Institutional sectors in 2020 National accounts - 2014 Base
The institutional units are the elementary economic units of the national accounts. These units are entitled to own assets, to incur liabilities, to engage in economic activities and to carry out transactions with other units. The institutional sectors group together the institutional units which have a similar type of economic behaviour as defined by their function and their main activity.
Five main institutional sectors form the national economy: Non-financial corporations (S11), Financial corporations (S12), General government (S13), Households (S14), Non-profit institutions serving households (S15). The non-resident units engaged in transactions or having other economic links with resident institutional units are grouped in what is called the Rest of the world (S2).
The national accounts produce a set of accounts for the various institutional sectors.
The current accounts - production account, generation of income account, allocation of primary income account, secondary distribution of income account, redistribution of income in kind account and use of income account - are flow accounts. They are used to obtain the following balancing items : value added, operating surplus and mixed income, balance of primary incomes, disposable income, adjusted disposable income, saving.
The capital account records the acquisitions less disposals of non-financial assets and the capital transfers received and paid. This account enables to determine the extent to which acquisitions less disposals of non-financial assets have been financed out of saving and capital transfers. Its balancing item is the net lending (+) / net borrowing (-)(B9NF).
The gross balancing items of the current accounts and of the capital accounts for the total economy are the major aggregates of the national accounts: gross domestic product, gross national income, gross national disposable income, gross national saving, net lending (+)/net borrowing (-) of the Nation.
Net balances are derived from gross balances by subtracting the consumption of fixed capital.
These accounts are completed by the financial account, the other changes in assets accounts and the balance sheets.
Warning
As part of the reporting of the general government deficit and debt to the European Union, the annual accounts are updated each year at the end of August to take account of the latest data from the social security funds and revisions that may affect the general government account. This update is carried out with the publication of the detailed results of the quarterly accounts for the second quarter.
The social security deficit is reduced by 0.1 billion euros in 2020 to 48.7 billion euros. The State's deficit is reduced by 2.7 billion euros to 179.3 billion euros: expenditure on compensation for exemptions from social security contributions and payment aid, as well as partial activity benefits to be attached to the year 2020, have in fact been revised downwards.
Overall, the public deficit is reduced by 2.8 billion euros in 2020, or 0.1 point of GDP. It thus stands at -209.2 billion euros, or 9.1% of GDP.
Relative to GDP, Maastricht debt stands at 115.0%, while the net debt reaches 102.5% (compared with 115.1% and 102.6% respectively in the May 2021 publication).