Eurostat-OECD Compilation guide on land estimations
The repercussions of the 2007–2008 financial crisis have acted as an impetus to improve the quality and availability of statistical information. One such initiative addresses the importance of compiling a complete accounting of a nation’s wealth, and especially the wealth of households. This is of particular importance in view of the housing market’s role in the financial crisis in several countries.
The most valuable item on the households’ balance sheet is usually housing wealth which is composed of the value of the dwelling and its underlying land. Many countries experience difficulties in valuing land and in particular separating the value of the land from the value of the structure. To assist countries, the Eurostat-OECD compilation guide on land estimation represents the first comprehensive overview of conceptual and practical issues related to the compilation of the balance sheet item land in the national accounts, in total and by institutional sector.
The Eurostat-OECD compilation guide on land estimation was prepared by the Task Force on Land and other non-financial assets under the joint leadership of Eurostat and the OECD. Representatives from various European Union (EU) and non-EU OECD countries were represented as well as the European Central Bank.
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Why do we need this compilation guide?
At its thirty-ninth and fortieth sessions in February 2008 and February 2009, the United Nations Statistical Commission (UNSC) adopted the System of National Accounts 2008 (SNA 2008) as the international statistical standard for national accounts and encouraged Member States, regional and sub-regional organisations to implement the standard and support all aspects of the implementation of the updated SNA 2008. The SNA 2008 guidelines were produced under the joint responsibility of the United Nations (UN), the International Monetary Fund (IMF), the statistical office of the European Union (Eurostat), the Organisation for Economic Co-operation and Development (OECD) and the World Bank (WB). Countries are encouraged to use the SNA 2008 as the framework for compiling and integrating economic and related statistics, as well as for national and international reporting of national accounts statistics.
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