GDP by Income approach - Total of economy (Annual data)

National Statistical Institute

Non-financial National and Regional Accounts

Boryana Manolova

Head of department

2 P. Volov Str., Sofia 1038

[email protected]

+359 2 9857 623

National accounts for Bulgaria are compiled according to the main methodological recommendations of the documents "System of National Accounts, 2008" (SNA 2008), an issue of EUROSTAT, IMF, OECD, UN and the World Bank, and "European System of Accounts, 2010" (ESA 2010), an issue of EUROSTAT. Main macroeconomic indicator of the system of national accounts is the gross domestic product (GDP).

The method of income is an integral part of the accounts for the primary distribution of income. Approach reflects income as an element of the value added created in the production process. Balance sheet item of income approach is the gross operating surplus / mixed income.

Classification of Economic Activities (CEA-2008, for international use NACE.BG-2008)

Total economy

The Generation of Income account is compiled in parallel with the Production account and shows the activity, economic and institutional sector in which the primary incomes originate. Gross value added is the resource of this account.

Scheme for the calculation of GDP by the value method is as follows:

Gross domestic product (market prices ) :

+ Compensation of employees ( labor costs and social security )

+ Net other taxes on production and imports (taxes - subsidies on production and imports )

+ Gross operating surplus / mixed income

+ Adjustments

Components of the value method are grouped by economic sector,

sectors and can only be assessed at current prices as follows:

Compensation of employees comprising two main components:

• Salaries and wages;
• Social security contributions paid by the employer.

Wages include all charges by the employer in cash and in kind, and all payments under employment legislation by reason of the employees work in the period before the payments made for income tax.

Social security contributions paid by the employer are payments for social security in order to secure funds for the payment of pensions, social benefits. These payments include social security contributions (actual and imputed), the contributions payable by the employer including health insurance contributions. Their size is defined as a percentage of the gross wage.

Other net taxes (taxes less subsidies) on production and imports are included as a component of value added by industry and are related to the production as a whole, not compensated by the employer payments to the state budget, less subsidies on production, provide business units.

Gross operating surplus / mixed income is the balancing item in the value method. It is a measure of the production activities of the business units. In unincorporated enterprises owned by households, this balancing item is called mixed income and contains as an element profits and remuneration for work by the owner himself or members of his family. Position can be represented in gross or net terms regarding the consumption of fixed capital (depreciation).

Institutional unit under ESA 2010 - enterprise, household, public institution

Economic territory of the country

Bulgaria

from 1995 (Infostat)

Not applicable.

Sources of data are statistical surveys are annual accounts of economic units and administrative data:

• Income and expenses, including statistical annexes;
• Labour Force Survey;
• Annual statistical report on employees and wages and salary;
• Consolidated Statement of implementation of the state budget;
• Tax information

Yearly

Exhaustively for all units

Implementation of validated procedures for assessing data quality.

Implementation of validated procedures for assessing the quality of data and the development of estimation of the completeness of the data.

Not applicable.

· European Statistics Code of Practice;

· Common framework for quality management in the National Statistical System.

Monitoring of Eurostat data quality in the field of national accounts - report description of sources and methods for the development of GDP, GNI / validation procedures / Questionnaire on the implementation of the principles of the European Statistics Code of Practice.

National accounts data are subject to continuous routine revisions as new input data becomes available. This will typically also entail revisions of the national accounts aggregates, which are derived from these data. In BG national accounts two types of revisions are: regular –  preliminary, final data; and major - based on implementation of new methodology or GNI reservations.

National accounts data are subject to continuous routine revisions as new input data becomes available. This will typically also entail revisions of the national accounts aggregates, which are derived from these data. In BG national accounts two types of revisions are: regular –  preliminary, final data; and main - based on implementation of new methodology or GNI reservations.

· The annual estimates - the sum of estimates of quarterly data - T +65 days after the reporting period;

· Updated annual data - T +9 months after the reporting period;

· Final data - balance sheets "Resource-Use" - T +3 years.

The preliminary annual estimates - the sum of estimates of quarterly data - T+65 days after the reporting period;

•Updated annual data - T +9 months after the reporting period;
•Final data - balance sheets "Resource -Use" - T+3 years;

Additional information on other indicators in national accounts is available in other subject areas related to national accounts.

Not applicable.

· Publication "Main Macroeconomic Indicators";

· Statistical Yearbook;

· Statistical Reference book;

· Electronic publication.

Data are available to all users of the NSI website under the heading Macroeconomic statistics -Gross Domestic Product - Annual data - GDP by Income approach - Total of economy: https://www.nsi.bg/en/node/5487

Not applicable.

European System of Accounts (2010) (Eurostat).

· Law on Statistics;

· Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), 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.