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Annual non-financial accounts for the Institutional Sectors

• 1Contact
  • 1.1Contact organisation
    National Statistics Institute of Spain
    
  • 1.5Contact mail address

    Avenida de Manoteras 50-52 - 28050 Madrid

    
    
• 2Metadata update
  • 2.1Metadata last certified
    15/10/2024
  • 2.2Metadata last posted
    30/09/2024
  • 2.3Metadata last update
    15/10/2024
• 3Statistical presentation
  • 3.1Data description

    The Annual Non-Financial Accounts of Institutional Sectors provide, for each institutional sector (Non-Financial Corporations, Financial Institutions, Public Administrations, Householdsand Non-Profit Institutions Serving Households) into which the national economy is divided, a systematic description of the different phases of the economic process: production, distribution and use of income, and financial and non-financial accumulation. The structured recording of operations following a logical analysis of economic life, provides the aggregates necessary for the study of the behavior of each institutional sector or of the economy as a whole.

    As annexed results to the system of accounts, we include:

    - Disaggregation of household final consumption expenditure by purpose of consumption (COICOP).

    - Detailed results for the General Government sector, with a complementary presentation to the succession of sector accounts that is better adapted to the analytical needs of users of public finance statistics, with variables characteristic of the activity of the sector and its subsectors.

    - Detailed results for the Financial Institutions sector, with the succession of current and accumulation accounts of the following subsector aggregations: Central Bank (S.121), Depository Corporations (S.122) and Money Market Funds (S.123); Non-Monetary Investment Funds (S.124), Other Financial Intermediaries (S.125 ), Financial Auxiliaries (S.126) and Limited Scope Financial Institutions(S.127); and Insurance Companies (S.128) and Pension Funds (S.129).

  • 3.2Classification system
    • Clasificaciones utilizadas

      The classifications established in the ESA 2010 are followed.

      Thus, the following institutional sectors are distinguished in the national economy:

      Non-financial corporations (S.11)

      Financial institutions (S.12 )

      General government (S.13)

      Households (S.14)

      Non-profit institutions serving households (S.15)

  • 3.3Sector coverage

    Non-financial economic operations are recorded for the national economy as a whole and for each of the institutional sectors into which it is divided. The economic operations between the national economy and the rest of the world are also recorded.

  • 3.4Statistical concepts and definitions
  • 3.5Statistical unit

    The institutional unit,as an elementary center of economic decision-making characterized by uniformity of behavior and autonomy of decision in the exercise of its main function. Institutional units that have a similar economic behavior are grouped into sets called institutional sectors .

  • 3.6Statistical population

    The population under study is the set of resident units in the national economy. An institutional unit has residence in a country when it has its centre of overriding economic interest in the economic territory of the country, irrespective of its nationality, legal form or of its presence in the economic territory in question at the time of the execution of an operation.

    Having a centre of overriding economic interest means that the unit conducts economic activities and oprtsyiond on a significant scale for a sufficiently long period of time (a year or more). It should be pointed out that the mere fact of owning land or buildings makes the owner of these have a centre of overriding economic interest in the territory.

    By national economic territory we mean:

    a. The area (geographical territory) submitted to the management and cash control of a single administration.

    b. Other free trade zones, including warehouses and factories under customs control.

    c. The national airspace, territorial waters and the continental shelf located in international waters over which the country enjoys exclusive rights.

    d. Territorial enclaves, which are geographic territories located in the rest of the world and used, under international treaties or agreements between States, by public administrations of the country (embassies, consulates, military bases, etc.)

    e. The deposits (oil, gas, etc.) located in international waters outside of the country's continental shelf, exploited by resident units in the territory in accordance with the previous points.

  • 3.7Reference area

    The national economic territory is comprised of:

    a. The area (geographical territory) submitted to the management and cash control of a single administration.

    b. Other free trade zones, including warehouses and factories under customs control.

    c. The national airspace, territorial waters and the continental shelf located in international waters over which the country enjoys exclusive rights.

    d. Territorial enclaves, which are geographic territories located in the rest of the world and used under international treaties or agreements between States, by public administrations in the country (embassies, consulates, military bases, etc.)

    e. The deposits (oil, gas, etc.) located in international waters outside of the continental shelf in the country, exploited by resident units in the territory according to the previous points.

  • 3.8Time coverage

    1995-2023. (except for the Non-Financial Asset Balance Sheets which are available for the period 2012-2022, in line with the requirements of Regulation (EU) nº 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European System of National and Regional Accounts).

    In addition, other information available from previous accounting bases is as follows:

    Base 2010: accounting series 1995-2017.

    Base 2008: accounting series 1995-2012.

    Base 2000: accounting series 2000-2009.

    Base 1995: accounting series 1995-2003.

    Base 1986: accounting series 1970-1997.

     

  • 3.9Base period

    Not applicable.

• 4Unit of measure
  • 4.1Unit of measure

    Operations and accounting balances are expressed in millions of euros.

    Employment results for the Public Administration sector are expressed in terms of thousands of persons and hours worked.

• 5Reference period
  • 5.1Reference period

    The reference period is the calendar year.

    Data referred to the period: Anual A: 2024

• 6Institutional mandate
  • 6.1Legal acts and other agreements

    The compilation and dissemination of the data are governed by the Statistical Law No. 12/1989 "Public Statistical Function" of May 9, 1989, and Law No. 4/1990 of June 29 on “National Budget of State for the year 1990" amended by Law No. 13/1996 "Fiscal, administrative and social measures" of December 30, 1996, makes compulsory all statistics included in the National Statistics Plan. The National Statistical Plan 2009-2012 was approved by the Royal Decree 1663/2008. It contains the statistics that must be developed in the four year period by the State General Administration's services or any other entity dependent on it. All statistics included in the National Statistics Plan are statistics for state purposes and are obligatory. The National Statistics Plan 2021-2024, approved by Royal Decree 1110/2020, of 15  December, is the Plan currently implemented. This statistical operation has governmental purposes, and it is included in the National Statistics Plan 2021-2024. (Statistics of the State Administration).

    
    

    Regulation (EU) 549/2013, of 21 May, on the European System of National and Regional Accounts, establishes methodological approaches to the development of national accounts in order to obtain a coherent, reliable and comparable quantitative description of the economies of European Union countries.

    Regulation (EU) 2019/516, of 19 March, on the harmonisation of gross national income at market prices and Regulation (EU) 479/2009, of 25 May, on the application of the protocol on the procedure applicable in the case of excessive deficit, are also applicable.

  • 6.2Data sharing
    The exchanges of information needed to elaborate statistics between the INE and the rest of the State statistical offices (Ministerial Departments, independent bodies and administrative bodies depending on the State General Administration), or between these offices and the Autonomic statistical offices, are regulated in the LFEP (Law of the Public Statistic Function). This law also regulates the mechanisms of statistical coordination, and concludes cooperation agreements between the different offices when necessary.
    

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• 7Confidentiality
  • 7.1Confidentiality - policy

    The Statistical Law No. 12/1989 specifies that the INE cannot publish, or make otherwise available, individual data or statistics that would enable the identification of data for any individual person or entity. Regulation (EC) No 223/2009 on European statistics stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society

    
    
  • 7.2Confidentiality - data treatment
    INE provides information on the protection of confidentiality at all stages of the statistical process: INE questionnaires for the operations in the national statistical plan include a legal clause protecting data under statistical confidentiality. Notices prior to data collection announcing a statistical operation notify respondents that data are subject to statistical confidentiality at all stages. For data processing, INE employees have available the INE data protection handbook, which specifies the steps that should be taken at each stage of processing to ensure reporting units' individual data are protected. The microdata files provided to users are anonymised.
    

    In particular, the Non-Financial Annual Accounts of the Institutional Sectors constitute a synthesis statistic whose results are elaborated from the aggregate data of other statistical or administrative sources, not being possible the identification in them of information relative to individual units, which, would be protected, in any case, by the statistical secret in accordance with the established in the Law 9/1989 of the Public Statistical Function.

• 8Release policy
  • 8.1Release calendar

    The advance release calendar that shows the precise release dates for the coming year is disseminated in the last quarter of each year.

    
    
  • 8.2Release calendar access

    The calendar is disseminated on the INEs Internet website (Publications Calendar)

    
    
  • 8.3User access

    The data are released simultaneously according to the advance release calendar to all interested parties by issuing the press release. At the same time, the data are posted on the INE's Internet website (www.ine.es/en) almost immediately after the press release is issued. Also some predefined tailor-made requests are sent to registered users. Some users could receive partial information under embargo as it is publicly described in the European Statistics Code of Practice

    
    
• 9Frequency of dissemination
  • 9.1Frequency of dissemination

    The data is disseminated annually.

• 10Accessibility and clarity
  • 10.1News release

    The results of the statistical operations are normally disseminated by using press releases that can be accessed via both the corresponding menu and the Press Releases Section in the web

    
    
  • 10.2Publications

    At the end of September of the year following year t, the final results for t-2, provisional results for t-1 and advance results for t are published, including the breakdown of household final consumption expenditure by purpose (COICOP). and the detailed results for the Financial Institutions sector

    Between September and December, the detailed results for General Government are published.

     

     

  • 10.3On-line database

    INEbase is the system the INE uses to store statistical information on the Internet. It contains all the information the INE produces in electronic formats. The primary organisation of the information follows the theme-based classification of the Inventory of Statistical Operations of the State General Administration . The basic unit of INEbase is the statistical operation, defined as the set of activities that lead to obtaining statistical results on a determined sector or subject based on the individually collected data. Also included in the scope of this definition are synthesis preparation.

    
    

    The available information can be found at:

    https://www.ine.es/dyngs/INEbase/en/operacion.htm?c=Estadistica_C&cid=1254736177054&menu=ultiDatos&idp=1254735576581

    Nº of queries in 2023 to data tables AC1= 9.890 queries

    Nº of queries in 2023  to metadata AC2=444 queries

     

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  • 10.4Micro-data access
    A lot of statistical operations disseminate public domain anonymized files, available free of charge for downloading in the INE website Microdata Section
    

    As it is a synthetic statistic, there are no microdata.

  • 10.5Other

    Not applicable.

  • 10.6Documentation on methodology

    This transaction is carried out in accordance with the accounting principles set out in the European System of National and Regional Accounts(ESA 2010):

    https://eur-lex.europa. eu/legal-content/EN/TXT/HTML/?uri=OJ:L:2013:174:FULL&from=EN

     

    Metadata completeness rate AC3=100%

  • 10.7Quality documentation

    It is worth mentioning that, in collaboration with Eurostat, work is being done on the drafting of a first quality report on the Spanish national accounts within the framework of the ESA-2010 following the guidelines established by Regulation (EC) 2016/2304 of 19 December 2016 on modalities, structure, periodicity and evaluation of indicators of the quality reports of the data transmitted in accordance with Regulation (EU) 549/2013 of the European Parliament and the Council on the European System of National and Regional Accounts.

    Furthermore, a quality report on the Gross National Income of Spain is prepared annually that accompanies the transmission to Eurostat of the Gross National Income of Spain for the calculation of the national contribution to the EU's fourth own resource, in application of the provisions of Regulation (EU) 2019/516, of March 19, on the harmonization of gross national income at market prices.

    Fields 10.6 through 17 of this document are the user-oriented quality report for this operation.

• 11Quality management
  • 11.1Quality assurance

    Quality assurance framework for the INE statistics is based on the ESSCoP, the European Statistics Code of Practice made by EUROSTAT. The ESSCoP is made up of 16 principles, gathered in three areas: Institutional Environment, Processes and Products. Each principle is associated with some indicators which make possible to measure it. In order to evaluate quality, EUROSTAT provides different tools: the indicators mentioned above, Self-assessment based on the DESAP model, peer review, user satisfaction surveys and other proceedings for evaluation.

    
    

    The Non-Financial Annual Accounts of the Institutional Sectors is developed and published in accordance with the principles set out in the European Statistics Code of Practice.

    In addition, as a synthetic statistic, its quality is derived from that of the multiple base sources that it uses: surveys, administrative records, etc., with the majority of these being developed within the framework of the national statistical plan.

    Attempts are made to obtain the most accurate information possible from all of these, minimising the various kinds of errors that may affect them. In addition, the accounting balance itself that underpins the whole system of national accounts constitutes an additional guarantee of accuracy in the results obtained.

  • 11.2Quality assessment

    Eurostat submits to exhaustive quality analyses of the data transmitted by Spain on its national accounts in the framework of what is established in the Program for the Transmission of national accounts data to Eurostat set out in Regulation (EU) 549/2013 on the European System of National and Regional Accounts, as well as in application of Regulation (EU) 2019/516 of the European Parliament and of the Council on the harmonization of gross national income at market pricesand Regulation (EU) 479/2009 on the Protocol on the excessive deficit procedure.

    In this sense, the publication of the Annual Non-Financial Accounts of the Institutional Sectors includes 100% of the transactions and economic aggregates that are indicated as mandatory by the Transmission Program associated with the European System of Accounts 2010 (ESA 2010).

    A future point of improvement will consist in extending the publication with those balances, transactions and economic aggregates that are indicated as voluntary in said Transmission Program.

• 12Relevance
  • 12.1User needs

    This operation can be used to analyse and evaluate the structure of the Spanish economy as a whole, parts or specific aspects of the national economy, national economic developments and of the different economic agents and, in turn, to make comparisons with other economies.

    In addition, the results of this are of fundamental importance for the Spanish Government and for the EU and its Member States in formulating and monitoring their economic and social policy. In particular, it should be noted that the monitoring of European monetary policy, the granting of European subsidies and the calculation of the EU's own resources are based on data from the Spanish National Accounts.

    Among the main users of the results of this operation, we can highlight the Spanish Government, the European Commission, the European Central Bank, OECD, IMF and all kinds of studies and economic analysts.

  • 12.2User satisfaction

    The INE has carried out general user satisfaction surveys in 2007, 2010, 2013,  2016 and 2019 and it plans to continue doing so every three years. The purpose of these surveys is to find out what users think about the quality of the information of the INE statistics and the extent to which their needs of information are covered. In addition, additional surveys are carried out in order to acknowledge better other fields such as dissemination of the information, quality of some publications...

    On the INE website, in its section Methods and Projects / Quality and Code of Practice / INE quality management / User surveys are available surveys conducted to date.(Click  next link)

     

    
    

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  • 12.3Completeness

    This operation complies with all the information requirements established by Eurostat's Transmission Programme of data determined in Regulation (EU) No 549/2013 on the European System of National and Regional Accounts 2010, as well as what is required in Regulation (EU) No 2019/516 of 19 March on the harmonisation of gross national income at market prices and Regulation (EU) No 479/2009, of 25 May on the application of the Protocol on the excessive deficit procedure.

    R1=100%

• 13Accuracy and reliability
  • 13.1Overall accuracy

    This operation is a synthetic statistic, meaning that its accuracy largely depends on the sources of information used in its production. However, the general balance process of the national accounts allows for the verification and improvement of the coherence and completeness of estimates, apart from possible gaps and inconsistencies in the base data sources.

  • 13.2Sampling error

    This operation is a synthetic statistic, so the concept of sampling errors is not applicable. However, the operation is affected indirectly by such errors, due to the fact that surveys are amongst the information sources . However, the process of general equilibrium of the national accounts makes it possible to verify and improve the coherence and exhaustiveness of the estimates.

    Sampling errors A1=not applicable to this statistical operation.

  • 13.3Non-sampling error

    This operation is a synthetic statistic, meaning it is indirectly affected by all the errors that exist in its information sources . However, the general balancing process of the national accounts allows to check and improve the consistency and completeness of the estimates, reducing the impact of this type of errors.

    Overcoverage rate A2=not applicable to this statistical operation.

    Proportion of common units when using sampling and administrative sources A3=not applicable to this statistical operation.

    Non-response rate per A4 unit=not applicable to this statistical operation.

    Non-response rate per item A5=not applicable to this statistical operation.

    Item imputation rate A7=not applicable to this statistical operation.

• 14Timeliness and punctuality
  • 14.1Timeliness

    The results are published, with the character of advance results, about 9 months after the end of the reference period of the results.

    Opportunity first results TP1=9 months

    Opportunity final results TP2=33 months

  • 14.2Punctuality

    The dissemination of the data is carried out in accordance with the calendar of availability of the structural statistics that the INE prepares and publishes each year.

    Punctuality in the publication TP3=100%

• 15Coherence and Comparability
  • 15.1Comparability - geographical

    One of the objectives of the ESA 2010 is the harmonisation of the methodology and the precision and rigour of the concepts, definitions, classifications and accounting rules that must be applied in order to obtain a comparable description of the economies of European Union countries. Therefore, the data collected in this operation are comparable with those of EU Member States.

    In principle, they are also compatible at the international level given that ESA concepts are entirely consistent with those contained in the existing guidelines on national accounting at the global level, as reflected in the System of National Accounts (developed under the joint responsibility of the United Nations, International Monetary Fund, Eurostat, OECD and the World Bank).

    However, outside the scope of the EU, there may be differences in the practical implementation that the different countries make of the recommendations contained in said accounting standard.

  • 15.2Comparability - over time

    The annual results disclosed are fully comparable with each other, as they are prepared according to the same accounting methodology (ESA 2010) and according to homogeneous statistical sources and procedures.

    Length of the comparable time series CC2=29

  • 15.3Coherence - cross domain

    The ESA 2010 is consistent with the principles established in the Balance of Payments and International Investment Position Manual(6ª edition), and the results of the rest of the world's accounts are therefore broadly consistent with those of the Balance of Payments and International Investment Position Statistics published by the Bank of Spain.

    On the other hand, thePublic Administrations Accountsprepared by the General Intervention Board of the State Administration (IGAE) are integrated into the entirety of the Spanish National Accounts.

    In addition, since it is a synthetic statistic, the results of this operation are, in general, consistent with the statistical and administrative sources utilised in its preparation, although they are not fully consistent with these given their existing conceptual and methodological differences.

  • 15.4Coherence - internal

    The accounting methodology established in the ESA 2010 ensures compliance in the Non-Financial Annual Accounts of the Institutional Sectors with all the identities established therein and, thus, the coherence of all the measures established to describe the different parts of the economic process, allowing the joint and consistent analysis of the different aspects and phases thereof and of the behavior of the different economic agents, including their relations with the rest of the world.

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• 16Cost and burden
  • 16.1Cost and burden

    The estimate of the budgetary allocation necessary to finance this statistical operation provided for in the 2024 Annual Programme is 387.88 thousand Euros.

    This statistical operation does not place any burden on the informants. As this is a synthetic statistic, it uses data already available to the administration.

     

• 17Data revision
  • 17.1Data revision - policy

    The INE of Spain has a policy which regulates the basic aspects of statistical data revision, seeking to ensure process transparency and product quality. This policy is laid out in the document approved by the INE board of directors on 13 March of 2015, which is available on the INE website, in the section "Methods and projects/Quality and Code of Practice/INE’s Quality management/INE’s Revision policy" (link).

    This general policy sets the criteria that the different type of revisions should follow:  routine revision- it is the case of statistics whose production process includes regular revisions-; more extensive revision- when methodological or basic reference source changes take place-; and exceptional revision- for instance, when an error appears in a published statistic-.

    
    

    The national accounts are a structural statistical product, so the estimates of the different operations and aggregates are subject to a review and disaggregation process before they become final. This process is determined by the dependence of the national accounts on statistical information, in the sense that the more short-term and aggregated the base information, the more provisional the estimation of national accounts.

     

    The revision of the estimates is limited to a period of three years. Throughout this period there will be three updates of the same accounting exercise until the estimate of year t becomes final, all of them to be published in September.

     

  • 17.2Data revision - practice

    The review of the results of this operation is limited to a period of three years, until the estimate for a given year t becomes final. The review process ends with the development of the supply and use tables for that year t. The three-year period is determined by the period necessary for the incorporation into the estimates of all structural statistics.

    Thus, the estimates for one year t are called, according to their publication date:

    Advance estimate (September t+1).

    Provisional estimate (September t+2),

    Final estimate (September t+3)

    The measurements of the size of the MAR and RMAR reviews of the financing capacity of the total economy (S.1) in the 2024 Statistical Review (period 1995-2023) in the CNFSI publication of September 2024, in relation to the previous CNFSI publication of September 2023, were the following:

    Average revision rate A6-MAR= 654.7 million euros

    Relative mean revision rate A6-RMAR = 2.1%

• 18Statistical processing
  • 18.1Source data

    This operation incorporates different sources of economic information. In general terms, these sources are statistics produced by the INE, statistics from other public and private organizations and administrative data.

    We should highlight:

    Economic Statistics -Industrial, Trade and Services- short-term and structural (INE)

    Encuesta de Estructura de la Construccion (Ministerio de Fomento)

    Encuesta de Presupuestos Familiares (INE)

    Government Accounts (IGAE)

    Balance of Payments (Banco de España)

    Financial Accounts of the Spanish Economy (Bank of Spain)

    Statistics of Foreign Trade in Spain (AEAT)

    International Trade in Services Survey (INE)

    Statistics by type of tax (AEAT)

    Price Indexes (INE)

    Labour Force Survey (INE)

    Social Security Workers Affiliation (Ministry of Employment and Social Security)

    Annual Labor Cost Survey (INE)

  • 18.2Frequency of data collection

    The collection of data from the results of the base statistics is based on the dissemination of information from the different sources used. The information included is monthly, quarterly and annual.

  • 18.3Data collection

    The data used are statistics prepared by the INE itself or by other agencies. The data collection differs according to the type of source and method of disseminating information (database, electronic publication, etc.). In general, the necessary information is published on web pages, providing direct access to the publication or database in question. With respect to information that is not published, it is sent directly to the Department of National Accounts by the relevant agencies.

    The information source is indicated in section18.1 Source Data.

  • 18.4Data validation

    The units typically used in statistical research are not always suitable for the purposes of the national accounts, as they are generally based on traditional criteria of a legal, administrative or accounting nature. First of all, the definitions of the units of analysis used in the ESA must be taken into account.

    In addition, for the correct recording of transactions in accordance with ESA-2010 methodology, it is necessary to make certain adjustments to adapt the information obtained in the surveys to the criteria established in the ESA, such as the case of the unobserved economy, insurance services, financial intermediation services, the temporary recording of transactions according to accrual, with the exceptions contemplated in the ESA, valuation of transactions, etc.

    On the other hand, many specific conventions are included in the ESA. For example, the valuation of the output of public administrations, the valuation of the output of insurance services and financial intermediation services, the recording of public services as final consumption expenditure, etc. In these cases, on the basis of all the base information, it is necessary to estimate the output according to the criteria established in the ESA and make corresponding adjustments in the users of this output.

  • 18.5Data compilation

    In the process of preparing the results of a given year t, the following steps are followed:

    1. The results of the Spanish Annual National Accounts: main aggregates and of the Spanish Annual National Accounts: results by branch of activity are taken as a starting point.

    2. Integration of the Public Administration Accounts, prepared by the General Intervention Board of the State Administration.

    3. Compilation of the accounts of Financial Institutions, based, in essence, on the information provided by the Bank of Spain and the CNMV (Spanish Securities & Exchange Commission) obtained from the accounting statements of the entities under their supervision, of the accounts of the rest of the world, based on the results of the Balance of Payments and the Non-profit Institutions Serving Households, based on individual information gathered from a representative sample of units in the sector.

    4. Incorporation of the operations of goods and services of the national economy and the allocation of these to the corresponding sectors (mainly making use, in the case of Households and Non-financial Corporations, of the structural economic surveys previously mentioned).

    5. Revenue-expenditure balance of distribution and capital operations:

    This balance has different degrees of difficulty depending on the nature of the operation. In general, the following situations may arise:

    When only two sectors take part in an operation and there is information on one of them, the balance is immediate since the sum of the operation is a revenue (or change in liabilities) of one sector and expenditure (or a change in assets) of the other; if a particular operation is an expenditure (or revenue) for a single sector and a revenue (or expenditure ) for various sectors, sources are used that allow the disaggregation of this flow between the different sectors involved.Finally, in those operations that are expenditures and revenues of several sectors, a matrix balance is produced based on this direct and indirect information.

  • 18.6Adjustment

    Not applicable as it concerns an annual operation (the possible calendar effects are considered negligible).

• 19Comment
  • 19.1Comment