Basic Concepts

• The current PSNA basically follows the 1968 UN System National Account (SNA) but to a limited scale incorporates the recommendations of the 1993 SNA.

• Transactors are economic units called institutional units.  The institutional sectors in the present PSNA are :
  • Private Corporations
  • Government Corporations
  • General Government; and
  • Households, including non-profit institutions serving households and unincorporated enterprises.

• Economic Territory does not coincide exactly with geographic territory

• Total economy consists of all institutional units that are residents of the country

• An institutional unit is said to be resident of a country when it has a center of economic interest in the economic territory of country - that is when it engages for an extended period (one year or more being taken as a practical guide) in economic activities of this territory.