National Institute of Statistic and Geography of Mexico

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National Institute of Statistic and Geography of
Mexico

• Mexican System of National Accounts achievements
  and prospects

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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.
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INEGI and the Mexican System of National Accounts

• 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.

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Mexican System of National AccountsProject of
change of base year 2008

• 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

Activity 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 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
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General objective of the Project of change of
base year 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

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Prospects of the SNA 2008 in the MSNA

• 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.

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INEGIs participation in the G20 Recommendations

• 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.

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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
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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.
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.
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Strengthening of the extensions of the central
framework of the MSNA
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Conclusions

• 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.

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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.

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• Thanks for your attention.

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