National Institute of National Institute of Statistic and Geography of Statistic and Geography of

MexicoMexico

Mexican System of National Mexican System of National Accounts: achievements and Accounts: achievements and

prospectsprospects

INEGI and the Mexican System of National Accounts

One of the objectives that INEGI persecutes is to offer timeliness economic data that fulfills with criteria of international acceptance and that allows to the users a better knowledge of the economic performance of the country and in the decision making of public policies.

The Mexican national accounts are compiled and disclosed by the National Institute of Statistic and Geography (INEGI). The operation of the INEGI is based in the Law of the National System of Information on Statistics and Geography (LSNIEG). This Law indicates that INEGI is a public organism with technical autonomy and of management.

The Institute has like exclusive faculties to: make the national censuses, integrate the system of national accounts and elaborate the national consumer and producer prices indexes.

The system of national accounts has the character of information of national interest.

INEGI and the Mexican System of National Accounts

At present the MSNA uses fixed base year, the reference year is 2003. The past year initiated a project for updating the base year from 2003 to 2008, the project is planning to conclude in 2013. The timetable envisaged for generic activities is as follows:

Mexican System of National AccountsProject of change of base year 2008

Activity 2010 2011 2012 2013

Supply and use tables 2008

Input-output table 2008

Annual calculations base 2008 = 100: industry and institutional sector

Short term indicators base 2008 = 100

Satellite accounts

Systemic Comprehensive Program of the MSNA

General objective of the Project of change of base year 2008

Supply and use tables

Goods and services accounts

Satellite accounts

Short term indicators

Input-output table

Accounts by institutional

sectors

• International recommendations:

SNA 2008IMF-ROSC MexicoRecommendation # 15 of the G-20, Sectoral accounts (compilation of balance sheets)

•New classifications:NAICS 2007CCP 2.0Classifications by purpose

• Infrastructure of basic statistics

•Enhanced retrospective series

Mexican System of National Accounts 2008

Mexican System of National Accounts 2008

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Achievements reached currently in the annual calculations of the MSNA

The MSNA is generated on the basis of the guidelines that emanate of the SNA 1993, and recently already has been possible the incorporation of some items reviewed in the SNA 2008, mainly in the Accounts by institutional sectors.

The items already incorporated are:

•Treatment of non-life insurance in catastrophic situations •Measurement of financial services•Treatment of the output of Central Bank•Financial assets classification and subsectors of the financial sector•Private/public/government sector delineation

The items not yet achieved in the MSNA have been classified in two groups.

•The first whose incorporation could be obtained by means of the Project of the change of base year 2008.

•The second one involves interrelations with other statistical systems (Balance of payments, Government finance) and that, therefore, entails a deeper work than should be solved through the interinstitutional mechanisms.

Prospects of the SNA 2008 in the MSNA

The attention of the G20 Recommendations in Mexico, specially the 15th one, correspond to INEGI with the support on information mainly provided by Bank of Mexico or/and Secretariat of Finance and Public Credit and other financial institutions, depending on its scope.

•Compilation and dissemination of the balance sheet approach (BSA), flow of funds, and sectoral data more generally, starting with the G-20 economies. Data on nonbank financial institutions should be a particular priority. The experience of the ECB and Eurostat within Europe and the OECD should be drawn upon.

INEGI’s participation in the G20 Recommendations

Attention of the Recommendation #15 Sectoral accounts

In order to comply with this recommendation, INEGI has developed a preliminary exercise for Balance sheets for the period 2002-2009. For this, the initial data needs to be confronted with several sources, thus the measurements do not reflect the final data or version.

This exercise will serve as a diagnostic to assess the extent of the available source of information and the not covered needs.

A more finished exercise with data for internal and external sectors will be completed by the end of this year.

Within the work plan of the Project of the change of base year 2008, is expected to expand the central framework of accounts by institutional sectors, including balance sheets annually.

México, preliminary data

S.1 Total economy

Series: 2002-2009

Stocks in millions of pesos

2002 2003 2004 2005 2006 2007 2008 2009

Total assets 21,771,627 27,401,683 32,141,367 38,060,073 48,041,963 56,543,445 58,511,383 61,883,826

Non financial assets 9,909,003 11,304,620 12,857,755 14,558,589 16,158,693 18,142,119 19,176,562 22,909,560

Financial assets 11,862,596 16,097,007 19,283,612 23,501,484 31,883,271 38,401,168 39,334,662 38,974,107

Financial liabilities 15,577,901 20,539,275 24,663,264 29,833,972 39,089,542 46,565,578 47,606,519 49,147,859

Net worth 6,193,725 6,862,409 7,478,103 8,226,100 8,952,421 9,977,867 10,904,864 12,735,966

Attention of the Recommendation #15 Sectoral accounts

The approach of Balance sheet proposed by G20 considers some extensions to the scheme suggested by the SNA 2008. They are basically three items that need to be disclosed: domestic and foreign currency and remaining maturity in the instruments in long term for debt securities and loans, and foreign controlled non financial and other deposit-taking corporations.

In the preliminary exercise prepared it has been explored these extensions, the following table shows some of the results for domestic and foreign currency.

CLASE 522210. BANCA DE DESARROLLO

Código Stocks 2007 MN 2007 ME MN ME MN ME 2008 MN 2008 ME

RECURSOS 985,229,567 -59,064,557 4,869,007 931,034,017

AF21 DINERO LEGAL 462,959 43,938 189,627 1,511 0 0 652,586 45,449AF221 BANCOS 428,986 16,714,376 47,016 4,182,018 0 0 476,002 20,896,394AF229 OTROS DEPÓSITOS TRASFERIBLES 273,427 337 -267,563 8,599 0 0 5,864 8,936AF29 OTROS DEPÓSITOS 53,092,815 10,957,440 -20,625,361 -2,368,309 0 0 32,467,454 8,589,131AF31 VALORES DISTINTOS DE ACCIONES A

CORTO PLAZO 37,791,044 1,527,308 -3,897,998 -958,013 0 0 33,893,046 569,295AF32 VALORES DISTINTOS DE ACCIONES A

LARGO PLAZO 44,901,206 3,260,066 1,612,466 -704,415 0 0 46,513,672 2,555,651AF41 PRÉSTAMOS A CORTO PLAZO 302,689,686 2,774 40,581,464 -2,774 0 0 343,271,150 0AF42 PRÉSTAMOS A LARGO PLAZO 280,364,757 74,181,078 50,779,674 11,078,398 0 0 331,144,431AF512 ACCIONES NO COTIZADAS 4,444,034 453,699 593,551 172,601 0 0 5,037,585AF519 OTRAS PARTICIPACIONES 0 0 0 0 0 0 0AF711 OPCIONES 108 0 -13 0 0 0 95AF712 FORWARDS 224,774,834 40,788,280 -132,490,189 -6,480,910 0 0 92,284,645AF81 CRÉDITOS Y ANTICIPOS COMERCIALES 7,216,389 192,068 -299,615 64,634 0 0 6,916,774 256,702AF89

OTRAS CUENTAS POR COBRAR, EXCEPTO CRÉDITOS Y ANTICIPOS COMERCIALES 26,758,282 143,569 4,715,614 21,894 5,116,214 36,590,110 165,463

ADQUISICIONES REVALORIZACIONES Finally, the reviewing of source of data up to this moment indicates that there are some gaps in the external sector, some non banking financial intermediaries and topics related with the valuations that need to be solved in a integral framework.

Strengthening of the extensions of the central framework of the MSNA

The satellite account development in the framework of the MSNA has also been extended currently.

Annual updates of the System of Economic and Ecological Accounts and the Tourism Satellite Account are routine activities. In addition, the following accounts have been developed in this year:

Satellite Account of the Health Sector of Mexico Satellite Account of the Non Profit Institutions of Mexico Satellite Account of the Unpaid Work of Households of Mexico

The new mechanisms of operation in INEGI will allow the institutional interrelation necessary to promote an implementation in a coordinated manner with the institutions in charge to produce the Monetary and Financial Statistics, Government Finance and Balance of Payments.

It is recognized that only from a suitable level of communication and interinstitutional commitment it will be possible to obtain the implementation of the SNA 2008, in benefit of the national and international users of economic data, the interests of other statistical systems and of the own national accounts.

Conclusions

The MSNA is being updated constantly, looking for addressing a priority activity of the system of economic information of Mexico.

With implementation of a new base year in a framework of an integral work plan, that consider all the products and indicators, besides new prospects, the Office of national accounts of Mexico is looking for its consolidation in the regional and international context.

The constant objective is to update and strengthening of the central framework and its extensions.

Conclusions

Thanks for your attention.

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