Developing Sectoral Accounts and Balance Sheets in Colombia, Indonesia, and Peru

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Developing Sectoral Accounts and Balance Sheets in Colombia, Indonesia, and Peru

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Challenge

• Sectoral accounts and balance sheets provide deeper knowledge of the economy, including:
  • the interrelationship between the real sectoral accounts and the financial accounts; and
  • the vulnerabilities in sectors that may spill over to other sectors.
• Compilation requires integrating real, financial, fiscal, and external sector statistics through internationally accepted statistical methodologies and frameworks.
• Decentralized statistical systems in Colombia, Indonesia, and Peru required close interagency collaboration among various data-producing and administrative data-providing agencies.

Approach

• The Swiss State Secretariat for Economic Affairs (SECO) funds the IMF assistance to Colombia, Indonesia, and Peru in developing annual and quarterly estimates of sectoral accounts and balance sheets.
• Priorities included:
  • work on coverage, scope, and timeliness of the estimates by broadening source data; and
  • enhancing staff capacity.
• Institutional arrangements to commit participants to outcomes and timelines:
  • establishment of a formal steering committee to make decisions on cross-cutting issues; and
  • formation of project teams and working groups on specific topics.
• Capacity building:
  • the IMF provided general training on sectoral accounts and specific training on certain topics.

Impact

• Very promising progress was made in all three countries with compiling and reconciling annual estimates.
• Each country compiled annual nonfinancial and financial sectoral accounts and balance sheet data during 2018 and began producing quarterly estimates.
• Expected benefits:
  • improved ability to detect systemic risks;
  • identification of vulnerabilities; and
  • detection of possible contagion from economic shocks.

Content in this bundle

• Partnerships for Capacity Development
  • Partnerships for Capacity Development (Markdown version)
  • Partnerships for Capacity Development (PDF)
• Regional Capacity Development Centers
  • Regional Capacity Development Centers (Markdown version)
  • Regional Capacity Development Centers (PDF)

References

• IMF Capacity Development
• Digital Training Catalog
• Capacity Development Strategy
• Country Stories
• Global - Developing Sectoral Accounts and Balance Sheets in Colombia, Indonesia, and Peru