Current transactions by sectors; National Accounts

Table explanation

Description topics

Resources

Resources are transactions add to the economic value of sectors.

Social contributions and benefits

Social contributions and benefits are transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs, made through collectively organized schemes, or outside such schemes by government units and NPISHs; they include payments from general government to producers which individually benefit households and which are made in the context of social risks or needs.
Social benefits are transfers to households, intended to relieve them from the financial burden of a number of risks or needs, such as sickness, invalidity, disability, old age, survivors and unemployment.

Net social contributions

Social contributions include social security contributions, private social contributions (among which contributions to pension schemes) and imputed social contributions. Employers, employees, self-employed persons and non-active persons pay these contributions. Actually, the employers' part is paid directly to the insurers. However, in the national accounts, the employers' contributions are supposed to be part of primary income of households (i.e. the income from direct participation in the production process). Therefore, in first instance these contributions are treated as payments by employers to households as compensation of employees, who are deemed to pay them to the insurers in the income account.

Employers' actual social contributions

Payments by employers, enforced by laws or (collective) labor agreement, in order to make social benefits possible.

Households' actual social contributions

Households' actual social contributions are social contributions payable on their own behalf by employees, self-employed or non-employed persons to social insurance schemes.

Uses

Uses are transactions appear which deduces the economic value of sectors.

Social contributions and benefits

Social contributions and benefits are transfers to households, in cash or in kind, intended to relieve them from the financial burden of a number of risks or needs, made through collectively organized schemes, or outside such schemes by government units and NPISHs; they include payments from general government to producers which individually benefit households and which are made in the context of social risks or needs.
Social benefits are transfers to households, intended to relieve them from the financial burden of a number of risks or needs, such as sickness, invalidity, disability, old age, survivors and unemployment.

Net social contributions

Social contributions include social security contributions, private social contributions (among which contributions to pension schemes) and imputed social contributions. Employers, employees, self-employed persons and non-active persons pay these contributions. Actually, the employers' part is paid directly to the insurers. However, in the national accounts, the employers' contributions are supposed to be part of primary income of households (i.e. the income from direct participation in the production process). Therefore, in first instance these contributions are treated as payments by employers to households as compensation of employees, who are deemed to pay them to the insurers in the income account.

Employers' actual social contributions

Payments by employers, enforced by laws or (collective) labor agreement, in order to make social benefits possible.

Households' actual social contributions

Households' actual social contributions are social contributions payable on their own behalf by employees, self-employed or non-employed persons to social insurance schemes.

Final consumption expenditure

Expenditure on produced assets that are used in a production process for more than one year. This may concern a building, dwelling, transport equipment or a machine. This in contrast with goods and services which are used up during the production process, the so-called intermediate use (e.g. iron ore). Fixed capital does lose value over time as a result of normal wear and tear and obsolescence. This is called consumption of fixed capital (also called depreciation). The value of fixed capital formation in which the consumption of fixed capital is not deducted is called gross fixed capital formation. Deduction of the consumption of fixed capital results in net fixed capital formation.

The following types of fixed assets exist: dwellings and other buildings and structures, machinery and equipment, transport equipment, weapon systems (included in machinery and equipment), computers, software, telecommunication equipment, research and development, cultivated biological resources, mineral exploration and evaluation, and costs of ownership transfer on non-produced assets, like land, contracts, leases and licenses.

Actual individual final consumption

Expenditure on goods or services that are used for the direct satisfaction of individual needs.

Total

Other individual final consumption

Other individual final consumption.

Actual collective final consumption

Expenditure on goods or services that are used for the direct satisfaction of collective needs.

Collective services have the following characteristics:
-they can be delivered simultaneously to every member of the community or to particular sections of the community, such as those in a particular region or locality;
- the use of such services is usually passive and does not require the agreement or active participation of all the individuals concerned;
- the provision of a collective service to one individual does not reduce the amount available to other in the same community or section of the community.

Balancing items

A balancing item is obtained by subtracting the total value of the entries on one side of an account from the total value on the other side.

Net transactions of good and services

Net exports is the difference between the value of the exports of goods and services and the value of the imports of goods and services.

Surplus nation on current transactions

The net lending (if positive) or borrowing (if negative) of the total economy to / from the rest of the world on current transactions (trade, primary income, current transfers). The surplus of the nation on current transactions is the last item in the use of income account to the rest of the world and consists of: net exports, net primary income from the rest of the world and net current transfers from the rest of the world. The surplus of the nation on current transactions equals the net national savings less the net fixed capital formation.

Total financial transactions in assets

Total financial transactions in assets.

Total financial transactions liabilities

Total financial transactions in liabilities.

Net financial transactions

Total financial transactions in assets less total financial transactions liabilities.