Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.
External Statistics, Financial Accounts and Monetary and Financial Statistics Division
1.3. Contact name
Confidential because of GDPR
1.4. Contact person function
Confidential because of GDPR
1.5. Contact mail address
Otto-Wagner-Platz 3, 1010 Vienna, Austria
1.6. Contact email address
Confidential because of GDPR
1.7. Contact phone number
Confidential because of GDPR
1.8. Contact fax number
Confidential because of GDPR
2.1. Metadata last certified
18 March 2022
2.2. Metadata last posted
18 March 2022
2.3. Metadata last update
18 March 2022
3.1. Data description
The different domains relevant for external sector statistics (Balance of Payments -BOP, International Investment Position - IIP, Foreign Direct Investment - FDI, and International Trade in Services - ITS) sent to Eurostat are based on the BOP Vademecum reflecting requirements laid down in the Regulation (EC) No 184/2005 on Community statistics concerning BOP, ITS, and FDI, as amended by the Commission Regulation (EU) No 555/2012 of 22 June 2012 and Regulation (EU) No 2016/1013 of the European Parliament and of the Council of 8 June 2016.
Monthly and quarterly BOP summarize transactions between residents and nonresidents during a specific period. BOP data consist of the goods and services account, the primary income account, the secondary income account, the capital account, and the functional categories of the financial account (direct investment, portfolio investment, financial derivatives and employee stock options, other investment and reserve assets). Differences between the current and capital account on the one hand and the financial account on the other hand are visible under Net errors and omissions that result from imperfections in source data, inconsistent reporting by enterprises and compilation issues.
Quarterly IIP shows for a country all financial claims on nonresidents and a country’s liabilities to nonresidents at a certain point in time. The breakdown follows the functional categories of the financial account (direct investment, portfolio investment, financial derivatives (other than reserve assets) and employee stock options, other investment, and reserve assets). The sign of the balance shows whether the domestic economic sectors have a net creditor or net debtor position vis-à-vis other countries. The other changes in financial assets and liabilities accounts (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the balance of payments and IIP for a specific period, by showing changes due to economic events other than transactions between residents and nonresidents.
Annual FDI statistics (consisting of financial account transactions, current account primary income figures and IIP position data) is a category of cross-border investment associated with a resident in one economy (direct investor) having control or a significant degree of influence on the management of an enterprise that is resident in another economy (direct investment enterprise). By convention, such a lasting interest exists when a direct investor owns 10% or more of the voting power or the equivalent (for an unincorporated enterprise). Operational definitions of control and influence are explained in BPM6 § 6.12. Furthermore, the definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment.
Annual ITS statistics record services transactions between residents and non-residents and cover the following categories: manufacturing services on physical inputs owned by others; Maintenance and repair services, not included elsewhere; transport; travel; construction; insurance and pension services; financial services; charges for the use of intellectual property, not included elsewhere; telecommunication, computer and information services; other business services; personal, cultural and recreational services; and government goods and services, not included elsewhere. The services categories are listed in the Extended Balance of Payments Services Classification (EBOPS 2010).
3.2. Classification system
Classification used for the BOP, IIP, FDI and ITS statistics are in broad conformity with guidelines outlined in the relevant manual (e.g., BPM6, BD4).
Nonfinancial transactions in the BOP are generally grouped according to their nature and characteristics. Produced assets are covered in the goods and services account. Primary income captures returns for the provision of labour and financial assets and for renting of natural resources. Secondary income captures further redistribution of income through current transfers, such as by governments, private households or charitable organization in cash or in kind. The capital account is split into gross acquisitions and disposals of nonproduced nonfinancial assets and other capital transfers.
Positions and flows of financial assets and liabilities are primarily grouped according to the BPM6 functional categories. Five functional categories of investment are distinguished: (a) direct investment, (b) portfolio investment, (c) financial derivatives (other than reserves) and employee stock options, (d) other investment, and (e) reserve assets. These functional categories reflect on economic motivations and patterns of behaviour. Positions, the associated income and financial account transactions, and other changes are based on three broad categories of financial assets and liabilities: (1) equity and investment fund shares, (2) debt instruments, and (3) other financial assets and liabilities.
Annual FDI flows are classified according to the directional principle, that is grouping the FDI transactions according to the status of the resident entity; 1) FDI abroad, if the resident entity is the direct investor or, in the case of transactions between fellows companies, if the “Ultimate Controlling Parent (UCP)” is also located in the compiling economy, 2) FDI in the reporting economy, if the resident entity is the direct investment enterprise or, in the case of transactions between fellows companies, if the “Ultimate Controlling Parent (UCP)” is not located in the compiling economy. In the directional presentation, reverse investment can be seen as equivalent to the withdrawal of investment. The instrument classification differentiates between equity (other than reinvestment of earnings), reinvestment of earnings and debt instruments.
Annual FDI income shows amounts payable and receivable between resident and non-resident entities in return for providing financial direct investment assets to the rest of the world, or incurring direct investment liabilities vis-à-vis the rest of the world. The instrument classification differentiates between dividends, reinvested earnings, and income on debt.
FDI positions are also classified according to the directional principle, split into net FDI positions abroad and net FDI positions in the reporting economy. The instrument classification differentiates between equity (including reinvested earnings) and debt instruments.
For all FDI statistics, the geographical allocation is made according to the economic residence of the immediate direct investor or immediate direct investment enterprise, and the recommended classification by activity is that of the direct investment enterprise (to avoid asymmetry issues). The industrial activity level is based on ISIC4/NACE Rev.2.
International Trade in Services data are presented in line with the Extended Balance of Payments Services Classification (EBOPS 2010).
Known deviations:
Regulation (EU) No 549/2013 (ESA2010) (par. 5.119) and the BPM6 Manual (par. 5.42) provide that funds between deposit-taking corporations are always recorded as deposits. Concerning deposit/loans liabilities of deposit-taking corporations to other counterparts, BPM6 foresees the additional convention that these are to be recorded as deposits, irrespective of the maturity, while ESA 2010 restricts this to short-term funds. Concerning deposit/loans assets of deposit-taking corporations vis-à-vis other counterparts BPM6 foresees the additional convention that these are to be recorded as loans, while ESA2010 (in § 5.118) makes a similar reference for short-term loans.
Specifically for euro area: The definition of reserve assets is in line with BPM6 guidelines. However, as a member of the euro area, the definition of monetary reserves in a MS’s BOP includes (inter alia) only those liquid claims denominated in foreign currency that the MS’s central bank holds on non-euro area residents. Claims on residents of other euro area countries, regardless of the currency, are part of other external assets.
3.3. Coverage - sector
Institutional units are grouped into institutional sectors according to similar economic objectives, functions, and behaviour.
The sector classifications based on the BOP Vademecum are:
Central bank (S.121); Monetary Financial Institutions (MFI) other than central bank (S.122) (incl. Deposit-taking corporations except the central bank; Money Market Funds (S.123)); General government (S.13); and Other sectors.
The Other Sectors consist of Financial Corporations other than MFIs (S.12); Non-Financial Corporations (S.11); Households (S.14); and Non-profit institutions serving households (S.15).
Exception to BPM6:
A deviation from the BPM6 sector classification is that Money Market Funds are part of Other sectors (in BPM6) whereas they are part of the MFI sector for European Statistics according to the Vademecum.
3.4. Statistical concepts and definitions
The overall conceptual framework of BOP, IIP, FDI and ITS are in broad conformity with the most recent manuals as well as the EC Guidelines and Eurostat’s Vademecum.
Statistical concepts and definitions relate to basic internationally accepted standards and guidelines for external sector statistics; for instance:
All resident-nonresident transactions covered;
The concept of residency adhered to;
For the BOP, the concept of gross reporting is followed for the current and capital account; and the net basis for financial account transactions (separately for the individual asset and liability components);
The change of economic ownership principle soundly applied;
FDI is defined as equity ownership representing 10 percent or more of the voting power;
The accrual basis is broadly applied;
Market values or appropriate substitute measures are used;#
the residence of Special Purpose Entities (SPEs) is attributed to the economy in which they are legally domiciled or incorporated;
Overall, the classification, netting and ordering in the IIP is consistent with BPM6; current, capital, and financial accounts of the balance of payments statement are defined according to the BPM6.
Known Deviation (Source: Vademecum):
BOP/IIP data are to be compiled following the debtor/creditor approach, instead of the “transactor” approach. In other words, the geographical allocation of assets/credits is to be done on the basis of the residency of the issuer/debtor and not of the “transactor”. This is particularly relevant for portfolio and direct investment functional categories, which record tradable instruments. This approach is to be followed consistently in the geographical and sector allocation of investment income, financial transactions and stocks.
3.5. Statistical unit
Institutional units are defined in conformity with BPM6 and relate to those that have a predominant centre of economic interest in the country. In principle, any individual, corporation or other institution that provides information on the transactions/positions between the residents and non-residents of a country during a given period is included. Resident institutional units engaged with nonresidents also cover in principle:
- incorporated or unincorporated affiliates of nonresident companies; and SPEs with little or no physical presence;
- resident territorial enclaves in the rest of the world (e.g., embassies, military basis);
- free zones/bonded warehouses/factories operated by offshore enterprises under customs control;
- Citizens who work or live temporarily in another country (seasonal and cross border commuters, students and patients).
3.6. Statistical population
Not applicable.
3.7. Reference area
The reference area describes the geographical area covered by the data disseminated. According to the BOP Vademecum, the reference area is the economic territory, country, or region for which external sector statistics are provided. The country code list follows the ISO 3166-1 alpha-2 classification and is a "cross-domain" code list, used also in National Accounts. The codes used for various regional groupings are harmonized across international agencies that use the BOP-DSD.
3.8. Coverage - Time
BoP: Q1 1995
IIP: Q1 1995
FDI: 1995
ITS: 1995
3.9. Base period
Not applicable.
All data sent to Eurostat are in Millions of Euro for Euro Area countries and in Millions of National currency for non-Euro Area countries. The unit of dissemination is Euro.
The monthly (MBOP), quarterly (QBOP) BOP, and quarterly FDI transactions summarize economic transactions between residents and nonresidents during the respective reference period. The annual ITS dataset summarizes services transactions over the period of one year.
The quarterly IIP statement as well as the annual FDI stock statistics refer to a point in time at the end of the reference period; i.e., the last day of a quarter or year, respectively. The other changes in financial assets and liabilities of the IIP statement (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the BOP and IIP during a specific period.
6.1. Institutional Mandate - legal acts and other agreements
Institutional Mandate – national level:
- Foreign Exchange Act 2004 of the Austrian Central Bank
- National regulations of the Central Bank based on the act to collect the data necessary to fulfill the current BoP regulation
Institutional Mandate – European level
- Regulation no 184/2005 of The European Parliament and of the Council of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment
- Commission Regulation (EC) No 601/2006, Commission Regulation (EC) No 602/2006, Commission Regulation (EC) No 707/2009, Commission Regulation (EU) No 555/2012, Regulation (EU) 2016/1013 Commission Delegated Regulation (EU) 2019/505 of 19 December 2018
- Quality reports for the BoP domain are prepared in accordance with Commission Regulation (EC) No 1227/2010 of 20 December 2010 implementing Regulation (EC) No 184/2005 (OJ No L 283/3).
6.2. Institutional Mandate - data sharing
Foreign Exchange Act 2004 for exchanging data with the NSI in Austria, the ECB and Eurostat.
Cooperation agreement between the Austrian Central Bank and Statistics Austria. Service Provider contract of the Central Bank with Statistics Austria for compiling main parts of the current account.
7.1. Confidentiality - policy
Confidentiality is regulated by the Foreign Exchange Act of the Central Bank in Austria. According to article 6 (4) the data may only be used for statistical purposes. They may only be disclosed in a form where a direct identification of respondents is not possible.
7.2. Confidentiality - data treatment
BOP Vademecum (2021): Chapter V “Statistical confidentiality” of Regulation (EC) No 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics regulates protection and transmissions of confidential data within ESS and ESCB. Confidentiality status attribute is mandatory in BOP and FDI DSDs and thus each observation has to be flagged with a confidentiality status.
When the information is already released and disseminated by the national compiler (e.g. it is published on the national compiler's website) applying confidentiality status attributes such as C "Primary confidential statistical information", D “secondary confidentiality set and managed by the national compiler” or N "Not for publication, restricted for internal use only" is not justified.
Quality issues should be much less frequent for quarterly BOP and IIP data. The confidentiality status attribute "Not for publication, restricted for internal use only" - N flag – shall be used conservatively and rather in cases of more detailed breakdowns (e.g. geographical, instrument or sector breakdown). Using confidentiality status (C or D or N flags) to suppress publication of data with insufficient quality should be avoided. Observation status with U flag (low reliability) should be used instead. This would indicate existing observations and, at the same time, users will be aware of the low quality assigned.
7.2.1. Confidentiality - data treatment percentage of free cells
This indicator refers to Eurostat Quality Report Chapter 1.1.2.The analysis in this section focuses on the availability of the data to the users. The tables present the number of cells flagged as confidential and non - publishable, compared with the total number of cells that have to be provided according to the BOP Regulation.
[Because Eurostat changed the confidentiality tables by removing the N flags. However, calculations of the other categories are still done including the N category; this means that the sum of the categories do not sum up to 100%.]
AT: The improvement in unflagged cells in FDI (both, flows and stocks) that can be observed between reporting years 2019 and 2020 is prolonged in 2021.
The external sector statistics are released on a national preannounced schedule.
8.2. Release calendar access
www.oenb.at and SDDS+; see: https://www.oenb.at/Statistik/sdds-plus/national-summary-data-page.html
8.3. Release policy - user access
OeNB provides detailed statistical tables on its webpage and informs users of updates. There is also a Statistics Hotline for special data requests.
The IMF SDDS Plus NSDP (National Summary Data Page) for Austria provides an overview of upcoming publication dates for resepctive data categories: (e.g.https://www.oenb.at/isaweb/releasekalender.do?&lang=DE&&report=9.1.03)
Eurostat Website:
BOP: monthly and quarterly
FDI flows and stocks: annually
IIP: quarterly and annually
ITS: annually
10.1. Dissemination format - News release
Besides the regular update of internet tables, there is the yearly press conference on the Austrian BoP as well as on last years BoP/IIP/FDI/ITS.
There are regular publications on BoP/IIP topics in the OeNB's "STATISTIKEN - Daten&Analysen". Besides, there are "STATISTIKEN - Sonderhefte" on special topics like FDI or the introduction of STEC. There is also special analysis in the OeNB`s "Monetary Policy and the Economy", for example on ITS, as well as in external publications, e.g. "Schwerpunkt Außenwirtschaft".
The quarterly publication, STATISTIKEN Daten & Analysen, is available in German only, but special issues are also available in English, see https://www.oenb.at/en/Publications/Statistics/Special-Issues.html
10.3. Dissemination format - online database
At Eurostat, the database for external sector statistics gives access to the following statistics:
Monthly and quarterly BOP and quarterly IIP statistics;
Annual data on ITS;
Annual data on FDI positions, transactions and income;
Detailed data on international transactions involving the European institutions.
Harmonized data is available for the European Union, the euro area, the EU Member States, the United Kingdom, EFTA countries, candidate and potential candidate countries.
All data on BoP/IIP/FDI/ITS are disseminated by OeNB and respective tables are accessible on the Central Bank's Webiste.
Only monthly BoP data are not disseminated at the national level, but only compiled for ECB and EUROSTAT purposes.
10.4. Dissemination format - microdata access
Micro data are in principle not accessible to researchers in accordance with the Foreign Exchange Act 2004. Only in anonymized form, researchers can make use of these data.
Results of microdata linking is published on the OeNB'S websote (e.g.STEC) and there has been a long-standing cooperation with economists in the OeNB as well as at the National Research Institute, WIFO, to grant safe access to microdata for special research topics.
This indicator refers to the quality assurance framework (QAF) in place within an organisation to manage the quality of statistical products and processes.
11.1. Quality assurance
The OeNB follows closely the concepts of the IMF's BPM6. Various forms of quality and validation checks have been incorporated in the compilation process, from technical quality checks (e.g. number of reported cells, comparison with previous periods) as well as graphical programs and also comparison with related statistics.
There is also a platform organised together with the NSI for bilateral quality checks of Large Case Units. In the case of merchanting and on an experimental basis, OeNB and Statistcis Austria are compiling a BoP on institutional level.
11.2. Quality management - assessment
OeNB and Statistics Austria acknowledge the importance of quality of the statistical output and take various measures to secure the quality of BoP figures.
On the one hand, quality indicators, laid down in the Quality Report are regularly checked by OeNB and Statistics Austria.
For example the extent and direction of revisions and Errors and Omissions or the alignment with National Accounts.
On the other hand, in the course of statistics production, measures range from standard plausibility checks in the course of reporting to the use of mirror data, e.g. for travel, and the comparison with other statistics, on a micro and macro level, e.g. Foreign Trade, Structural Business Statistics, BIS.
Besides, OeNB an Statistics Austria exchange data on micro level to work on selected Large Case Units, for example in merchanting.
It is also an aspect of quality measures to look for new and additional data sources in regular statistics production. Recent examples are the use of ECB Payment Statistics and Mobile Positioning Data
This indicator refers to the Eurostat Quality Report Chapter 7 and 8: Overall Assessment.
Overall assessment 2022 for Austria: The overall quality of the BOP data transmitted to Eurostat is in line with the EU requirements. Existing deviations have been explained and where possible corrective measures are put in place. Austrian BOP statistics is highly consistent and maintains a high standard of interpretability. Eurostat thanks Austria for the efforts improving the public BOP data collection, and for their active participation in the networks (such as FDI) for public dissemination.
To guarantee the quality of results, European statistics shall be developed, produced and disseminated on the basis of uniform standards and of harmonised methods. In this respect, Regulation (EC) No 223/2009 of the European Parliament and of the Council quality criteria (a) ‘relevance’ refers to the degree to which statistics meet current and potential needs of the users. Meeting the requirements of the EC Regulation on community statistics concerning balance of payments, international trade in services and foreign direct investment confirms relevance for the user “Eurostat” as recipient of the data sets on behalf of its user community.
Furthermore, relevance is also indirectly accomplished by countries participating in domain specific committees and working groups as well as the worldwide update of the manuals whose aim it is to keep the standards and statistics as relevant as possible going forward.
12.1. Relevance - User Needs
The OeNB is giving a broad range of users direct access to its data, either via internet with many detailed tables on BoP, IIP, FDI, ITS, or through publications and answers to direct data requests. Besides international organisations, there are data needs mainly from economists, the Austrian ministries and the Chamber of commerce in Austria. The OeNB has a cooperation agreement with the Chamber of Commerce.
12.2. Relevance - User Satisfaction
User satisfaction is not measured by the OeNB, but there is regular contact with the main user groups in Austria.
12.3. Completeness
This section refers to the current Eurostat Quality Report 1.1.1. Data availability- completeness.
12.3.1. Data completeness - rate
Data completeness – the provided cells expressed as % of required cells refers to the completeness of BOP, IIP, FDI and ITS data provided to Eurostat based on the requirements of the BOP Regulation.
Monthly BoP t+44 days
2021 07
2021 08
2021 09
2021 10
2021 11
2021 12
2022 01
2022 02
2022 03
2022 04
2022 05
2022 06
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
Quarterly revaluations t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
99%
99%
99%
99%
ITS t+9 months
FDI flows and income t+9 months
FDI flows and income t+21 months
FDI stocks t+9 months
FDI stocks t+21 months
(2021)
(2021)
(2020)
(2021)
(2020)
100%
100%
100%
100%
100%
Accuracy of data is the closeness of computations or estimates to the exact or true values that the statistics were intended to measure.
Accuracy is being measured using three concepts: Reliability; Vintage Analysis; and Plausibility. See 13.1.
This section refers to the current Eurostat Quality Report Chapter 2.
13.1. Accuracy - overall
(i) Accuracy can be measured using the concept of Reliability - defined as the closeness of the initial estimated value to the subsequent estimated value. This section refers to the current Eurostat Quality Report 2.1.1. Quantitative assessment of revisions. Complementary information on Revisions are also provided under S17 Data Revision.
The quantitative analysis focuses on the size of revisions, their direction and the reliability of trends using the data provided by countries to Eurostat.
For the Monthly BOP, Quarterly BOP and Quarterly IIP items, revisions are assessed using two types of indicators both of which are based on the comparison between first and last assessments:
- Directional stability indicators measure how often the first assessment is subsequently revised in the same direction (the upward revisions ratio and the directional reliability indicator).
- Relative size indicators measure the difference between the first and the last assessments. These absolute differences may be quantified relative to the underlying series (when strictly positive) or to the underlying outstanding amounts. These indicators are the symmetric mean absolute percentage ratio, mean absolute comparative ratio and for net/balance series the net relative revisions.
(ii) Accuracy can be measured using the concept of Vintage Analysis. This section refers to the current Eurostat Quality Report 2.1.2 Vintage Analysis. For the assessment of annual data (ITSS, credit and debit, FDI flows and positions, inward and outward), the analysis focuses on the differences between the values as reported in the last 4 data deliveries to Eurostat. The counterpart area is Extra EU27 and Rest of the World.
(iii) Accuracy can be measured using the concept of Plausibility – referring to the absence of unexplained changes. This section refers to the current Eurostat Quality Report 2.2. Plausibility. This concept calculates the share of unallocated partner or activity from total (%) for ITS, FDI flows and positions.
For Austria:
Ad Quantitative assessment of revision: Concerning upward revisions of primary income, estimates, especially corporate profits were conducted with a high degree of uncertainty. They are generally highly volatile, both for credits and debits, but in the pandemic/post pandemic situation especially hard to predict. Estimates of monthly Secondary income in particular must rely on time-series analysis as real-time variables or indicators are missing. There are some components, mainly regarding transactions with the EU, which are rather stable or predictable over time. Others instead, like insurance transactions, especially related with reinsurance, are not that predictable and can vary rather heavily between periods. The relatively high upward revisions in quarterly services data, debits, mainly result from the yearly incorporation of VIES data. In the course of the ARM asymmetries exercise, Austria is participating with special focus on the analysis of VIES data together with the Netherlands. With respect to the upward revisions in the IIP, especially Other investment is closely monitored in Austria with special focus on transactions which are not directly observable, like household investment abroad. To this end, mirror data (BIS) are used which only become available with some time-lag. Ad Vintage analysis: Annual FDI surveys are the cornerstone for quality checks of FDI data, both for stocks and flows. In many cases detailed combined analyses of stocks and flows of certain MNEs between two years can reveal large revisions in flows. Annual FDI surveys are conducted T+21, so large revisions until then are common.
13.2. Sampling error
Not applicable.
13.2.1. Sampling error - indicators
Not applicable.
13.3. Non-sampling error
Not applicable.
13.3.1. Coverage error
Not applicable.
13.3.1.1. Over-coverage - rate
Not applicable.
13.3.1.2. Common units - proportion
Not applicable.
13.3.2. Measurement error
Not applicable.
13.3.3. Non response error
Not applicable.
13.3.3.1. Unit non-response - rate
Not applicable.
13.3.3.2. Item non-response - rate
Not applicable.
13.3.4. Processing error
Not applicable.
13.3.5. Model assumption error
Not applicable.
14.1. Timeliness
According to the provisions of the Commission Regulation (EU) No 184/2005 and ECB Guideline ECB/2011/23 datasets are reported by countries to Eurostat with the following timeliness:
The BOP regulation defines the timeliness and sets the deadlines for the data transmission to Eurostat as follows:
- Monthly BOP: 44 days after the end of the reference period;
- Quarterly BOP, quarterly IIP and quarterly revaluations: 82/85 days after the end of the reference period;
- ITS: 9 months after the end of the reference period;
- FDI: 9 months after the end of the reference period (21 months for the activity breakdown).
14.1.1. Time lag - first result
Not applicable.
14.1.2. Time lag - final result
Not applicable.
14.2. Punctuality
no positive value of the indicator
14.2.1. Punctuality - delivery and publication
This indicator refers to Eurostat Quality Report 3.1 Punctuality.
Punctuality is calculated as the actual date of data delivery minus the scheduled date of transmission to Eurostat. It shows how many calendar days this was behind (positive value) or ahead of (negative value) the legal deadline.
Monthly BoP t+44 days
2021 07
2021 08
2021 09
2021 10
2021 11
2021 12
2022 01
2022 02
2022 03
2022 04
2022 05
2022 06
-3
-1
-3
-1
-1
-3
-1
-1
-1
-3
-2
-1
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-1
0
0
0
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-1
0
0
0
Quarterly revaluations t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-1
0
0
0
ITS
FDI flows and income
FDI stocks
-2
-2
-2
Coherence refers to the adequacy of the data to be reliably combined in different ways and for various uses.
In the Eurostat Quality Report, the analysis of coherence focuses on two aspects: internal consistency, that examines to which extent data are coherent within the dataset, and external consistency, that examines to which extent data are coherent with others statistics (e.g., NA) obtained by different sources or within different statistical frameworks.
Comparability refers to the measurement of the impact of differences in applied statistical concepts and methodologies, measurement tools and procedures applied, when statistics are compared between geographical areas, sectoral domains (e.g., with QSA, ITGS data) or over time.
15.1. Comparability - geographical
This indicator refers to Chapter 5.3.1 and the corresponding tables of the Eurostat Quality Report: Asymmetries with regard to main ITS and FDI items.
Further information and country-specific feedback is provided below.
15.1.1. Asymmetry for mirror flow statistics - coefficient
This section refers to the current Eurostat Quality Report 5.3.1. Bilateral Intra-EU asymmetries are presented in Annex 3 to the Eurostat Quality report.
Asymmetries are the result of differences in measurement, in the procedures applied and in the interpretation of statistical concepts. Thus, asymmetries can be regarded as a measure of comparability.
National compilers are encouraged to perform regular checks of their FDI transactions and positions through the FDI network and possibly conduct bilateral exercises to reduce asymmetries in services.
For Austria:
Concerning the bilateral asymmetries in ITS, Austria is currently analyzing its highest asymmetries with respect to partner country Germany in the course of the ARM exercise. By April 2023, AT had already three bilateral meetings with DE and exchanged micro data regarding MNEs active in both countries. AT and DE decided to start the analysis with “other business services”. We already found out that the higher figures of AT relate to the availability of VIES data (besides survey data) which are not accessible yet in DE. We intend to analyze the biggest bilateral MNEs further. After this exercise we will continue with the transport item.
Regarding travel, AT is actively participating in the Travel WS (both, the NCB and the NSI). During the Covid-19 pandemic we started exchanging figures on overnight stays on a country-by-country basis. Besides, AT had already made use of mirror data, e.g. regarding same-day-tourists. Furthermore, AT is making use of the extended ECB Payments statistics which further offers the opportunity to reduce bilateral asymmetries within the Euro area by a harmonized use in regular travel compilation.
Regarding Financial services, AT is not only following best practices within the EU for the compilation of FISIM, but also incorporated the ECBs recommendations for compiling dealer’s margins.
In the course of AT’s BNE reservation, a selected number of MNEs were analyzed with special focus on globalized trade in goods as well as manufacturing services. Data were gathered from the respective enterprises as well as from other countries in which the MNEs are active. First results will be incorporated in the September 2023 revision of the BoP.
15.2. Comparability - over time
With the introduction of BPM6, 2012, data have been reconciled, starting with the year 1995. Since then, improvements have been added to the data, mainly in methodic rather than methodological respect. The effects on the data were communicated to EUROSTAT, the ECB and users in general. But the effects have not been substantial enough to calculate new time-series. With the next benchmark revision, these effects will be accounted for in accordance with the National Accounts.
15.2.1. Length of comparable time series
National time-series on BoP, IIP, FDI and ITS start with 1995Q1
15.2.2. Methodological comparability
Methodological guidelines for compiling BoP, ITS and FDI statistics are defined by the Balance of Payments manual of the IMF (6th edition) and further specified by Manual on Statistics of International Trade in Services of the United Nations and the OECD Benchmark Definition of Foreign Direct Investments (4th edition).
For Austria, there are no deviations from international standards.
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6. For community statistics, countries are expected to record different values for Goods “national” and “community” concepts, if applicable.
15.2.2.3. Services account
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6.
15.2.2.4. Primary Income
The methodology for Primary Income is outlined in Chapter 11 of the IMF BPM6.
15.2.2.5. Secondary Income
The methodology for Secondary Income is outlined in Chapter 12 of the IMF BPM6.
15.2.2.6. Capital account
The methodology for the Capital Account is outlined in Chapter 13 of the IMF BPM6.
15.2.2.7. Direct investments
The methodology for Direct Investment is outlined in Chapters 6, 8 and Appendix 6 of the IMF BPM6.
15.2.2.8. Portfolio investments
The methodology for Portfolio Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.9. Other investments
The methodology for Other Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.10. Financial derivatives
The methodology for Financial Derivatives is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.11. Other methodological deviations
none
15.2.2.12. Other changes during the reference year
none
15.3. Coherence - cross domain
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
The comparability between BOP, IIP, FDI, ITS and National accounts is ensured by the application of common concepts and definitions of BPM6 and the 2008SNA/ESA2010.
Further information and country-specific feedback is provided below.
In Austria, financial flows/stocks are almost completely aligned between BoP/IIP and N.A.
This is also the case for non-financial accounts with a few exceptions (methodological differences regarding travel in BoP and N.A.; different data bases for calculating reinsurance in BoP and N.A.)
15.3.1. Coherence - sub annual and annual statistics
sub-annual and annual statistics are completely aligned.
15.3.1.1. BOP/ITGS reconciliation table
This indicator refers to Eurostat Quality Report Chapter 6.2.1: BOP/ITGS reconciliation. The corresponding table – to be completed by countries is part of the Quality Report Annex 2 and is included in the Metadata Handler in form of a separate Excel Sheet.
ITGS cover goods “which add to or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory” (United Nations IMTS: Concepts and Definitions 1998, paragraph 14). This basis differs from the change of ownership between residents and nonresidents required for BOP, so adjustments are needed.
Please refer to BPM6 § 10.17 for cases that are included in the BOP definition of general merchandise because there is a change of ownership of goods between a resident and a nonresident.
Please refer to BPM6 § 10.22 for items to be excluded from general merchandise because there is no international transaction because there is no change of ownership of goods between a resident and a nonresident, or because the goods have no value.
15.3.2. Coherence - National Accounts
This indicator refers to Eurostat Quality Report Chapter 6.2.2: Consistency with National Accounts. The corresponding tables in the Eurostat Quality Report assess the external consistency between the BOP and Rest-of-the-World Account in NA. As the concepts for the BOP and NA accounting frameworks are, in principle, consistent with one another, an assessment of the consistency concludes on how far these two accounting frameworks have been consolidated with each other.
In Austria, financial flows/stocks are almost completely aligned between BoP/IIP and N.A. This is also the case for non-financial accounts with a few exceptions (methodological differences regarding travel in BoP and N.A.; different data bases for calculating reinsurance in BoP and N.A.).
15.4. Coherence - internal
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
15.4.1. Consistency between quarterly and annual data
This indicator refers to Eurostat Quality Report Chapter 6.1.2 Consistency between quarterly and annual data: The Quality Report Tables monitor the progress made in aligning quarterly and annual data.
For example, ITS and FDI annual data are compared with the sum of the corresponding four quarters for partners Extra EU27 and Rest of the World.
In 2022, Austria changed to a new technical compilation and dissemination system for the BoP. Unforunately in September, a mismatch occured for FDI data. As all data disseminations will now be handeled from the new system, this problem shall not occur any more and data wil be revised accordingly.
15.4.2. Consistency between quarterly and monthly data
This indicator refers to Eurostat Quality Report Chapter 6.1.3 Consistency between quarterly and monthly data: Quarters are compared with the sum of the corresponding three months for partners Extra EU27 and Rest of the World for Goods, Services and Secondary Income and partner Rest of the World for Primary Income. The discrepancy, computed as difference between the sum of the monthly and the quarterly data, is also shown as a share of the quarterly value.
15.4.3. Consistency between BoP and IIP
This indicator refers to Eurostat Quality Report Chapter 6.1.4 Consistency between BOP and IIP figures.
15.4.4. Errors and Omissions
This indicator refers to Eurostat Quality Report Chapter 6.1.5 Errors and Omissions (E&O). Although the BOP accounts are, in principle, balanced, imbalances result in practice from imperfections in source data and compilation. This imbalance is labelled net errors and omissions. According to BPM6 § 2.25, “a consistent sign indicates a bias in one or more components. A persistent positive value of net errors and omissions suggests that credit entries have been understated or omitted or debit entries have been overstated. In contrast, a volatile pattern may suggest timing problems. However, although net errors and omissions can help point to some problems, it is an incomplete measure because errors and omissions in opposite directions offset each other.”
The size and the sign of the E&O item are analysed in the Eurostat Quality Report Tables.
AT is analyzing the development of errors and omissions closely. We are gladly aware that over time, accumulated figures are balancing. But in the short run, since 2020 and the start of the Covid-pandemic, errors and omissions are turning negatively. We therefore intensified our work with various measures to identify possible shortcomings. Among these are a close analysis of merchanting (calculating a BoP on enterprise level and detecting real and financial sector SPEs), looking in depth in TARGET transactions and extending estimates of household assets abroad (Other investment - BIS mirror data, Portfolio investment – Third Party Holdings).
Not applicable.
17.1. Data revision - policy
Source: A Harmonised European Revision Policy for Macroeconomic Statistics; CMFB October 2017. Macroeconomic statistics, such as national accounts, the balance of payments and the international investment position, are produced from a large variety of data sources. These data sources are reconciled using an approach based on an agreed set of international guidelines. The sources used to estimate macroeconomic aggregates are provided with varying degrees of timeliness, taking up to three years or more in the case of structural sources. As users need national and international data as fast as possible, particularly on certain key aggregates like gross domestic product (GDP), data are produced using the sources and related indicators that are more readily available. As more complete data are obtained from these sources in due course and the structural sources are made available, the statistics are updated to incorporate the new information.
Such revisions of macroeconomic statistics are necessary to improve quality, but can be inconvenient for users. To minimise this inconvenience, revisions should ideally be coordinated within one country, across different statistics, and then across countries. International comparability – and the compilation of EU and euro area aggregate statistics – is hampered when different revision policy schemes are applied in different countries. As the schedule of revision of national accounts and balance of payments statistics varies from country to country, this creates inconsistencies among different statistical domains.
The European Statistical System (ESS) and the European System of Central Banks (ESCB) try to strike the right balance between incorporating the necessary statistical revisions and maintaining an acceptable degree of consistency across domains and countries. To this end, the two systems have worked together to draw up guidelines for a harmonised revision policy for macroeconomic statistics.
A distinction should be made between 'routine' revisions and 'major' or 'benchmark' revisions. Routine revisions refer to the changes made to the economic data published initially and to its subsequent releases for a particular reference quarter or year. The earlier estimates typically undergo the most significant revision. In routine revisions, the number of past periods being revised (the 'depth' of the revision) is typically relatively limited. Benchmark revision is carried out at much longer time intervals. Its purpose is to incorporate the main new data sources and major changes in international statistical methodology (such as ESA2010 or BPM6). In benchmark revision, many years are open for revision in order to create the longest possible consistent time series.
The National Statistical Offices and the National Central Banks are not legally bound by this common policy, but voluntarily agree to it and commit to gradually implement it with the aim of delivering more consistent statistics to users. The level of adherence to the guidelines of countries' revision policies will be monitored regularly.
17.2. Data revision - practice
In practice, BoP data are revised for T-3 years to be harmonised with National Accounts. The most important revisions are associated with the annual FDI survey (T-2 years) and Input/Output analysis (T-3years).
Estimates of monthly Secondary income in particular must rely on time-series analysis as real-time variables or indicators are missing. There are some components, mainly regarding transactions with the EU, which are rather stable or predictable over time. Others instead, like insurance transactions, especially related with reinsurance, are not that predictable and can vary rather heavily between periods.
The relatively high upward revisions in quarterly services data, debits, mainly result from the yearly incorporation of VIES data. In the course of the ARM asymmetries exercise, Austria is participating with special focus on the analysis of VIES data together with the Netherlands.
With respect to the upward revisions in the IIP, especially Other investment is closely monitored in Austria with special focus on transactions which are not directly observable, like household investment abroad. To this end, mirror data (BIS) are used which only become available with some time-lag.
Concerning upward revisions of primary income, estimates, especially for corporate profits, were conducted with a high degree of uncertainty. They are generally highly volatile, both for credits and debits, but in the pandemic/post pandemic especially hard to predict.
17.2.1. Data revision - average size
Not applicable.
18.1. Source data
This quality concept refers to whether the composition of data sources (surveys, ITRS (International Transactions Reporting System), administrative data, ITGS, monetary and financial statistics, etc.), in principle, sufficiently covers the compilation of BOP, IIP, FDI and ITS.
In principle, BoP, IIP and related statistics in Austria rely on enterprise surveys to which the Central Bank is legally entiteled (see Foreign Exchange 2004).
As not all external transactions/positions are directly observable and as the costs for respondentns should be restricted as far as possible, the OeNB is making use of statistical and administrative data sources as well as of digital or mass data (also entiteled to by the Foreign Exchange Act).
To summarize by the main accounts:
- Goods: Foreign Trade Statistics, ITS survey, Structural Business Statistics, estimates based on other statistics (e.g. transportation statistics) and I/O analysis
- Travel: hybrid data model making use of a multitude of data, especially overnight stays, guest interviews, Payment statistics, business cycle statistics, Mobile Positioning Data, mirror data
- Other services: ITS enterprise survey in the non-financial sector (approx. 5,000 respondents, threshold of 500,000 total exports or imports per year), survey aming non-profit organisations, VIES data, MOSS data, I/O analysis, quarterly ITS survey on banks, quarterly and annual surveys on insurance corporations, data from the FMA
- Employment income: data from the Austrian social insurance system, mirror data (for investment income see respective financial flows)
- Secondary Income: data from Austrian social security system and the Federal accounts, mirror data, Payment statistics, estimates for insurance transactions
- Capital Account: monthly survey in case transactions occur (threshold 100,000 EUR), administrative data (on carbon emission certificates)
- Direct investment: monthly enterprise survey on transactions in case they occur (threshold 500,000 EUR), annual survey on incoming and outgoing FDI (EUR 10 mn balance sheet total)
- Portfolio investment: sec-by-sec data compilation, monthly survey on security deposits in Austria (no threshold) and quarterly survey on deposits abroad, survey on resident investment funds (no threshold), administrative data (CSDB, Austrian Treasury)
The following sub-categories refer to the Extended Balance of Payments Services Classification (EBOPS 2010) data collection. The EBOPS 2010 classification provides a breakdown of the Balance of Payments Trade in Services items (debit and credit) as defined in BPM6, by types of services. The classification thereby meets a number of user requirements, including the provision of more detailed information on Trade in services as required in connection with the General Agreement on Trade in Services (GATS).
EBOPS 2010 is a primarily product-based classification of types of services, which in many cases may be described in terms of international classification of products as contained in CPC Ver. 2. However, the classification also includes transaction-based criteria (for example, Travel, Government services, and Construction Services).
18.3.1. Average on credits and debits
Data Validation for Credits
Data Collection methods and practies
Compilation methods( used to produce the required data)
Items/sub-items that are estimated( please describe also the estimating)
Manufacturing services on physical inputs owned by others
96%
4%
Maintenance and repair services n.i.e.
81%
19%
Transport
93%
7%
cif/fob correction, refueling, travel packages
Travel
0%
100%
Construction
91%
9%
Insurance and pension services
100%
0%
Financial services
30%
70%
Dealer's Margins, FISIM
Charges for the use of intellectual property n.i.e.
91%
9%
Telecommunications, computer, and information services
87%
13%
Other business services
85%
15%
Operational lease
88%
12%
Personal, cultural, and recreational services
30%
70%
Government goods and services n.i.e.
100%
0%
Data Validation for Debits
Data Collection methods and practies
Compilation methods( used to produce the required data)
Items/sub-items that are estiated( pease describe also the estimating)
Manufacturing services on physical inputs owned by others
94%
6%
Maintenance and repair services n.i.e.
84%
16%
Transport
82%
18%
cif/fob correction, travel packages
Travel
0%
100%
Construction
73%
27%
Insurance and pension services
64%
36%
household transactions
Financial services
20%
80%
Dealer's margins, FISIM
Charges for the use of intellectual property n.i.e.
90%
10%
Telecommunications, computer, and information services
83%
17%
Other business services
90%
10%
Operational lease
91%
9%
Personal, cultural, and recreational services
29%
71%
Government goods and services n.i.e.
100%
0%
18.3.2. EBOPS 2010 transactions performed according to the center of predominant economic interest (residence) of units
YES
18.3.3. EBOPS 2010 transactions on the basis of market prices
YES
18.3.4. EBOPS 2010 transactions on accrual basis
YES
18.3.5. Market exchange rate prevailing on the transaction dates
YES
18.3.6. EBOPS 2010 items do you compile data broken down by partner country
YES, For all EBOPS items
18.3.7. Information on ITS for categories beyond EBOPS 2010 and its complementary groupings
NO
18.4. Data validation
After the questionnaires have been accepted by the Central Bank or Statistics Austria, there are a number of validation practices in the compilation process. In principle, the plausibility of the data is observed (development of time series), presence of outliers, size of revisions as well as correspondence (e.g. Foreign Trade Statistics, Banking Statistics) as well as mirror data from main partner countries. For the current acccount in particular, survey data are analysed as part of reconsiling business statistics on a micro level. The results of I/O analysis in turn are entering the BoP/current account in the course of revisions.
18.5. Data compilation
Not applicable.
18.5.1. Imputation - rate
Not applicable.
18.6. Adjustment
There are a number of statistical and administrtaive data sources as well as mass or digital data used in Austria to compile BoP, IIP, FDI and ITSS statistics.
The most prominent is the use of VIES data for compiling the services account.
These data are used for information on the whole reporting population in Austria as well as for transactions below survey thresholds, on the import an export side.
VIES offers information on a quarterly basis on single turnover for exports and imports, form services in particular as well as triangular transactions (only Credit) with the information on EU partner country.
For countries beyond the EU, the country structure of primary reporters is employed.
For merchanting and manufatcuring services in particular, other statistical data sources and business reports are used for quality assessment.
18.6.1. Seasonal adjustment
No seasonal adjustment is yet computed.
Regarding Vintages: Annual FDI surveys are the cornerstone for quality checks of FDI data, both for stocks and flows. In many cases detailed combined analyses of stocks and flows of certain MNEs between two years can reveal large revisions in flows. Annual FDI surveys are conducted T+21, so large revisions until then are common.
Regarding consistency between quarterly and annula data: We are puzzled that there are differences in FDI. We will analyze the sending file as we have changed to a new internal technical system last year.
The different domains relevant for external sector statistics (Balance of Payments -BOP, International Investment Position - IIP, Foreign Direct Investment - FDI, and International Trade in Services - ITS) sent to Eurostat are based on the BOP Vademecum reflecting requirements laid down in the Regulation (EC) No 184/2005 on Community statistics concerning BOP, ITS, and FDI, as amended by the Commission Regulation (EU) No 555/2012 of 22 June 2012 and Regulation (EU) No 2016/1013 of the European Parliament and of the Council of 8 June 2016.
Monthly and quarterly BOP summarize transactions between residents and nonresidents during a specific period. BOP data consist of the goods and services account, the primary income account, the secondary income account, the capital account, and the functional categories of the financial account (direct investment, portfolio investment, financial derivatives and employee stock options, other investment and reserve assets). Differences between the current and capital account on the one hand and the financial account on the other hand are visible under Net errors and omissions that result from imperfections in source data, inconsistent reporting by enterprises and compilation issues.
Quarterly IIP shows for a country all financial claims on nonresidents and a country’s liabilities to nonresidents at a certain point in time. The breakdown follows the functional categories of the financial account (direct investment, portfolio investment, financial derivatives (other than reserve assets) and employee stock options, other investment, and reserve assets). The sign of the balance shows whether the domestic economic sectors have a net creditor or net debtor position vis-à-vis other countries. The other changes in financial assets and liabilities accounts (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the balance of payments and IIP for a specific period, by showing changes due to economic events other than transactions between residents and nonresidents.
Annual FDI statistics (consisting of financial account transactions, current account primary income figures and IIP position data) is a category of cross-border investment associated with a resident in one economy (direct investor) having control or a significant degree of influence on the management of an enterprise that is resident in another economy (direct investment enterprise). By convention, such a lasting interest exists when a direct investor owns 10% or more of the voting power or the equivalent (for an unincorporated enterprise). Operational definitions of control and influence are explained in BPM6 § 6.12. Furthermore, the definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment.
Annual ITS statistics record services transactions between residents and non-residents and cover the following categories: manufacturing services on physical inputs owned by others; Maintenance and repair services, not included elsewhere; transport; travel; construction; insurance and pension services; financial services; charges for the use of intellectual property, not included elsewhere; telecommunication, computer and information services; other business services; personal, cultural and recreational services; and government goods and services, not included elsewhere. The services categories are listed in the Extended Balance of Payments Services Classification (EBOPS 2010).
18 March 2022
The overall conceptual framework of BOP, IIP, FDI and ITS are in broad conformity with the most recent manuals as well as the EC Guidelines and Eurostat’s Vademecum.
Statistical concepts and definitions relate to basic internationally accepted standards and guidelines for external sector statistics; for instance:
All resident-nonresident transactions covered;
The concept of residency adhered to;
For the BOP, the concept of gross reporting is followed for the current and capital account; and the net basis for financial account transactions (separately for the individual asset and liability components);
The change of economic ownership principle soundly applied;
FDI is defined as equity ownership representing 10 percent or more of the voting power;
The accrual basis is broadly applied;
Market values or appropriate substitute measures are used;#
the residence of Special Purpose Entities (SPEs) is attributed to the economy in which they are legally domiciled or incorporated;
Overall, the classification, netting and ordering in the IIP is consistent with BPM6; current, capital, and financial accounts of the balance of payments statement are defined according to the BPM6.
Known Deviation (Source: Vademecum):
BOP/IIP data are to be compiled following the debtor/creditor approach, instead of the “transactor” approach. In other words, the geographical allocation of assets/credits is to be done on the basis of the residency of the issuer/debtor and not of the “transactor”. This is particularly relevant for portfolio and direct investment functional categories, which record tradable instruments. This approach is to be followed consistently in the geographical and sector allocation of investment income, financial transactions and stocks.
Institutional units are defined in conformity with BPM6 and relate to those that have a predominant centre of economic interest in the country. In principle, any individual, corporation or other institution that provides information on the transactions/positions between the residents and non-residents of a country during a given period is included. Resident institutional units engaged with nonresidents also cover in principle:
- incorporated or unincorporated affiliates of nonresident companies; and SPEs with little or no physical presence;
- resident territorial enclaves in the rest of the world (e.g., embassies, military basis);
- free zones/bonded warehouses/factories operated by offshore enterprises under customs control;
- Citizens who work or live temporarily in another country (seasonal and cross border commuters, students and patients).
Not applicable.
The reference area describes the geographical area covered by the data disseminated. According to the BOP Vademecum, the reference area is the economic territory, country, or region for which external sector statistics are provided. The country code list follows the ISO 3166-1 alpha-2 classification and is a "cross-domain" code list, used also in National Accounts. The codes used for various regional groupings are harmonized across international agencies that use the BOP-DSD.
The monthly (MBOP), quarterly (QBOP) BOP, and quarterly FDI transactions summarize economic transactions between residents and nonresidents during the respective reference period. The annual ITS dataset summarizes services transactions over the period of one year.
The quarterly IIP statement as well as the annual FDI stock statistics refer to a point in time at the end of the reference period; i.e., the last day of a quarter or year, respectively. The other changes in financial assets and liabilities of the IIP statement (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the BOP and IIP during a specific period.
(i) Accuracy can be measured using the concept of Reliability - defined as the closeness of the initial estimated value to the subsequent estimated value. This section refers to the current Eurostat Quality Report 2.1.1. Quantitative assessment of revisions. Complementary information on Revisions are also provided under S17 Data Revision.
The quantitative analysis focuses on the size of revisions, their direction and the reliability of trends using the data provided by countries to Eurostat.
For the Monthly BOP, Quarterly BOP and Quarterly IIP items, revisions are assessed using two types of indicators both of which are based on the comparison between first and last assessments:
- Directional stability indicators measure how often the first assessment is subsequently revised in the same direction (the upward revisions ratio and the directional reliability indicator).
- Relative size indicators measure the difference between the first and the last assessments. These absolute differences may be quantified relative to the underlying series (when strictly positive) or to the underlying outstanding amounts. These indicators are the symmetric mean absolute percentage ratio, mean absolute comparative ratio and for net/balance series the net relative revisions.
(ii) Accuracy can be measured using the concept of Vintage Analysis. This section refers to the current Eurostat Quality Report 2.1.2 Vintage Analysis. For the assessment of annual data (ITSS, credit and debit, FDI flows and positions, inward and outward), the analysis focuses on the differences between the values as reported in the last 4 data deliveries to Eurostat. The counterpart area is Extra EU27 and Rest of the World.
(iii) Accuracy can be measured using the concept of Plausibility – referring to the absence of unexplained changes. This section refers to the current Eurostat Quality Report 2.2. Plausibility. This concept calculates the share of unallocated partner or activity from total (%) for ITS, FDI flows and positions.
For Austria:
Ad Quantitative assessment of revision: Concerning upward revisions of primary income, estimates, especially corporate profits were conducted with a high degree of uncertainty. They are generally highly volatile, both for credits and debits, but in the pandemic/post pandemic situation especially hard to predict. Estimates of monthly Secondary income in particular must rely on time-series analysis as real-time variables or indicators are missing. There are some components, mainly regarding transactions with the EU, which are rather stable or predictable over time. Others instead, like insurance transactions, especially related with reinsurance, are not that predictable and can vary rather heavily between periods. The relatively high upward revisions in quarterly services data, debits, mainly result from the yearly incorporation of VIES data. In the course of the ARM asymmetries exercise, Austria is participating with special focus on the analysis of VIES data together with the Netherlands. With respect to the upward revisions in the IIP, especially Other investment is closely monitored in Austria with special focus on transactions which are not directly observable, like household investment abroad. To this end, mirror data (BIS) are used which only become available with some time-lag. Ad Vintage analysis: Annual FDI surveys are the cornerstone for quality checks of FDI data, both for stocks and flows. In many cases detailed combined analyses of stocks and flows of certain MNEs between two years can reveal large revisions in flows. Annual FDI surveys are conducted T+21, so large revisions until then are common.
All data sent to Eurostat are in Millions of Euro for Euro Area countries and in Millions of National currency for non-Euro Area countries. The unit of dissemination is Euro.
Not applicable.
This quality concept refers to whether the composition of data sources (surveys, ITRS (International Transactions Reporting System), administrative data, ITGS, monetary and financial statistics, etc.), in principle, sufficiently covers the compilation of BOP, IIP, FDI and ITS.
In principle, BoP, IIP and related statistics in Austria rely on enterprise surveys to which the Central Bank is legally entiteled (see Foreign Exchange 2004).
As not all external transactions/positions are directly observable and as the costs for respondentns should be restricted as far as possible, the OeNB is making use of statistical and administrative data sources as well as of digital or mass data (also entiteled to by the Foreign Exchange Act).
To summarize by the main accounts:
- Goods: Foreign Trade Statistics, ITS survey, Structural Business Statistics, estimates based on other statistics (e.g. transportation statistics) and I/O analysis
- Travel: hybrid data model making use of a multitude of data, especially overnight stays, guest interviews, Payment statistics, business cycle statistics, Mobile Positioning Data, mirror data
- Other services: ITS enterprise survey in the non-financial sector (approx. 5,000 respondents, threshold of 500,000 total exports or imports per year), survey aming non-profit organisations, VIES data, MOSS data, I/O analysis, quarterly ITS survey on banks, quarterly and annual surveys on insurance corporations, data from the FMA
- Employment income: data from the Austrian social insurance system, mirror data (for investment income see respective financial flows)
- Secondary Income: data from Austrian social security system and the Federal accounts, mirror data, Payment statistics, estimates for insurance transactions
- Capital Account: monthly survey in case transactions occur (threshold 100,000 EUR), administrative data (on carbon emission certificates)
- Direct investment: monthly enterprise survey on transactions in case they occur (threshold 500,000 EUR), annual survey on incoming and outgoing FDI (EUR 10 mn balance sheet total)
- Portfolio investment: sec-by-sec data compilation, monthly survey on security deposits in Austria (no threshold) and quarterly survey on deposits abroad, survey on resident investment funds (no threshold), administrative data (CSDB, Austrian Treasury)
- Other investment: use of the ECB'S Monetary Statistics, monthly survey (threshold 100,000 EUR), BIS statistics
- Foreign reserves: ECB's Monetary Statistics, accounting data data from the Central Bank
Eurostat Website:
BOP: monthly and quarterly
FDI flows and stocks: annually
IIP: quarterly and annually
ITS: annually
According to the provisions of the Commission Regulation (EU) No 184/2005 and ECB Guideline ECB/2011/23 datasets are reported by countries to Eurostat with the following timeliness:
The BOP regulation defines the timeliness and sets the deadlines for the data transmission to Eurostat as follows:
- Monthly BOP: 44 days after the end of the reference period;
- Quarterly BOP, quarterly IIP and quarterly revaluations: 82/85 days after the end of the reference period;
- ITS: 9 months after the end of the reference period;
- FDI: 9 months after the end of the reference period (21 months for the activity breakdown).
This indicator refers to Chapter 5.3.1 and the corresponding tables of the Eurostat Quality Report: Asymmetries with regard to main ITS and FDI items.
Further information and country-specific feedback is provided below.
With the introduction of BPM6, 2012, data have been reconciled, starting with the year 1995. Since then, improvements have been added to the data, mainly in methodic rather than methodological respect. The effects on the data were communicated to EUROSTAT, the ECB and users in general. But the effects have not been substantial enough to calculate new time-series. With the next benchmark revision, these effects will be accounted for in accordance with the National Accounts.
