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.
Swiss National Bank, Börsenstrasse 15, CH-8022 Zurich
1.2. Contact organisation unit
Balance of Payments and Swiss Financial Accounts (Statistics)
1.3. Contact name
Confidential because of GDPR
1.4. Contact person function
Confidential because of GDPR
1.5. Contact mail address
Swiss National Bank Börsenstrasse 15 P.O. Box CH-8022 Zurich
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
23 June 2023
2.2. Metadata last posted
23 June 2023
2.3. Metadata last update
23 June 2023
3.1. Data description
General information (Eurostat)
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.
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).
Specific information (Switzerland)
The Balance of Payments (BOP) is a systematic presentation of the economic transactions between institutional units in Switzerland and the Principality of Liechtenstein (i.e. residents) and those of other countries (i.e. non-residents) during a specified period. The balance of payments consists of the current account, the capital account and the financial account. The statistical difference reported in connection with the balance of payments covers discrepancies arising from errors and omissions in the statistical data collected.
The International Investment Position (IIP) reports the cross-border stocks of financial assets of all institutional units as at a specific reference date at the end of a period. Like the financial account, it can be broken down by investment purpose into direct investment, portfolio investment, derivatives, other investment and reserve assets.
The Direct Investment Statistics (FDI) exposes investments with direct and lasting influence on the operations of a non-resident company, i.e. a company domiciled in another country. As a rule, a direct investment relationship is deemed to exist if an investor owns at least 10% of the voting stock of a non-resident company or sets up a subsidiary or branch abroad. In the direct investment statistics, direct investment is presented according to the directional principle. Under the directional principle, direct investment is reported according to the hierarchical relationship between the companies. A distinction is therefore made between Swiss direct investment abroad and foreign direct investment in Switzerland.
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.
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.
Specific information (Switzerland)
Data are compiled and disseminated for transactions and positions of total economy vis-a-vis rest of the world.
For positions, there is a sector and currency breakdown available.
For positions, there is a breakdown of changes in stocks available.
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.
Specific information (Switzerland)
The general principles laid down in the BPM6 and BMD5 (relating to FDI) and are striclty applied to our data.
Time of recording: Broadly speaking, the reporting is made on an accrual basis. For listed companies, dividends on direct investment are recorded on the dates declared payable (ex-dividend date), whereas for companies not listed on stock exchange (e.g. 100% subsidiaries), the transaction date is decisive. Interest on financial instruments is generally recorded on an accrual basis.
Valuation
Transactions: Transaction data reported in foreign currencies are converted to local currency at transaction point exchange rates or, if not possible, at period average exchange rates. If stock data in foreign currencies are used to calculate transactions, the change in stock in the original currency is converted to local currency at period average exchange rates.
Stocks: The stocks at the end of the year are generally stated at market prices. Direct investment equity positions are an exception, as they are shown at own funds at book value (OFBV).
Economic territory: The general principles laid down in the BPM6 on country allocation are applied. For b.o.p., i.i.p. and FDI purposes, the Swiss territory includes the Principality of Liechtenstein. In cases where the counterpart country is not known, the “not allocated” code is used. Moreover the ultimate investing country (UIC) presentation is used as a supplemental data series for inward FDI stocks.
Residence: The general principles laid down in the BPM6 on residency are applied. Special purpose entities (SPEs) are considered residents if registered/incorporated in Switzerland and the Principality of Liechtenstein. They are included in the data for b.o.p., i.i.p. and FDI purposes, in and receive no “special treatment” other than being shown as a “of which position” in FDI statistics.
Specific information concerning BOP components
Current Account
Goods account
Goods trade covers goods whose economic ownership is changed between a resident and a non-resident.
Foreign trade: Foreign trade in goods according to the foreign trade statistics of the Federal Customs Administration (FCA) is reported Free on Board (FOB) for exports and Cost Insurance Freight (CIF) for imports. Components: foreign trade total 1 (including electrical energy, cross-border processing traffic, returned goods and trade in ships); non-monetary gold, precious metals trading in silver and coins, precious metals, precious stones and gems as well as objets d’art and antiques.
Supplements to foreign trade: To ensure that trade in goods complies with BPM6, the following components are added or subtracted from foreign trade according to the FCA. Components: Additions: unchecked goods trade, small consignments, goods procured in ports; Subtractions: cross-border processing traffic, returned goods, CIF/FOB adjustment on imports. Merchanting Merchanting is defined in line with BPM6 as the acquisition of goods in a third country and the subsequent resale of the same goods to another third country. The goods are neither imported to the home country nor exported from it. The condition of the goods does not change.
Merchanting is included under total goods in the balance of payments. Components: net earnings from international goods trade. Data are based on SNB surveys.
Services account
Transport: carriage of passengers and freight; auxiliary transport services; electricity transmission; pipelines; space transport; postal and courier services; other transport services.
Tourism: business and personal travel; health-related and study-related travel; same-day travel and transit travel; consumption expenditure by foreign cross-border commuters and holders of short-term residence permits. Data are based on surveys and estimates of the Swiss Federal Statistical Office (SFSO).
Insurance and pension services: service component in the premium business of private insurance companies; service component in the insurance business of companies other than insurance companies.
Financial services (explicit financial services): commissions; receipts from banks’ margin business and financial services remunerated indirectly via interest payments (financial intermediation services indirectly measured (FISIM)).
Licence fees: licence fees from research and development, trademarks and franchise fees; charges for licences to reproduce and distribute intellectual property.
Telecommunications, computer and information services: services for the transmission of data via telecommunications equipment and related services; services for the development, production and documentation of software solutions and for hardware and software consultancy and installation; news agency services and other information services.
Manufacturing services on physical inputs, maintenance and repair services, construction services: goods processing services; maintenance and repair work on goods, etc.; construction, renovation, repair services, etc.
Research and development services: services associated with basic research and applied research; purchase and sale of proprietary rights arising from research and development.
Business services: professional and management consulting services (legal services, accounting, auditing, bookkeeping and tax consulting services, management consulting, public relations, marketing, market research and advertising services); technical, trade-related and other business services (architectural, engineering and planning services, scientific and other technical services, operating leasing, trade-related services, waste treatment and depollution services, other business services).
Other services: personal services; cultural and recreational services (audiovisual, health, education and other personal, cultural and recreational services); government goods and services (purchases of goods and services by foreign representatives in Switzerland, by Swiss representatives abroad and by international organisations in Switzerland, fees of embassies and consulates).
Primary Income
Investment income is calculated on a quarterly basis, mostly on an accrual basis.
Labour income on the receipts side: gross salaries and wages of both Swiss cross-border commuters and Swiss residents with foreign employers (international organisations and consular representations in Switzerland); Labour income on the expenses side: gross salaries and wages of foreign cross-border commuters, including employer and employee contributions to social security schemes (i.e. old age and survivors’ insurance, disability insurance, fund for loss of earned income and unemployment insurance) as well as to Suva (Swiss accident insurance fund) and pension funds; gross salaries and wages of short-term Swiss residents (up to four months), including employer and employee contributions to social security schemes (i.e. old age and survivors’ insurance, disability insurance, fund for loss of earned income and unemployment insurance).
Direct Investment income: Distributed earnings and interest on loans between affiliated enterprises are collected by direct reporting, as well as annual current operating profits. Quarterly reinvested earnings are estimated based on a model taking into account historical income/stock ratios, GDP and net dividends in case of holding companies. Annual reinvested earnings are calculated as the residual of current operating profits of direct investment enterprises and dividends distributed. Direct investment, including reinvested earnings, is attributed to the year in which the earnings arose. Interest on other capital is recorded on an accrual basis. Dividends are recorded when paid.
Portfolio Investment income: For portfolio investment, an estimate of the investment income is made, based upon stocks and investment income rates. This applies to both equity and debt securities.
Other investment income: Other investment income is based on data compiled by the SNB, as well as data submitted to the SNB by the public sector (banks’ interest rate business adjusted for FISIM, earnings from fiduciary investment) and other financial and non-financial companies.
Income on reserve assets: Income on reserve assets are provided by SNB’s internal accounting.
Secondary Income
Public sector: Contributions by emigrants and foreign crossborder commuters to social security schemes in Switzerland (i.e. old age and survivors’ insurance, disability insurance and fund for loss of earned income), government revenue from income tax at source imposed on cross-border commuters and from other taxes and fees, including vehicle tax and EU withholding tax. Social security transfers abroad, Swiss contributions to international organisations and other transfers abroad, tax refunds to crossborder commuters’ countries of residence as well as government aid to foreign countries.
Private sector: Transfers by housholds to foreign insurance schemes, etc.; transfers by immigrants to other countries, annuities and indemnity payments, pension payments, financial support, foreign aid by private aid agencies, premium income of and payments (excluding service charges) by private social security schemes and other private insurance companies, taxes, fines and penalties of resident companies paid to other counries
Capital account
Components: purchases and sales of franchises and trademarks (non-produced, non-financial assets); other capital transfers (debt cancellation and financial assistance grants by the Swiss Confederation, private transfers of assets).
Financial Account
Direct investments
Direct investment covers equity, reinvested earnings and "other capital", including transactions between fellow enterprises. The 10% rule is strictly applied.
The direct investment data are taken from the SNB’s quarterly and annual surveys on cross-border capital linkages. These surveys are carried out among approximately 1,100 companies in Switzerland and the Principality of Liechtenstein; however, typically one company will complete the survey for the entire group in Switzerland. Only companies whose group-wide cross-border capital stocks exceed CHF 10 million are surveyed.
Adjustments to improve coverage: Estimates for reinvested direct investment income not covered in the quarterly survey. Estimates for transactions in real estate assets based on SNB's collective capital investment statistics and for transactions in real estate liabilities based on actual changes in ownership according to Federal Department of Justice statistics.
Portfolio investments
Country breakdowns are available for the stocks of portfolio investment assets (CPIS is completed). For transactions, no country breakdown is available.
All instruments (both transactions and stocks) are to be reported at market value (dirty price).
A mixed approach is used in data collection. This mixed approach combines direct reporting and custodian reporting. Direct reporting comes from MFIs (including the central bank) and from other financial and non-financial companies. Custodian reporting comes from MFIs. For the other financial and non-financial corporations, duplications are filtered out.
Other investments
Most transactions, adjusted for exchange rate effects, are calculated from the balance sheet items.
Currency and deposits: Components of assets: short-term SNB claims; short and long-term bank claims against non-resident banks (interbank business); short-term bank claims against the BIS; short-term public sector claims against other countries; claims by other sectors (short-term company claims against non affiliated companies and, in the case of finance companies, also against affiliated companies, short-term claims from fiduciary investments, short and long-term claims from collective investment schemes). Components of liabilities: short-term SNB liabilities; stocks of Swiss franc banknotes abroad; short and long-term bank liabilities towards non resident banks (interbank business); short and long-term bank liabilities towards customers abroad; short-term bank liabilities towards the BIS; liabilities of other sectors (short-term liabilities from fiduciary investments, short-term liabilities from collective investment schemes).
Loans: Components of assets: long-term SNB claims; short and long-term bank claims against non-resident customers; long-term public sector claims against other countries; claims by other sectors (long-term company claims against non-affiliated companies and, in the case of finance companies, also against affiliated companies). Components of liabilities: short-term public sector liabilities; liabilities of other sectors (short and long-term company liabilities towards non affiliated companies and, in the case of finance companies, also towards affiliated companies).
Other assets and liabilities: Components of assets: SNB participation in the BIS; the Swiss Confederation’s participation in international organisations; trade credit and advances (recorded separately since Q4 2014); further foreign assets. Components of liabilities: claims against life insurance companies; claims against pension funds: trade credit and advances (recorded separately since Q4 2014); further net incurrence of liabilities; allocation of IMF Special Drawing Rights SDRs).
Financial derivatives
For transactions, data are only available on a net basis. For stocks, assets and liabilities are recorded separately.
Please find more information about the components, their sources and their characteristics in our Notes.
3.5. Statistical unit
General information (Eurostat)
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).
Specific information (Switzerland)
Any individual, corporation or other institution that provides information on the transactions or positions between the residents and non-residents of a country during a given period.
3.6. Statistical population
General information (Eurostat)
n/a
Specific information (Switzerland)
BOP statistical population includes all the economic transactions and positions between residents and non-residents. The coverage of the statistical population assured by the reported transactions and positions can be very different for different BOP items. Information on the transactions and positions can be provided by individuals, corporations or institutions.
3.7. Reference area
General information (Eurostat)
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.
Specific information (Switzerland)
The reference area for Switzerland includes Switzerland and Liechtenstein.
3.8. Coverage - Time
General information (Eurostat)
n/a
Specific information (Switzerland)
Series Length
Current account
Goods
Services
Primary income
Secondary income
Capital account
FDI flows
Total IIP
FDI positions
Time series at Eurostat starts with year/quarter
2000Q1
2000Q1
2000Q1
2008Q1
2000Q1
2000Q1
2000Q1
2000Q1
2000Q1
Time series at national level starts with year/quarter
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.
Specific information (Switzerland)
Data are measured in Swiss Francs.
General information (Eurostat)
The 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.
Specific information (Switzerland)
Transactions/flows: summary of all transactions within a quarter/year
Stocks: Stock at the last working day at the end of quarter/year
6.1. Institutional Mandate - legal acts and other agreements
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).
The Federal Act on the Swiss National Bank of 3 October 2003 (National Bank Act)
Ordinance to the Federal Act on the Swiss National Bank of 18 March 2004 (National Bank Ordinance)
6.2. Institutional Mandate - data sharing
not applicable
7.1. Confidentiality - policy
Specific information (Switzerland)
Application of strict primary and secondary confidentiality rules.
7.2. Confidentiality - data treatment
General information (Eurostat)
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.
Specific information (Switzerland)
No complementary information.
7.2.1. Confidentiality - data treatment percentage of free cells
General information (Eurostat)
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.
Specific information (Switzerland)
Currently, we only use the following three flags: ‘C’ for confidential data, ‘N’ for data not intended to be published and ‘F’ for public data.
The high share of confidential series is due to the strict application of our confidentiality-criteria.
In principle, a cell is public if two criteria are met:
at least five observations and
no single observation is contributing more than 90% to the series total.
Due to technical restrictions, the calculation of a cell’s confidentiality is performed manually and because of that only infrequently repeated.
Hence we currently apply a fixed list of confidential series which is rather extensive.
Specific information on Switzerland from the Quality Report 2023
Compared to quality report last year, the confidentiality data provided by Eurostat seem to be less complete: The rows for the Flag N are missing, hence the rows do not necessarily sum up to 100. In addition, Eurostat did not take into account the annual FDI data for 2021 (in agreement with Eurostat), that were part of the transmission that took place in December.
That comprises informations concerning press relases, focus articles, reports, notes data, tables and charts.
10.3. Dissemination format - online database
General information (Eurostat)
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.
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
Specific information (Switzerland)
Quality is assured by the strict application of concepts according to the international standards (e.g. BPM6, OECD guidelines).
11.2. Quality management - assessment
Specific information (Switzerland)
Assessing quality overall, it has to be taken into account that Switzerland has several derogations from data transmissions, for example several series for FDI data.
Specific information on Switzerland from the Quality Report 2023
Follow up of last years's Eurostat assessment
We have made some progress in data quality, e.g. in the sections relevance and accessibility.
We had some technical issues in dealing with the introduction of the the CONVAL-tool in EDAMIS. Overall, these validation files provide an excellent support for the SDMX-deliveries and will help us to further improve the quality of our disseminations in 2023.
In order to improve data quality in the medium and long run, we follow several approaches. To start with, we are in the process of setting up a more systematic and holistic treatment of data collected on surveyed groups with the largest impact on the data (large cases mangement).
In addition, we are working on known data gaps. A major project aiming to identify the most significant gaps and user needs relating to the financial account, IIP and FDI was launched in 2022.
On the current account, a similar project was completed in 2022. The focus of the latter was on global production processes. In addition, two other projects on selected gaps have recently been completed. The first was on improving data on Digital Trade (2022), especially the spending of private households on digital services. The second was on real estate, were additional data from a national data source and from international mirror data was collected in 2022. In both cases, the process of integrating the data in the official statistics is still ongoing.
Improving surveys and survey coverage is another important area of work. As a result of the project on global production, a revised CA survey will be introduced in Q1 2023. With the new CA survey, global production processes will be captured comprehensively. Moreover, the new CA survey will use a new tool for data collection. A review and upgrade of the cross-border linkages surveys (financial account) is also planned in the medium run. Furthermore, the CA survey population was updated in Q4 2022 and efforts to harmonize the coverage of CA surveys and cross-border financial linkages surveys are ongoing. More information concerning the new current account surveys is available here: Changes and revisions ‒ International economic affairs | SNB data portal
Overall assessment
In the past year, we have made some progress in relevance, with including more series in the most recent data-delivery taking into account Eurostat assessment of 2022, finally achieving a completeness of at least 80% rate in all disseminated components.
Regarding accuracy, ourmajor revisions to the BOP/IIP/FDI data with the data for Q3 2022 show that revisions are still sizable and are often upward. We follow different approaches to reduce both the size of revisions and the systematic upward revisions.
We took a further major step forward in accessibility with expanding the range of published time series on BOP/IIP data on the SNB data portal in Q1 2022. The number of published time series on international economic affairs increased from around 4,500 to 69,000.The supplementary time series include, in particular, breakdowns by country and country groups in other investment (interbank business) and direct investment.
Unfortunately, we were not able to improve timeliness and punctuality as planned because of technical problems. As those problems are now mostly solved, we expect that timeliness and punctuality will improve in the next data transmissions. As for FDI data, the delivery of the requested datasets took again place in December, in agreement with Eurostat, to avoid several SDXM-deliveries of provisional information before that date.
Concerning comparability, there was again only limited progress due to strict confidentiality restrictions that limit the possibilities of bilateral reconciliation exercises.
In coherence we managed to show overall higher quality in errors and omissions compared to the data on which last year’s quality report was based and expect further improvements with the revised data we will publish on 22 March 2023.
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
Specific information (Switzerland)
Main users of our data are national authorities (SECO, BFS), experts (analysts, economists) and policy makers.
Switzerland contributes to the following international working groups corresponding to BOP/IIP/FDI topics:
Balance of Payments Working Group (Eurostat)
Task Force on Annual Financial Account (Eurostat)
Working Group on Exerternal Statistics (ECB)
Working Group on Financial Accounts and Government Finance Statistics (ECB)
Working Group on International Investment Statistics (OECD)
Working Party on Financial Statistics (OECD)
Working Party on International Trade in Goods and Trade in Services Statistics (OECD)
Working Group on Foreign Affiliates Statistics (Eurostat)
12.2. Relevance - User Satisfaction
Specific information (Switzerland)
Not applicable.
12.3. Completeness
General information (Eurostat)
This section refers to the current Eurostat Quality Report 1.1.1. Data availability- completeness.
12.3.1. Data completeness - rate
General information (Eurostat)
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.
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
93%
94%
94%
93%
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
83%
83%
83%
83%
Quarterly IIP t+82/t+85 days
ITS
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
89%
100%
100%
100%
100%
Specific information on Switzerland from the Quality Report 2023
We included more series in the most recent data-delivery taking into account previous Eurostat assessments. Thus, we achieved a completeness rate of at least 80% in all disseminated components.
ITS: After the corresponding with Eurostat in 2022 we were finally able to send the ITS dataset and pass CONVAL and STRUVAL. We did not expect full completeness for the first transmission since we still face technical challenges. The future goal is to increase the completeness rate even further.
BOP/IIP: Several breakdowns (e.g. countries, sectors) are not yet available. Different works are going on to deliver the missing breakdowns in the future. However, data are already available on our website (Supplementary data on international economic affairs (for advanced users))
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
General information (Eurostat)
(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.
Specific information (Switzerland)
Capital account: This component is characterized by a high volatility / large transactions that occur infrequently. Since they are often part of complex business cases it takes usually time to analyze them and this might result in large revisions.
Specific information on Switzerland from the Quality Report 2023
In general
With the data for Q3 2022, we have undertaken major revisions to the BOP/IIP/FDI data.
The revisions primarily take into account the latest information from the annual surveys on direct investment. In particular, they relate to 2020, 2021 and 2022, although some go back to 2015.
All items coming from our own surveys (mainly trade in services and some trade in goods items) are subject to upward revisions. There are two main reasons for this:
New reporting entities can be included also for past time periods. This results in more transactions and therefore upward revisions.
When estimations for missing data are replaced with actual observations the result is an upward revision most cases.
In order to reduce systematic upward revisions, we have upgraded the quarterly estimation of reinvested earnings; the methodology will be reviewed further in the near future. Other planned improvements include an update to the estimation method of missing survey data in the case of trade in services which is now being implemented and will be introduced 2023.
In its publication of data for the second quarter of 2022, the SNB has undertaken comprehensive revisions of the current account, going back to 1983. These revisions have resulted above all in higher current account expenses. Expenses increased markedly between 2008 and 2021 in particular (on average by CHF 7.5 billion or 1.3% per year). By contrast, current account receipts only rose slightly (between 2008 and 2021, on average by CHF 1.7 billion or 0.3% per year). The revisions have consequently led to a significantly lower current account balance. Between 2008 and 2021, the balance has been revised downwards by an average of CHF 5.8 billion per year
In its publication of data for Q3-2022 additional revisions have been undertaken. The effect of these revisions was particularly visible in primary income (investment income from direct investment). Viewed over the revision period as a whole, the cumulative revisions had a neutral impact on the current account balance; in individual quarters, the effect ranged between an increase of CHF 4 billion (e.g. Q4 2018) and a decrease of CHF 3 billion (e.g. Q4 2021).
Trade in Services
Revisions do always occur when newly available information from reporting enterprises are available. We have substantially revised trade in services from 2012 to 2020 in late summer 2022. Also historical time periods (before 2012 back to 1983) were backcasted according to the new information gained.
Financial Account and International Investment Position
The high values for upward revisions in FDI positions can be attributed to both, a better coverage of some large foreign controlled enterprise groups as well as a further expansions of the reporting population in our enterprise surveys. In our compilation system, newly surveyed entities are initially covered by annual surveys and are not yet included in preliminary quarterly figures.
Direct investment
FDI transactions: The substantial revisions for 2018-2020 were principally due to the two following factors:
i) newly available data from companies with complex group structure
ii) data becoming available from annual survey 2021.
FDI stocks: The revisions for 2018-2020 were mainly due to the first factor. They were a result of long-lasting analyses of specific companies with complex-group structures.
13.2. Sampling error
Specific information (Switzerland)
Not applicable.
13.2.1. Sampling error - indicators
Specific information (Switzerland)
Not applicable.
13.3. Non-sampling error
Specific information (Switzerland)
Not applicable.
13.3.1. Coverage error
Specific information (Switzerland)
Not applicable.
13.3.1.1. Over-coverage - rate
Specific information (Switzerland)
Not applicable.
13.3.1.2. Common units - proportion
Specific information (Switzerland)
Not applicable.
13.3.2. Measurement error
Specific information (Switzerland)
Not applicable.
13.3.3. Non response error
Specific information (Switzerland)
Not applicable.
13.3.3.1. Unit non-response - rate
Specific information (Switzerland)
Not applicable.
13.3.3.2. Item non-response - rate
Specific information (Switzerland)
Not applicable.
13.3.4. Processing error
Specific information (Switzerland)
Not applicable.
13.3.5. Model assumption error
Specific information (Switzerland)
Not applicable.
14.1. Timeliness
General information (Eurostat)
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; (not applicable for Switzerland)
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
Specific information (Switzerland)
BOP/IIP: t+85 days
FDI: t+12 months (in accordance with Eurostat)
14.1.2. Time lag - final result
Specific information (Switzerland)
BOP/IIP: t+85 days
FDI: t+12 months (in accordance with Eurostat)
14.2. Punctuality
Please see below.
14.2.1. Punctuality - delivery and publication
General information (Eurostat)
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.
Specific information on Switzerland from the Quality Report 2023
BOP/IIP: In Q2 2022, the delay occurred due to technical issues with the consistency checks in the new EDAMIS Acceptance environment. Once these issues are solved, we expect to meet the deadlines of Eurostat, since the dates of our quarterly data production and own publication are in line with the schedule of Eurostat.
FDI: As discussed with ESTAT we renounced on a delivery of provisional data by end of September (T+9). Instead, we sent final data on the 22th of December 2022 (T+12). The motivation was to reduce the number of deliveries. Unfortunately, unexpected technical issues emerged and could not be solved on time. Therefore, we plan to send V-files in September 2023 (revisions only) in order to make sure that the December delivery will not again cause problems.
ITS: After an intense exchange with Eurostat in 2022 we were finally able to send the ITS dataset and pass CONVAL and STRUVAL. The reasons for the delay are the following
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
General information (Eurostat)
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
General information (Eurostat)
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.
Specific information on Switzerland from the Quality Report 2023
Services/FDI: Strict confidentiality restrictions limit the possibilities of bilateral reconciliation exercises. It is for example not possible to participate in the FDI network of Eurostat. We regularly approach counterparties to discuss bilateral asymmetries based on aggregated data and methodology or publicly available data.
The data are collected, processed and disseminated under the terms of the Federal Act on the Swiss National Bank (NBA; SR 951.11), the Ordinance on the Federal Act on the Swiss National Bank (NBO; SR 951.131) and the Federal Law on Data Protection (SR 235.1).
15.2. Comparability - over time
Specific information (Switzerland)
All our data is published according to the current international standards. Thus, comparability of data is ensured over the entire period.
Important changes in data (e.g. source data, methodology, estimation methods etc.) are described in Changes and revisions and are additionally marked within the data tables (e.g. current account).
15.2.1. Length of comparable time series
Specific information (Switzerland)
Series Length
Current account
Goods
Services
Primary income
Secondary income
Capital account
FDI flows
Total IIP
FDI positions
Time series at Eurostat starts with year/quarter
2000Q1
2000Q1
2000Q1
2008Q1
2000Q1
2000Q1
2000Q1
2000Q1
2000Q1
Time series at national level starts with year/quarter
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.
Specific information (Switzerland)
Deviation from BPM6: none
Please find more information on that component and its sub-components in our notes.
15.2.2.3. Services account
General information (Eurostat)
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6, Tourism: The SNB describes a person as being a holder of a short-term residence permit and non-resident if their stay in the country is less than four months. If a person stays four months or longer, they are deemed by the SNB to be residents. According to BPM6, a person is considered non-resident if their stay in the country is less than one year.
Please find more information on that component and its sub-components in our notes.
15.2.2.4. Primary Income
General information (Eurostat)
The methodology for Primary Income is outlined in Chapter 11 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6:
labor income: The SNB describes a person as being a holder of a short-term residence permit and non-resident if their stay in the country is less than four months. If a person stays four months or longer, they are deemed by the SNB to be residents. According to BPM6, a person is considered non-resident if their stay in the country is less than one year.
Direct investment income: Property income is not taken into account.
Portfolio investment income: Reinvested earnings from collective investment schemes are not reported separately.
Please find more information on that component and its sub-components in our notes.
15.2.2.5. Secondary Income
General information (Eurostat)
The methodology for Secondary Income is outlined in Chapter 12 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6: none
Please find more information on that component and its sub-components in our notes.
15.2.2.6. Capital account
General information (Eurostat)
The methodology for the Capital Account is outlined in Chapter 13 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6: Current transfers are recorded under secondary income.
Please find more information on that component and its sub-components in our notes.
15.2.2.7. Direct investments
General information (Eurostat)
The methodology for Direct Investment is outlined in Chapters 6, 8 and Appendix 6 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6:
Equity capital: Stocks are reported at book value (not market value). As a result, no data are available in the integrated IIP statement for revaluations due to price changes.
Debt intruments: Transactions and stocks: In the absence of counterparty information, intragroup claims of finance companies are allocated to other investment, although they partly comprise direct investment.
Please find more information on that component and its sub-components in our notes.
15.2.2.8. Portfolio investments
General information (Eurostat)
The methodology for Portfolio Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6: none
Please find more information on that component and its sub-components in our notes.
15.2.2.9. Other investments
General information (Eurostat)
The methodology for Other Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6: none
Please find more information on that component and its sub-components in our notes.
15.2.2.10. Financial derivatives
General information (Eurostat)
The methodology for Financial Derivatives is outlined in Chapters 6, and 8 of the IMF BPM6.
Specific information (Switzerland)
Deviation from BPM6: none
Note: Transactions are only available on a net basis.
Please find more information on that component and its sub-components in our notes.
15.2.2.11. Other methodological deviations
General information (Eurostat)
The methodology is outlined in the IMF BPM6 and the compilation guide.
Specific information (Switzerland)
Deviation from BPM6: none
Please find more information on that component and its sub-components in our notes.
15.2.2.12. Other changes during the reference year
General information (Eurostat)
The methodology is outlined in the IMF BPM6 and the compilation guide.
Specific information (Switzerland)
Deviation from BPM6: none
Please find more information on that component and its sub-components in our notes.
15.3. Coherence - cross domain
General information (Eurostat)
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.
Monthly BoP
Quarterly BoP
Quarterly IIP
Quarterly revaluations
ITS
FDI flows
FDI positions
n/a
EXCELLENT
EXCELLENT
15.3.1. Coherence - sub annual and annual statistics
Not applicable.
15.3.1.1. BOP/ITGS reconciliation table
General information (Eurostat)
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
General information (Eurostat)
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.
15.4. Coherence - internal
General information (Eurostat)
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
Specific information on Switzerland from the Quality Report 2023
We noted that in the tables provided by Eurostat values for ITS and FDI flows and positions are missing: We guess this is because Eurostat could not take into account the annual FDI data for 2021, that were part of the transmission that took place in December (in agreement with Eurostat).
15.4.1. Consistency between quarterly and annual data
General information (Eurostat)
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.
Specific information on Switzerland from the Quality Report 2023
ITS: The reworked dataset (2021) should be more consistent than the older data submissions. The inconsistency over 5% (Debit 2019-2020) should therefore be resolved with the next data resubmission.
FDI flows/positions: As in the previous year, Eurostat took into account the revised quarterly FDI-data as part of the Q3 BOP delivery in December. This quarterly data is in principle fully consistent with the annual FDI data of the December FDI-data delivery. The remaining deviations in the D6 component are a result of compiling errors and will disappear in future data deliveries. We could include fully consistent quarterly and annual FDI data also for earlier years in future data deliveries if required by Eurostat.
15.4.2. Consistency between quarterly and monthly data
General information (Eurostat)
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.
Specific information on Switzerland from the Quality Report 2023
This section does not apply to Switzerland since we do not disseminate monthly data to Eurostat.
15.4.3. Consistency between BoP and IIP
General information (Eurostat)
This indicator refers to Eurostat Quality Report Chapter 6.1.4 Consistency between BOP and IIP figures.
Specific information on Switzerland from the Quality Report 2023
Value in column 8 is not equal to zero, as revaluations and other changes are not yet part of our data dissemination to Eurostat.
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.
Specific information on Switzerland from the Quality Report 2023
The latest data on Swiss BOP disseminated to Eurostat show overall higher quality in errors and omissions compared to the data on which last year’s quality report was based:
ARE(EO)_CA still exceeds the 3rd quartile threshold. However this indicator has continuously improved over the last years and continues to converge to the EU27-threshold.
ARE(EO)_IIP is clearly below the 3rd quartile threshold for any periods and in line with the median thresholds.
CS(EO) has slightly decreased since 2021-Q1. We expect CS(EO) will clearly improve and approach to zero with the revised data we will publish on 22 March 2023.
Specific information (Switzerland)
Not applicable.
17.1. Data revision - policy
General information (Eurostat)
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.
Specific information (Switzerland)
The revision procedure for the balance of payments and international investment position is based on the Harmonised European Revision Policy (HERP) and has been largely harmonised with the revision procedure of the Federal Statistical Office (SFSO) in connection with the System of National Accounts (SNA).
Please refer for further information to chapter "2.1.1 Quantitative Assessment of Revisions" in Eurostat's Quality Report.
18.1. Source data
General information (Eurostat)
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.
18.1.1. Source data-Detail
General information (Eurostat)
Please refer to Table Data-Sources Detail.
18.2. Frequency of data collection
Specific information (Switzerland)
BOP/IIP: data is basically collected on a quarterly basis
FDI: data is basically collected on an annual basis.
18.3. Data collection
General information (Eurostat)
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
Specific information (Switzerland)
n/a
18.3.2. EBOPS 2010 transactions performed according to the center of predominant economic interest (residence) of units
Specific information (Switzerland)
Yes
18.3.3. EBOPS 2010 transactions on the basis of market prices
Specific information (Switzerland)
Yes
18.3.4. EBOPS 2010 transactions on accrual basis
Specific information (Switzerland)
Yes
18.3.5. Market exchange rate prevailing on the transaction dates
Specific information (Switzerland)
Yes
18.3.6. EBOPS 2010 items do you compile data broken down by partner country
Specific information (Switzerland)
Transport
Travel
Insurance and pension services
Financial services
Charges for the use of intellectual property n.i.e.
Telecommunications, computer, and information services
Other business services
18.3.7. Information on ITS for categories beyond EBOPS 2010 and its complementary groupings
Specific information (Switzerland)
No
18.4. Data validation
Specific information (Switzerland)
All data pass through a number of checks. These checks verify e.g. the plausibility of the data, internal consistency, presence of outliers and size of revisions.
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.
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).
Specific information (Switzerland)
The Balance of Payments (BOP) is a systematic presentation of the economic transactions between institutional units in Switzerland and the Principality of Liechtenstein (i.e. residents) and those of other countries (i.e. non-residents) during a specified period. The balance of payments consists of the current account, the capital account and the financial account. The statistical difference reported in connection with the balance of payments covers discrepancies arising from errors and omissions in the statistical data collected.
The International Investment Position (IIP) reports the cross-border stocks of financial assets of all institutional units as at a specific reference date at the end of a period. Like the financial account, it can be broken down by investment purpose into direct investment, portfolio investment, derivatives, other investment and reserve assets.
The Direct Investment Statistics (FDI) exposes investments with direct and lasting influence on the operations of a non-resident company, i.e. a company domiciled in another country. As a rule, a direct investment relationship is deemed to exist if an investor owns at least 10% of the voting stock of a non-resident company or sets up a subsidiary or branch abroad. In the direct investment statistics, direct investment is presented according to the directional principle. Under the directional principle, direct investment is reported according to the hierarchical relationship between the companies. A distinction is therefore made between Swiss direct investment abroad and foreign direct investment in Switzerland.
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.
Specific information (Switzerland)
The general principles laid down in the BPM6 and BMD5 (relating to FDI) and are striclty applied to our data.
Time of recording: Broadly speaking, the reporting is made on an accrual basis. For listed companies, dividends on direct investment are recorded on the dates declared payable (ex-dividend date), whereas for companies not listed on stock exchange (e.g. 100% subsidiaries), the transaction date is decisive. Interest on financial instruments is generally recorded on an accrual basis.
Valuation
Transactions: Transaction data reported in foreign currencies are converted to local currency at transaction point exchange rates or, if not possible, at period average exchange rates. If stock data in foreign currencies are used to calculate transactions, the change in stock in the original currency is converted to local currency at period average exchange rates.
Stocks: The stocks at the end of the year are generally stated at market prices. Direct investment equity positions are an exception, as they are shown at own funds at book value (OFBV).
Economic territory: The general principles laid down in the BPM6 on country allocation are applied. For b.o.p., i.i.p. and FDI purposes, the Swiss territory includes the Principality of Liechtenstein. In cases where the counterpart country is not known, the “not allocated” code is used. Moreover the ultimate investing country (UIC) presentation is used as a supplemental data series for inward FDI stocks.
Residence: The general principles laid down in the BPM6 on residency are applied. Special purpose entities (SPEs) are considered residents if registered/incorporated in Switzerland and the Principality of Liechtenstein. They are included in the data for b.o.p., i.i.p. and FDI purposes, in and receive no “special treatment” other than being shown as a “of which position” in FDI statistics.
Specific information concerning BOP components
Current Account
Goods account
Goods trade covers goods whose economic ownership is changed between a resident and a non-resident.
Foreign trade: Foreign trade in goods according to the foreign trade statistics of the Federal Customs Administration (FCA) is reported Free on Board (FOB) for exports and Cost Insurance Freight (CIF) for imports. Components: foreign trade total 1 (including electrical energy, cross-border processing traffic, returned goods and trade in ships); non-monetary gold, precious metals trading in silver and coins, precious metals, precious stones and gems as well as objets d’art and antiques.
Supplements to foreign trade: To ensure that trade in goods complies with BPM6, the following components are added or subtracted from foreign trade according to the FCA. Components: Additions: unchecked goods trade, small consignments, goods procured in ports; Subtractions: cross-border processing traffic, returned goods, CIF/FOB adjustment on imports. Merchanting Merchanting is defined in line with BPM6 as the acquisition of goods in a third country and the subsequent resale of the same goods to another third country. The goods are neither imported to the home country nor exported from it. The condition of the goods does not change.
Merchanting is included under total goods in the balance of payments. Components: net earnings from international goods trade. Data are based on SNB surveys.
Services account
Transport: carriage of passengers and freight; auxiliary transport services; electricity transmission; pipelines; space transport; postal and courier services; other transport services.
Tourism: business and personal travel; health-related and study-related travel; same-day travel and transit travel; consumption expenditure by foreign cross-border commuters and holders of short-term residence permits. Data are based on surveys and estimates of the Swiss Federal Statistical Office (SFSO).
Insurance and pension services: service component in the premium business of private insurance companies; service component in the insurance business of companies other than insurance companies.
Financial services (explicit financial services): commissions; receipts from banks’ margin business and financial services remunerated indirectly via interest payments (financial intermediation services indirectly measured (FISIM)).
Licence fees: licence fees from research and development, trademarks and franchise fees; charges for licences to reproduce and distribute intellectual property.
Telecommunications, computer and information services: services for the transmission of data via telecommunications equipment and related services; services for the development, production and documentation of software solutions and for hardware and software consultancy and installation; news agency services and other information services.
Manufacturing services on physical inputs, maintenance and repair services, construction services: goods processing services; maintenance and repair work on goods, etc.; construction, renovation, repair services, etc.
Research and development services: services associated with basic research and applied research; purchase and sale of proprietary rights arising from research and development.
Business services: professional and management consulting services (legal services, accounting, auditing, bookkeeping and tax consulting services, management consulting, public relations, marketing, market research and advertising services); technical, trade-related and other business services (architectural, engineering and planning services, scientific and other technical services, operating leasing, trade-related services, waste treatment and depollution services, other business services).
Other services: personal services; cultural and recreational services (audiovisual, health, education and other personal, cultural and recreational services); government goods and services (purchases of goods and services by foreign representatives in Switzerland, by Swiss representatives abroad and by international organisations in Switzerland, fees of embassies and consulates).
Primary Income
Investment income is calculated on a quarterly basis, mostly on an accrual basis.
Labour income on the receipts side: gross salaries and wages of both Swiss cross-border commuters and Swiss residents with foreign employers (international organisations and consular representations in Switzerland); Labour income on the expenses side: gross salaries and wages of foreign cross-border commuters, including employer and employee contributions to social security schemes (i.e. old age and survivors’ insurance, disability insurance, fund for loss of earned income and unemployment insurance) as well as to Suva (Swiss accident insurance fund) and pension funds; gross salaries and wages of short-term Swiss residents (up to four months), including employer and employee contributions to social security schemes (i.e. old age and survivors’ insurance, disability insurance, fund for loss of earned income and unemployment insurance).
Direct Investment income: Distributed earnings and interest on loans between affiliated enterprises are collected by direct reporting, as well as annual current operating profits. Quarterly reinvested earnings are estimated based on a model taking into account historical income/stock ratios, GDP and net dividends in case of holding companies. Annual reinvested earnings are calculated as the residual of current operating profits of direct investment enterprises and dividends distributed. Direct investment, including reinvested earnings, is attributed to the year in which the earnings arose. Interest on other capital is recorded on an accrual basis. Dividends are recorded when paid.
Portfolio Investment income: For portfolio investment, an estimate of the investment income is made, based upon stocks and investment income rates. This applies to both equity and debt securities.
Other investment income: Other investment income is based on data compiled by the SNB, as well as data submitted to the SNB by the public sector (banks’ interest rate business adjusted for FISIM, earnings from fiduciary investment) and other financial and non-financial companies.
Income on reserve assets: Income on reserve assets are provided by SNB’s internal accounting.
Secondary Income
Public sector: Contributions by emigrants and foreign crossborder commuters to social security schemes in Switzerland (i.e. old age and survivors’ insurance, disability insurance and fund for loss of earned income), government revenue from income tax at source imposed on cross-border commuters and from other taxes and fees, including vehicle tax and EU withholding tax. Social security transfers abroad, Swiss contributions to international organisations and other transfers abroad, tax refunds to crossborder commuters’ countries of residence as well as government aid to foreign countries.
Private sector: Transfers by housholds to foreign insurance schemes, etc.; transfers by immigrants to other countries, annuities and indemnity payments, pension payments, financial support, foreign aid by private aid agencies, premium income of and payments (excluding service charges) by private social security schemes and other private insurance companies, taxes, fines and penalties of resident companies paid to other counries
Capital account
Components: purchases and sales of franchises and trademarks (non-produced, non-financial assets); other capital transfers (debt cancellation and financial assistance grants by the Swiss Confederation, private transfers of assets).
Financial Account
Direct investments
Direct investment covers equity, reinvested earnings and "other capital", including transactions between fellow enterprises. The 10% rule is strictly applied.
The direct investment data are taken from the SNB’s quarterly and annual surveys on cross-border capital linkages. These surveys are carried out among approximately 1,100 companies in Switzerland and the Principality of Liechtenstein; however, typically one company will complete the survey for the entire group in Switzerland. Only companies whose group-wide cross-border capital stocks exceed CHF 10 million are surveyed.
Adjustments to improve coverage: Estimates for reinvested direct investment income not covered in the quarterly survey. Estimates for transactions in real estate assets based on SNB's collective capital investment statistics and for transactions in real estate liabilities based on actual changes in ownership according to Federal Department of Justice statistics.
Portfolio investments
Country breakdowns are available for the stocks of portfolio investment assets (CPIS is completed). For transactions, no country breakdown is available.
All instruments (both transactions and stocks) are to be reported at market value (dirty price).
A mixed approach is used in data collection. This mixed approach combines direct reporting and custodian reporting. Direct reporting comes from MFIs (including the central bank) and from other financial and non-financial companies. Custodian reporting comes from MFIs. For the other financial and non-financial corporations, duplications are filtered out.
Other investments
Most transactions, adjusted for exchange rate effects, are calculated from the balance sheet items.
Currency and deposits: Components of assets: short-term SNB claims; short and long-term bank claims against non-resident banks (interbank business); short-term bank claims against the BIS; short-term public sector claims against other countries; claims by other sectors (short-term company claims against non affiliated companies and, in the case of finance companies, also against affiliated companies, short-term claims from fiduciary investments, short and long-term claims from collective investment schemes). Components of liabilities: short-term SNB liabilities; stocks of Swiss franc banknotes abroad; short and long-term bank liabilities towards non resident banks (interbank business); short and long-term bank liabilities towards customers abroad; short-term bank liabilities towards the BIS; liabilities of other sectors (short-term liabilities from fiduciary investments, short-term liabilities from collective investment schemes).
Loans: Components of assets: long-term SNB claims; short and long-term bank claims against non-resident customers; long-term public sector claims against other countries; claims by other sectors (long-term company claims against non-affiliated companies and, in the case of finance companies, also against affiliated companies). Components of liabilities: short-term public sector liabilities; liabilities of other sectors (short and long-term company liabilities towards non affiliated companies and, in the case of finance companies, also towards affiliated companies).
Other assets and liabilities: Components of assets: SNB participation in the BIS; the Swiss Confederation’s participation in international organisations; trade credit and advances (recorded separately since Q4 2014); further foreign assets. Components of liabilities: claims against life insurance companies; claims against pension funds: trade credit and advances (recorded separately since Q4 2014); further net incurrence of liabilities; allocation of IMF Special Drawing Rights SDRs).
Financial derivatives
For transactions, data are only available on a net basis. For stocks, assets and liabilities are recorded separately.
Please find more information about the components, their sources and their characteristics in our Notes.
General information (Eurostat)
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).
Specific information (Switzerland)
Any individual, corporation or other institution that provides information on the transactions or positions between the residents and non-residents of a country during a given period.
General information (Eurostat)
n/a
Specific information (Switzerland)
BOP statistical population includes all the economic transactions and positions between residents and non-residents. The coverage of the statistical population assured by the reported transactions and positions can be very different for different BOP items. Information on the transactions and positions can be provided by individuals, corporations or institutions.
General information (Eurostat)
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.
Specific information (Switzerland)
The reference area for Switzerland includes Switzerland and Liechtenstein.
General information (Eurostat)
The 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.
Specific information (Switzerland)
Transactions/flows: summary of all transactions within a quarter/year
Stocks: Stock at the last working day at the end of quarter/year
General information (Eurostat)
(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.
Specific information (Switzerland)
Capital account: This component is characterized by a high volatility / large transactions that occur infrequently. Since they are often part of complex business cases it takes usually time to analyze them and this might result in large revisions.
Specific information on Switzerland from the Quality Report 2023
In general
With the data for Q3 2022, we have undertaken major revisions to the BOP/IIP/FDI data.
The revisions primarily take into account the latest information from the annual surveys on direct investment. In particular, they relate to 2020, 2021 and 2022, although some go back to 2015.
All items coming from our own surveys (mainly trade in services and some trade in goods items) are subject to upward revisions. There are two main reasons for this:
New reporting entities can be included also for past time periods. This results in more transactions and therefore upward revisions.
When estimations for missing data are replaced with actual observations the result is an upward revision most cases.
In order to reduce systematic upward revisions, we have upgraded the quarterly estimation of reinvested earnings; the methodology will be reviewed further in the near future. Other planned improvements include an update to the estimation method of missing survey data in the case of trade in services which is now being implemented and will be introduced 2023.
In its publication of data for the second quarter of 2022, the SNB has undertaken comprehensive revisions of the current account, going back to 1983. These revisions have resulted above all in higher current account expenses. Expenses increased markedly between 2008 and 2021 in particular (on average by CHF 7.5 billion or 1.3% per year). By contrast, current account receipts only rose slightly (between 2008 and 2021, on average by CHF 1.7 billion or 0.3% per year). The revisions have consequently led to a significantly lower current account balance. Between 2008 and 2021, the balance has been revised downwards by an average of CHF 5.8 billion per year
In its publication of data for Q3-2022 additional revisions have been undertaken. The effect of these revisions was particularly visible in primary income (investment income from direct investment). Viewed over the revision period as a whole, the cumulative revisions had a neutral impact on the current account balance; in individual quarters, the effect ranged between an increase of CHF 4 billion (e.g. Q4 2018) and a decrease of CHF 3 billion (e.g. Q4 2021).
Trade in Services
Revisions do always occur when newly available information from reporting enterprises are available. We have substantially revised trade in services from 2012 to 2020 in late summer 2022. Also historical time periods (before 2012 back to 1983) were backcasted according to the new information gained.
Financial Account and International Investment Position
The high values for upward revisions in FDI positions can be attributed to both, a better coverage of some large foreign controlled enterprise groups as well as a further expansions of the reporting population in our enterprise surveys. In our compilation system, newly surveyed entities are initially covered by annual surveys and are not yet included in preliminary quarterly figures.
Direct investment
FDI transactions: The substantial revisions for 2018-2020 were principally due to the two following factors:
i) newly available data from companies with complex group structure
ii) data becoming available from annual survey 2021.
FDI stocks: The revisions for 2018-2020 were mainly due to the first factor. They were a result of long-lasting analyses of specific companies with complex-group structures.
General information (Eurostat)
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.
Specific information (Switzerland)
Data are measured in Swiss Francs.
Specific information (Switzerland)
Not applicable.
General information (Eurostat)
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.
Specific information (Switzerland)
BOP: quarterly
IIP: quarterly
FDI flows and stocks: annually
ITS: annually
General information (Eurostat)
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; (not applicable for Switzerland)
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).
General information (Eurostat)
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.
Specific information (Switzerland)
All our data is published according to the current international standards. Thus, comparability of data is ensured over the entire period.
Important changes in data (e.g. source data, methodology, estimation methods etc.) are described in Changes and revisions and are additionally marked within the data tables (e.g. current account).
