National accounts: An overview

In this paper, an attempt is made to review different types of National Accounts and their interconnected linkages. The salient features of the System of National Accounts (SNA) 2008, as distinguished from its predecessor, are also discussed. Apart from the structure of accounting framework, the SNA 2008 deals with several supplementary inputs, useful for analytical studies and policy decisions. These are also briefly touched upon. Towards the end, it is emphasised that there should be an overall improvement in economic statistics for an integrated presentation of the full sequence of accounts. As an adjunct to the framework of National Accounts, it is also indicated that there is need to develop high frequency statistics on leading indicators, which could be of use in forecasting the emerging trends in the economy, more so in the context of recurring financial crises experienced during the last two decades.