Latest Developments in the Canadian Economic Accounts
Upcoming revisions planned for 2014 and 2015
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Over each of the next two years the following revisions will be introduced into the Canadian System of Macroeconomic Accounts (CSMA).
In 2014, in addition to incorporating the latest benchmarks from the Input-Output Tables (reference year 2011) and annual and administrative data, the CSMA will incorporate new public sector data resulting from the conversion of Canada’s government statistics to the International Monetary Fund’s (IMF) government financial statistics (GFS) compilation guide. GFS is the internationally accepted standard for reporting government financial statistics, which Statistics Canada has been working towards over the last number of years. The adoption of the GFS signifies improved data collection techniques, changes in the way the data are reported (a move to accrual from a modified cash treatment) and changes in the classification of government transactions and government units. The first release of GFS data is scheduled for July 2014. Following this release the data will be integrated into the rest of the CSMA (national, and provincial and territorial Gross Domestic Product by Income and by Expenditure; national, and provincial and territorial Input Output Tables; and the Financial and Wealth Accounts) and released in November 2014. The CSMA will introduce these data from 2008 onwards, but if warranted (if there are breaks in the time series), may also revise years prior to 2008.
In 2015, the CSMA will undertake a comprehensive revision to further align with international standards and achieve coherence with the U.S. National Income and Product Accounts (NIPA) and the European System of National Accounts (ESA), following their comprehensive revisions. Important changes to those standards are being made over the next few years, including a change in the treatment of financial services and pensions. Statistics Canada envisions making similar changes, ensuring that our accounts remain compatible. The CSMA will also incorporate revised benchmarks from the Input-Output Tables as well as the latest annual survey and administrative data. These data are currently scheduled for release in November 2015.
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