Latest Developments in the Canadian Economic Accounts
2020
Guide to the Monthly Credit Aggregates
In the past, the Bank of Canada (the Bank) and Statistics Canada both produced aggregate measures of borrowing, or credit, for sectors of the Canadian economy. The Statistics Canada measures were on a quarterly basis as part of the National Balance Sheet Accounts (NBSA) whereas the Bank of Canada published monthly statistics. While both estimates are drawn from the same data sources and paint a similar picture of the indebtedness of Canadian households and non-financial businesses, some reconcilable differences existed in the aggregate measures. Starting in December 2020 Statistics Canada will be producing monthly estimates that will be integrated into the larger NBSA framework. This will provide users with a single and consistent set of monthly estimates that align with the internationally recognized national accounting principles detailed in the United Nations System of National Accounts This guide will serve as a review of the historical differences between each organization's credit aggregates, the conceptual and statistical changes that will occur as a result of the integration of monthly estimates within the NBSA, and a detailed overview of the methods that will be employed to estimate the outstanding credit debt of households and non-financial private corporations by lending sector.
An overview of revisions to the Financial and Wealth Accounts, 1990 to 2020
This article describes the revisions to the Financial Flow Accounts (FFA), the Other Changes in Assets Account (OCAA), and the National Balance Sheet Accounts (NBSA), collectively referred to as the Financial and Wealth Accounts (FWA), introduced as part of the 2019 Comprehensive Revision. These accounts are an integral part of the Canadian System of Macroeconomic Accounts (CSMA). This exercise was conducted to strengthen the overall quality and relevance of the FWA program and to introduce new concepts, methodologies, and classifications as recommended by international standards.
Inter-generational comparisons of household economic well-being
This study of data from the Distributions of Household Economic Accounts compares households' economic well-being from a macro-economic accounts perspective, as measured by net saving and net worth for each generation when the major income earner for a household in one generation reached the same point in the life cycle as the major income earner for a household in another generation. The study finds that while younger generations have higher disposable income and higher consumption expenditure than older generations when they reached the same age, their net saving is relatively similar. As well, younger generations' economic well-being may be more at risk due to the COVID-19 pandemic since they depend more on employment as a primary source of income, they have higher debt relative to income, and they have less equity in financial and real estate assets from which to draw upon when needed.
Canada’s services exports through the lens of digital trade
Digital delivery is one of four primary modes of supplying services to another country, alongside in-person delivery, either through the customer or the supplier traveling to their counterpart, or by establishing a commercial presence in the other country. As part of Statistics Canada’s strategy to measure how digitalisation is enabling, transforming and disrupting international trade in services, enterprises in Canada were asked for the first time for reference year 2018 to provide the share of their exports of 15 distinct commercial services that had been delivered remotely, of which digital delivery is the primary mechanism. Provided to services exporters through a supplementary survey module within Statistics Canada’s International transactions in commercial services, this new data source for digital trade in services is the result of extensive collaboration between Statistics Canada and Canada’s export community, its US counterparts in economic statistics, such as the Bureau of Economic Analysis, and regional and international organizations—notably the Organisation for Economic Co-operation and Development, the World Trade Organisation and Eurostat.
This article discusses a primary metric derived from this new survey module - the digital intensity of Canada’s 2018 commercial services exports with analysis of exporters by service category, industry, size class, type of multinational, and trading partner. In doing so, Statistics Canada continues to make progress along the continuum of measuring digital trade and this paper on digital delivery of Canada’s services exports serves as a contribution on Canada’s measurement of trade in services by mode of supply.
The 2017 to 2019 Revisions of the Income and Expenditure Accounts
This article describes revisions to the Gross Domestic Product (GDP) by Income and by Expenditure Accounts for the 2017-to-2019 period. These data were released at the same time as the 2019 Provincial and Territorial Economic Accounts estimates, which include revisions to the time series.
The first two quarters of 2020 are also revised. However, in accordance with standard revision practice, these estimates will continue to be revised during upcoming cycles. Therefore, they are not included in the analysis in this article.
Methodology for exports of energy products within the International Merchandise Trade Program
An overview of the methods used to compile statistics on exports of energy products within the International Merchandise Trade Program, specifically for the continuous transmission commodities crude oil, natural gas and electricity. Some exceptional processes are followed for these products, and this paper summarizes the methods used, and explains the factors behind the methods selected.
Satellite Accounting in Canada
The concept of satellite accounting was introduced as part of the United-Nations-endorsed System of National Accounts (SNA) in 1993. It provides a way for national accounts statisticians to develop alternative statistics on selected topics that are not represented as such in the SNA. Examples include tourism, the environment, the digital economy, and cooking, childcare and other non-market work done in the home. This paper describes the satellite accounting concept, discusses its strengths and limitations, refers briefly to international experience and provides summaries of eleven satellite accounts that have been built in Canada over the last three decades. Extensive references to more detailed documentation are also provided.
Recording COVID-19 measures in the national accounts
Since March, Canadian governments, federal, provincial and local, along with their associated government business enterprises, have been implementing a wide range of policy measures to address the COVID-19 pandemic. Many of these measures are economic in nature, taking the form of financial transfers and concessional loans to individuals, businesses and other groups. These actions will be reflected in the national accounts estimates for March and subsequent months, quarters and years. This paper outlines the main policy measures of an economic nature and identifies where their effects will be seen in the accounts.
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