IMF Statistics Department - Natural Resources Statistical Tools
IMF Statistics Department has developed two statistical tools, the Revenue Template and National Accounts Template, to help countries analyze government revenues and natural resources in national accounts. These tools are crucial for policymaking in countries heavily reliant on natural resource revenues, providing consistent classifications for cross-country comparisons and supporting EITI reporting. The Revenue Template, based on GFSM 2014, has been successfully field-tested in six countries. The International Secretariat of EITI integrated the Revenue Template into its data reporting requirements, highlighting its importance in tracking and managing natural resource revenues. The National Accounts Template, based on 2008 SNA, comprises eight tables for analyzing the contribution of natural resource industries to GDP and income distribution. These templates play a key role in macroeconomic management for resource-rich economies.
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IMF Statistics Department Macro-Statistics for Natural Resources: IMF and EITI Cooperation June 2017 Claudia Dziobek, Chief, IMF Real Sector Division (email: cdziobek@imf.org) J rgen Reitmaier, EITI International Secretariat Reproductions of this material, or any parts of it, should refer to the IMF Statistics Department as the source. The views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its management DMSDR1S-#6195571-v4-Macro-Statistics for Natural Resources: IMF and EITI Cooperation
IMF Statistics Department Introduction The IMF Statistics Department has developed two statistical tools to produce measures on natural resources that can support policymaking: Template to Collect Data on Government Revenues from Natural Resources (Revenue Template) Guide to Analyze Natural Resources in National Accounts (National Accounts Template) Why? Natural Resources are macro-critical for about 30 percent of IMF member countries In most of these countries, governments rely heavily on revenues from natural resources Cross country comparisons require consistent classifications Both templates are designed to help countries with EITI reporting 2
IMF Statistics Department The Revenue Template The standard revenue template is based on the revenue classification of the Government Finance Statistics Manual 2014 (GFSM 2014). The template provides detailed categories to cover all government revenues from natural resource enterprises. These categories include breakdowns from GFSM 2014 categories for selected items (e.g., rent). The template has been successfully field-tested in six countries: Indonesia, Kazakhstan, Mongolia, Norway, Peru, and Zambia. All national revenue streams were linked to the template categories and a pilot dataset for 4-6 years was collected for each country. 3
IMF Statistics Department The Revenue Template 4
IMF Statistics Department The Revenue Template In February 2015 the International Secretariat of the EITI included the standard revenue template as one of three tables in its Summary Data Template (SDT), which all member countries must attach to their EITI reports. A module of the standard revenue template is being developed for inclusion in an IMF online course Macroeconomic Management for Resource-Rich Economies . 5
IMF Statistics Department The National Accounts Template The National Accounts Template is based on the System of National Accounts, 2008 (2008 SNA) and comprises eight Template Tables: Contribution of Natural Resource Industries to GDP Distribution of the Income of Natural Resource Enterprises Labor in the Natural Resource Industries Contributions of the Natural Resource Industries to Volume Change in GDP Contributions of Prices Paid and Received by the Natural Resource Industries to the GDP Deflator Terms of Trade Index Quarterly Indicators of Contribution of the Natural Resource Industries to GDP Quarterly Indicators of Contribution of the Natural Resource Industries to Exports of Goods and Services Testing occurred in nine countries: Australia, Canada, Chile, Lesotho, Kyrgyz Republic, Mongolia, Mozambique, Sierra Leone, and Zambia. 6
IMF Statistics Department The National Accounts Template EXAMPLE OF TEMPLATE TABLE 1 Value Added plus taxes less subsidies (domestic currency (billion)) Share of GDP (percent) Description Mining of coal and lignite 390 1.8% Extraction of crude petroleum and natural gas 442 2.0% Mining of metal ores 2,636 11.9% Other mining and quarrying 43 0.2% Mining support service activities 159 0.7% Natural Resource Industries 3,671 16.5% All Industries in the Economy 22,227 100 The contribution of Natural Resources to GDP, 16.5 percent in this example, is relevant for EITI Requirement 6.3(a) 7
IMF Statistics Department Future Plans for the Revenue and National Accounts Templates The Revenue Template will be used to strengthen compilation and dissemination of data on natural resource revenues via country missions and workshops The National Accounts Template will be implemented via online training, regional workshops, and country missions Financial support is provided by the Managing Natural Resource Wealth Trust Fund. 8
IMF Statistics Department The Revenue and National Accounts Templates, and EITI The Revenue Template and National Accounts Template provide indicators for understanding the macroeconomic impact of changes in natural resource output and prices. Both templates are designed to help countries with EITI reporting 9
