to assist the Central Reserve Bank of El Salvador (BCRES) with concluding the compilation of the Monthly Volume Indicator of Economic Activity (Índice Mensual de Volumen de la Actividad Económica – IMVAE) and the development of annual institutional sector accounts (AISAs). - The mission followed up on recommendations from a previous mission in September 2017: to compile the IMVAE with base year 2005, and to assess data sources available for AISA compilation, using 2005 background data. The BCRES decision to start regular compilation as of 2014 was considered. - Current BCRES practice and datasets: - BCRES compiles national accounts with base year 1990 in accordance with the System of National Accounts 1968 (1968 SNA). - A new National Accounts (NA) series with base year 2005, based on the System of National Accounts 2008 (2008 SNA), was ready for publication. On March 23, 2018, the BCRES disseminated the new base year 2005 results. - IMVAE measurements use surveys conducted by DIGESTYC, combined with available administrative records. - Purpose of the two key work areas addressed by the TA: - Analyze consistency of IMVAE results for 2015–September 2017 in accordance with the consolidation methodology and indicators defined by DCN technical staff. - Develop annual sector accounts (AISAs) for the economy, starting with the financial sector and the government, for 2014 onwards. ### Priority recommendations (Table 1) - March 15, 2018 — Obtain the results of IMVAE calculations with base year 2005 for January 2018 and close 2017. - Responsible Institution: BCRES - March 23, 2018 — Disseminate the Annual and Quarterly National Accounts results with new base year 2005. - Responsible Institution: BCRES - December 2018 — Develop the series of economic accounts for the financial sector and general government for 2014–2016. - Responsible Institution: BCRES ### Monthly Volume Indicator of Economic Activity, 2015–September 2017 — findings - The mission reviewed DCN processes to consolidate the IMVAE (base year 2005) and compile economic activity indicators according to prior recommendations. - Noteworthy interinstitutional effort to use results from the Monthly and Quarterly Economic Surveys (MES and QES) conducted by DIGESTYC with BCRES support. - A preliminary IMVAE (base year 2005) with descriptive indicators by economic activity was developed and 2017 indicators were analyzed using MES information. - Methodology and consistency checks performed: - Reviewed monthly estimation procedures, weighted aggregation methodology, and indicator selection to ensure IMVAE quality and consistency with QNA results. - Ensured IMVAE (base year 2005) incorporates QNA methodological and conceptual recommendations for the same reference year: updated price weightings for volume-based chain indices; consistency across annual, quarterly, and monthly periods via benchmarking; seasonal adjustment; and improved basic statistics. - Analyzed seasonally adjusted series, checked parameters, and validated processes for each indicator and for the overall IMVAE. - Consistency analysis tools and practices used: - Benchmark-to-indicator ratio (BI) examined to verify alignment of monthly indicators with quarterly/annual data; a properly aligned BI should remain constant with minimal fluctuations. - Procedures to couple indicators from different sources over January 2005–January 2018 were reviewed; coupling relied on varying techniques depending on activity and available monthly information. - For some activities (agriculture, mining, electricity, gas and water, construction, real estate services, financial services, government), single-source indicators cover January 2005–December 2017 and show consistent monthly and quarterly trends. - For activities measured using MES (industry, trade, services), source data from establishments were checked to construct indicators for 2015–September 2017. ### Recommended actions — IMVAE (explicit) - Continue to apply the established methodology for compiling and continuously updating the IMVAE, while constantly analyzing the consistency, quality, and timeliness of the indicator and its alignment with quarterly data, ensuring conceptual consistency with QNA aggregates. - Always apply procedures to analyze the consistency of high-frequency indicators with less frequent (annual and quarterly) data; comparisons should include indicator performance and all available economic information (sector news, related indicators). - DCN technical team, with coordinators, should continue to bolster skills in handling, constructing, and interpreting economic situation indicators; training in short-term indicator construction and analysis should continue. - Operational guidance for timely IMVAE tracking (as of February 2018): - Note publication schedules for short-term indicators to enable strategic planning for data collection and calculation each month. - Maintain policy for reviewing and updating IMVAE data according to quarterly and annual publication schedules and incorporate via benchmarking. - Constantly review and, if necessary, update or replace selected indicators to ensure they accurately reflect the activity measured. - First option for monthly indicators: derive from established timely sources using the IMVAE methodology; validate previous month’s figure in the context of economic reports and sector news before incorporation. - Second option when primary indicator is unavailable: construct a percentage change rate from a similar indicator or use related information to extrapolate the prior series. - Specific recommendations based on 2015–2017 series: - Reinforce technical team skills in preparing short-term indicators and in sector monitoring, given the reconstruction of the series and consistent 2010–2017 monthly outcomes usable to consolidate the IMVAE. - Review the MES database results that BCRES received on March 12, 2018 and use those results to perform recalculations and reanalyze consistency for all months in 2017 and for January 2018. If survey delays occur, consider alternative indicators to produce estimates. ### Annual Institutional Sector Accounts — Financial sector (findings and actions) - An institutional sector accounts exercise is available for 2005 as part of the dataset prepared for the new 2005 base year; that exercise and files are based on the System of National Accounts 1993 (1993 SNA). - AISA compilation work entails starting at the institutional unit level, aggregating to subsectors, and producing integrated economic accounts; a column must be included in the integration file for the goods and services account (Account zero) as the framework based on the Supply and Use Table (SUT). - BCRES set 2014 as the initial year for an AISA series and the mission proposed preparing a concise set of accounts for the economy as a whole and for the external sector to obtain domestic aggregates and a rest-of-the-world account. - Team composition and data sources: - Mission requested meetings with the SUT integration team, financial services measurement team, financial statistics specialists (including a monetary and financial statistics specialist), and team members responsible for institutional accounts, government sector, and balance of payments. - The Superintendency of the Financial System compiles data from supervised agents (banks, insurance companies, pension funds, cooperative banks), representing more than 90 percent of financial sector information, stored in the Central Financial Information Repository (CIF), established in 2005. CIF covers up to five years. - BCRES extracts financial statements from CIF and uploads them to the economic database, adding them to SINEF (operational since 1994). SINEF contains trial balances with a 10-digit breakdown for banks and cooperative banks and a 14-digit breakdown for insurance companies, along with monetary balance sheets (balance monetario), including the central bank’s trial balance broken down by sector. *Source: 1slvea2020003 - 1. Priority Recommendations* ### 21. The Department of Financial and Fiscal Statistics (Departamento de Estadísticas ### 21. The Department of Financial and Fiscal Statistics (Departamento de Estadísticas Financieras y Fiscales – DEFF) ### DEFF data collection, structure, and standardized reporting - DEFF uses monetary balance sheet accounts to perform monetary and financial surveys to monitor monetary, credit, and external sector aggregates. - For banks, non-accounting information in specific accounts that use sectorization (for investments and deposits, for example) is used to enable cross-comparison of information. - A 10-digit breakdown is used for cooperative banks, with no non-accounting information currently required. - Based on this information, DEFF prepares Standardized Monetary Data Forms (Formularios Estandarizados de Datos Monetarios – FEDM), which include the various standardized surveys relayed to the IMF and the Central American Monetary Council. - These statistics have been developed extensively and standardized in the region covered by CAPTAC-DR. ### Consolidation, adjusted balance sheets, and use for AISAs - DEFF maintains a summary of balance sheets containing a matrix of all banks, cooperative banks, and insurance companies. - Totals are kept by type of intermediary, with a 10-digit breakdown; DEFF includes sectorization for banks. - The information provided takes the form of consolidated, adjusted balance sheets, including intrabank transactions. - The information available in the BCRES is identified as the most consistent source for drawing up financial asset balance sheets and the respective flows for financial intermediaries. - The starting point for the AISAs will be the financial sector with its information on financial asset stocks and flows; use of that information will help establish a working method for the whole set of economic accounts in the financial sector. Recommended Action: - Ask the DEFF for information from the adjusted balance sheets of banks, cooperative banks, and insurance companies for 2013 to 2017 in order to develop an exercise starting from the production account through to the balance sheet using the 2008 SNA economic classification. ### External sector (National Accounts Area) - The external sector account for 2014–2016 was requested to integrate domestic economy accounts with the external sector and obtain national aggregates. - The mission proposes establishing a set of accounts that show GDP in its three facets and include goods and services account data. - A set of six accounts was suggested (see Appendix I). Recommended Action: - The person in charge of the external sector establishes the rest-of-the-world account and reconciles it with the balance of payments. ### General government accounts and conversion to 2008 SNA - BCRES has accrual-basis information on budget execution (revenue and expenditure), the economic performance statement (estado de rendimiento económico), and the general balance sheet (trial balance, economic performance statement, and general balance sheet). - These three reports are received for the central government, decentralized institutions, social security funds, and local governments; they are monthly and are not consolidated, meaning that the general government total can be obtained. - Work on each economic activity is done at the administrative unit or decentralized institutional level; current files are based on the 1993 SNA. - The mission proposes separating balance sheets so they can be based on the 2008 SNA. Recommended Actions: - Work on the financial asset stocks data to obtain an aggregate balance sheet for each institutional subsector and regroup as needed by sector of economic activity or by group of special treatment entities, for the period 2013–2016. - Separate the work on current accounts and the capital account currently based on the 1993 SNA and prepare work files for financial and balance sheet accounts, making the most of the information available based on the 2008 SNA. At this stage, this is recommended for the government and financial sectors. ### Detailed technical assessment: priority actions, outcomes, and implementation status - Outcome: The high-frequency information has been compiled and disseminated both in-house and to the general public. - Priority: Continue to apply the methodology established for compiling and continuously updating the IMVAE, while constantly analyzing consistency, quality, and timeliness and ensuring alignment with quarterly data and QNA concepts and guidelines. Status: Ongoing. Guidelines were established during the mission. - Priority: Always apply procedures to analyze the consistency of short-term indicators with less frequent (annual and quarterly) data. Status: Ongoing. Guidelines were established during the mission. - Priority: DCN technical team, with coordinators, to continue bolstering skills in handling, constructing, and interpreting economic situation indicators. Status: Ongoing. - Priority: Review the MES results (to be received on March 13, 2018) and use those results to perform calculations again and reanalyze consistency for all months in 2017 and for January 2018. If delays occur, consider alternative indicators. Target completion date: March 15, 2018. - Outcome: The sequence of annual accounts for the economy as a whole is being compiled (up to net lending). - High-priority actions implemented: - Ask the DEFF for information from adjusted balance sheets of banks, cooperative banks, and insurance companies for 2013 to 2017 to develop an exercise from the production account through to the balance sheet using the 2008 SNA economic classification. Verifiable indicator: Financial statistics database. Target Completion Date: June 2018. Implementation Status: Implemented. - Person in charge of the external sector establishes the rest-of-the-world account and reconciles it with the balance of payments. Verifiable indicator: Rest-of-the-world account. Target Completion Date: June 2018. Implementation Status: Implemented. - Medium-priority actions implemented: - Work on the aggregate balance sheet information for each institutional subsector and regroup as needed by sector of economic activity or by group of special treatment entities, for the period 2013–2016. Verifiable indicator: Economic accounts for each financial intermediary. Target Completion Date: September 2018. Implementation Status: Implemented. - Separate current accounts and capital account work based on 1993 SNA and prepare work files for financial and balance sheet accounts based on 2008 SNA for government and financial sectors. Verifiable indicator: Revised work files. Target Completion Date: December 2018. Implementation Status: Implemented. ### Appendix I: Suggested set of accounts to integrate economy and external sector - I Goods and services account (Current values in millions of dollars) - Resources: P.1 - Production; D.21-D.31 - Taxes on products, net (D.21 - Taxes on products; D.31 - Subsidies on products); P.7 - Goods and services imports - Uses: P.2 - Intermediate consumption; P.3 - Final consumption expenditure; P.51b - Gross fixed capital formation; P.52 - Change in stocks; P.6 - Goods and services exports - II Income generation account (Current values in millions of dollars) - Uses: D.1 - Compensation of employees; D.2 - Taxes on products and imports (D.21; D.29); D.3 - Subsidies (-); B.2b - Gross operating surplus; B.3b - Mixed income, gross - Resources: B.1b - Gross value added / Gross domestic product - III National disposable income account (Current values in millions of dollars) - Uses: B.1b; D.1_rec; D.1_pag; D.4_rec; D.4_pag; Tr_rec; Tr_pag - Resources: B.6b - Gross disposable income - IV Use of income account (Current values in millions of dollars) - Items: B.6b; P.3; B.8b; B.12 - External balance on current account; P.5b - Gross capital formation - V Capital account (Current values in millions of dollars) - Uses: P.51b; P.52 - Resources: B.8n - Net savings; TK_rm_1 - Capital transfers received from the rest of t; B.9 - Net lending (+) / net borrowing (-) - VI Current transactions with the rest of the world account (Current values in thousands of dollars) - Uses: P.6 (and D.1_rec; D.4_rec; Tr_rec) - Resources: P.7 (and D.1_pag; D.4_pag; Tr_pag); B.12 - External balance on current account *Source: 1slvea2020003 - Chapter 21, as provided in the supplied content.* --- _Source: https://www.imf.org/-/media/files/publications/cr/2020/english/1slvea2020003.pdf_