This volume presents the principal elements of macroeconomic accounting and analysis for a transition economy, using a case study of Poland for purposes of illustration. It provides officials from transition economies participating in the training course offered by IMF Institute with a practitioner’s guidebook to the core macroeconomic ideas which underlie formulation of economic policies and to provide them with directions for a further in-depth exploration of issues. The volume covers accounting and analysis for real, fiscal, monetary, and external sectors as well as the interrelations among these sectors (the flow of funds). The analyses are based on the most up-to-date accounting methodology, primarily “The 1993 System of National Accounts” and the Fifth Edition of the “Balance of Payments Manual” (1993), and include a discussion of the differences between the new accounting system and its predecessors. Each chapter is followed by brief background information on the case study of Poland and a set of exercises and issues for discussion that can be used in a workshop as a review and as a basis for group discussion of the material covered.