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WHO IS BUILDING GROSS DOMESTIC PRODUCT - A VIEW FROM NATIONAL ACCOUNTS
Abstract
At European level, economic governance is designed more and more based on information from national accounts, harmonized by the European System of Accounts 1995 (ESA95), the statistical standard behind of many macroeconomic indicators such as gross domestic product (GDP), budget deficit and public debt, a set of macro-accounting rules followed also by Romania. Globalization has induced this trend internationally, among all countries, because comparability is essential for analysis and evaluation, implementation of equal treatment on macroeconomic statistics proved to be profitable also for development. But how the indicators are calculated? What kind of information is necessary and from which level of the economy? Through a simple assessment of the Romanian economy on the basis of ESA95 sectors and data, it is demonstrated the categorical contribution of non-financial corporations activities to the GDP creation and the SWOT analysis of financial accounts highlights elements that could be targets in the national economic growth strategy. Using economic tableau of national accounts, as it is shown in the financial assets and liabilities stocks or in the net lending/net borrowing of sectors, could be drawn the historical economic landscape of boom or recession but also might be influenced the new economic cycle and realty. Thus, the Government role could be materialized directly through fiscal policy addressed to real sector economy or indirectly through innovative mechanisms developed to attract EU non-reimbursable Funds by companies to finance projects that generate gross value added. The conclusions are the answers to the question of the title, the Government itself is building GDP through macroeconomic strategies addressed to business sector.
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