Better policy analysis with better data. Constructing a Social Accounting Matrix from the European System of National Accounts.

Macroeconomic aggregates and indicators can be extracted from the cells of the matrices, notably,
using the SAM description:

- Gross domestic product at market prices: GDPpm = Tf _a + Tdi_c p+ T
rwp⁽¹⁾+ Tdic a+ Trw a

(1) part of the net taxes on products

- Gross national income: GNI = Tdic f+ Tdic p + Tdic a

- Gross disposable income: GDI = (T_cfc f+ T_dc p + T_dbα + T_cfcdic(received) + T_cfc rw) - (Trw dic +T_cfcd_fc(paid))
In the NAM, this aggregate is represented by TII.4 II.2&3, which does not have any other relationship
with the SAM transactions.

- Gross saving: Tdic dik = GDI - Tp dic

- Net lending/borrowing of the economy (NLB): Tdikdikf = (Tdic dik + Tdikdik (received) + Tdik rw) -

- (Tp dic+ Tdikdik(paid) + Trw dik)

If the accounts of institutions are disaggregated, the corresponding value for each one would be its
total balance, Tdic dik (gross saving) being the current one.

- Balance of Payments - Current Account - Total: CB = IB + GSB + CTB

- Balance of Payments - Current Account - Income: IB = Tfrw - Trwf

- Balance of Payments - Current Account - Goods & Services =

GSB = Tp rw - (Trw p⁽²⁾ + Trw dic⁽³⁾)

(2) part of imports; (3) part of direct purchases abroad by households

- Balance of Payments - Current Account - current transfers:

CTB = Tdicrw - (Trw dic⁽⁴⁾ + Trw o+ Trwp⁽⁵⁾)

(4) part of current transfers; (5) part of the net taxes on products

- Balance of Payments - Capital Account: KB = Tdikrw - Trw dik

- Balance of Payments - Financial Account (+ Errors and Omissions): FB = T difrw - Trw dif

Therefore, once all the national accounting transactions have been integrated into a matrix, it is then
possible to integrate into the same matrix all the fundamental and complementary tables of national
accounts, with it even being possible to include information from other sources (as, for example, in
the case of disaggregations of the accounts that are not possible from the national accounts).

Schematically, the flows between the described accounts represent the circular flows in the
economy that, using the SAM description, can be seen in Outline 1.

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