Page 83 - Revista del Centro de Investigación y Desarrollo del INEI - Economía, Sociedad y Estadística N° 9

type of adjustment is encouraged; otherwise, the main products or industries. This allows the most
underlying assumption would be that steps taken significant discrepancies between the supply and the
to strengthen services affected by the pandemic use of products (and in the production structure) to
(such as health services) or to restrict them (other be detected and to produce plausible, reasonably
services) have no impact on measuring the volume coherent results. The highest possible level of
of output and value added of the services provided product detail should be used, so that changes
by the government . that may occur in value, volume and prices can be
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evaluated.
v. Record subsidies on products (D31) in situations
where the central bank sets a lower rate of interest viii. Review the breakdown of the imputation coefficients
than the market rate and/or taxes on products of the non-observed economy. The imputed evolution
17
(D21) resulting from the central bank imposing of the size of the non-observed economy compared
a higher rate of interest than the market rate to the observed economy for certain branches may
(European Commission and others, 2016, para. 7.96(f be a source of error, since the proportions may
)). Although it is not one of the options proposed in have changed substantially at this time. Information
2008 SNA, but was part of the discussions prior to from household and employment surveys is used to
its approval, an alternative that could be used at a update the weights of the non-observed economy
country’s discretion is to consider both situations as and also for informal employment. However, it
other subsidies on production (D39) and/or other may also be difficult to carry out these surveys
taxes on production (D29), based on the proposal because of current restrictions, so their results
of the United Nations document (2006), as well should be subject to a more critical reading than
as the recommendations made in the handbook usual and used with great care. As far as possible,
“Financial Production, Flows and Stocks in the it is also recommended that the coefficients of the
System of National Accounts” (United Nations, non-observed economy be treated differently by
2005, paras. 3.115, 3.119 and 3.123). industry.

vi. Gather information on the variable changes in ix. Incorporate, if it has not been done already, the
inventories in cases where the flow of goods method analysis of information from databases of debit or
is used, at least for the economy’s most important credit cards and online purchases, among other
goods and/or for those for which such changes are things, that could be used as a proxy variable for
more significant. If no information is obtained, it these transactions in the formal economy.
is recommended to make imputations that reflect
this reality. x. Assess the possibility of using information from
monetary and financial statistics to validate
vii. Strengthen the compilation of quarterly supply and transactions in the real economy, such as consumer
use tables in full or at least in part for the country’s credit or mortgage trends.

16 The growth in the implicit price as a result of hourly compensation is expected to be considerable, most likely higher than usual. Users
should be warned that such an increase does not mean higher labour costs, but rather higher hourly wages. Labour costs have not
increased because they include the subsidy imputed to payroll. Meanwhile, compensation per job has not increased significantly. In some
services, the change in the volume of hours worked (or of adjusted posts) would be downwards, although compensation continues to be
paid anyway. For the subtotal of individual services, volume growth may have no impact, owing to the trade-off between the decreasing
volume of education services and the increasing volume of medical services.
17 See European Commission and others (2016, para. 7.105 (d)). This is the most common situation at the present time.

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