Capacity Development stories
November 30, 2018
Sectoral accounts and balance sheets offer a much deeper knowledge of the economy; the interrelationship between the real sectoral accounts and the financial accounts; and the vulnerabilities in sectors that may spill over to other sectors. Thus, these statistics require the integration of real, financial, fiscal, and external sector statistics through internationally accepted statistical methodologies and frameworks. Due to the decentralized statistical systems, the compilation of sectoral accounts and balance sheets in Colombia, Indonesia, and Peru demanded close interagency collaboration among various data-producing and administrative data-providing agencies.
The Swiss State Secretariat for Economic Affairs (SECO) funds the IMF assistance of Colombia, Indonesia, and Peru in developing annual and quarterly estimates of sectoral accounts and balance sheets. Priorities have been the work on coverage, scope, and timeliness of the estimates by broadening source data and enhancing staff capacity. To commit all the agencies involved to the project outcome and timeline, the authorities agreed to set up a formal steering committee that makes decisions on cross-cutting issues, as well as project teams and working groups on specific topics. To increase staff capacity, the IMF has provided general training on sectoral accounts and specific training on certain topics.
Very promising progress has been made in all three countries with compiling and reconciling annual estimates. Each country has compiled annual nonfinancial and financial sectoral accounts and balance sheet data during 2018 and have started with quarterly estimates. This progress will help these countries detect systemic risks, vulnerabilities, and possible contagion from economic shocks.
