| 10/10/2006||Sweden||Disagreement with proposal|
| 10/10/2006||Germany||In the context of issues 15 and 16, it is demanded that, for measuring the output of non-market producers, calculatory interest on capital should be included in addition to existing expenditure elements (compensation of employees, consumption of fixed capital, intermediate consumption, taxes less subsidies).|
We reject both changes.
That issue, too, was discussed and rejected already on the occasion of the 1993 SNA revision. Since that time, no new knowledge has been gained, and the relevance of those elements has not changed either. In major parts, determining that aggregate is based on imputations, especially on the interest rate to be used. Consequently, the results would not be free from arbitrary decisions. International comparability would be affected negatively.
| 9/15/2006||United Kingdom||The steps recommended are a valuable and practical first stage towards a fuller recognition of capital services in the accounts. We would have liked to have gone further but accept the recommendations.|
| 9/15/2006||Latvia||We reject this change - interest on capital calculation will not be free
from arbitrary decisions because of rate of return as imputed value.
| 9/15/2006||Norway||From a theoretical point of view, Statistics Norway has sympathy with the proposal to include a return to capital in the measurement of non-market output. In this way, assets used in market production and non-market production would be treated in a consistent way. However, we are worried regarding the possibilities - i.e. the empirical basis - to actually implement the ideas. In particular, one will lack data for the rate of return to be used in the estimates. Even though the recommendations include some guidelines with respect to choice of rate of return, we are afraid one would end up with rather arbitrary choices, making international comparisons difficult.|
| 9/14/2006||Bank of Lithuania||We agree with the AEG recomendations|
We also think that the precise definition of capital services and detailed list of such services would be desirable.
| 8/18/2006||Italy||We agree with the current proposal to not include capital services as a mandatory item in the core accounts, but to provide at least guidance in the SNA on the role and a consistent treatment of capital services for the benefit of those statistical offices who will choose to introduce the measurement of capital services. |
| 8/18/2006||Singapore||We agree with the AEG's recommendation to include in the updated SNA|
(i) the concept of capital services; and
(ii) to provide estimates of capital services in the supplementary tables and not in the core accounts.
| 8/1/2006||Central Bank of Turkmenistan||В обновленной СНС рекомендуется привести чeткoe определение и подробный перечень капитальных услуг.|
| 7/31/2006||Spain||Todos los trabajos encaminados a la armonización de las medidas de stock de capital y sus flujos asociados son apoyadas por el INE.|
No obstante, dado que hay elementos que no son directamente observables desde un punto de vista estadístico y sobre los que no se ha alcanzado un acuerdo en el procedimiento de estimación, como por ejemplo, el cálculo de las tasas de retorno endógenas y exógenas que determine el servicio de capital, no parece adecuado incluir estos servicios en el marco central del Sistema de Cuentas Nacionales. Por el contrario, podría ser más adecuado presentarlos en un ámbito complementario.
| 7/27/2006||Egypt||The capital services (theoretically) should be introduced in the national accounts. The concept should be well described. Practically we will face lots of problems. So we are not in favor of imputing capital services.|
| 2/23/2006||South African Reserve Bank||We agree with all the recommendations of the AEG. We appreciate the support for supplementary tables rather than the core accounts, however, a voluntary/ optional notion could be considered in the final recommendation. |
| 1/27/2006||Central Bank of El Salvador||Estamos de acuerdo que se presente como cuenta satélite o anexo particular para su tratamiento. La inclusión de los servicios de capital proporcionados por los activos fijos mejoraría las estimaciones sobre la productividad del capital de las naciones, no obstante, dado que la medición de los stock de capital no está ampliamente desarrollada en todos los países su incorporación debería ser opcional.|
| 1/17/2006||Central Bank of West African States|| cb_WesternAfricanStates15; |
| 1/17/2006||Kuwait||Because of capital services constitute the appropriate measure of capital input and at present, the national accounts provide no measure of the value, price or volume of capital services. And it has always been recognised that operation surplus is income driving from the use of capital in production just as compensation of employees is income driving from the use of labour. So Kuwait agrees that capital services should be introduced into the national accounts, but not the core accounts and the SNA should describe the concept of capital services and their role in contribution to production. This description should explain the relationship between capital services and other capital-related data that serve both the analysis of income and wealth and the analysis of production and productivity.|
Kuwait also agrees that: (a) the final choice between an endogenous and an exogenous rate of return is left to the implementing statistical office. And whatever the final choice, the rate of return should be associated with an ex-ante measure for depreciation and price changes.
(b) the user costs be formulated in terms of real rates of return.
(c) the mixed income be split into capital and labour components in order to allow the formation of aggregate measures of the remuneration of labour and capital.
Because there is agreement that fixed assets are sources of capital services. And Kuwait puts under its consideration the following:
* Some entities are at present not recognised as assets, such as research and development.
* Some entities are non-produced such as land.
* Inventories are assets that are not always included in the scope of assets that deliver capital services.
* The measurement of some assets is very difficult like historical monuments.
Kuwait agrees that capital services measures should be comprehensive in the sense that they apply to all non-financial assets except valuables. This includes identifying capital services for inventories and land.
| 1/3/2006||Cuba||Consideramos que los servicios de capital deben registrarse como parte del superávit bruto de operación y formar parte del VAB y considerarlo dentro del marco central|
Consideramos en el caso de la producción del gobierno deben incluirse también los servicios de capital
| 12/22/2005||Serbia and Montenegro||We agree with the suggested changes.|
| 12/14/2005||France||L'INSEE soutient les travaux visant à une meilleure harmonisation des mesures du stock de capital et des flux qui y sont associés.|
L'INSEE préfère que ces notions, qui sont éloignées de l'observation proprement statistique, fassent l'objet de présentations complémentaires, plutôt que de figurer dans le cadre central.
| 12/13/2005||Canada||Canada agrees with the proposition to include estimates of capital services as a supplementary table in addition to the core accounts of the SNA. While some description of the basic concepts should be included in the SNA manual, the details should be included in an update of the OECD manual on Measuring Capital do that all of the good work done for the Canberra Group on measuring capital will not be lost.|
| 12/12/2005||Bank of Korea||We agree with the recommendation of the AEG. |
| 12/12/2005||Mexico||Los servicios de capital proporcionado por los activos fijos al proceso de producción no son explícitamente definidos por el SCN 1993.|
Por lo que apoyamos la recomendación de que los servicios de capital deberían ser incluidos en las cuentas nacionales, pero no en las cuentas centrales (a menos que un país sienta que sus estimaciones sean los suficientemente buenas para hacerlo).Actualmente no existe una propuesta de cambiar la estructura básica de las cuentas.
Además estamos de acuerdo en incluir una descripción de los conceptos básicos de los Servicios de Capital y su contribución en la producción. Esta descripción debe contener la relación entre los servicios de capital y otros datos de capital-relacionado, y permita tanto el análisis del ingreso y riqueza, así como el análisis de producción y productividad
Así como también respaldamos la formulación propuesta para la estimación de servicios de capital y las opciones dadas de tasas de rendimientos endógenas y exógenas, se deje la implementación a las oficinas de estadística.
Finalmente estamos de acuerdo de que todos los activos no financieros, excepto objetos valiosos, producen servicios de capital y deben estar incluidos en la frontera de los servicios de capital donde sea posible.
| 12/9/2005||Russia||Including this topic into the SNA seems to be important; in this context we would like to emphasize that the decision described in par. 13b is extremely important, the estimates of capital services should be included in the supplementary tables rather than in the core accounts|
| 12/5/2005||Denmark|| m3Denmark15; |
| 12/2/2005||Netherlands||We generally support the recommendations of the AEG.
| 12/2/2005||Australia||Australia agrees with the AEG recommendations|
| 12/2/2005||Turkey||We agree with the recommendations made at the July 2005 meeting of the Advisory Expert Group on National Accounts.|
| 12/1/2005||Germany||The Federal Statistical Office is not in favour of the AEG recommendation introducing capital services into SNA because of practical and of methodological reasons:|
a) We do not agree that it is necessary to include the concept of capital services in SNA. In our opinion further conceptual work and the development of guidelines for the estimation of capital services should be done outside of the SNA framework first.
b) If capital services are introduced in SNA, it is very important, that estimates of capital services do not appear in the core system. We can accept that capital services appear in supplementary accounts as long as these estimates are voluntary.
c) In our opinion no such regulation for the compilation of depreciation and capital stock should be intro-duced in SNA. Since many countries will not be able to estimate capital services in near future.
d) In our opinion it is too early to introduce even basic concepts of capital services in SNA. Detailed recommendations should be developed first and more experience in practice is needed before.
e) In our opinion no formulae for the estimation of capital services and no options for the rate of return should be shown in SNA. If capital services are introduced in SNA it should be limited to definitions.
| 12/1/2005||Norway||We agree with the recommendations of the AEG. As for issue 16, we think SNA should be specific on how to calculate the rate of return to be used in the estimates.|
| 12/1/2005||Brazil||We support the recommendation that capital services should be included as a recommendation in the SNA revision. But, to be included in supplementary accounts and not in the core of the accounts.|
As it is a complex issue it would important a detailed presentation on an manual. As the OECD Measuring Capital.
However Brazil does not have conditions to implement the recommendation nowadays.
| 12/1/2005||Iran||We agree to the suggestion No. 2 of Canberra II Group, adopted in July 2005 Meeting of the AEG, indicating that the cost of capital services should not be included in the core accounts of the system , but should be included in the supplementary accounts|
| 12/1/2005||Israel||We welcome the recommendations of the AEG, the information on cost of capital services is an important addition to the system.|
| 12/1/2005||United Kingdom||We agree with all the recommendations made by the AEG.|
| 11/30/2005||Slovak Republic||SO SR agree with AEG recommendations.|
| 11/30/2005||Palestinian Central Bureau of Statistics||We support the idea including it in supplementary table rather than the core of accounts of the SNA, and we recommend to express the basic concepts of the capital services in the updated SNA.|
| 11/30/2005||Finland||We can support the proposal to present cost of capital services in supplementary tables.|
| 11/30/2005||Italy||Istat fully agrees with the recommendations made at the July 2005 meeting of the Advisory Expert Group on National Accounts.
| 11/30/2005||State Bank of Pakistan||We have gone through recommendations made by Advisory Expert Group (AEG) and fully agree with them.
| 11/30/2005||State Bank of Vietnam||The measures of capital services for complementing the production account improve the information for productivity analysis purposes so it should be treated in a satellite account optional.|
| 11/29/2005||Lithuania||If a country should make an imputation of the capital services does it should be included in the direct estimates of the output by industries? We agree that it is important for productivity analysis, but it does not fit with the bookkeeping. |
| 11/29/2005||Estonia||For purposes of productivity and production analysis, Estonia supports to introduce capital services into the SNA in supplementary accounts, compiled in an integrated and consistent manner. The basic concepts of the capital services should be presented in the SNA.|
| 11/29/2005||People's Bank of China||I agree with your improvements and have no other suggestions.|
| 11/25/2005||Vietnam||The measures of capital services for complementing the production account improve the information for productivity analysis purposes so it should be treated in a satellite account optional|
| 11/21/2005||USA||We strongly endorse the recommendation to include the concept of capital services in the updated SNA and to provide for presentation of estimates of capital services in supplementary tables.|
We note, however, an omission in the proposed supplementary account. The presentation that says, “Gross operating surplus plus the capital component of gross mixed income” should add, “and the capital component of taxes on production and imports.” Like gross mixed income, a portion of taxes on production and imports should be allocated to the return to capital services.
| 6/30/2005||Mexico||The measures of capital services for complementing the production account improve the information for doing productivity analysis, just for the reason that they contribute for having measurements more exhaustive for the components of the function of production. Nevertheless, to consider these recommendations as an obligation in the core structure of the accounts could bring problems in countries that are still doing efforts for improving their measurements of the capital stocks, or that are building them. It could be recommendable to introduce the measurements of capital services as optional.|
| 5/27/2005||Pakistan||Supports the proposal to have a chapter / annex on the measurement of capital in the updated SNA.|
| 5/13/2005||State Bank of Pakistan||A separate chapter on measurement of capital may be included in the updated SNA.|
| 5/10/2005||USA||Although the AEG did not reach a decision in its December meeting on the inclusion of capital services in the production account, the U.S. Bureau of Economic Analysis strongly supports the inclusion of such measures in the update of the System of National Accounts. These measures should be considered optional, so that countries that do not have well-developed capital stock measures would not be expected to compile measures of capital services. We note, however, that measures of capital services are of critical importance for measuring the contribution of capital to a nation’s productivity. The United States uses measures of capital services in its measures of multifactor productivity, which are published by the Bureau of Labor Statistics. Many other countries are also finding these measures to be useful and important to policymakers and researchers for understanding and evaluating economic growth. |