Sector accounts key figures 1969-q4 2013

Table explanation

Description topics

Total economy

The total economy consists of non-financial corporations, financial corporations, general government, households and non-profit institutions (NPI) serving households. The breakdown into institutional sectors is based on international rules.

Gross domestic product

Gross domestic product (GDP) is the final result of the production activities of resident producer units. It is equal to the total value added at basic prices of industries, supplemented with some transactions which are not attributed to individual industries. The value added (basic prices) by sector is equal to the difference between output (basic prices) and intermediate consumption (purchasers' prices). The transactions which are not attributed to individual industries are the balance of taxes and subsidies on products and the difference between imputed and paid VAT (value added tax). Gross domestic product also equals the value of income generated in the Netherlands.

Consumption of fixed capital

Consumption of fixed capital represents the depreciation of the stock of produced fixed assets, as a result of normal technical and economical ageing and insurable accidental damage. Losses due to catastrophes and unforeseen ageing are seen as a capital loss.

Net operating surplus / mixed income

Net operating surplus / mixed income remains after deducting consumption of fixed capital from gross operating surplus / mixed income.
Gross operating surplus is the balance that remains after deducting from the value added the compensation of employees and the balance of other taxes and subsidies on production. The operating surplus of family enterprises is called mixed income, because it also contains compensation for work by the owners and their family members.
The operating surplus of the total economy is the sum of all operating surplus or mixed income of individual sectors.

Net national income

Net national income remains after deducting consumption of fixed capital from gross national income.
The national income is the income that the sectors receive for their direct participation in the production process and the income that they receive in exchange for the provision of financial resources, land, etc. National income is the sum of GDP and net primary income from the rest of the world. It can also be calculated as the sum of the primary income of all sectors together (total economy).

Net disposable national income

Disposable income is the balancing item of the secondary distribution of income account. It shows for each sector its disposable income, which remains after the redistribution of primary income by compulsory or non-compulsory current transfers between the sectors. Total disposable income of all resident units is called disposable national income, which is equal to national income plus net current transfers received from the rest of the world.
Net disposable income remains after deducting consumption of fixed capital from gross disposable income.

Net national saving

Saving is the difference between disposable income and final consumption expenditure, adjusted for net equity in pension funds reserves. Net saving remains after deducting consumption of fixed capital from gross saving.

Gross fixed capital formation

Expenditure for produced tangible or intangible assets that are used in the production process for more than one year.

Gross fixed capital formation consists of producers’ acquisitions less disposals of fixed assets:
- acquisitions, less disposals, of tangible fixed assets:
dwellings and non-residential buildings.
civil engineering works.
transport equipment.
machinery, equipment and computers.
cultivated assets (trees and livestock).
- acquisitions, less disposals, of intangible fixed assets:
mineral exploration.
computer software.
entertainment, literary or artistic originals.
other intangible fixed assets.
- major improvements to land (reclamation, land consolidation and land preparing for building).

Fixed capital formation also includes:
- work in progress of construction such as unfinished dwellings, non-residential buildings and civil engineering works are recorded as fixed capital formation of the client.
- military structures and equipment, similar to those used by civilian producers, such as airfields and hospitals.
- improvements to existing fixed assets that go well beyond the requirements of ordinary maintenance and repairs.
- transfer costs of fixed assets, such as conveyance fees and costs made by real estate agents, architects and notaries.

On the level of the total economy and the sectors, an adjustment is made for the transactions in used fixed assets, which are seen as investments of the buyer and disinvestment of the seller. This adjustment is not made for the industries.
The registration of fixed capital formation by industry and sector is on an owner basis. That means that fixed capital formation is registered on the industry or sector which can be considered to be the economic owner of the capital goods concerned.

Net lending (+) or net borrowing (-)

Net lending (+) or net borrowing (-) is the balancing item on the current and the capital account. This balance is equal to the balance of transactions on the financial account; a deficit on the current and capital account is financed by new liabilities and/or the sale of financial assets. In case of a surplus, liabilities are repaid and/or financial assets acquired.
---
Net lending or net borrowing for the total economy is equal to the balance on the current and the capital account of all the domestic sectors. The balance of the financial account for the total economy shows the amount of net lending to or borrowing from the rest of the world.

Changes in financial net worth

Changes in financial net worth as established from the financial transactions, equal all changes in financial relations of one sector with other sectors or with the rest of the world. Basically, this balance equals net lending (+) or net borrowing (-).However as a consequence of using various sources for current and capital transactions and for financial transactions statistical discrepancies will appear.

Labour input of employed persons

The amount of labour that is deployed in a given period. The volume of labour can be expressed in jobs, in full-time equivalent jobs or in labour hours worked.
Employed persons are all persons who are working for a institutional unit residing in the Netherlands.
Employed persons include all persons who:
– have a paid job for at least one hour a week.
– perform a job of which the payment is withheld from registration of tax and/or social insurance authorities, while the work itself is legal.
– are temporarily not working (due to illness, bad weather, etc.), but who continue to receive their remuneration.
– have taken a temporarily unpaid leave.
Employed persons may either be employees or self-employed. Employees are persons who during a reference period performed some work for wage or salary, in cash or in kind. Self-employed persons are those who earn their income by performing labour on their own (company, profession) or who cooperate in the business of their family. The latter are not counted as self-employed if there is an employment contract.