13.01 Regional accounts are a regional specification of the corresponding accounts of the total economy. The regional accounts make use of the concepts used for the accounts of the total economy unless indicated otherwise in this section.
13.02 A full set of accounts at the regional level implies treating each region as a separate economic entity. In this context, transactions with other regions become a kind of external transactions. External transactions of the region should of course, be distinguished according to transactions with other regions of the country and transactions with the rest of the world.
13.03 Conceptual difficulties (see paragraphs 13.10 – 13.14.) partly explain why regional accounts are limited to recording production activities by industry and to accounts for some institutional sectors like households.