Current transactions by sectors; National Accounts

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Description topics

Resources

Resources are transactions add to the economic value of sectors.

Imports of goods and services

Transactions in goods and services (sales, barter and gifts) from non-residents to residents (in the Netherlands). Imports of goods occurs when economic ownership of goods is passed from non-residents to residents. This applies irrespective of corresponding physical movements of goods across frontiers. An enterprise or institution is considered residential after it has been active in the Netherlands for at least one year. This applies irrespective of the question whether the enterprise or institute has foreign owners.

Total

Imports of goods

Transactions in goods (sales, barter and gifts) from non-residents to residents (in the Netherlands). Imports of goods occurs when economic ownership of goods is passed from non-residents to residents. This applies irrespective of corresponding physical movements of goods across frontiers. An enterprise or institution is considered residential after it has been active in the Netherlands for at least one year. This applies irrespective of the question whether the enterprise or institute has foreign owners. Part of the imports are raw materials, semifinished products, fuel and fixed assets. Furthermore, imports of goods may be re-exports: goods that were imported before being exported, after having received at most minor adaptations.

Output

The ensemble of goods and services produced. Also called production. Three types of output are distinguished:
- market output: goods and services sold at a market or intended for sale at a market
- the own-account production of all goods that are retained by their producers for their own final consumption or gross fixed capital formation.
- non-market output: goods and services delivered for free or at economically non-significant prices to other units

Output is valued at basic prices. These are the prices experienced by the producers: product-related taxes have been subtracted from the original prices, subsidies haven been added to them. Costs of transportation, when charged separately by the producer, are not included. Changes in the values of financial and non-financial assets during the reference period are not included either.

Included is the output by all kind-of-activity units residing in the Netherlands, including those that are held by foreign owners. The kind-of-activity units include general government units and other non-commercial units.

Market output

Market output consists of output that is disbursed of on the market or intended to be disbursed of on the market. Market output includes:
- products sold at economically significant prices;
- products bartered;
- products used for payments in kind, including compensation of employees in kind and mixed income in kind;
- products supplied by one local Kind-of-activity unit to another within the same institutional unit to be used as intermediate inputs or for final uses;
- products added to the inventories of finished goods and work-in-progress intended for one or other of the above uses (including natural growth of animal of vegetable products and uncompleted structures for which the buyer is unknown).

Other market output

Market output consists of output that is disbursed of on the market or intended to be disbursed of on the market. Market output includes:
- products sold at economically significant prices;
- products bartered;
- products used for payments in kind, including compensation of employees in kind and mixed income in kind;
- products supplied by one local Kind-of-activity unit to another within the same institutional unit to be used as intermediate inputs or for final uses;
- products added to the inventories of finished goods and work-in-progress intended for one or other of the above uses (including natural growth of animal of vegetable products and uncompleted structures for which the buyer is unknown).

Non-market output

Non-market output is output that is provided to other units for free, or at prices that are not economically significant. Non-market output is subdivided into two items: 'Payments for non-market output', which consists of various fees and charges, and 'Non-market output, other', which is output provided for free.
Non-market output is produced for the following reasons.
- It may be technically impossible to make individuals pay for collective services because their consumption of such services cannot be monitored and controlled. The production of collective services is organized by government units and financed out of funds other than receipts from sales, namely taxation or other government incomes.
- Government units and NPISHs may also produce and supply goods or services to individual households for which they could charge but choose not to do so as a matter of social or economic policy. Examples are the provision of education or health services, for free or at prices that are not economically significant.

Other non-market output

Other non-market output is output that is provided to other units for.
Non-market output is produced for the following reasons.
- It may be technically impossible to make individuals pay for collective services because their consumption of such services cannot be monitored and controlled. The production of collective services is organized by government units and financed out of funds other than receipts from sales, namely taxation or other government incomes.
- Government units and NPISHs may also produce and supply goods or services to individual households for which they could charge but choose not to do so as a matter of social or economic policy. Examples are the provision of education or health services, for free or at prices that are not economically significant.

Compensation of employees

The compensation of employees is the total remuneration, in cash or in kind, payable by an employer to an employee in return for work done by the latter during an accounting period. The compensation of employees is equal to the sum of wages and salaries and employers' social contributions.

Wages and salaries

Wages and salaries are the remunerations an employee receives in return for work done during an accounting period. Wages and salaries include social contributions, income taxes and other payments payable by the employee, including those withheld by the employer and paid directly to social insurance schemes, tax authorities etc. on behalf of the employee. The most important form of wages and salaries is wages in cash (including withheld income taxes and social contributions). Wages in cash are composed of regular gross wages, standard extra allowances (for instance for hazardous work), bonuses, overtime pay, tips and compensation for costs related to employment (for instance refunds of fares to and from work). Bonuses include holiday pay, tantième, gratifications, profit shares and a thirteenth or fourteenth month. Wages in kind occur if an employee benefits from his or her job besides being paid wages. Examples of payment in kind are private use of a company car, free housing, free food, lower interest rates on mortgages, free or cheap use of the company's products or services, and company supplied or subsidized child care.

Taxes on production and imports

Taxes on production and imports are compulsory payments to the government and the European Union (EU), which are related to production, imports and to the use of production factors. Taxes on production and imports are classified into taxes on products and other taxes on production.

Total

Taxes on products

Taxes that are payable per unit of a given good or service produced or imported. The tax may be a specific amount of money per unit of quantity of a good or service, or it may be calculated as a specified percentage of the price per unit or value of the goods and services produced or traded.

Other taxes on products

Taxes on products which are related to domestically produced goods and services. Examples are excise duties on beer and petrol which are produced in the Netherlands.

Other taxes on production

Other taxes on production include all taxes on production paid by producers, not related to the value or volume of products produced or transacted. Examples are real estate tax and sewerage charges paid by producers.

Subsidies (-)

Current payments from the Dutch government or the European Union to producers with the objective to influence output prices, employment or the remuneration of production factors. Subsidies are distinguished between subsidies on products and other subsidies on production.

Other subsidies on production

Other subsidies on production include all subsidies on production paid to producers, not related to the value or volume of products domestically produced or transacted. These are subsidies on agricultural products, subsidies on R&D and wage subsidies.

Property income

Property income is the income receivable by the owner of a financial asset or a tangible non-produced asset in return for providing funds to, or putting the tangible non-produced asset at the deposal of, another institutional unit.

Other investment income

Other investment income consists of:
- investment income attributable to insurance policy holders
- investment income payable on pension entitlements
- investment income attributable to collective investment fund shareholders

Total

Investm. income attrib. to policy holder

In the national accounts pension and life insurance technical reserves are seen as a liability of insurance corporations to policy holders. Therefore, the investment revenues on these technical reserves are booked as payments from insurance corporations to households.
Subsequently, households pay back these revenues as imputed contributions to pension funds and life insurance corporations. In the financial accounts the latter transaction is recorded as a component of net equity in life insurance and pension funds technical reserves.

Income payable on pension entitlements

In the national accounts collective life insurance and pension provisions are seen as a liability of insurance enterprises and pension funds to pension participants. Therefore, the investment revenues on these provisions are booked as payments from insurance enterprises and pension funds to households.
Subsequently, households pay back these revenues as imputed premiums to insurance companies and pension funds.

Inv. income attributable to shareholders

Investment fund shareholders in a transaction recorded in the financial account.
Investment income attributable to collective investment fund shareholders, including mutual funds and unit trusts, consists of the following separate components:
— dividends attributable to collective investment fund shareholders
— retained earnings attributable to collective investment fund shareholders.

Dividends are a form of property income received by owners of shares to which they become entitled as a result of placing funds at the disposal of investments funds.
Reinvested earnings are equal to the operating surplus of the investment funds minus the dividends attributable to shareholders. Reinvested earnings are re-injected into the fund by a transaction recorded in the financial account.

Current taxes on income and wealth

Current taxes on income and wealth of corporations consist of corporation tax and dividend tax. These taxes are based on the profits of corporations.
Current taxes on income and wealth of households include all taxes, which are periodically imposed on income and wealth, such as the income tax, the wage tax and the tax on net wealth of individuals. Non-periodical levies, such as inheritance tax are defined as capital transfers. Several types of taxes are simultaneously seen as taxes on production and imports when imposed on producers and as taxes on income and wealth when imposed on consumers. For instance, motor vehicle tax is a tax on production when it is imposed on company cars and it is a tax on income and wealth and imports when it is imposed on cars for private use.
The treatment of dividend tax results from the recording of dividends. Because dividends are recorded gross, i.e. before deduction of dividend tax, dividend tax is in all cases recorded at the receiving sector. The same applies for the dividend tax to and from the rest of the world.

Total

Current taxes on income

Tax levied on income. These include: corporate income tax, payroll tax, income tax, dividend tax, gambling tax and one-time revenue in connection with the liquidation of holding companies.

Other current taxes

Tax levied on capital (such as bank balances, savings and investments). The amount to be paid depends on the volume of the capital.