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Classification of institutional sectors

The need for amending the Classification of Institutional Sectors published in Official Gazette No. 80/05 arises from the implementation of the European System of Accounts (ESA 2010), which is fully aligned with the System of National Accounts (SNA 2008) of the United Nations.

The application of the new methodology, i.e. the new Classification of Institutional Sectors, published in Official Gazette No. 75/16 will ensure a more comprehensive overview of financial services as a result of the development trends in one of the fastest growing segments in most national economies. Therefore, the new Classification of Institutional Sectors provides a new breakdown of financial companies and an increase in the number of sub-sectors from five to nine.

The implementation of the Classification of Institutional Sectors allows comparability of data on institutional sectors with European Union Member States within the ESA 2010 Transmission Programme. The interpretation of the data on institutional sectors in accordance with the Classification of Institutional Sectors covers data collection, processing, validation and data entry in the database at national and at the level of Eurostat and other international institutions. At the same time, the classification provides a uniform basis for the preparation of publications and dissemination of data, taking into account the concepts of other areas of statistics that are related to national accounts, and especially sector accounts.

The Classification of Institutional Sectors is aimed at achieving greater consistency and harmonisation of statistical surveys in the statistical system of the country. It will be used for alignment of monetary, financial and national accounts statistics and other statistical areas. In terms of application, the classification will be used by the producers of official statistics in the country, and in particular by the State Statistical Office, the National Bank of the Republic of Macedonia and the Ministry of Finance.


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