Financial accounts statistics

Financial accounts statistics is exceptionally important and one of the most complex statistics. It is part of the integrated system of national accounts, which present financial assets and liabilities by sector over a period of time. Compiling financial accounts statistics is extremely complex, as it involves use of various data sources that are often designed for other statistical purposes and can be set on various methodological bases. All this requires extraordinary effort for proper combination and creation of data sources hierarchy from primary statistics and numerous other data sources.

The usefulness of financial account statistics is immense, as it provides detailed information on the stocks and flows of financial assets and liabilities by sector, their structure by financial instrument, as well as the mutual financial exposure to sectors. Therefore, financial accounts are an important source of information for economic policy makers.

In December 2020, the National Bank for the first time is publishing data on the annual Financial accounts of the Macedonian economy (AFAME). They refer to the balance sheet (stocks) of financial assets and liabilities by financial instrument and sub-instrument for each institutional sector and sub-sector of the national economy, as well as rest of the world. The Financial accounts are prepared on a non-consolidated basis. Stocks represent the value of financial assets held and overdue financial liabilities at the end of the reporting year. The difference represents the net financial worth of the respective sector/sub-sector i.e. total economy. In other words, net financial worth (NFW) equals the difference between total financial assets and total financial liabilities of total economy/sector. If the national economy/sector has a surplus of financial assets, then the NFW is positive, i.e. the economy/sector is a net creditor. If the national economy/sector is short of financial assets, then the NFW is negative, i.e. the economy/sector is a net debtor.

Data is presented in domestic currency (in millions of denars).

         Financial accounts developments

The analysis of total net financial worth of the domestic economy shows that in the period 2013-2019, the Macedonian economy was a net debtor, as a result of the faster growth of liabilities compared to the growth of assets, which is common for other countries in transition. Dynamically, the negative net financial worth was constantly increasing and in 2019 amounted to Denar 427 billion, or 61.2% of GDP.

Analyzed by sector, in the period 2013-2019, households sector and rest of the world were net creditors that financed other sectors in the national economy, i.e. non-financial corporations and general government, which are net debtors. Financial sector, according to its intermediary role in the financial system, had an almost balanced net financial position in the analyzed period. Thus, dynamically, no significant changes in the structure were registered.

For more detailed information on the released statistical data, please contact us at [email protected] or+389 2 3215 181 ext.141 (or 110/108)