FSAM05 - Eng - Okt09 (Upload3)

ISBN: 978-979-064-083-2
INDONESIA 2005
STATISTICS INDONESIA
2009
FINANCIAL SOCIAL
ACCOUNTING MATRIX
INDONESIA 2005
BPS - STATISTICS INDONESIA AND BANK INDONESIA

2009
FINANCIAL SOCIAL ACCOUNTING MATRIX

INDONESIA 2005
BPS Catalogue
: 9503004
Publication Number
: 07230.0901
ISBN
: 978-979-064-083-2
Edition
: Indonesian Edition, May 2008

English Edition, July 2009
Book Size
: 21 cm x 29.7 cm
Number of Pages
: 100 pages
Manuscript
: Directorate of Expenditure Account - BPS

Directorate of Production Account - BPS
Directorate of Economic and Monetary Statistics - BI
Cover Design
: Eko Ariantoro and Fayota Prachmasetiawan
Published by
: BPS - Statistics Indonesia and Bank Indonesia
Printed by
: Directorate of Economic and Monetary Statistics - BI
May be cited with reference to the source.
FSAM INDONESIA 2005

COMPILERS
BPS-STATISTICS INDONESIA
BANK INDONESIA
BOARD OF ADVISORS
Slamet Sutomo
1.
2.
Triono Widodo
Halim Alamsyah
PROJECT EXPERTS
1.
2.
3.
Supriyanto
Abdul Rachman
Nursinah Amal Urai
1.
2.
3.
Mohammad M. Toha
Wijoyo Santoso
Wiwiek Sisto Widayat
WORKING GROUP
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Sri Soelistyowati
Setianto
Nina Suri Sulistini
Sodikin Baidowi
Dianawati
Emil Azman S.
Buyung Airlangga
Yomin Tofri
Rudiansyah
Budi Cahyono
1.
2.
3.
4.
5.
6.
7.
8.
9.
Eko Ariantoro
Prijono
Pujiastuti
Widyastuti Noviandari
Wishnu Mahraddika
Nurcholis
M. Anwar Bashori
Aulia Fadly
Ganjar Wicaksono
TECHNICAL STAFFS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Widodo
Wikaningsih
Joni Kasmuri
Triana M. Aritonang
Erlia Rahmawati
Ika Virnaristanti
Fayota Prachmasetiawan
Suryani Widarta
Pipit Hely Sorayan
Dyah Soendhari
Wisnu Winardi
Hadi Susanto
Niti Rosika Febriyanti
Tantri Herawati Lestari
Wembri Suska
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
Budhi Wibowo
Lilia Endrian
Muhammad Irkham
Puji Agus Kurniawan
Eko Oesman
Widdia Angraini
Murdiono
Lien Suharni
Endah Riawati
Suryadiningrat
Budi Prawoto
Muji Lestari
Margo Yuwono
Rerta Mastiani
Sri Setyarini
Etjih Tasriah
Tri Isdinarmiati
Fathi Ilhami
Urip Widiyantoro
Deden Achmad Sunarjo
Yezua Harnold F. Hermanus
Harni Dwi Prikasih
Ratih Widayanti
Busminoloan
Suryadi
Ari Sugih Mulia
CONTRIBUTORS
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
Slamet Sutomo
Supriyanto
Abdul Rachman
Nursinah Amal Urai
Sri Soelistyowati
Setianto
Emil Azman S.
Buyung Airlangga
Rudiansyah
Yomin Tofri
Sodikin Baidowi
Nina Suri Sulistini
Widodo
Joni Kasmuri
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Triono Widodo
Wiwiek Sisto Widayat
Anni V. L. Herman
Eko Ariantoro
Prijono
Pujiastuti
Nurcholis
Netri Yunera
Widyastuti Noviandari
Wishnu Mahraddika
Ganjar Wicaksono
FOREWORD
One of the tasks of the BPS-Statistics Indonesia, as the agency officially

mandated with providing statistics in Indonesia, is to disseminate a variety of
statistical information that has been comprehensively collated and compiled into
publications. The publication of this Financial Social Accounting Matrix (FSAM) of
Indonesia 2005 is just one example of information propagation as mentioned.
This publication is a collaborative effort between BPS-Statistics Indonesia
and Bank Indonesia (BI) to compose Indonesias FSAM 2005 or FSAM Indonesia
2005. FSAM is translated in Indonesian as Sistem Neraca Sosial Ekonomi
Finansial (SNSEF). A joint team from BPS-Statistics Indonesia and BI prepared the
2005 FSAM covering two time horizons, namely 2006/2007 and 2007/2008. The
data framework of FSAM was built to explain interdependency between financial
sector performance and real sector performance. The condition of the Indonesian
economy, particularly in recent periods, has been greatly influenced not merely by
real sector performance, but also financial sector performance. By integrating
financial sector performance into a data framework of real sector performance, a
range of financial transmission channels from the financial sector that shape real
sector performance can be inferred and analyzed through a more inclusive
structure.
At the operational level, the data framework of FSAM integrates two existing
frameworks compiled and published by BPS-Statistics Indonesia, more specifically
the Social Accounting Matrix (SAM or Sistem Neraca Sosial Ekonomi) and Flow of
Funds Accounts (FoF or Neraca Arus Dana). By inserting the FoF framework,
particularly into the capital sub matrix of SAM, the data framework of FSAM can be
formulated.
However, developing FSAM data framework requires further
complementary measures, such as adjustments to classifications and figures,

FSAM Indonesia 2005 | FOREWORD
among others, as well as the reconciliation of SAM and FoF accounts. A data
framework for SAM has been periodically compiled, every five years, by BPSStatistics Indonesia since 1975; whereas the data framework for FoF has been
compiled with data support from BI, the Ministry of Finance (MoF) and other
relevant institutions or agencies, annually and quarterly.
The publication of Indonesias FSAM 2005 or FSAM Indonesia 2005 is
expected to enrich the variety of data sources and assist the analysis of statistical
information and policy analysis. Through this medium, the Chairman of BPSStatistics Indonesia would like to convey heartfelt gratitude and sincere
appreciation to BI, which facilitated this collaboration, Prof. Iwan J. Azis from
Cornell University who generously provided technical assistance, and also to all
members of the team of contributors and editors, from BPS-Statistics Indonesia
and BI, as well as to all who have poured their most diligent efforts in to publishing
the original data framework of Indonesia FSAM. We genuinely expect that this
publication will benefit data users, especially for the government, academics,
research agencies and other stakeholders.
Jakarta, July 2009

BPS Statistics Indonesia
Chief Statistician,
Rusman Heriawan
ii
FOREWORD | FSAM Indonesia 2005
PREFACE
Providing proficient data and information is pivotal for the compiling of

macroeconomic
assessments
to
support
economic
and
monetary
policy
formulation. As one provider of statistical information, BI continuously strives to

improve the quality of data and information, by improving more sophisticated and
integrated system and methodologies in data collection. Through collaboration with
other relevant institutions, BI regularly conducts various statistical analyses to
develop new indicators in order to yield comprehensive, reliable, accurate, timely
and accessible policy indicators.
The Indonesian FSAM 2005 publication represents one tangible result of
collaborative efforts between BI and BPS-Statistics Indonesia. The compilation of
Indonesias FSAM was initiated by BI and BPS-Statistics Indonesia through a pilot
project in constructing Indonesias FSAM 2000, with technical assistance from
Prof. Iwan J. Azis of Cornell University, USA. Over the subsequent two years, the
publication of Indonesias FSAM 2005 was organized into two stages, namely
Stage I (2006) in which the concept was prepared and primary data were collected
through surveys; and Stage II (2007) during which the Indonesian FSAM was
finalized.
FSAM is the result of a balanced and consistent integration between data
from the SAM, which describes real sector activities, and the FoF that explains
financial sector activities. In the future, FSAM is expected to assist the structural
explanation of monetary policy transmission channels to the real sector and
distortions that may happen. Consequently, FSAM can be utilized to support
monetary policy formulation effectively.
FSAM 2005 is the first FSAM publication. In subsequent periods, the
Indonesia FSAM will be compiled and published every five years. Hopefully, this
FSAM Indonesia 2005 | PREFACE
iii
publication can complement the wealth of statistics in Indonesia and extensively

benefit policymakers, academicians and practitioners in related fields.
Jakarta, July 2009

Bank Indonesia
Acting Governor,
Miranda S. Goeltom
iv
PREFACE | FSAM Indonesia 2005
PREFACE
In the early 2000s, while conducting research in Tokyo I was approached by

Bank Indonesia (BI) to help improve their research and teaching quality. One of the
main topics being suggested was about the link between financial sector and the
real sector. Indeed, like many other emerging markets, Indonesia experienced a
disconnect between the two sectors: lower interest rate with a lack of credit growth
(e.g., 2002-2004), and growing output with low employment elasticity (since 2004),
making it more difficult for the countrys socio-economic conditions to improve, i.e.,
unemployment rate continued to be high, the rate of poverty reduction slowed. A
standard credit-channel problem, disproportional investment in financial sector, and
the analytical link between macro policy and unemployment and poverty
immediately came to mind. This suggests the importance of establishing a
connection between credit-channel problems and the countrys socio-economic
indicators that include welfare and incomes of different household groups (urbanrural, poor-rich, skilled-unskilled etc). It was at this juncture BI came to realize that
in conducting monetary policy a financial social accounting matrix (FSAM) is
needed. As a data system, FSAM connects the real sector, macro-financial sector,
and social variables in a systematic and highly consistent manner. Soon a joint
project with BPS was set up. This document is the final product of that joint project.
Broadly speaking, information in the FSAM is derived from three sources:
the input-output table, the socio economic survey, and the flow-of-fund. Realizing
their comprehensiveness, the difficulty and the tedious work required to link them
systematically, the joint project was rather large scale and time-consuming. It took
more-than two years before this 2005 FSAM was finally published. Given all the
energy, time, expertise, and resources spent, those involved in the project can
stand proud of this publication. But more importantly, the quality of research,
analysis, and policy debate can now be enhanced by utilizing the incredibly
important information contained in this FSAM.
FSAM Indonesia 2005 | PREFACE
I feel fortunate to have the opportunity to advise on the technical substance

of the project and interact with many bright, hard-working and dedicated colleagues
at BI and BPS during the period. I hope this publication is useful not only for BI and
BPS but also for a wider audience in general. It is critical to realize, however, that
this should be seen as the beginning of a process whereby Indonesian FSAM will
be produced on a regular basis.
Ithaca, July 2009

Professor and Director of Graduate Studies
Regional Science Program
Cornell University,
Iwan J. Azis
vi
PREFACE | FSAM Indonesia 2005
TABLE OF CONTENTS
FOREWORD ............................................................................................................. i
PREFACE ............................................................................................................... iii
PREFACE ................................................................................................................ v
TABLE OF CONTENTS ......................................................................................... vii
LIST OF APPENDIXES ........................................................................................... ix
LIST OF TABLES ..................................................................................................... x
LIST OF FIGURES.................................................................................................. xi
ABSTRACT ............................................................................................................ xii
CHAPTER I - INTRODUCTION ...............................................................................1
1.1.
Background ............................................................................................... 1
1.2.
Goal and Objectives .................................................................................. 4
1.3.
Publication Outlines ................................................................................... 4
CHAPTER II - DESCRIPTION OF THE INDONESIAS FSAM 2005........................6

2.1.
FSAM: Integration of SAM and FoF ........................................................... 6
2.2.
Country Experiences in FSAM Compilation ............................................. 10
2.3.
Basic Framework of Indonesias FSAM 2005 .......................................... 11
2.4.
Classification of Indonesias FSAM 2005................................................. 13
CHAPTER III - COMPILATION METHOD OF INDONESIAS FSAM 2005 ............18

3.1.
Transformation of SAM into FSAM .......................................................... 18
3.2.
Inserting FoF Data into FSAM Framework .............................................. 19
3.3.
Supporting Surveys ................................................................................. 20

3.3.1.
Household Savings and Investment Survey (SKTIR-Survei

Khusus Tabungan dan Investasi Rumah Tangga) ............... 20
3.3.2.
Input-Output Survey (SKIO-Survei Khusus Input-Output) .... 21

FSAM Indonesia 2005 | TABLE OF CONTENTS
vii
3.4.
3.3.3.
Trade and Services Sector Survey (SKSPJ-Survei Khusus

Sektor Perdagangan dan Jasa) ............................................ 22
3.3.4.
Private Non Financial Corporation Survey (SKPS-Survei

Khusus Perusahaan Swasta) ............................................... 22
SAM and FoF Reconciliation .................................................................... 23
CHAPTER IV - ANALYSES OF INDONESIAS FSAM 2005 ................................. 25

4.1.
The Result: Indonesias FSAM 2005 ........................................................ 25
4.2.
Descriptive Analysis ................................................................................. 25
4.3.
4.2.1.
Indonesias Economic Structure 2005 .................................. 25
4.2.2.
Structure of Income and Expenditure by Institution .............. 28
4.2.3.
Saving Rate .......................................................................... 33
4.2.4.
Saving-Investment Gap ........................................................ 34
4.2.5.
Financial Analysis Based on Indonesias FSAM 2005 .......... 36
Application of Indonesias FSAM in Economic Analysis ........................... 39
CHAPTER V - CONCLUSION ............................................................................... 41

REFERENCES ...................................................................................................... 43
viii
TABLE OF CONTENTS | FSAM Indonesia 2005
LIST OF APPENDIXES
Appendix 1. Country Experiences in FSAM Compilation.. A1-1

Appendix 2. Classification of The Indonesias FSAM 2005.......... A2-1
Appendix 3. Concepts and Definitions Used in The Indonesias FSAM 2005 A3-1
Appendix 4. The Indonesias FSAM 2005 (79x79 Matrix)................ A4-1
FSAM Indonesia 2005 | LIST OF APPENDIXES
ix
LIST OF TABLES
Table 4.1. The Indonesias FSAM 2005 (22x22 Matrix) ......................................... 26

Table 4.2. Indonesias Economic Structure 2005 .................................................. 27
Table 4.3. Production Structure by Industrial Sectors in Indonesia ....................... 28
Table 4.4. Income Allocation by Institution ............................................................ 30
Table 4.5. Share of Sources of Income by Institution ............................................ 31
Table 4.6. Saving Rate by Institution ..................................................................... 34
Table 4.7. Gross Saving and Physical Investment by Institution ........................... 35
Table 4.8. Domestic and Rest of The World Financial Accounts ........................... 37
Table 4.9. Financial Account of Households .......................................................... 38
Table 4.10. Financial Account of Other Institutions ............................................... 39
LIST OF TABLES | FSAM Indonesia 2005
LIST OF FIGURES
Figure 2.1. Basic framework of SAM ........................................................................7

Figure 2.2. Inter-account Relationships in SAM .......................................................8
Figure 2.3. Basic Framework of The Indonesias FoF ..............................................9
Figure 2.4. Basic Framework of The Indonesias FSAM ........................................12
Figure 2.5. Data Format of The Indonesias FSAM 2005 .......................................13
Figure 3.1. The Construction Process of The Indonesias FSAM 2005 ..................24
FSAM Indonesia 2005 | LIST OF FIGURES
xi
ABSTRACT
In various discourses of economic policy analyses, decision-makers are

often confronted with difficult task of explaining the impacts of a certain monetary
or fiscal policy on the behavior of economic agents. Accordingly, it highlights the
importance of filling the research needs in this area which is currently limited. But it
should be noted that such studies require accurate information regarding the
transaction channel, including its transmission mechanisms to provide a
comprehensive macro analysis. Therefore, it will not only enrich the analysis
conducted by policymakers but also contributes, more broadly, the efforts to
improve social welfare.
Based on this specific requirement for information, BI and BPS-Statistics
Indonesia collaborated to establish a data system known as FSAM. It comprises of
a matrix that provides comprehensive and consistent information on the
interdependency between the financial and real sectors based on available
statistical data. The provision of FSAM data for Indonesia corresponds to the long
standing efforts taken by BI to seek information concerning monetary policy
transmission to the real sector through financial transaction channels. The
publication of FSAM is based on the idea to provide a data framework that can
relate economic variables in the real sector to variables in the financial sector.
Statistically, FSAM data represents an integration of SAM data, which
portrays real sector data, with the FoF that records financial activities in an
economy. The BPS-Statistics Indonesia officially has made available these data
sources at regular intervals. However, to integrate both data sets into one
statistical product that provides comprehensive information involves a complicated
process and requires proper resources.
Efforts to compile FSAM began in 2005 through a FSAM pilot project using
simulations based on data for the year 2000. Simulation results from the FSAM
xii
ABSTRACT | FSAM Indonesia 2005
2000 were considered successful despite several limitations, in particular the

unavailability of specific data needs, for example the holding of financial
instruments by households and non-financial institutions, as well as data on the
allocation of domestic real investment. Therefore, to fill the gaps, proxies were
used.
Then in 2006 and 2007, BI again collaborated with BPS-Statistics Indonesia
to compile the Indonesias FSAM 2005. In general, the FSAM was compiled by
integrating SAM and FoF data into a comprehensive, balanced and consistent
FSAM matrix using the Saving-Investment Gap mechanism, reconciling between
gross savings data and domestic real investment data. The mechanism represents
a key in understanding of how information from the real sector is transmitted to the
financial sector, and vice versa.
The FSAM framework is compiled in the form of a symmetric matrix
classified into nine components, namely Production Factors, Institutions, Industrial
Sectors, Trade and Transport Margins, Commodities, Capital, Indirect Taxes and
Subsidies, Financial Instruments, and Rest of the World. Disaggregation of the
individual components is conducted depending on analysis needs and the
availability of supporting data. The resulting disaggregation is Indonesias FSAM
2005 framework which has 79 component dimensions.
The primary data sources used to compile FSAM 2005 are the Input-Output
(I-O) Table, SAM and FoF, which were supported by the results of specific surveys,
such as Survey on Input and Output (SKIO-Survei Khusus Input-Output), Survey
on Household Savings and Investments (SKTIR-Survei Khusus Tabungan dan
Investasi Rumah Tangga), and Survey on Private Businesses (SKPS-Survei
Khusus Perusahaan Swasta).
Macroeconomic analyses can be performed based on the results of FSAM
in order to describe the interdependency among economic sectors, as well as
among institutions, economic variables, and financial instruments. FSAM based
analysis can be conducted in three forms according to level of complexities,
FSAM Indonesia 2005 | ABSTRACT
xiii
starting from: 1) descriptive analysis to describe the static phenomena of the

economy (economic structure) in 2005; to 2) behavioral analysis to explain the
impacts of a particular economic policy on various economic variables (often
described as policy analysis); and 3) economic modeling and forecasting, which
applies FSAM to develop economic models, for instance a model of general
equilibrium.
As experienced by other economies which have started to prepare FSAM
data (Euro Area, China, Cameroon, Turkey and Pakistan), the compilation of
FSAM data in Indonesia is facilitated by the availability of SAM and FoF data as
well as the need to better understand the interactions between such data. The
FSAM 2005 is the first FSAM published in Indonesia. Compilation of the FSAM
based on data from the year 2005 was only conducted in the year 2006-2007 due
to complexity of data needs. Going forward, it is expected that FSAM can be
routinely produced in every five years, in conjunction with the availability of I-O
table and SAM publications.
The Indonesias FSAM 2005, a collaborative effort between BI and BPSStatistics Indonesia, is published to serve wider publics interest. It is expected that
FSAM data can be used by policy-makers and academics alike in various analyses
and policy simulations such as Structural Path Analysis (SPA) and Financial
Computable General Equilibrium (FCGE) model.
xiv
ABSTRACT | FSAM Indonesia 2005
CHAPTER I - INTRODUCTION
1.1.
Background
Some issues that plague economies, particularly in developing countries
including Indonesia, are the prevailing disparity in income distribution and still high
the unemployment rate despite continued economic growth. There have been a
number of researches in this area to address these issues, such as the ones
conducted by Kutznets (1956, 1963), Adelman and Morris (1971, 1973), Ahluwalia
(1976), etc.
To unravel the interrelations between economic growth on the one hand and
the twin issues of unequal income distribution and unemployment on the other,
experts specializing in economic development and statistics have devoted their
efforts into building a data framework that can provide better insight into the
interdependency among these three issues (economic growth, income inequality
and unemployment). A data framework that can explain such critical issues is
SAM.
Through joint cooperation among three institutions, namely BPS-Statistics
Indonesia, the Institute of Social Studies (ISS) in The Hague as well as Cornell
University in Ithaca, USA, a SAM for 1975 and 1980 was successfully compiled for
Indonesia. Afterwards, composing a SAM for Indonesia has become a regular task
for BPS-Statistics Indonesia every five years. The most recent publication of SAM
by BPS-Statistics Indonesia is for the year 2005.
In the aftermath of the economic crisis that hit Indonesia in 1997/1998, one
of the economic phenomena that have occurred is a disconnect between the
financial and real sectors. On the one hand, financial sector indicators
demonstrated positive performance, for instance growth in the equity and money
FSAM Indonesia 2005 | CHAPTER I - INTRODUCTION
markets, yet on the other hand, this growth did not subsequently translate into real
sector growth.
This paradox spurred interest in exploring the interdependency between the
financial sector and real sector in a comprehensive and integrated data framework.
The data framework is expected to better explain the transmission channels from
the real sector to the financial sector, as well as the impacts of the financial sector
on the real sector.
Conceptually,
SAM
data
framework
is
capable
of
explaining
all
interconnected economic activities in a country, both real sector activities and

financial sector activities. However, SAM framework has its limitation especially
when explaining financial sector activities. Under this framework, the relationship
between real sector and financial sector performance is explained using capital
account that records the gross saving information of institutions (households, the
government and businesses) operating in an economy. Gross saving is the
difference between income and expenditure available for financing physical
investment.
In practice, however, the gross saving of economic actors is not only spent
on financing physical investment, such as building a house, office space, main
roads, warehouse, etc. Saving could also be spent on financing non-physical
investment (portfolio investment), such as purchasing stocks, time deposits, foreign
exchange, etc. The source of funds for real and financial investment not only stems
from gross saving but can also originate from other sources, such as loans, bond
issuances, or the raised from another source, for instance the withdrawal of
deposits held at a bank. Such interaction requires transactions, which stimulates
dynamics in the asset and liability in the balance sheets of economic actors.
If the relationship between gross saving and real investment, as well as
between financial sources and uses within SAM framework can be obtained, this
will provide more comprehensive understanding of the movement of financial
sector in relation to real sector activities, and vice versa. This fundamental notion
2
CHAPTER I - INTRODUCTION | FSAM Indonesia 2005
provides the basis for the compilation of an FSAM, a term widely known in the
International Best Practices. FSAM data is compiled to explain interactions
between the financial and real sectors, by disaggregating the capital account in
SAM. Hence, FSAM data framework is expected to elucidate interdependency
between the financial and real sectors in an effort to clarify a range of financial
transmission channels in the economy. FSAM data framework is expected to allow
better understanding over the impacts of various monetary policies on real sector
performance, and vice versa, as well as the possibility of identifying more structural
distortions.
Capital account is rearranged in SAM to better elaborate information on
saving and investment, as well as the assets and liabilities of economic actors.
This is performed by incorporating FoF data into capital sub matrix of SAM. It is
worth mentioning that the FoF data in Indonesia have been compiled through
cooperation among BI, MoF as well as BPS-Statistics Indonesia on quarterly and
annual basis.
Acknowledging the importance of an FSAM data framework, BI and BPSStatistics Indonesia launched an initiative to construct an FSAM data in 2005
through an FSAM simulation pilot project using the year 2000 data. These
simulation
results
were
completed
despite
several
limitations
due
to
data/information unavailability; therefore, a number of proxies were used to fill in

the gaps. Efforts to compile FSAM were continued through cooperation between BI
and BPS-Statistics Indonesia using 2005 data, which was conducted in two
phases, namely 2006 (Phase I) and 2007 (Phase II).
Phase I focused on formulating the concept, acquiring primary data through
surveys and consolidating secondary data. This resulted in limited and partial data
for the FSAM 2005 (temporary data). There were limitations stemming from
incomplete data sources, particularly data unavailability on Non-Financial
Corporations and the Structure of Industrial Input-Output. Therefore a proxy from
the available data was set up for the estimations. Another work to be done is
reconciling macroeconomic equilibrium in FSAM with other aggregate macro data,

such as the I-O Table. Consequently, statistical discrepancies are put in the
balancing items.
Phase II focused on the Phase I FSAM data continuation, to produce final
FSAM 2005. In addition, some descriptive analysis simulations are performed. The
Indonesia FSAM 2005 represents a final, comprehensive, balanced and consistent
result that covers all transactions among sectors related to the I-O Table, including
the distribution of income and expenditure from SAM data, and financial
transactions from FoF data. All data were reconciled into an integrated matrix that
kept its consistency and balance. The integration of I-O Table, SAM and FoF data
was performed through the reconciliation of saving and domestic real investment
data.
Such
data
integration
provides
comprehensive
picture
of
the
interdependency between the real sectors and financial sectors.

1.2.
Goal and Objectives

The publication of the Indonesias FSAM 2005 is aimed at providing
data/information on interdependency between the real and financial sectors as well

as explaining the transmission mechanism of a particular policy on economic
structure and vice versa. Data included in the Indonesia FSAM 2005 is presented
in a comprehensive, integrated and consistent data framework.
It is hoped that this publication will meet the general public best interest,
more specifically provide the long awaited tool to assist policy analysis as well as
better equip deeper economic study.
1.3.
Publication Outlines
This publication consists of five chapters that generally cover the following
areas of interest:
1. Chapter I: Introduction, explaining the background, goal and objectives of the
publication as well as the outlines.
4
CHAPTER I - INTRODUCTION | FSAM Indonesia 2005
2. Chapter II: Description of the Indonesias FSAM 2005, including the concept of
SAM and FoF integration, the form and meaning of the FSAM 2005 framework
as well as its classifications.
3. Chapter III: Compilation process of FSAM 2005.
4. Chapter IV: Analyses of FSAM 2005.
5. Chapter V: Conclusion.
CHAPTER II - DESCRIPTION OF THE INDONESIAS FSAM 2005
2.1.
FSAM: Integration of SAM and FoF

The FSAM data framework represents integration between SAM, which
covers transactions in the real sector, and FoF that reflects financial transactions
among institutions. In order to get better grasp of FSAM as an independent matrix,
at first the basic concepts of each data system used to build FSAM should be
described. The capital account components consisting of investment and saving
serve as the building block primary connecting two data systems in such a way that
SAM and FoF are integrated and consistent.
The core data required to construct SAM comes from the Indonesia I-O
Table of 2005. Several adjustments are made to industrial classification to make it
in line with the SAM classifications which had been made consistent earlier with
the FSAM data framework. In addition, supplementary data sources related to the
account information of institutions was also included (see SAM publication and
Indonesia I-O Table for detailed explanation).
As with other statistical products of national accounts, the concept of SAM
and FoF publications are also based on the System of National Accounts (SNA)
1993. However, as the concept of FSAM publication is not explicitly explained in
SNA 1993, the current compilation was compiled with reference to international
best practices, namely those from the European Union, Cameroon, Turkey,
Pakistan and Peoples Republic of China.
CHAPTER II - DESCRIPTION OF THE INDONESIAS FSAM 2005 | FSAM Indonesia 2005
Figure 2.1. Basic framework of SAM
Source:
Adapted from Indonesian FSAM Technical Assistance material by Prof. Iwan J. Azis, Cornell
University.
Note:
Economic transaction flows
Xij
Notation of expenditure transaction from column j received by row i.
The notion that SAM is a data system that can be used as an economic
analysis tool is based on the economic circular flow concept. As shown in Figure
2.1, production activities generate value added as a production factor income at
the amount (X13). Thereafter, production factor income will be distributed to the
institutional sectors in the form of income distribution (X21), which is further used by
the institutional sectors to consume commodities produced by industrial sectors
(X32). Meanwhile, in terms of production activity, there are transactions among the
industrial sectors (X33), and in the activity of income distribution there will be
redistribution (transfer) transactions among the institutional sectors (X22). Such a
circular flow of economic transactions forms the basis of SAM analysis to facilitate
the study of interdependency among industrial sectors, production factors and
institutional sectors due to production, income distribution and transfer activities, as
well as consumption, saving and investment.
FSAM Indonesia 2005 | CHAPTER II - DESCRIPTION OF THE INDONESIAS FSAM 2005
The SAM data framework system provides picture of transactions in the real
sector. In general, SAM is a square matrix that describes linkages between
production factor accounts, institutional accounts, industrial sector accounts and
other accounts. Rows in the SAM matrix indicate income and columns show
account expenditure. Therefore, the contents of a SAM matrix can highlight interaccount
relationships.
The
descriptions
and
meanings
of
inter-account
relationships under the Indonesian SAM framework are explained in Figure 2.2.
Figure 2.2. Inter-account Relationships in SAM
FoF is a data system designed to show financial transactions among various

institutional sectors, for example the government, state-owned companies,
insurance agents, commercial banks, non-financial private companies, etc.
Monetary and Financial Statistics Manual (MFSM) 2000 states that FoF is a
consolidated account of the financial institution sectors which also records financial
activities of other institutional sectors.
Each sector in FoF has a set of sources and uses of funds, which are
reflected in the activities of buying and selling financial instruments, such as time
8
deposits, bonds, loans, etc. These instruments represent either assets or liabilities
of each sector. As the system also includes the rest of the world sector, it is also
known as an open system for each transaction. In other words, each financial
instrument bought in one sector will have a mirror image in the form of selling
activities in another sector. FoF can also be viewed as a data set designed to show
how saving is connected with surplus and deficit sectors (Figure 2.3).
FoF data is presented in matrix form. The columns represent sectors and
the rows identify various types of financial instruments. In the FoF, sectors are
institutions that perform financial transaction activities. Each sector has two
columns, the first describes changes of assets (uses of funds) and the second
shows changes of liabilities (sources of funds). Increases in assets or liabilities of a
sector are portrayed by a positive financial flow, whereas any decreases are
indicated by a negative financial flow. In general, the FoF scheme is outlined in
Figure 2.3.
Figure 2.3. Basic Framework of The Indonesias FoF
Remarks:
Financial flows from surplus sectors (net lending) to deficit sectors (net borrowing)
Inter-sectoral financial flows through financial instruments
2.2.
Country Experiences in FSAM Compilation

As discussed earlier, FSAM is relevant in explaining the relationships
among variables related to financial and non financial sectors. FSAM as a data
framework, reflecting an integration of data systems deriving from SAM and FoF,
had been developed in a number of countries/regions such as Europe, Turkey,
China, Pakistan, and Cameroon, just to name a few. (see appendix 1)
For Europe region, it is known as Euro Area Accounting Matrix (EAAM).
EAAM provides a picture of production structure, inter-institutions flows and
financial flows within Euro region. The first version of annual EAAM was completed
using 1999 data. EAAM can be used to analyze economic structure, including the
development of financial transaction. EAAM helps provide a better understanding
of the transmission mechanism of monetary policy in the Euro region. EAAM also
offers a consistent and uniform statistical framework both for real and financial
sector economic activities, supported by harmonious statistical concept and proper
classification of economic activities and financial assets.
FSAM based analyses using EAAM revealed that financial institutions
constituted the largest institution to pay and earn interest and hold more than half
of financial assets and liabilities. Meanwhile, non financial institutions are reported
to have financial investments largely in the form of debt securities and stocks.
Meanwhile, Turkey had developed FSAM using its 1996 data. The FSAM
compilation is conducted using a range of data sources, among others, inputoutput table, household income and consumer survey, income distribution survey,
banking sector balance sheets, and the balance sheet of Turkeys central bank.
The purpose of FSAM compilation is to build various models for their economy.
Likewise,
Cameroon
employed
FSAM
to
develop
an
Integrated
Macroeconomic Model for Poverty Analysis (IMMPA), as a part of an integratedquantitative model of macroeconomic analysis to help investigate the impact of
external shocks and government policy on income distribution, job creation and
10
poverty. Additionally, IMMPA is also utilized to support and evaluate the strategy of
poverty alleviation.
Meanwhile, Pakistan used 1999/2000s data to develop FSAM. The aim of
constructing FSAM is to produce a core database for an FCGE model applied
specifically to analyze the behavior of public debt.
The construction of FSAM in China began by conducting a broad review on
changes on financial sector, which results in the establishment of a consistent
accounting system for Chinese economy. This study moves further in which
Chinas FSAM is used as an analytical tool in formulating economic policy in China.
The study used multiplier analysis with the major finding was the links between real
economy and financial sector, as well as the contribution of modern financial
system development to economic growth.
The Chinas study uncovered the growing role of households in countrys
asset accumulation especially financial asset. In addition, it was found that non
financial institution met their financing needs through financial system notably in
the form of bank loans. The substantial amount of capital transfers by government
to non financial institutions suggests that government remains a major player in
allocating financial resources in China. Lastly, it showed that financial sectors
continued their leading role in intermediating capital from household sector to non
financial institutions.
2.3.
Basic Framework of Indonesias FSAM 2005

The building blocks of Indonesian FSAM 2005 are classified into Production
Factors, Institutions, Production Sector, Capital and Financial. The details are
described in Figure 2.4.
11
Figure 2.4. Basic Framework of The Indonesias FSAM
FSAM is a data framework that can bridge the limitations found in SAM and
FoF because FSAM presents integrated real and financial sector information. In
general, the format of Indonesian FSAM data framework is classified into nine
components (9x9 matrix), namely: Production Factors, Institutional Sectors,
Industrial Sectors, Trade and Transport Margin, Commodities, Capital, Indirect
Taxes and Subsidies, Financial Instruments and Rest of the World (Figure 2.5).
Further disaggregation of the Indonesian FSAM building blocks, from
dimension of 5x5 (Figure 2.4) into 9x9 (Figure 2.5), is aimed at providing better
perspective on the structure of the economy regarding the trade and transport
margin, and taxes and subsidies, as well as separating industries and
commodities. Therefore, transaction interdependency between industries and
commodities can be observed more closely.
12
Figure 2.5. Data Format of The Indonesias FSAM 2005
2.4.
Classification of Indonesias FSAM 2005

The data framework of Indonesias FSAM 2005 emphasizes interlinkages of
economic activities among institutions (financial and non-financial), with further

emphasis on income distribution. For this purpose, the classification of institutions
in the FSAM framework is further disaggregated into poor and non-poor
households in rural and urban areas. Meanwhile, financial transactions do not
differentiate between transactions in rupiah and foreign currencies.
Even though the basic framework of FSAM is derived from SAM, the
classifications of SAM adopted in the construction of the Indonesias FSAM 2005
are slightly different than the SAM classifications published by BPS - Statistics
Indonesia in the following senses:
The capital account in FSAM was compiled by disaggregating the SAM

capital account and aggregating the financial instruments in the FoF
framework.
13
Institutional account was disaggregated to central bank, bank and non bank
financial
corporations,
non-financial
corporations,
government
and
households. Furthermore, households are classified as poor and non-poor

households in rural and urban areas.
In more detail, the classification of Indonesia FSAM 2005 consists of a 79 x
79 matrix (row x column) are as follows:
1. Production Factors:
a. Labor (1)
b. Non-Labor (2)
2. Institutional Sectors:
a. Central Bank (3)
b. Corporations:
i. Financial Corporations
1. Bank (4)
2. Non-Bank (5)
ii. Non-Financial Corporations (6)
c. Government (7)
d. Households
i. Rural area
1. Poor (8)
2. Non-Poor (9)
ii. Urban
1. Poor (10)
2. Non-Poor (11)
3. Industrial Sectors
a. Agriculture, Livestock, Forestry and Fishery
i. Formal (12)
ii. Informal (13)
b. Mining and Quarrying
i. Formal (14)
14
ii. Informal (15)

c. Manufacturing Industries
i. Oil and Gas
1. Formal (16)
2. Informal (17)
ii. Non-Oil and Gas
1. Formal (18)
2. Informal (19)
d. Electricity, Gas and Water Supply
i. Formal (20)
ii. Informal (21)
e. Construction
i. Formal (22)
ii. Informal (23)
f. Trade, Hotels and Restaurant
i. Formal (24)
ii. Informal (25)
g. Transport and Communication
i. Formal (26)
ii. Informal (27)
h. Finance, Real Estate and Business Services
i. Formal (28)
ii. Informal (29)
i.
Other Services
i. Formal (30)
ii. Informal (31)
4. Trade Margin and Transport Cost (32)

5. Commodities
a. Domestic Products
i. Agriculture, Livestock, Forestry and Fishery (33)
15
ii. Mining and Quarrying (34)

iii. Manufacturing Industry (35)
iv. Electricity, Gas and Water Supply (36)
v. Construction (37)
vi. Trade, Hotel and Restaurant (38)
vii. Transport and Communication (39)
viii. Finance, Real Estate and Business Services (40)
ix. Other Services (41)
b. Import Products
i. Agriculture, Livestock, Forestry and Fishery (42)
ii. Mining and Quarrying (43)
iii. Manufacturing Industry (44)
iv. Electricity, Gas and Water Supply (45)
v. Construction (46)
vi. Trade, Hotel and Restaurant (47)
vii. Transport and Communication (48)
viii. Finance, Real Estate and Business Services (49)
ix. Other Services (50)
6. Capital
a. Central Bank (51)
b. Corporations:
i. Financial Corporations
1. Bank (52)
2. Non-Bank (53)
ii. Non-Financial Corporations (54)
c. Government (55)
d. Households
i. Rural
1. Poor (56)
2. Non-Poor (57)
16
ii. Urban
1. Poor (58)
2. Non-Poor (59)
7. Taxes and Subsidies
a. Indirect Taxes (60)
b. Subsidies (61)
8. Financial Instruments
a. Official Reserves Assets (62)
b. Currencies (63)
c. Demand Deposits (64)
d. Saving Deposits (65)
e. Time Deposits (66)
f. Bank Indonesia Certificates (67)
g. Government Bonds (68)
h. Other Long-Term Securities (69)
i.
Short-Term Securities (70)
j.
Working Capital Credits (71)
k. Investment Credits (72)

l.
Consumption Credits (73)
m. Non-bank Credits (74)

n. Trade Credits (75)
o. Shares and Equities (76)
p. Insurance and Pension Fund Reserves (77)
q. Others (78)
9. Rest of the World (79)
17
CHAPTER III - COMPILATION METHOD OF

INDONESIAS FSAM 2005
3.1.
Transformation of SAM into FSAM

As a data framework that integrates the SAM matrix and FoF table into the
FSAM format, at first SAM must be transformed according to the classifications of

FSAM data framework. The SAM data framework used to compile FSAM was
transformed
to
correspond
to
the
purposes
and
objectives
of
FSAM.
Transformations were predominantly made to the classification of production

factors, institutional sectors, industrial sectors, commodities (domestic and import)
and capital account. No changes were applied to other accounts (foreign account,
indirect taxes and subsidies).
Production factor account used in FSAM compilation was divided into two
types of account, namely labor and capital account. Institutional sectors
classification was expanded, particularly for institutions and household accounts.
Institutional sector accounts in SAM classification were specified as financial
corporation accounts and non-financial corporation accounts. Financial institutions
are described as central bank, banks and non bank financial corporations.
According to SAM, households are classified as agricultural and non agricultural
households; also as rural and urban households. Meanwhile, in FSAM, households
are classified into poor and non-poor (based on poverty criteria from BPS Statistics Indonesia) as well as rural and urban areas.
As a data framework that will be used as a tool to guide policy formulation in
alleviating poverty and empowering the informal sector, therefore, the classification
of production sector in FSAM was capable of providing accurate picture of the
informal economy. To this end, the production sector under SAM classification was
grouped into ten sectors, namely: Agriculture, Livestock, Forestry and Fishery;
Mining and Quarrying; Oil Manufacturing Industry; Non-oil Manufacturing Industry;
18
CHAPTER III - COMPILATION METHOD OF | FSAM Indonesia 2005
Electricity, Gas and Water Supply; Construction; Trade, Hotel and Restaurants;
Transports and Communications; Finance, Real Estate and Business Services and
Other Services. These sectors are further disaggregated into formal and informal
sectors. As regards to the classification of commodities, they were grouped
according to their sources (domestic and import), consistent with the nine
commodity groups categorized in the production sectors.
3.2.
Inserting FoF Data into FSAM Framework

As an extension of SAM, FSAM derived by disaggregating the capital
account and inserting intra-institutional financial transactions from FoF. For the
purpose of compiling FSAM, adjustments were made to several sectors and
financial transactions. Several sectors/institutions were merged even though data
for each sector was available, whereas certain sectors were disaggregated to
make it in line with FSAM classifications.
Financial transactions in the Indonesias FoF generally include all financial
instruments available in the current Indonesia economy. Most of these financial
instruments are traded in the market, while others are not. In FSAM compilation,
some financial instruments are presented individually, some are presented in
aggregates of similar instruments, and others will be merged as one instrument.
Financial instruments used in FSAM are slightly different than those used in
FoF. This was to avoid misinterpretation in the analysis. Financial instruments
presented in detail are:
Other Securities: Short-term and Long-term Securities
Non-bank Credit: Other Institution Credit and Trade Credit

FoF components that have been adjusted according to FSAM classification
then inserted into Capital Account, Financial Instruments and Rest of the World.
The intersection of Capital Account row (including Rest of the World) with Financial
Instruments column shows the existence of sources of fund (liabilities) according to
the financial instruments of each institution (including Rest of the World).
FSAM Indonesia 2005 | INDONESIAS FSAM 2005
19
Meanwhile, the intersection of Financial Instrument row with Capital Account

column (including Rest of the World) evidences uses of funds (asset) or financial
investment by each institution (including Rest of the World). The difference
between financial assets and liabilities represents the difference between savings
and physical investment, which in turn reflecting capital outflow/inflow with the Rest
of the World sector.
3.3.
Supporting Surveys
Several supporting surveys were conducted to complement the information
and data requirement in FSAM 2005 compilation are:

3.3.1. Household Savings and Investment Survey (SKTIR-Survei Khusus
Tabungan dan Investasi Rumah Tangga)
SKTIR was conducted to obtain data on household transactions, seeking
the ways households create and manage their savings. The survey is also used to
gather information on household investment, both in physical and financial terms.
Household institution concept applied in Indonesia FSAM 2005 covers all
household income (wage/salary and mixed income from a business venture with
inseparable financial reports).
The SKTIR 2006 was conducted in ten provinces: Riau, South Sumatera,
West Java, DKI Jakarta, Central Java, DI Yogyakarta, Bali, West Kalimantan,
North Sulawesi and Central Sulawesi. The sample size for the SKTIR was 5,000
households.
Sampling framework used to select the census block originated from the
National Socio-Economic Survey (SUSENAS-Survei Sosial Ekonomi Nasional)
2005, which differentiates urban and rural areas in each selected regency/city.
Meanwhile to select the households, sample household cluster was classified into
high, middle and low income category (recipient of the government cash transfer
program or BLT-Bantuan Langsung Tunai).
20
INDONESIAS FSAM 2005 | FSAM Indonesia 2005
A household was classified as poor if its expenditure fell within the poverty
threshold established according to their residences in either urban or rural areas.
The poverty threshold, taking the consumption module panel of SUSENAS in
February 2005 as a reference, was set at the expenditure of Rp150,799 for urban
areas and Rp117,259 for rural areas per capita per month.
The SKTIR results were used in FoF and SAM construction. In FoF
compilation, SKTIR results were used to calculate saving ratio and to gain
information on changes in financial instrument, either in assets or liabilities. In SAM
construction, SKTIR results were mainly used to identify income allocation of labor
and non-labor production factor to households (income from factors ownership) as
well as household transfers, saving and physical investment.
3.3.2. Input-Output Survey (SKIO-Survei Khusus Input-Output)
SKIO was conducted to obtain basic data required in Input-Output Table (IO
2005) compilation, including data on input structure (costs), allocation of goods and
product distribution for particular economic activities, information on employment
structure, production indicators, prices and other supporting information.
Business activities covered in SKIO 2006 include several activities in goods
and services industry by legal entities (formal industry) and non-legal entities
(informal industry) or non-directory corporations (PND-Perusahaan Non-Direktori)
and cottage industries. Activities in the goods industry consist of agriculture,
mining, unincorporated enterprises and construction. Meanwhile, activities in the
services industry consist of supporting transportation services (loading docks,
terminal/parking lots, travel agents), business services (advertising, consultancy
and legal), private community and social services (hospitals, clinics), private
entertainment and recreation services (recreation parks, nightclubs and karaoke),
individual and household services (hair salons, beauty salons, laundry, tailors and
household appliances repair).
SKIO 2006 was conducted in 15 provinces, namely North Sumatera, West
Sumatera, Riau, South Sumatera, Lampung, DKI Jakarta, Central Java, DI
21
Yogyakarta, East Java, West Nusa Tenggara, West Kalimantan, South

Kalimantan, Central Sulawesi and South Sulawesi. Sample consists of 3,100
respondents, of which 2,200 were from the goods industry and 900 from the
services industry. Sample distribution was based on population activities
information from the Agricultural Census (ST-Sensus Pertanian) 2003 for
agriculture related activities and Integrated Business Survey (SUSI-Survei Usaha
Terintegrasi) for mining, manufacturing and construction related activities. This
survey was used particularly to complete the data for the IO table.
3.3.3. Trade and Services Sector Survey (SKSPJ-Survei Khusus Sektor
Perdagangan dan Jasa)
SKSPJ data collection began in 1994 but the activities involved changed
every year due to the numerous activities classified as trade and services industry.
The objective of SKSPJ was to improve coverage, methodology, quality of
production and price indicators, input structure and output allocation, revision of
GDP (annual and quarterly) estimation and initial IO table preparation for 2005.
SKSPJ data was used to fill the gaps in commodity margin and total margin in
FSAM 2005.
3.3.4. Private Non Financial Corporation Survey (SKPS-Survei Khusus
Perusahaan Swasta)
SKPS was conducted to figure out the role of economic players/private
institutions in production, consumption and investment activities in the national
economy, by compiling the year-end balance sheets, as well as profit and loss
statements from private institutions.
The objective of SKPS is to identify information on private non-financial
corporations characteristics, namely: type of business, structures of assets,
liabilities, input, output, etc. In addition, SKPS was conducted to elicit information
on the business transactions of private non-financial corporations through financial
reports including the year-end balance sheets and profit and loss statements.
22
SKPS, performed from February to December 2007, was intended to

complete private corporation data in FoF compilation, namely structure of
corporate sources and uses of funds. By using SKPS results, we could observe
private non-financial corporation primary balance sheets structures classified
according to their type of business. SKPS results are used in constructing FoF
structure for private non-financial corporation, which is subsequently consolidated
into FoF.
3.4.
SAM and FoF Reconciliation

FSAM construction was preceded by SAM and FoF compilation; meanwhile
SAM construction was preceded by IO table construction.

Following the completion of SAM and FoF 2005, and both were successfully
balanced, they were transformed into a 79 x 79 FSAM framework. Reconciliation is
performed by integrating both matrices to make the FSAM matrix balanced.
Data from SKTIR was used to calculate savings data and the formation of
gross fixed capital for households. Some adjustments were applied to SKTIR
results, using several related data sources. For example, the subsidies/transfers
received by households were reconciled with Government Budget, and transfers in
the form of interest received on savings by households were cross checked with
bank data.
In FSAM, rest of the world savings in the FoF table, consisting of net export
revenue plus net factor income, were added with net transfer value originating from
Balance of Payments data.
Balanced FoF data is subsequently integrated into the FSAM framework.
The value of gross savings is placed at the intersection of capital account rows (5159) and institution account columns (3-11), whereas investment data is located at
the intersection of commodity account rows (33-50) and capital account columns
(51-59).
Financial instrument data, originating from uses of funds in FoF, is located
at intersecting cell between financial instrument account rows (62-78) and capital
account and rest of the world account columns (51-59 and 79). Financial
23
instrument data from FoF sources of fund is located at the intersection of capital
and rest of the world account rows (51-59 and 79) and financial instrument account
columns (62-78). Next step is to sum all cells in each columns and rows. Total
value of each row and column in FSAM must be balanced and consistent.
Compiling process of Indonesia FSAM 2005 as previously described,
generally performed in three stages, namely data collection, tabulation and
reconciliation (Figure 3.1). Data is collected from readily available sources such as
GDP, Government Budget and other regularly issued data. In addition, FSAM data
is also supplemented by supporting surveys for which the results are subsequently
tabulated and adjusted according to the data requirement of FSAM.
Figure 3.1. The Construction Process of The Indonesias FSAM 2005
DATA COLLECTION
Primary Data
SUPPORTING
SURVEY
National SocioEconomic Survey
Household
Saving and
Investment
Survey
National Labor Force

Surveys
WagesSurvey
Intercensal
Population Survey
Input Output
Survey
TABULATION
INCOME
DISTRIBUTION
INPUT OUTPUT
TABLE
Specification of
FSAM Indonesia
Trade &
Services Survey
Agriculture Census
Survey of Large and
Medium
Manufacturing
Industry & Survey of
Small Scale &
Household Industry
Private
Corporation
Survey
Integrated Business
Survey
Gross Domestic
Product
Capital Formation
CENTRAL BANK
ACCOUNT
BANK ACCOUNT
SOCIAL
ACCOUNTING
MATRIX
R
E
C
O
N
C
I
L
I
A
T
I
O
N
GOVERNMENT
ACCOUNT
OTHER DOM.
ACCOUNT
REST OF THE
WORLD ACCOUNT
Government Budget
International
Investment Position
IIP) Payment (BOP)
Financial Statement
24
RECONCILIATION
R
E
C
O
N
C
I
L
I
A
T
I
O
N
FLOW OF
FUNDS
FSAM 2005
INDONESIA
CHAPTER IV - ANALYSES OF INDONESIAS FSAM 2005
4.1.
The Result: Indonesias FSAM 2005

The Indonesias FSAM 2005 is published in two versions, namely an
aggregated 22x22 FSAM matrix (Table 4.1) and 79x79 matrix (Appendix 4). The
22x22 matrix is the aggregated version of the 79x79 matrix with classifications that
can be found in Appendix 2. Despite its more aggregated form, the 22x22 matrix
nevertheless provides complete macro descriptions of Indonesias economic
structure. For those interested in exploring the more detailed descriptions of
Indonesias macro economy, they can look at the 79x79 matrix.
Disaggregation of the 22x22 matrix into 79x79 matrix is conducted by
elaborating the institutional components (banks, non-bank financial corporations
and non-financial corporations), households (rural or urban; poor or non-poor),
production sector (formal or informal), commodities (domestic or import) as well as
17 financial instruments.
4.2.
Descriptive Analysis
For a complete descriptive analysis, derivative tables were produced as can
be seen below.
4.2.1. Indonesias Economic Structure 2005
Indonesias economic structure based on FSAM 2005 revealed that
economic output in 2005 was primarily used for intermediate input. The remaining
was gross value added (GVA) on production at factor costs, which consist of
payments for labor (wage and salary) and operating surplus.
FSAM Indonesia 2005 | CHAPTER IV - ANALYSES OF INDONESIAS FSAM 2005
25
26
CHAPTER IV - ANALYSES OF INDONESIAS FSAM 2005 | FSAM Indonesia 2005
(Billions of Rupiah)
Table 4.1. The Indonesias FSAM 2005 (22x22 Matrix)
In 2005, total output based on FSAM stood at Rp5,637.7 trillion. From that
amount, Rp2,760.8 trillion (48.97%) was intermediate input and Rp2,876.9 trillion
(51.03%) was GVA (see Table 4.2). Therefore, GDP can be calculated by adding
GVA with import duties in the amount of Rp62.3 trillion and subtracted by import
subsidies in the amount of Rp42.2 trillion. Hence, the difference between FSAM
and data published on GDP value which was recorded at Rp2,896.9 trillion is 4.4%.
This difference is largely attributable to the broader coverage of GDP data in FSAM
compared to the published GDP.
Table 4.2. Indonesias Economic Structure 2005
Items
Amount
(Billions of Rp)
Intermediate Input
2,760,764
48.97
Factor Income of Labor
1,486,179
26.36
Factor Income of Non-Labor
1,344,475
23.85
Indirect Taxes
112,164
1.99
Domestic Subsidies
-65,926
-1.17
5,637,656
100.00
Total Output
In Indonesias FSAM 2005 framework, labor factor income consist of

compensation of employees covering wages and salaries of paid workers as well
as imputed wages and salaries from unpaid workers, including farmers (owners of
farm), self-employed entrepreneurs assisted by permanent workers or temporary
workers, and self-employed entrepreneurs helped by their family. Around 26.36%
of total output or Rp1,486.2 trillion is compensation of employees, meanwhile nonlabor factor income (e.g. rent, interest) is recorded at Rp1,344.5 trillion or 23.85%.
27
Table 4.3. Production Structure by Industrial Sectors in Indonesia

(Percentage)
Intermediate
Input
Industrial Sectors
Agriculture, Livestock, Forestry and Fishery

Mining and Quarrying
Manufacturing Industry
Electricity, Gas and Water Supply
Construction
Trade, Hotels and Restaurants
Transport and Communications
Finance, Real Estate and Business Services
Other Services
Total
Value
Added
Total
26.41
18.73
62.63
64.40
65.08
41.69
51.53
32.49
40.73
73.59
81.27
37.37
35.60
34.92
58.31
48.47
67.51
59.27
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
49.38
50.62
100.00
Looking at economic structure from production side, it is found that the

share of intermediate input especially in the secondary and tertiary sectors could
exceed 50%, such as construction (65.08%); electricity, gas and water supply
(64.40%);
manufacturing
industry
(62.63%);
and
transportation
(51.53%).
Whereas, the share of intermediate input in the primary sectors is less than 50%.
The two smallest share of intermediate inputs occurred in mining and quarrying
sector (18.73%) and agriculture, livestock, forestry and fishery sector (26.41%)
(see Table 4.3).
4.2.2. Structure of Income and Expenditure by Institution
Income received by institutions such as households, financial and nonfinancial corporations as well as the government is originated from wages and
salaries, operating surplus, capital ownership and transfers. Households as owners
of the labor factor income received all the incomes in the form of wages and
salaries as well as imputed wages and salaries. Labor factor incomes as a
compensation of employees (paid and unpaid) cover gross wages and salaries (in
cash or in kind) as well as imputed wages and salaries. Income from capital comes
from economic activities performed by the respective institution. Other incomes
28
come from production factor ownership operated by other institution or other

transfers. Institutional income includes rest of the world income sourced from
production factor ownership abroad or transfers.
Total income received by institutions is subsequently spent for consumption
(final consumption is conducted by households and government) and other
expenditures such as interest payments, dividend and other transfers, for both
domestic or foreign institutions. The difference between total income received by
each institution for expenditure consumption and other expenses represents
institution saving.
Labor factor income including compensation of employees working abroad
amounted to Rp1,487.4 trillion, whereas non-labor factor income as a production
factor, including rent from abroad amounted to Rp1,364.4 trillion (total income of
non-labor factor).
Labor factor income in domestic economy is received mostly by households,
totaling Rp1,484.0 trillion. The remaining is recorded in the income side of rest of
the world account, as foreign labor factor income. Wages and salaries are mostly
received by non-poor households. Non-poor urban households accounted for more
than half of total wages and salaries of Rp923.2 trillion, whereas non-poor
households in rural areas received Rp526.3 trillion. In contrast, poor urban
households received only a minor fraction, more specifically at Rp11.0 trillion,
whereas poor households in rural areas received Rp23.5 trillion.
Meanwhile, allocation of non-labor factor income received by households
was Rp436.0 trillion. The disparities, as for labor factor income, also occurred for
the income allocation of non-labor factor income, precisely between poor and nonpoor households. Non-poor urban households received non-labor factor income of
Rp239.3 trillion, whereas non-poor households in rural areas received Rp176.6
trillion. Poor households in both urban and rural areas received the lowest income
for non-labor factor totaling Rp8.3 trillion and Rp11.8 trillion respectively (see Table
29
4.4). It can be observed that the inequality in the ownership of labor and non-labor
factors among households is responsible for such an income disparity.
Table 4.4. Income Allocation by Institution
Corporations as producing institutions that utilized production factors, which

are self-owned or owned by other institutions received the largest chunk of
allocation, amounted to Rp802.0 trillion. Most of the non-labor income received by
corporations was received by non-financial corporations totaling Rp738.4 trillion,
whereas financial
corporations (excluding the central bank) received Rp63.6
trillion. The central bank received Rp17.0 trillion from non-labor income. Non-labor
income is the primary input for corporations in running their business. Government
only receives income allocation from transfer.
Meanwhile other income, such as investment income (shares, capital and
other non-labor factors) invested either domestic or abroad as well as transfers, is
mostly received by government (Rp655.3 trillion). In comparison, corporations
30
received other income totaling Rp202.1 trillion. Most other income received by
corporations is reallocated to other financial corporation (insurance, finance
company, etc) amounted to Rp144.1 trillion, and non-financial corporations
received Rp57.9 trillion.
It is worth noting that other income allocations and transfers received by the
urban non-poor exceeded those received by poor urban households. Households
received transfer amounted to Rp271.3 trillion which mostly received by urban nonpoor households at Rp200.8 trillion. On the other hand, urban poor households
only receive a mere Rp6.5 trillion, representing the smallest share of allocation
among all households. Other incomes, such as transfers, received by poor
households in rural areas were Rp11.4 trillion. Rural non-poor households received
Rp52.7 trillion (see Table 4.4).
Table 4.5. Share of Sources of Income by Institution
(Percentage)
Income allocation by institution in percentage terms, particularly households,

showed disparities in income structure among households, reflecting transfer
31
dependency of the poor. The share of transfer income for poor households was
larger than that received by non-poor households, in both rural and urban areas.
Approximately 25.19% of urban poor household income stemmed from other
income (transfers) and poor rural households was 24.46%.
It is interesting to note that other income of non-bank financial corporations
represented 69.38% of total income, whereas other income of the central bank was
44.64% (see Table 4.5).
Government does not generate operating surplus from its public services,
since it engages in non-market production. Hence, all government revenue
originates from transfer. Such sources include tax, interest income, dividend, intergovernmental transfers and other transfer, such as fine and duty.
Income of each institution is used for final consumption activities
(particularly for households and government) and other expenditures such as
dividend payment and other transfer, for instance cash transfer (government
transfers to households), tax payments, etc. The difference between income and
expenditure for consumption and other expenses represents the institutions
saving.
Institutions considered as final consumers are households and government.
The largest portion of consumption expenditure is for non-poor urban households
with the consumption amounted to Rp1,111.4 trillion. Whereas the poor urban
spent some Rp23.8 trillion on final consumption, reflecting the smallest expenditure
as compared to other household groups. Consumption expenditure by the
government for services to the general public was recorded at Rp141.0 trillion.
Besides consumption, household income is also spent on transfers (tax
payment, fine, duty, etc) as well as interest payments, etc. The largest other
expenditure was attributed to urban non-poor households, amounting to Rp106.0
trillion. In comparison, rural non-poor households spent much lower at Rp26.7
32
trillion. The smallest other expenditure was done by rural poor households and
urban poor households totaling Rp1.1 trillion and Rp1.7 trillion respectively.
Other expenditures by institutions, financial and non-financial, were used to
pay debts, dividends, taxes, and other transfers. The largest portion of those
expenditures was originating from non-financial corporations amounted to Rp432.8
trillion, followed by financial corporations at Rp151.4 trillion, and central bank at
Rp13.7 trillion. Institutional savings (including retained earnings) were generated
by subtracting the expenditure from total income of each institution, which is
elaborated further in subsection 4.2.3.
On the rest of the world side, Indonesias exports reached Rp977.1 trillion in
2005. In the same year, total imports were Rp974.2 trillion, which consisted of an
import value of Rp820.1 trillion, import margin of Rp91.8 trillion and import tax of
Rp62.3 trillion. Therefore, there was a surplus of Rp2.9 trillion or around $303.6
million (see Table 4.1).
4.2.3. Saving Rate
Saving rate is an important variable for the economy as it opens the way for
greater potential investment (physical and financial), which can increase economic
capacity and in turn stimulate economic growth.
In 2005, the saving rate of all institutions reached 20.79%, suggesting that a
large portion of income (79.21 %) is used for consumption. Gross saving primarily
stemmed from the corporate sectors at the amount of Rp489.1 trillion, accounting
more than 50% of economys gross saving. Relative to their income, the saving
rate of corporations stood at 48.71%. Meanwhile, the saving rates of government
and central bank were recorded at 16.60% and 55.66% respectively.
Households generated saving worth Rp191.8 trillion, reflecting a saving rate
of 8.75%. In the household groups, urban non-poor households had the highest
saving rate (10.70%), whereas rural poor households had the lowest saving rate
(0.37%) (see Table 4.6).
33
Table 4.6. Saving Rate by Institution
4.2.4. Saving-Investment Gap

Gross domestic saving in 2005 was recorded at Rp806.8 trillion. On the
other hand, physical investment, as indicated by gross fixed capital formation and
changes in inventory, was only Rp734.9 trillion. As such, there was an excess or
net lending in the amount of Rp71.9 trillion or 8.92% of gross domestic saving. The
figure represents net exports not including import margin and tax. By including
import margin, tax, net current transfers and net factor income, the current account
(CA) was actually in a deficit of Rp82.2 trillion (USD8.4 billion). This figure
contrasts with the CA reported in the Indonesia Balance of Payments (BoP) that
showed a surplus of USD0.3 billion, primarily due to differences in the export and
import calculation methodology. Such conditions indicate that as a whole physical
investment of all institutions in 2005 can be financed by domestic saving. From
different perspective, however, it is revealed that domestic saving was not
optimally disbursed to stimulate the real sector activities.
34
Table 4.7. Gross Saving and Physical Investment by Institution

As regards total gross saving, more than half originated from financial and
non-financial corporations in the amount of Rp489.1 trillion. This saving came from
an increase of retained earnings plus depreciation.
In addition to non-financial corporations, households also recorded relatively
large gross savings amounting to Rp191.8 trillion. The gross savings of households
were in large part contributed by urban non-poor households of Rp145.8 trillion.
Meanwhile, rural non-poor households saved Rp45.6 trillion. This clearly indicates
that nearly all household savings were contributed by non-poor households, both in
rural and urban areas.
Meanwhile, financial corporations (including banks, insurance companies,
finance companies, pension funds and pawn shop) booked gross saving amounted
to Rp56.3 trillion. In the meantime, government and central bank contributed
Rp108.8 trillion and Rp17.1 trillion respectively (see Table 4.7).
Of the total investment, Rp610.7 trillion came from financial and nonfinancial corporations, while the government contributed Rp90.2 trillion.
35
Several institutions experienced net borrowing as their saving was falling

short of their financing needs for physical investments, those are non-financial
corporations and poor households in rural and urban areas.
Net borrowings of corporations sectors reached Rp121.6 trillion, while poor
households both in urban and rural areas recorded Rp0.4 trillion and Rp0.5 trillion
borrowings respectively. Meanwhile, urban non-poor households experienced net
lending of Rp120.5 trillion. This highlights the role of urban non-poor households as
the largest contributor to the surplus in 2005.
The government and central bank booked domestic savings of Rp18.6
trillion and of Rp16.6 trillion respectively. The total surplus for 2005 stood at
Rp71.9 trillion, which was spent for reducing foreign liabilities and acquiring foreign
financial assets.
4.2.5. Financial Analysis Based on Indonesias FSAM 2005

Financial investment by economic agents reached Rp814.1 trillion, whereas
the economy only generated sources of funds amounted to Rp742.2 trillion.
Therefore, the domestic financial sector experienced a deficit of Rp71.9 trillion that
was financed by domestic real sectors net lending (see Table 4.8).
36
Table 4.8. Domestic and Rest of The World Financial Accounts

Total domestic financial investment, amounting to Rp814.1 trillion, were

primarily in the form of credit (Rp172.5 trillion) consisted of working capital,
investment, consumption, non-bank and trade credits, and followed by time
deposits (Rp148.7 trillion) and shares and equities (Rp121.3 trillion). Based on
institutions, financial investments were dominated by non-financial corporations
(Rp220.2 trillion) (Table 4.10), urban non-poor households (Rp212.5 trillion) (Table
4.9) and banks (Rp196.8 trillion) (Table 4.10).
Non-financial corporations financial investments were largely in the form of
shares and equities (Rp75.5 trillion) and time deposits (Rp34.0 trillion). Similarly
urban non-poor households investments were mostly in the form of shares and
equities and time deposits amounted to Rp49.9 trillion and Rp83.5 trillion
respectively (Table 4.7).
37
Meanwhile, banks financial investments mainly in the form of credit and

savings amounted to Rp145.0 trillion and Rp42.4 trillion.
Table 4.9. Financial Account of Households
Financial investment by rural and urban non-poor households was mainly in

the form of time deposits (amounting to Rp17.2 trillion and Rp83.5 trillion
respectively) and other long-term securities (Rp15.1 trillion), which were entirely
owned by urban non-poor households (Table 4.9).
38
Table 4.10. Financial Account of Other Institutions

Financial investment was mostly generated by non-financial corporations

amounted to Rp220.2 trillion, primarily in the form of share and equities and time
deposits (Rp75.5 trillion and Rp34.0 trillion respectively). Meanwhile, banks
financial investment reached Rp196.8 trillion, mostly in the form of credit (Rp145.0
trillion) and savings (Rp42.4 trillion). (see Table 4.10).
4.3.
Application of Indonesias FSAM in Economic Analysis

As explained in previous chapters, FSAM is a data system capable of
providing an economic analysis in explaining the impact of a particular monetary or

fiscal policy on the behavior of economic agents. Using FSAM data, more accurate
information can be presented regarding transaction channels, including the
transmission mechanism, to enable more comprehensive macroeconomic analysis.
Analytical tools that typically use FSAM data are multiplier analysis,
Structural Path Analysis (SPA) and Financial Computable General Equilibrium
(FCGE) models. Multiplier analysis is an analytical tool that is used for describing
the impacts of particular economic shocks or policies on the behavior of economic
39
agents. While SPA presents various possible linkages that connect one component
to others, followed by one or more changes in other components originating from
economic shocks or policies. Furthermore, direct, indirect and the resulting total
impacts can be measured for every path.
FCGE is a more comprehensive model that can be applied to describe the
behavior of each economic agent if a complex economic phenomenon occurs.
FCGE can also explain structural changes in the real and financial sectors
attributable to some alternatives economic policies (counterfactual analysis).
40
CHAPTER V - CONCLUSION
Constructing FSAM represents major stride for statistical work, as it is

expected that with FSAM we can move further in our pursuit of conveying more
comprehensive and integrated information regarding the real and financial sectors.
As experienced in other countries/region that have published FSAM (Euro Area,
China, Cameroon, Turkey and Pakistan), FSAM needs first the availability of SAM
and FoF data and the researchers need to learn further the interactions between
the two data sets. For Indonesia, FSAM 2005 is the first FSAM to be compiled and
it took more than 30 years after the availability of SAM data (first published in
1975) and around 15 years after the first FoF data (first published in 1991). Given
the complexity of data requirements, such construction could only be worked out in
2006-2007 for FSAM 2005. In addition, due to heavy reliance of FSAM on the
availability of I-O data and SAM data which were prepared on a five-yearly basis,
FSAM can only be compiled in every five years.
The process of reconciling savings and investment data with SAM and FoF
data systems has been the most crucial stage in the compilation process of the
FSAM data framework. Methodological differences in compiling SAM and FoF
resulted in savings discrepancies, representing the main challenges in performing
reconciliation. Moreover, classification differences between SAM and FoF data
components also created other difficulties in reconciling the data. These problems
were solved in part by conducting special surveys to complement data needs and
eliminate the use of proxy data, particularly for households and non-financial
corporation.
In general, Indonesias FSAM 2005 was classified into nine components,
namely Production Factors, Domestic Institutions, Production Sector, Trade and
Transport Margin, Commodities, Capital, Tax and Subsidy, Financial Instruments
and Rest of the world. Further data disaggregation is dependent on the country
specific needs. In this first FSAM publication, disaggregation is focused on the
FSAM Indonesia 2005 | CHAPTER V - CONCLUSION
41
aspects of income distribution, in which households were classified as urban and

rural, as well as poor and non-poor. Meanwhile, the economic sector was split into
Formal and Informal sectors.
Broadly speaking, various countries that have published FSAM, stressed the
analysis on the impact of a particular economic policy on income structure,
representing the country specific issues for FSAM. In Europe for instance, FSAM
was used in economic modeling to forecast the impact of monetary policy on the
economy, and to take a close look at the transaction channels, including
transaction interdependency among countries in the Euro Area. In China, FSAM
focused on the disaggregation of financial instruments, as they want to explore
financial activities in the country in greater detail. Meanwhile in Indonesia at this
current juncture, as in Cameroon, Turkey and Pakistan, FSAM application remains
limited to provide descriptive study and analysis, to examine the impacts of
economic policy measure at the simulation level. It has yet to be implemented as
an input to policy formulation.
Considering the current stage of FSAM development, the use of Indonesias
FSAM has a promising future. It can be further developed to optimize its benefits,
to provide comprehensive overview regarding the impacts of economic shocks on
changes in the Indonesian economic structure, both in sectoral and institutional
terms. In the future, regular publication of FSAM data is expected to be available
every five years. Therefore, broad spectrum of interested parties, be they policy
makers or academics, can regularly employ such data to enrich existing
information and deepen the analysis of economic policy formulation.
42
CHAPTER V - CONCLUSION | FSAM Indonesia 2005
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47
Appendix 2
CLASSIFICATION OF THE INDONESIA'S FSAM 2005

9x9
Matrix
Classification
PRODUCTIONS
FACTOR
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
INDUSTRIAL
SECTORS
COMMODITIES
Banks
Financial
Corporations
Non-Banks
Non-Financial Corporations
Government
A2-1
79 x 79
Matrix
1
2
3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
4
2
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
Formal
Agriculture, Livestock, Forestry and
Fishery
Informal
Formal
Informal
Formal
Oil
Informal
Formal
Non-Oil
Informal
Formal
Informal
Formal
Construction
Informal
Formal
Trade, Hotel and Restaurant
Informal
Formal
Transportation and Communication
Informal
Formal
Finance, Real Estate and Business
Services
Informal
Formal
Other Services
Informal
TRADE MARGIN AND TRANSPORT COST
Domestic
Construction
Product
Other Services
Import Product Construction
Other Services
22 x 22
Matrix
5
6
7
8
7
8
7
8
7
8
7
8
7
8
7
8
7
8
7
8
7
8
9
10
11
Appendix 2 (Continued)
CLASSIFICATION OF THE INDONESIA'S FSAM 2005

9x9
Matrix
Classification
Central Bank
Corporations
CAPITAL
Banks
Financial
Corporations
Non-Banks
Government
Rural
Urban
TAXES AND
SUBSIDIES
FINANCIAL
INSTRUMENTS
13
6
Households
Poor
Non-Poor
Poor
Non-Poor
Indirect Taxes
Official Reserves Assets

Currencies
Demand Deposits
Saving Deposits
Time Deposits
Bank Indonesia Certificates
Government Bonds
Other Long Term Securities
Short Term Securities
Working Capital Credits
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Insurance and Pension Fund Reserves
Others
14
15
Subsidies
22 x 22
Matrix
12
16
60
17
61
21
18
20
8
19
21
REST OF THE WORLD
A2-2
79 x 79
Matrix
51
52
53
54
55
56
57
58
59
22
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
THE INDONESIA'S FSAM 2005 (79 x 79 MATRIX)
Appendix 4
(BILLIONS OF RUPIAH)
PRODUCTION FACTORS
EXPENDITURES
INSTITUTIONAL SECTORS
Corporations
Labor
Non-Labor
Central
Bank
INCOMES
1
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Financial Corporations
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Transport and Communication
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
23,508.13
526,301.47
10,977.56
923,236.44
17,046.83
35,764.87
27,847.85
738,388.84
0.00
11,792.22
176,616.44
8,264.35
239,281.18
0.00
6,281.21
195.44
1,121.42
239.70
1.23
1.75
10.25
28.55
Non-Financial
Corporations
Government
Banks
Non-Banks
0.00
10,364.00
1,687.00
20,630.36
108.00
2.56
821.84
74.14
3,223.46
31.10
138.56
2,217.00
0.00
304,415.93
3.72
3,643.57
409.42
12,886.54
4,009.58
27,499.02
7,494.38
4,492.42
99,297.27
4,871.17
20,664.11
4,626.61
110,229.11
376.04
38,986.71
2,566.98
21,900.58
8,348.85
12.27
8,663.29
8.44
33,564.09
14.46
0.00
10,952.57
1,723.83
8,319.65
9,383.68
8,856.89
4,148.69
86,300.75
0.00
0.00
4,941.47
0.00
0.00
454.34
1,067.69
2,300.50
2,566.07
17,137.93
45,510.92
10,800.48
432,804.18
108,812.95
108,135.98
3,354.00
91,451.69
1,487,377.61 1,346,454.27
A4 - 1
5,775.55
30,793.02
0.00
159,938.18
101.35
47,813.19
39,769.07
796,319.08
14,154.65
655,317.84
Appendix 4
INSTITUTIONAL SECTORS
EXPENDITURES
Households
Rural
INCOMES
PRODUCTION
FACTORS
Poor
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
INDUSTRIAL SECTORS
Non-Poor
8
9
1
2
0.00
0.00
3
102.51 11,881.83
4
4.51
1,070.07
5
0.00
0.00
6
866.88 11,108.19
7
8
78.04
753.55
3.34
463.66
9
39.50
64.59
10
3.39
1,088.64
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33 11,718.27 108,748.64
0.36
5.92
34
35 17,251.28 243,842.23
463.08
9,713.59
36
0.00
0.00
37
3,597.37 58,068.78
38
39
2,575.41 46,333.91
2,563.77 42,746.49
40
5,862.89 96,998.15
41
42
167.63
3,698.05
0.00
0.00
43
935.58 55,828.48
44
0.00
0.00
45
0.00
0.00
46
97.85
3,445.24
47
48
140.69
8,331.11
10.92
1,346.76
49
74.27
4,178.18
50
51
52
53
54
55
173.42
56
45,570.82
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
(0.00)
292.53
79
46,730.99 755,579.41
A4 - 2
Urban
Agriculture, Livestock,
Forestry and Fishery
Poor
Non-Poor
Formal
Informal
Formal
10
11
12
177,945.98
36,914.78
13
126,025.75
44,543.71
14
51,719.10
245,471.46
15
4,431.22
2,421.57
27,850.73
0.02
25,491.80
112.03
3,669.43
231.49
2,110.81
5,527.69
2,013.87
52.37
0.00
3,613.04
0.00
0.00
14.04
2.40
124.98
48.59
31,023.19
0.29
26,335.59
188.51
672.91
159.68
658.17
1,239.07
543.71
408.72
0.00
5,860.17
0.00
0.00
3.77
1.98
309.56
22.83
51.50
27,382.02
14,017.23
272.02
3,710.27
327.96
2,984.42
2,819.28
3,263.92
0.00
9,324.96
994.15
0.00
0.00
5.43
926.53
2,216.52
92.69
8.79
98.92
369.15
5.13
303.08
57.91
70.42
165.71
164.21
0.00
205.42
215.16
0.00
0.00
3.20
18.74
6.34
0.62
285,724.06
237,997.62
365,579.47
8,545.59
0.00
302.69
94.56
0.00
1,149.12
4.28
50.70
100.16
4.34
13.13
28,616.79
4,203.76
0.00
54,075.27
206.84
2,448.28
209.86
4,836.62
6,172.39
0.21
7,343.17
305.19
0.00
2,112.12
1,671.75
1,505.26
3,442.27
57.00
0.00
609.34
0.00
0.00
94.29
420.14
9.71
68.44
145,909.50
9.81
426,829.54
17,070.77
0.00
96,905.40
76,700.97
69,062.39
148,455.91
4,572.91
0.00
94,552.86
0.00
0.00
6,623.86
12,945.83
3,080.49
8,718.00
Informal
203.09
145,820.83
(0.00)
11,408.47
25,720.23 1,363,278.11
Appendix 4
INDUSTRIAL SECTORS
EXPENDITURES
Oil
INCOMES
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Non-Oil
Formal
Informal
16
1,557.05
185,134.20
17
0.06
43,279.33
4,506.69
51.60
49.69
120.77
172.85
861.21
374.16
0.00
47,328.79
467.36
0.00
0.00
22.63
42.43
39.90
15.92
284,024.66
A4 - 3
Formal
Informal
Electricity, Gas and Water

Supply
Formal
Informal
Construction
Formal
Informal
0.00
0.00
18
224,102.29
269,067.97
19
74,937.88
26,600.77
20
8,921.98
25,322.24
21
10.35
3.60
22
96,991.59
92,824.81
23
5,317.84
4,243.45
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
141,435.46
73,991.61
388,923.09
20,436.20
2,099.31
7,061.89
24,624.67
37,332.76
17,722.07
19,570.15
16,335.03
233,793.71
0.00
0.00
331.92
10,359.15
9,520.31
1,321.41
79,499.96
2,273.43
75,460.82
3,664.91
297.17
1,002.66
4,519.33
6,045.66
2,775.75
2,170.97
1,904.38
25,030.04
0.00
0.00
33.56
1,568.01
849.06
148.45
0.00
12,700.57
24,313.79
13,501.13
847.77
76.00
312.10
2,439.60
170.31
0.00
99.11
6,482.21
0.00
0.00
7.30
23.59
986.72
15.29
0.02
3.03
0.58
2.86
0.18
0.01
0.02
0.54
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11,090.17
37,964.12
206,113.81
244.22
580.84
4,808.49
5,198.02
21,629.48
3,352.73
0.00
389.56
61,656.16
0.00
0.00
229.49
425.97
10,641.51
118.20
241.49
55.16
2,106.66
3.90
8.57
51.22
4.85
512.08
27.51
0.00
421.41
3,533.84
0.00
0.00
12.55
96.45
45.16
15.99
0.00 1,498,029.03
308,782.82
96,219.71
21.20
554,259.18
16,698.12
Appendix 4
INDUSTRIAL SECTORS
EXPENDITURES
Trade, Hotel and
Restaurant
INCOMES
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Transport and
Communication
Informal
Formal
Informal
Other Services
Formal
Informal
24
204,348.50
22,150.50
25
133,727.84
56,144.23
26
71,299.27
89,477.11
27
22,147.99
8,939.06
28
46,943.53
136,026.56
29
15,077.52
36,338.76
30
180,638.84
25,466.00
31
40,034.12
37,384.11
18,907.17
15.00
48,962.62
9,065.14
8,149.03
6,014.52
28,236.76
57,768.46
9,936.73
25.49
7.82
2,311.28
0.00
0.00
1,881.29
98.14
4,749.72
255.45
39,129.59
1.45
39,514.92
1,747.48
1,123.34
793.92
1,912.17
1,561.12
1,480.63
170.04
0.28
2,478.86
0.00
0.00
301.93
2,227.44
8,806.58
114.72
123.55
26.39
65,983.34
3,888.67
6,238.72
3,312.24
26,261.79
15,770.80
31,606.92
0.00
3.22
21,331.74
0.00
0.00
247.64
6,409.59
7,811.29
126.49
3.67
0.00
562.41
121.44
139.20
62.20
98.80
186.06
3,871.56
0.00
0.00
6,301.01
0.00
0.00
32.36
1,174.79
1,256.02
1,051.09
81.66
0.00
10,691.78
2,115.13
6,596.96
2,238.75
8,003.25
45,465.56
10,846.66
0.00
0.00
6,004.89
0.00
0.00
167.61
883.05
8,434.51
1,035.70
9.12
0.00
830.91
166.37
3,506.05
159.73
733.39
1,468.91
1,117.64
0.00
0.00
783.65
0.00
0.00
34.72
169.62
949.04
301.91
8,713.73
572.90
51,743.20
2,982.90
2,227.92
1,422.92
2,666.87
8,800.86
15,575.69
9.56
(0.00)
12,828.90
(0.00)
(0.00)
123.57
1,381.04
2,864.88
3,580.15
6,721.80
215.40
40,900.90
1,047.37
920.37
747.98
1,742.87
5,117.92
3,757.99
14.84
0.00
14,340.59
0.00
0.00
119.77
436.51
2,089.13
1,175.06
422,883.61
291,236.54
349,918.80
45,947.67
285,535.60
61,647.35
321,599.94
156,766.74
A4 - 4
Formal
Finance, Real Estate and

Business Services
Formal
Informal
Appendix 4
COMMODITIES
EXPENDITURES
TRADE
MARGIN AND
TRANSPORT
COST
INCOMES
32
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Domestic Products
Agriculture,
Livestock,
Forestry and
Fishery
33
Mining and
ManufacQuarrying turing Industry
34
35
Electricity,
Gas and
Water
Supply
Construction
Trade, Hotel
and
Restaurant
36
37
38
285,620.14
237,953.78
365,579.47
8,545.59
230,631.25
0.00
1,495,486.17
308,775.88
87,372.39
17.93
554,259.18
16,698.12
422,883.61
291,236.54
129,374.09
11,642.50
387,996.04
0.00
0.00
0.00
6,500.23
13,126.27
54,056.13
1,503.18
7,484.51
16,814.49
659,448.25
398,893.83
2,476,945.47
88,893.50
578,441.81
730,934.64
507,854.21
113,135.10
620,989.31
A4 - 5
Appendix 4
COMMODITIES
EXPENDITURES
Domestic Products
Finance,
Transport and Real Estate
and
Communicati
Business
on
Services
INCOMES
39
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
40
Import Products
Other
Services
41
Agriculture,
Livestock, Mining and
Forestry and Quarrying
Fishery
42
43
Manufacturing
Industry
Electricity,
Gas and
Water
Supply
Construction
44
45
46
349,195.37
45,825.70
285,535.60
61,647.35
0.00
0.00
321,497.99
156,729.35
140.49
3,404.45
5,005.10
4,270.05
398,425.51 352,188.05
482,637.87
A4 - 6
3,225.62
597.85
88,012.11
0.00
0.00
3,682.13
796.55
57,784.34
0.00
0.00
24,622.13 75,246.59
31,529.88 76,640.99
560,676.62
706,473.07
0.00
0.00
0.00
0.00
Appendix 4
COMMODITIES
EXPENDITURES
Import Product
Finance,
Transport
Real Estate
Trade,
and
and
Hotel and
Communic
Business
Restaurant
ation
Services
INCOMES
47
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
CAPITAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
0.00
48
0.00
49
0.00
Corporations
Other
Services
50
Central
Bank
51
0.00
0.00
Non-Banks
52
53
Non-Financial
Corporations
54
0.00
0.00
1,070.86
0.00
452.08
0.00
0.00
0.00
0.00
0.00
0.00
2,790.95
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
104.22
0.00
538.00
0.00
0.00
0.00
0.00
0.00
0.00
393.78
0.00
0.00
0.00
0.00
0.00
0.00
0.00
3,130.15
2,937.92
42,360.76
1,692.93
(40,271.00)
(805.92)
(301.18)
5,116.20
73,610.08
15,752.26
55,611.66
0.00
0.00
(64.84)
0.00
38,016.79
0.00
748.61
(705.73)
225.98
6,556.86
4,173.10
11,043.00
6,717.00
422.00
4.64
(84.51)
(0.60)
1,752.52
13,492.56
3,633.00
1,383.00
4,472.37
1,188.77
5,685.69
76,652.24
0.00
426,831.22
0.00
0.00
895.61
7,306.35
612.16
621.00
82,957.04
0.00
0.00
0.00
0.00
0.00
2,599.09
0.00
4,090.01
(0.18)
(247.58)
0.00
(972.24)
0.00
20,322.43
0.00
0.00
(13,836.57)
0.00
121.81
0.00
0.00
(0.00)
0.00
21,367.00
14,288.35 49,150.90 68,449.61 27,644.01

14,288.35 49,150.90 68,449.61 27,644.62
A4 - 7
Banks
0.61
0.00
0.00
116.48
0.00
125.95
0.00
0.00
0.00
14.10
0.00
0.00
299.20
0.00
0.00
0.00
0.00
0.00
0.00
0.00
31,400.42 201,099.70
54,869.80
0.00
7,486.64
15,117.96
969.59
33,985.43
(4,224.39)
(35,456.93)
21,913.82
3,396.59
1,014.97
84.39
1.32
(1,183.21)
20,265.08
75,455.13
429.60
80,934.57
825,539.73
Appendix 4
CAPITAL
EXPENDITURES
TAXES AND SUBSIDIES
Households
Rural
Urban
Government
INCOMES
55
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
FINANCIAL
INSTRUMENTS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Poor
Non-Poor
Poor
Non-Poor
56
57
58
59
Indirect
Taxes
Subsidies
60
61
Official
Reserves Currencies
Assets
62
63
174,427.43
103.92
43.83
0.00
0.00
53,393.41
0.00
2,542.86
6.93
8,847.33
3.27
0.00
0.00
0.00
0.00
723.43
121.97
0.00
0.00
101.95
37.38
68.42
0.00
5,032.81
0.00
70,743.25
0.00
0.00
256.61
1,183.89
0.00
0.00
12,927.91
0.00
0.00
0.00
0.00
0.00
0.00
0.00
748.63
25,784.25
(1,001.52)
6,743.69
0.00
8,581.92
(1,368.68)
(8.21)
(303.85)
0.00
0.00
(385.00)
0.00
(7,934.35)
0.00
24,209.92
7.71
0.00
170.01
0.00
353.31
0.00
0.00
0.00
3.21
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
8.00
0.00
(49.12)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,132.62
4.60
0.00
835.65
0.00
6,083.32
0.00
0.00
0.00
11.36
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2,231.01
1,285.56
(2,853.68)
17,196.27
0.00
0.00
0.00
0.00
0.00
0.00
0.00
21.00
743.00
303.00
1,058.00
22,449.88
27.92
0.00
312.21
0.00
305.76
0.00
0.00
0.00
3.77
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
32.00
(0.01)
(34.13)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1,373.37
4.40
0.00
1,690.72
0.00
23,548.43
0.00
0.00
0.00
62.60
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
17,975.19
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,090.01
127.32
0.00
3,717.63
2,547.19
(12,577.27)
83,480.24
4,236.90
(1,850.00)
15,050.00
178.00
0.00
0.00
0.00
47.00
5,734.00
49,907.51
15,048.00
46,998.02
145,279.70 1,625.74 49,368.97 2,020.88 237,823.38
A4 - 8
0.00
0.00
42,209.69
0.00
0.00
0.00
0.00
0.00
0.00
174,427.43 108,135.98 4,090.01 18,102.50
Appendix 4
FINANCIAL INSTRUMENTS
EXPENDITURES
Demand
Deposits
Savings
Deposits
Time
Deposits
Bank
Indonesia
Certificates
Government
Bonds
64
65
66
67
68
INCOMES
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
1,311.08
36,679.12
0.00
0.00
0.00
0.00
0.00
0.00
0.00
43.15
(17,150.28)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
10,732.29
42,360.76
48,722.49 25,253.63
A4 - 9
Other Long
Short Term
Term
Securities
Securities
69
70
Working
Capital
Credits
Investment
Credits
71
72
0.00
151,425.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(29,193.10)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
8,581.92
0.00
0.00
0.00
13,598.00
0.00
0.00
0.00
0.00
(1,442.96)
790.04
3,900.00
50,195.00
0.00
0.00
0.00
0.00
0.00
0.00
(210.87)
418.00
11,005.00
0.00
0.00
0.00
0.00
0.00
(4,491.38)
2,219.43
10,690.24
30,630.60
(31,687.46)
0.00
5,136.25
146.00
19,552.93
0.00
0.00
712.49
12,645.79
(195.50)
0.00
149.66
0.00
2,240.54
720.70
0.00
0.00
1,924.00
6,330.00
1,082.29
199.16
152,146.02 (29,193.10) 22,179.92 55,366.08 17,542.13 33,278.90 15,752.14
Appendix 4
FINANCIAL INSTRUMENTS
EXPENDITURES
INCOMES
PRODUCTION
FACTORS
Labor
Non-Labor
Central Bank
Corporations
INSTITUTIONAL
SECTORS
Banks
Non-Banks
Government
Rural
Households
Urban
Fishery
Oil
Non Oil
INDUSTRIAL
SECTORS

Construction
Services
Other Services
Poor
Non-Poor
Poor
Non-Poor
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal
Formal
Informal

Domestic
Construction
Products
Other Services
COMMODITIES
Import
Construction
Products
Other Services
Central Bank
Banks
Corporations
Non-Banks
CAPITAL
Government
Poor
Rural
Non-Poor
Households
Poor
Urban
Non-Poor
TAXES AND
Indirect Taxes
SUBSIDIES
Subsidies
Currencies
Demand Deposits
Savings Deposits
Time Deposits
Government Bonds
FINANCIAL
INSTRUMENTS
Investment Credits
Consumption Credits
Non-Bank Credits
Trade Credits
Shares and Equities
Others
REST OF THE WORLD
TOTAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
Consumption
Credits
NonBank
Credits
Trade
Credits
Shares and
Equities
Insurance
and
Pension
Fund
Reserves
Others
73
74
75
76
77
78
REST OF THE
WORLD
79
1,199.00
1,979.37
9,316.34
0.00
431.63
9,785.47
1,281.21
5,496.98
15,900.94
935.35
34,895.73
20,691.50
194,612.17
657,912.21
0.00
0.00
24,362.72
38,839.90
16,296.43
24,390.54
0.00
0.00
0.00 2,928.80
2,175.44 1,549.00
(6,044.22)
(674.00)
171.40
0.00
0.00 1,277.94
(981.84) (2,465.00)
419.00
0.00
60,001.04
351.87
0.00
0.00
8,854.00
22,575.18
0.00
54.38
677.08
213.79
9,252.17
(79.19)
3,805.97
1,131.85
157,498.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
17,328.77
589.83
0.00
0.00
0.00
0.00
0.00
21,557.77
(24,898.76)
(2,690.47)
114,314.37
54,580.30
120.00
1,282.00
1,039.00
604.00
0.00
0.00
2,002.92
(1,786.99)
3,462.85
6,892.29
20,345.42
13,355.12
8,437.55
(27,210.36)
0.00
0.00
2,716.29
1,391.95
41,236.25
0.00
(56,433.92)
0.00
0.00
179.05
0.00
18,612.40
55,734.19 2,968.60
(6.64)
41,626.59
162,535.68
17,918.60
184,520.60
A4 - 10
1,072,736.84
TOTAL
1,487,377.61
1,346,454.27
30,793.02
159,938.18
47,813.19
796,319.08
655,317.84
46,730.99
755,579.41
25,720.23
1,363,278.11
285,724.06
237,997.62
365,579.47
8,545.59
284,024.66
0.00
1,498,029.03
308,782.82
96,219.71
21.20
554,259.18
16,698.12
422,883.61
291,236.54
349,918.80
45,947.67
285,535.60
61,647.35
321,599.94
156,766.74
620,989.31
659,448.25
398,893.83
2,476,945.47
88,893.50
578,441.81
730,934.64
398,425.51
352,188.05
482,637.87
31,529.88
76,640.99
706,473.07
0.00
0.00
14,288.35
49,150.90
68,449.61
27,644.62
31,400.42
201,099.70
54,869.80
825,539.73
145,279.70
1,625.74
49,368.97
2,020.88
237,823.38
174,427.43
108,135.98
4,090.01
18,102.50
48,722.49
25,253.63
152,146.02
(29,193.10)
22,179.92
55,366.08
17,542.13
33,278.90
15,752.14
55,734.19
2,968.60
41,626.59
162,535.68
17,918.60
184,520.60
1,072,736.84
23,801,588.85

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ISBN: 978-979-064-083-2

BPS - STATISTICS INDONESIA AND BANK INDONESIA

FINANCIAL SOCIAL ACCOUNTING MATRIX

: Indonesian Edition, May 2008

: Directorate of Expenditure Account - BPS

: Eko Ariantoro and Fayota Prachmasetiawan

: BPS - Statistics Indonesia and Bank Indonesia

: Directorate of Economic and Monetary Statistics - BI

May be cited with reference to the source.

FSAM INDONESIA 2005

One of the tasks of the BPS-Statistics Indonesia, as the agency officially

However, developing FSAM data framework requires further

complementary measures, such as adjustments to classifications and figures,

Jakarta, July 2009

FOREWORD | FSAM Indonesia 2005

Providing proficient data and information is pivotal for the compiling of

formulation. As one provider of statistical information, BI continuously strives to

publication can complement the wealth of statistics in Indonesia and extensively

Jakarta, July 2009

PREFACE | FSAM Indonesia 2005

In the early 2000s, while conducting research in Tokyo I was approached by

I feel fortunate to have the opportunity to advise on the technical substance

Ithaca, July 2009

PREFACE | FSAM Indonesia 2005

Goal and Objectives .................................................................................. 4

Publication Outlines ................................................................................... 4

CHAPTER II - DESCRIPTION OF THE INDONESIAS FSAM 2005........................6

FSAM: Integration of SAM and FoF ........................................................... 6

Country Experiences in FSAM Compilation ............................................. 10

Basic Framework of Indonesias FSAM 2005 .......................................... 11

Classification of Indonesias FSAM 2005................................................. 13

CHAPTER III - COMPILATION METHOD OF INDONESIAS FSAM 2005 ............18

Transformation of SAM into FSAM .......................................................... 18

Inserting FoF Data into FSAM Framework .............................................. 19

Supporting Surveys ................................................................................. 20

Household Savings and Investment Survey (SKTIR-Survei

Input-Output Survey (SKIO-Survei Khusus Input-Output) .... 21

Trade and Services Sector Survey (SKSPJ-Survei Khusus

Private Non Financial Corporation Survey (SKPS-Survei

SAM and FoF Reconciliation .................................................................... 23

CHAPTER IV - ANALYSES OF INDONESIAS FSAM 2005 ................................. 25

The Result: Indonesias FSAM 2005 ........................................................ 25

Descriptive Analysis ................................................................................. 25

Indonesias Economic Structure 2005 .................................. 25

Structure of Income and Expenditure by Institution .............. 28

Saving Rate .......................................................................... 33

Saving-Investment Gap ........................................................ 34

Financial Analysis Based on Indonesias FSAM 2005 .......... 36

Application of Indonesias FSAM in Economic Analysis ........................... 39

CHAPTER V - CONCLUSION ............................................................................... 41

TABLE OF CONTENTS | FSAM Indonesia 2005

Appendix 1. Country Experiences in FSAM Compilation.. A1-1

FSAM Indonesia 2005 | LIST OF APPENDIXES

Table 4.1. The Indonesias FSAM 2005 (22x22 Matrix) ......................................... 26

LIST OF TABLES | FSAM Indonesia 2005

Figure 2.1. Basic framework of SAM ........................................................................7

FSAM Indonesia 2005 | LIST OF FIGURES

In various discourses of economic policy analyses, decision-makers are

ABSTRACT | FSAM Indonesia 2005

2000 were considered successful despite several limitations, in particular the

starting from: 1) descriptive analysis to describe the static phenomena of the

ABSTRACT | FSAM Indonesia 2005