Data and Statistics
Last Updated: January 27, 2010
International Financial Statistics:
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Government Finance
The section on Government Finance Statistics (GFS) presents statistics on government finance, for the broadest institutional coverage available. These summary statistics usually cover cash flows of the budgetary central government and/or accrual operations of the consolidated general government (i.e., operations of budgetary central government, extrabudgetary units, social security funds, and state and local governments). The coverage of these high-frequency data may not necessarily include all existing government units. Rather, these data provide a timely indicator of fiscal stance. For data relating to a fiscal year ending other than December 31, the tables present the data within the calendar year for which the greatest number of monthly observations exist.
Starting with the August 2007 issue of IFS, data are presented in the analytical framework of the Government Finance Statistics Manual 2001 (GFSM 2001). Data are presented in a Statement of Government Operations (line a1 through a2m) supplemented by Balance Sheet information (line a6 through a6m4) where available, and/or a Statement of Sources and Uses of Cash (line c1 through c2m). For some countries, in the absence of a Statement of Government Operations (i.e., in the absence of accrual data), IFS will include only data in the Statement of Sources and Uses of Cash. To establish a time series, the cash data previously reported for publication in the IFS were converted to the GFSM 2001 framework, using broad migration rules, as described below.
The data for lines a1 through a2m are flows reported on an accrual basis, while lines c1 through c2m are flows reported on a cash basis. The GFS lines for the Statement of Government Operations and the Statement of Sources and Uses of Cash broadly correspond to each other but with variation in the terminology used to distinguish cash from accrual flows. These aggregates can be described as follows:
Revenue/Cash receipts from operating activities (line a1/c1) comprise all transactions that increase the net worth of government. This aggregate comprises four main components, namely: taxes (line a11/c11); social contributions (line a12/c12); grants (line a13/c13); and other revenue/receipts (line a14/c14). Revenue/cash receipts are shown net of refunds and other adjustment transactions. For data converted from the previous IFS reporting format, cash receipts from operating activities include receipts from sales of nonfinancial assets, if these were not reported separately, enabling reclassification.
Expense/Cash payments for operating activities (line a2/c2) comprises all transactions that decrease the net worth of government. This aggregate includes eight main components in the Statement of Government Operations and seven main components in the Statement of Sources and Uses of Cash. These components are as follows: compensation of employees (a21/c21); use/purchase of goods and services (a22/c22); consumption of fixed capital (a23 – only reported in the accrual statement); interest (a24/c24); subsidies (a25/c25); grants (a26/c26); social benefits (a27/c27); and other expense/payments (a28/c28). For data converted from the previous IFS reporting format, cash payments from operating activities include the purchases of nonfinancial assets, if these were not reported separately, enabling reclassification. For the converted data, expense also includes lending minus repayments for policy purposes because this item was not reported separately in the previous reporting format used in the IFS.
The net operating balance (line anob) is calculated as the difference between revenue (a1) and expense (a2), while the net cash inflow from operating activities (ccio) is calculated as the difference between cash receipts from (c1) and payments for (c2) operating activities.
The net acquisition of nonfinancial assets/net cash outflow from investments in nonfinancial assets (a31/c31) is calculated as the difference between the acquisition/ purchases of nonfinancial assets (a31.1/C31.1) and the disposal/sales of nonfinancial assets (a31.2/c31.2). For data converted from the previous IFS reporting format, sales and purchases of nonfinancial assets are included in cash receipts from (c1) and payments for (c2) operating activities, if these were not reported separately.
Net lending/borrowing (anlb) is calculated as the net result of the net operating balance (anob) and the net acquisition of nonfinancial assets (a31). The cash equivalent, namely the cash surplus/deficit (ccsd), is calculated as the net result of the net cash inflow from operating activities (ccio) and the net cash outflow from investments in nonfinancial assets (c31).
The financing of the net lending/borrowing or cash surplus/deficit is reflected as the sum of net acquisition of financial assets (a32) and net incurrence of liabilities (a33/c33). Because of the focus on the changes in the stock of cash, the Statement of Sources and Uses of Cash presents the net acquisition of financial assets with a split between transactions in financial assets excluding cash (c32x) and net change in stock of cash (cncb). For data converted from the previous IFS reporting format, the net change in stock of cash is included in net incurrence of liabilities (c33), if these were not reported separately.
All financial assets and liabilities are classified according to the type of financial instrument and the residence of the debtor/creditor. The classification of these flows is consistent with the classification of instruments used in the Balance Sheet. Where residency information is not available, the distinction is based on the currency in which the debt instruments are denominated. For data that were converted from the previous IFS reporting format, information on the net acquisition of financial assets other than cash is not available separately. In the previous IFS reporting format, these data were included in either lending minus repayments or net incurrence of liabilities. If the net change in stock of cash was not reported separately, this item has been included in the net incurrence of liabilities (c33) because data were not separately available in the previous IFS reporting format.
The GFSM 2001 Balance Sheet presents the stock of net worth (a6), comprising the stock of nonfinancial assets (a61), financial assets (a62), and liabilities (a63). The stocks of financial assets and liabilities are presented according to the instruments used and the residency of the holder. Debt is defined as a subset of the liabilities of the reporting government and excludes shares and other equity and financial derivatives.
Data for outstanding debt (lines a6m3, a6m35, and a6m4) relate to the direct and assumed debt of the reporting level of government according to market, face, and nominal values respectively, and exclude any liabilities guaranteed by the government. The distinction between domestic and foreign liabilities (lines a631 and a632) is based on the residence of the lender, where identifiable. Otherwise, it is based on the currency in which the debt instruments are denominated.
In the Statement of Sources and Uses of Cash, outstanding debt data are reported as liabilities at market value (line c63).
Unless otherwise stated in individual country notes in the monthly issues, data are as reported for IFS. In some cases, data are derived from unpublished worksheets and are therefore not attributed to a specific source.
Quarterly and monthly data, when available, may not add up to the annual data, owing to differences in coverage and/or methodology. The country notes in the monthly issues will indicate these differences.
More extensive data for use in cross-country comparisons are published in the quarterly Government Finance Statistics Database and Browser on CD-ROM (1990 – present GFSM 2001 format). When countries do not report data for IFS but provide data for the GFSY, these annual data—in summary form—are published in IFS.