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.
The different domains relevant for external sector statistics (Balance of Payments -BOP, International Investment Position - IIP, Foreign Direct Investment - FDI, and International Trade in Services - ITS) sent to Eurostat are based on the BOP Vademecum reflecting requirements laid down in the Regulation (EC) No 184/2005 on Community statistics concerning BOP, ITS, and FDI, as amended by the Commission Regulation (EU) No 555/2012 of 22 June 2012 and Regulation (EU) No 2016/1013 of the European Parliament and of the Council of 8 June 2016.
Monthly and quarterly BOP summarize transactions between residents and nonresidents during a specific period. BOP data consist of the goods and services account, the primary income account, the secondary income account, the capital account, and the functional categories of the financial account (direct investment, portfolio investment, financial derivatives and employee stock options, other investment and reserve assets). Differences between the current and capital account on the one hand and the financial account on the other hand are visible under Net errors and omissions that result from imperfections in source data, inconsistent reporting by enterprises and compilation issues.
Quarterly IIP shows for a country all financial claims on nonresidents and a country’s liabilities to nonresidents at a certain point in time. The breakdown follows the functional categories of the financial account (direct investment, portfolio investment, financial derivatives (other than reserve assets) and employee stock options, other investment, and reserve assets). The sign of the balance shows whether the domestic economic sectors have a net creditor or net debtor position vis-à-vis other countries. The other changes in financial assets and liabilities accounts (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the balance of payments and IIP for a specific period, by showing changes due to economic events other than transactions between residents and nonresidents.
Annual FDI statistics (consisting of financial account transactions, current account primary income figures and IIP position data) is a category of cross-border investment associated with a resident in one economy (direct investor) having control or a significant degree of influence on the management of an enterprise that is resident in another economy (direct investment enterprise). By convention, such a lasting interest exists when a direct investor owns 10% or more of the voting power or the equivalent (for an unincorporated enterprise). Operational definitions of control and influence are explained in BPM6 § 6.12. Furthermore, the definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment.
Annual ITS statistics record services transactions between residents and non-residents and cover the following categories: manufacturing services on physical inputs owned by others; Maintenance and repair services, not included elsewhere; transport; travel; construction; insurance and pension services; financial services; charges for the use of intellectual property, not included elsewhere; telecommunication, computer and information services; other business services; personal, cultural and recreational services; and government goods and services, not included elsewhere. The services categories are listed in the Extended Balance of Payments Services Classification (EBOPS 2010).
3.2. Classification system
Classification used for the BOP, IIP, FDI and ITS statistics are in broad conformity with guidelines outlined in the relevant manual (e.g., BPM6, BD4).
Nonfinancial transactions in the BOP are generally grouped according to their nature and characteristics. Produced assets are covered in the goods and services account. Primary income captures returns for the provision of labour and financial assets and for renting of natural resources. Secondary income captures further redistribution of income through current transfers, such as by governments, private households or charitable organization in cash or in kind. The capital account is split into gross acquisitions and disposals of nonproduced nonfinancial assets and other capital transfers.
Positions and flows of financial assets and liabilities are primarily grouped according to the BPM6 functional categories. Five functional categories of investment are distinguished: (a) direct investment, (b) portfolio investment, (c) financial derivatives (other than reserves) and employee stock options, (d) other investment, and (e) reserve assets. These functional categories reflect on economic motivations and patterns of behaviour. Positions, the associated income and financial account transactions, and other changes are based on three broad categories of financial assets and liabilities: (1) equity and investment fund shares, (2) debt instruments, and (3) other financial assets and liabilities.
Annual FDI flows are classified according to the directional principle, that is grouping the FDI transactions according to the status of the resident entity; 1) FDI abroad, if the resident entity is the direct investor or, in the case of transactions between fellows companies, if the “Ultimate Controlling Parent (UCP)” is also located in the compiling economy, 2) FDI in the reporting economy, if the resident entity is the direct investment enterprise or, in the case of transactions between fellows companies, if the “Ultimate Controlling Parent (UCP)” is not located in the compiling economy. In the directional presentation, reverse investment can be seen as equivalent to the withdrawal of investment. The instrument classification differentiates between equity (other than reinvestment of earnings), reinvestment of earnings and debt instruments.
Annual FDI income shows amounts payable and receivable between resident and non-resident entities in return for providing financial direct investment assets to the rest of the world, or incurring direct investment liabilities vis-à-vis the rest of the world. The instrument classification differentiates between dividends, reinvested earnings, and income on debt.
FDI positions are also classified according to the directional principle, split into net FDI positions abroad and net FDI positions in the reporting economy. The instrument classification differentiates between equity (including reinvested earnings) and debt instruments.
For all FDI statistics, the geographical allocation is made according to the economic residence of the immediate direct investor or immediate direct investment enterprise, and the recommended classification by activity is that of the direct investment enterprise (to avoid asymmetry issues). The industrial activity level is based on ISIC4/NACE Rev.2.
International Trade in Services data are presented in line with the Extended Balance of Payments Services Classification (EBOPS 2010).
Known deviations:
Regulation (EU) No 549/2013 (ESA2010) (par. 5.119) and the BPM6 Manual (par. 5.42) provide that funds between deposit-taking corporations are always recorded as deposits. Concerning deposit/loans liabilities of deposit-taking corporations to other counterparts, BPM6 foresees the additional convention that these are to be recorded as deposits, irrespective of the maturity, while ESA 2010 restricts this to short-term funds. Concerning deposit/loans assets of deposit-taking corporations vis-à-vis other counterparts BPM6 foresees the additional convention that these are to be recorded as loans, while ESA2010 (in § 5.118) makes a similar reference for short-term loans.
Specifically for euro area: The definition of reserve assets is in line with BPM6 guidelines. However, as a member of the euro area, the definition of monetary reserves in a MS’s BOP includes (inter alia) only those liquid claims denominated in foreign currency that the MS’s central bank holds on non-euro area residents. Claims on residents of other euro area countries, regardless of the currency, are part of other external assets.
France:
The classification used to compile France's balance of payments is essentially the one set forth in the sixth edition of the IMF's "Balance of Payments Manual" (BPM6).
3.3. Coverage - sector
Institutional units are grouped into institutional sectors according to similar economic objectives, functions, and behaviour.
The sector classifications based on the BOP Vademecum are:
Central bank (S.121); Monetary Financial Institutions (MFI) other than central bank (S.122) (incl. Deposit-taking corporations except the central bank; Money Market Funds (S.123)); General government (S.13); and Other sectors.
The Other Sectors consist of Financial Corporations other than MFIs (S.12); Non-Financial Corporations (S.11); Households (S.14); and Non-profit institutions serving households (S.15).
Exception to BPM6:
A deviation from the BPM6 sector classification is that Money Market Funds are part of Other sectors (in BPM6) whereas they are part of the MFI sector for European Statistics according to the Vademecum.
France
All economic sectors are covered, and the Institutional sector classification used is in accordance with ESA 2010.
3.4. Statistical concepts and definitions
The overall conceptual framework of BOP, IIP, FDI and ITS are in broad conformity with the most recent manuals as well as the EC Guidelines and Eurostat’s Vademecum.
Statistical concepts and definitions relate to basic internationally accepted standards and guidelines for external sector statistics; for instance:
All resident-nonresident transactions covered;
The concept of residency adhered to;
For the BOP, the concept of gross reporting is followed for the current and capital account; and the net basis for financial account transactions (separately for the individual asset and liability components);
The change of economic ownership principle soundly applied;
FDI is defined as equity ownership representing 10 percent or more of the voting power;
The accrual basis is broadly applied;
Market values or appropriate substitute measures are used;#
the residence of Special Purpose Entities (SPEs) is attributed to the economy in which they are legally domiciled or incorporated;
Overall, the classification, netting and ordering in the IIP is consistent with BPM6; current, capital, and financial accounts of the balance of payments statement are defined according to the BPM6.
Known Deviation (Source: Vademecum):
BOP/IIP data are to be compiled following the debtor/creditor approach, instead of the “transactor” approach. In other words, the geographical allocation of assets/credits is to be done on the basis of the residency of the issuer/debtor and not of the “transactor”. This is particularly relevant for portfolio and direct investment functional categories, which record tradable instruments. This approach is to be followed consistently in the geographical and sector allocation of investment income, financial transactions and stocks.
France
The balance of payments is the statistical statement summarizing the economic transactions of residents of France with the rest of the world during a given period (on a monthly, quarterly and yearly basis). France complies as far as possible with the guidelines published by the IMF and the ECB. Data are available on a monthly basis and with more details on a quarterly basis. All major items are published on a monthly basis: imports and exports of goods, imports and exports of services, income flows, current transfers, capital transfers, direct investment, portfolio investment, financial derivatives, other investment, the change in reserve assets, and errors and omissions. Fully granular data are published on a quarterly basis.
3.5. Statistical unit
Institutional units are defined in conformity with BPM6 and relate to those that have a predominant centre of economic interest in the country. In principle, any individual, corporation or other institution that provides information on the transactions/positions between the residents and non-residents of a country during a given period is included. Resident institutional units engaged with nonresidents also cover in principle:
Incorporated or unincorporated affiliates of nonresident companies; and SPEs with little or no physical presence;
Resident territorial enclaves in the rest of the world (e.g., embassies, military basis);
Free zones/bonded warehouses/factories operated by offshore enterprises under customs control;
Citizens who work or live temporarily in another country (seasonal and cross border commuters, students and patients).
France
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
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
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.
France
The French official economic territory for BOP statistics includes: Metropolitan France, the overseas departments (Guadeloupe, Guyane, Martinique, Mayotte and Réunion) and territorial units (Saint Pierre et Miquelon, Saint Barthélemy and Saint Martin) to which is added the Principality of Monaco.
3.8. Coverage - Time
For quarterly BOP and IIP, the time series starting date under the BPM6 methodology are presented below, by main account:
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
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
Time series at national level starts with year/quarter
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
3.9. Base period
Not applicable.
Data are available in millions of euros.
The monthly (MBOP), quarterly (QBOP) BOP, and quarterly FDI transactions summarize economic transactions between residents and nonresidents during the respective reference period. The annual ITS dataset summarizes services transactions over the period of one year.
The quarterly IIP statement as well as the annual FDI stock statistics refer to a point in time at the end of the reference period; i.e., the last day of a quarter or year, respectively. The other changes in financial assets and liabilities of the IIP statement (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the BOP and IIP during a specific period.
6.1. Institutional Mandate - legal acts and other agreements
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).
Institutional Mandate – National level
The Monetary and financial Code (title IV) governs the status and the functions of the Banque de France, see in particular the article L.141-6-II: "Banque de France establishes the balance of payments and the external position of France. It contributes to the establishment of the balance of payments and to the global external position of the euro area in connection with its membership in the European System of Central Banks as well as to the establishment of the statistics of the European Community in the domain of balance of payments, international trade in services and foreign direct investments."
Banque de France is an integral part of the European System of Central Banks(ESCB).
The collection of statistical information for the fulfillment of tasks of the ESCB is carried out under Council Regulation (EC) No 2533/98 of23 November 1998 concerning the collection of statistical information by the European Central Bank, as last amended by Council Regulation(EC) 951/2009.
Banque de France disseminates the data as a service to the public.
6.2. Institutional Mandate - data sharing
Balance of payments
Article L.141-6-IV of the Monetary and financial code states that "Banque de France, the National Institute for Statistics and Economic Research and ministerial statistic services exchange, in compliance with applicable legal provisions, the data which are necessary for the accomplishment of their respective tasks. The modalities of exchange are determined in agreements.
Tax administration officers may communicate to the Banque de France the data in their possession which are necessary for the accomplishment of the tasks referred to in II".
7.1. Confidentiality - policy
France
Banque de France staff is bound by professional secrecy (defined by Law No. 83-634 on the rights and duties of civil servants). Additional guarantees for the confidentiality of individual data are provided by the Banque de France’s Financial Code of Conduct.
Furthermore, any communication to third parties of nonpublic information held by the Banque de France is subject to the penalties set forth in Article 226-13 of the Criminal Code relating to professional secrecy. Detailed references to legal terms and conditions of dissemination and confidentiality of reported data are contained in the manual of regulations provided to all reporting agents by the Banque de France.
Also, all production and dissemination of statistics are governed by the Statistics Law of 7 June 1951, which provides for the confidentiality of individual data.
7.2. Confidentiality - data treatment
BOP Vademecum (2021): Chapter V “Statistical confidentiality” of Regulation (EC) No 223/2009 of the European Parliament and of the Council of 11 March 2009 on European statistics regulates protection and transmissions of confidential data within ESS and ESCB. Confidentiality status attribute is mandatory in BOP and FDI DSDs and thus each observation has to be flagged with a confidentiality status.
When the information is already released and disseminated by the national compiler (e.g. it is published on the national compiler's website) applying confidentiality status attributes such as C "Primary confidential statistical information", D “secondary confidentiality set and managed by the national compiler” or N "Not for publication, restricted for internal use only" is not justified.
Quality issues should be much less frequent for quarterly BOP and IIP data. The confidentiality status attribute "Not for publication, restricted for internal use only" - N flag – shall be used conservatively and rather in cases of more detailed breakdowns (e.g. geographical, instrument or sector breakdown). Using confidentiality status (C or D or N flags) to suppress publication of data with insufficient quality should be avoided. Observation status with U flag (low reliability) should be used instead. This would indicate existing observations and, at the same time, users will be aware of the low quality assigned.
7.2.1. Confidentiality - data treatment percentage of free cells
This indicator refers to Eurostat Quality Report Chapter 1.1.2.The analysis in this section focuses on the availability of the data to the users. The tables present the number of cells flagged as confidential and non - publishable, compared with the total number of cells that have to be provided according to the BOP Regulation.
France
The data availability to external users is very good. If for some areas the rate of flagged cells is high (for example ITS or FDI), however the weight of these cells in terms of value is low.
8.1. Release calendar
Eurostat release calendar can be found under this website (Calendar).
France has in place an advanced release calendar that provides information on a monthly basis about release dates for the monthly blance of Payments statistics. The public is informed of the advanced release calendar. The monthly publication calendar is available on the Banque de France website.
8.2. Release calendar access
A calendar mentioning the precise dissemination dates is published by the Banque de France on the Banque de France web pages (Statistics calendar).
Choose "Publication" -> then "Reports" -> "France's Balance of Payments and International Investment Position". The report can also be downloaded in pdf file.
10.3. Dissemination format - online database
At Eurostat, the database for external sector statistics gives access to the following statistics:
Monthly and quarterly BOP and quarterly IIP statistics;
Annual data on ITS;
Annual data on FDI positions, transactions and income;
Detailed data on international transactions involving the European institutions.
Harmonized data is available for the European Union, the euro area, the EU Member States, the United Kingdom, EFTA countries, candidate and potential candidate countries.
The Online data base allows the exports of BOP time series at different frequencies (monthly, quarterly, annual) and in different format (CSV, PDF, XML).
10.4. Dissemination format - microdata access
Not specified.
10.5. Dissemination format - other
National Balance of Payments data are sent to the European Central Bank and Eurostat.
The annual report of the Bank de France also contains a methodological annex.
10.6.1. Metadata completeness - rate
Not applicable.
10.7. Quality management - documentation
Not applicable.
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
Not specified.
11.2. Quality management - assessment
This indicator refers to the Eurostat Quality Report Chapter 7 and 8: Overall Assessment.
This report focuses primarily on the factual requirements of Member States to compile and transmit BOP, IIP, ITSS and FDI data and their compliance with the legal obligations. In addition, it provides information relevant for assessing the quality of the BOP, IIP, ITSS and FDI data, with particular emphasis on total aggregates and major components needed to compile the aggregates.
The overall quality of the BOP, IIP, ITS and FDI datasets transmitted by France to Eurostat is very satisfactory, in line with the EU requirements.
Eurostat welcomes efforts made by the Bank de France to improve the convergence between Balance of Payments (BOP) and National Accounts data, which should be achieved for the next benchmark revision.
Eurostat welcomes efforts made by both the French NSI and the Bank of France to improve the convergence between BOP and National Accounts data, and also encourages France to maintain its efforts in trying to reduce some of its bilateral asymmetries through the various forum organised by the European Institutions.
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
Not Specified.
12.2. Relevance - User Satisfaction
Not specified.
12.3. Completeness
This section refers to the current Eurostat Quality Report 1.1.1. Data availability- completeness.
12.3.1. Data completeness - rate
Data completeness – the provided cells expressed as % of required cells refers to the completeness of BOP, IIP, FDI and ITS data provided to Eurostat based on the requirements of the BOP Regulation.
For France, the data completeness rate is always 100%.
Monthly BoP t+44 days
2021 07
2021 08
2021 09
2021 10
2021 11
2021 12
2022 01
2022 02
2022 03
2022 04
2022 05
2022 06
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
Quarterly revaluations t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
ITS t+9 months
FDI flows and income t+9 months
FDI flows and income t+21 months
FDI stocks t+9 months
FDI stocks t+21 months
(2021)
(2021)
(2020)
(2021)
(2020)
100%
100%
100%
100%
100%
13.1. Accuracy - overall
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.
(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.
France
Overall, for monthly and quarterly BOP current account data, the directional reliability power of the initial time series is very high, correctly predicting the period-to-period changes of the latest figures in more than 80% of cases. The directional reliability indicator shows satisfactory results also for the quarterly BOP financial and IIP accounts, rarely below 80%.
As for the revisions’ size, the SMAPE indicators are rather low on both the goods and services accounts, likely because these two items benefit from regular use of late information in the BOF revision process. The revisions’ impact is relatively more important on primary and secondary income components. Conversely, the revision process significantly impacts on the capital account.
Vintage analysis on annual ITSS figures also (generally) depicts a rather limited impact of the revision process, particularly and mainly visible the first year of the revision process.
As regard FDI-related data, revisions have in general a limited impact for FDI positions, but are more significant for FDI flows, the latter being subject to regular fluctuations over the first two years of the revisions process.
Amounts of not allocated data are, in general, negligible.
13.2. Sampling error
Not applicable.
13.2.1. Sampling error - indicators
Not applicable.
13.3. Non-sampling error
Not applicable.
13.3.1. Coverage error
Not applicable.
13.3.1.1. Over-coverage - rate
Not applicable.
13.3.1.2. Common units - proportion
Not applicable.
13.3.2. Measurement error
Not applicable.
13.3.3. Non response error
Not applicable.
13.3.3.1. Unit non-response - rate
Not applicable.
13.3.3.2. Item non-response - rate
Not applicable.
13.3.4. Processing error
Not applicable.
13.3.5. Model assumption error
Not applicable.
14.1. Timeliness
According to the provisions of the Commission Regulation (EU) No 184/2005 and ECB Guideline ECB/2011/23 datasets are reported by countries to Eurostat with the following timeliness:
The BOP regulation defines the timeliness and sets the deadlines for the data transmission to Eurostat as follows:
Monthly BOP: 44 days after the end of the reference period;
Quarterly BOP, quarterly IIP and quarterly revaluations: 82/85 days after the end of the reference period;
ITS: 9 months after the end of the reference period;
FDI: 9 months after the end of the reference period (21 months for the activity breakdown).
France: The data collection system put in place by the Bank de France is suited to meet (all) the official deadlines established in the BOP Regulation.
14.1.1. Time lag - first result
Not applicable.
14.1.2. Time lag - final result
Not applicable.
14.2. Punctuality
All the time series were transmitted on time, and with a very slight delay for the FDI ones.
14.2.1. Punctuality - delivery and publication
This indicator refers to Eurostat Quality Report 3.1 Punctuality.
Punctuality is calculated as the actual date of data delivery minus the scheduled date of transmission to Eurostat. It shows how many calendar days this was behind (positive value) or ahead of (negative value) the legal deadline.
Monthly BoP t+44 days
2021 07
2021 08
2021 09
2021 10
2021 11
2021 12
2022 01
2022 02
2022 03
2022 04
2022 05
2022 06
-4
-7
1
-7
-6
-5
-5
-2
-8
-6
-3
-4
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-1
-2
-1
0
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-1
-2
-1
0
Quarterly revaluations t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-1
-2
-1
0
ITS
FDI flows and income
FDI stocks
-37
4
4
15.1. Comparability - geographical
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.
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.
France records very large absolute asymmetries vis-à-vis its main trading partners, for FDI flows with the Netherlands and Luxembourg, for FDI positions with Switzerland, Luxembourg and the Netherlands.
For total services, the very large bilateral asymmetries occurred mainly vis-à-vis Germany, Ireland and Luxembourg. For services sub-items, the largest discrepancies were observed with Ireland for other business services, then with Luxembourg for financial (debit) and transport (credit) services, and Switzerland for travel services.
Banque de France makes constant and regular efforts to try to reduce some of the main identified bilateral asymmetries, either through its own initiative and/or by actively participating in the various international forums (Eurostat, ECB, OECD mainly) dedicated to this exercise.
15.1.1. Asymmetry for mirror flow statistics - coefficient
This section refers to the current Eurostat Quality Report 5.3.1. Bilateral Intra-EU asymmetries are presented in Annex 3 to the Eurostat Quality report.
Asymmetries are the result of differences in measurement, in the procedures applied and in the interpretation of statistical concepts. Thus, asymmetries can be regarded as a measure of comparability.
National compilers are encouraged to perform regular checks of their FDI transactions and positions through the FDI network and possibly conduct bilateral exercises to reduce asymmetries in services.
France
Banque of France makes constant and regular efforts to try to reduce some of the main identified bilateral asymmetries, either through its own initiative and/or by actively participating in the various international forums (Eurostat, ECB, OECD mainly) dedicated to this exercise.
For example, France takes part to the Eurostat Asymmetry Resolution Mechanism for Services (ARM-ITSS) through which a bilateral exercise is actually conducted with Italy, aiming in particular to narrow the observed asymmetries under other business services, transport services and maintenance and repair services.
France also actively participates to the FDI network and the ECB's Asymmetry Resolution Meeting (ARMs), organized on a quarterly basis to try to solve the asymmetries in the FDI domain.
15.2. Comparability - over time
There is no comparability issues over time, except for a limited number of detailed breakdowns.
15.2.1. Length of comparable time series
Back data in BPM6 are available from 1999 onwards for BOP and IIP. The production of back data was also undertaken to correct for some breaks in series, which were caused notably by the evolution of the data collection system; main items are now fully consistent from 1999.
For a limited number of detailed breakdowns, it was not possible to recompile or estimate back data, so there may be some breaks (in such cases, generally a detailed series will not be available as far back as 1999).
Detailed information about the impact of BPM6 on France's BoP and IIP statistics can be found in an article published in the Banque de France Bulletin: (Quarterly selection of articles).
France follows the BOP methodology and concepts defined in the international guidelines.
The balance of payments is the statistical statement summarizing the economic transactions of residents of France with the rest of the world during a given period (on a monthly, quarterly and yearly basis). France complies as far as possible with the guidelines published by the IMF and the ECB. Data are available on a monthly basis and with more details on a quarterly basis. All major items are published on a monthly basis: imports and exports of goods, imports and exports of services, income flows, current transfers, capital transfers, direct investment, portfolio investment, financial derivatives, other investment, the change in reserve assets, and errors and omissions. Fully granular data are published on a quarterly basis.
15.2.2.2. Goods account
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.
France does not deviate from the methodological standards.
15.2.2.3. Services account
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.4. Primary Income
The methodology for Primary Income is outlined in Chapter 11 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.5. Secondary Income
The methodology for Secondary Income is outlined in Chapter 12 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.6. Capital account
The methodology for the Capital Account is outlined in Chapter 13 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.7. Direct investments
The methodology for Direct Investment is outlined in Chapters 6, 8 and Appendix 6 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.8. Portfolio investments
The methodology for Portfolio Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.9. Other investments
The methodology for Other Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.10. Financial derivatives
The methodology for Financial Derivatives is outlined in Chapters 6, and 8 of the IMF BPM6.
France does not deviate from the methodological standards.
15.2.2.11. Other methodological deviations
France has no other methodological deviations from the international standards
15.2.2.12. Other changes during the reference year
In the last year, there were no changes made to data collection techniques, validation methods or compilation practices.
15.3. Coherence - cross domain
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
The comparability between BOP, IIP, FDI, ITS and National accounts is ensured by the application of common concepts and definitions of BPM6 and the 2008SNA/ESA2010.
Further information and country-specific feedback is provided below.
The consistency of the datasets delivered by the Banque de Francce with integrity rules is excellent for all domains.
15.3.1. Coherence - sub annual and annual statistics
Overall, statistics of all frequencies are fully reconciled.
15.3.1.1. BOP/ITGS reconciliation table
This indicator refers to Eurostat Quality Report Chapter 6.2.1: BOP/ITGS reconciliation. The corresponding table – to be completed by countries is part of the Quality Report Annex 2 and is included in the Metadata Handler in form of a separate Excel Sheet.
ITGS cover goods “which add to or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory” (United Nations IMTS: Concepts and Definitions 1998, paragraph 14). This basis differs from the change of ownership between residents and nonresidents required for BOP, so adjustments are needed.
Please refer to BPM6 § 10.17 for cases that are included in the BOP definition of general merchandise because there is a change of ownership of goods between a resident and a nonresident.
Please refer to BPM6 § 10.22 for items to be excluded from general merchandise because there is no international transaction because there is no change of ownership of goods between a resident and a nonresident, or because the goods have no value.
Bank de France has provided to Eurostat its ITGS/BOP reconciliation table, with all relevant BOP adjustments presented.
15.3.2. Coherence - National Accounts
This indicator refers to Eurostat Quality Report Chapter 6.2.2: Consistency with National Accounts. The corresponding tables in the Eurostat Quality Report assess the external consistency between the BOP and Rest-of-the-World Account in NA. As the concepts for the BOP and NA accounting frameworks are, in principle, consistent with one another, an assessment of the consistency concludes on how far these two accounting frameworks have been consolidated with each other.
France
Inconsistencies between BOP and National Accounts prevail and are significant in particular on services and income components. France’s BOP and NSI started in 2020 an extensive investigation to better understand the discrepancies between bop and national accounts. Several issues have been resolved and significant reductions of the gaps are expected to take place with the benchmark revision of the national accounts in 2024.
15.4. Coherence - internal
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
Internal consistency is systematically checked by the compiler through the evolution of the “net errors and omissions” item . Besides, an explicit stock/flow reconciliation exercise is performed every quarter.
15.4.1. Consistency between quarterly and annual data
This indicator refers to Eurostat Quality Report Chapter 6.1.2 Consistency between quarterly and annual data: The Quality Report Tables monitor the progress made in aligning quarterly and annual data.
For example, ITS and FDI annual data are compared with the sum of the corresponding four quarters for partners Extra EU27 and Rest of the World.
France
Consistency between quarterly and annual datasets is excellent for Services.
Conversely, substantial differences exist between the quarterly and annual FDI revised datasets.
15.4.2. Consistency between quarterly and monthly data
This indicator refers to Eurostat Quality Report Chapter 6.1.3 Consistency between quarterly and monthly data: Quarters are compared with the sum of the corresponding three months for partners Extra EU27 and Rest of the World for Goods, Services and Secondary Income and partner Rest of the World for Primary Income. The discrepancy, computed as difference between the sum of the monthly and the quarterly data, is also shown as a share of the quarterly value.
For France, the consistency between monthly and quarterly data is excellent for all domains.
15.4.3. Consistency between BoP and IIP
This indicator refers to Eurostat Quality Report Chapter 6.1.4 Consistency between BOP and IIP figures.
For France, the BOP and IIP datasets are fully reconciled.
15.4.4. Errors and Omissions
This indicator refers to Eurostat Quality Report Chapter 6.1.5 Errors and Omissions (E&O). Although the BOP accounts are, in principle, balanced, imbalances result in practice from imperfections in source data and compilation. This imbalance is labelled net errors and omissions. According to BPM6 § 2.25, “a consistent sign indicates a bias in one or more components. A persistent positive value of net errors and omissions suggests that credit entries have been understated or omitted or debit entries have been overstated. In contrast, a volatile pattern may suggest timing problems. However, although net errors and omissions can help point to some problems, it is an incomplete measure because errors and omissions in opposite directions offset each other.”
The size and the sign of the E&O item are analysed in the Eurostat Quality Report Tables.
France
For the observed period (2017Q3-2022Q2), the net errors and omissions (net E&Os) were frequently negative, therefore pushing their cumulative sum to continue evolving on a negative slope, which has sharply accentuated over the last four observed quarters.
Bank de France closely monitors the evolution of its net E&Os and, so far, has not found any obvious bias in the production process. They were around 3% on average compared to the current account.
Not applicable.
17.1. Data revision - policy
Source: A Harmonised European Revision Policy for Macroeconomic Statistics; CMFB October 2017. Macroeconomic statistics, such as national accounts, the balance of payments and the international investment position, are produced from a large variety of data sources. These data sources are reconciled using an approach based on an agreed set of international guidelines. The sources used to estimate macroeconomic aggregates are provided with varying degrees of timeliness, taking up to three years or more in the case of structural sources. As users need national and international data as fast as possible, particularly on certain key aggregates like gross domestic product (GDP), data are produced using the sources and related indicators that are more readily available. As more complete data are obtained from these sources in due course and the structural sources are made available, the statistics are updated to incorporate the new information.
Such revisions of macroeconomic statistics are necessary to improve quality, but can be inconvenient for users. To minimise this inconvenience, revisions should ideally be coordinated within one country, across different statistics, and then across countries. International comparability – and the compilation of EU and euro area aggregate statistics – is hampered when different revision policy schemes are applied in different countries. As the schedule of revision of national accounts and balance of payments statistics varies from country to country, this creates inconsistencies among different statistical domains.
The European Statistical System (ESS) and the European System of Central Banks (ESCB) try to strike the right balance between incorporating the necessary statistical revisions and maintaining an acceptable degree of consistency across domains and countries. To this end, the two systems have worked together to draw up guidelines for a harmonised revision policy for macroeconomic statistics.
A distinction should be made between 'routine' revisions and 'major' or 'benchmark' revisions. Routine revisions refer to the changes made to the economic data published initially and to its subsequent releases for a particular reference quarter or year. The earlier estimates typically undergo the most significant revision. In routine revisions, the number of past periods being revised (the 'depth' of the revision) is typically relatively limited. Benchmark revision is carried out at much longer time intervals. Its purpose is to incorporate the main new data sources and major changes in international statistical methodology (such as ESA2010 or BPM6). In benchmark revision, many years are open for revision in order to create the longest possible consistent time series.
The National Statistical Offices and the National Central Banks are not legally bound by this common policy, but voluntarily agree to it and commit to gradually implement it with the aim of delivering more consistent statistics to users. The level of adherence to the guidelines of countries' revision policies will be monitored regularly.
France
The Bank de France revision's policy mainly follows the rules mentioned within the Harmonised European Revision Policy (HERP).
The monthly data are revised with more details in a quarterly revision cycle which takes place about 3 months after the end of the quarter. The data are published approximately 85 days after the end of the quarter under reviews, along with the monthly statistics for the second month of the following quarter. The revisions of previously published data and changes in methodology are announced in the monthly publication. The changes of methodology are also explained in the annual report. The data status is clearly mentioned in all documents.
Banque de France provides information on revisions on a quarterly and on a yearly basis. The Annual Report includes analytical sections dedicated to the comment of significant revisions (revisions studies).
17.2. Data revision - practice
Data revisions for BOP, IIP, ITS and FDI ouputs are in line with the HERP guidances and recommendations.
17.2.1. Data revision - average size
Not applicable.
18.1. Source data
This quality concept refers to whether the composition of data sources (surveys, ITRS (International Transactions Reporting System), administrative data, ITGS, monetary and financial statistics, etc.), in principle, sufficiently covers the compilation of BOP, IIP, FDI and ITS.
France
Banque de France compiles France's balance of payments primarily on the basis of surveys. Major non-financial enterprises with total international transactions in at least a service or income entry exceeding EUR 30 million a year are to report directly to Banque de France their transactions in services and their income payments to or from non-residents, but also their financial transactions with non-residents ("full direct report" or DDG). In addition, since 2009, an annual survey (the "supplementary survey on trade inservices" or ECEIS), conducted among a panel of more than 5,000 companies, has measured smaller non-financial enterprises' international exchanges of services.
The other main sources for compiling the balance of payments are (1) data from the Customs administration for statistics on trade in goods; (2) a quarterly survey of 600 non-financial companies completed with an annual survey including 1,000 other non-financial companies on their borrowings and loans vis-à-vis non-residents and the interest received from and paid to non-residents; (3) a quarterly survey of about 900 enterprises on trade credits supplemented by an annual survey of about 1,000 companies; (4) a monthly survey of 30 financial intermediaries supplemented by an annual survey of about 1,500 financial intermediaries on their cross-border transactions for their own account, except for securities transactions and lending/borrowing transactions; (5) monthly reports on securities holdings filed by custodians, on a security-by-security basis, on securities held for their own account or on behalf of their resident and non-resident customers (6) three surveys on inward and outward travel; (7) administrative data collected from the government or other departments of Banque de France ; and (8) banking data collected in association with the Prudential Supervision and Resolution Authority ("Autorité de contrôle prudentiel et de résolution").
Additionally, enterprises, insurance corporations and financial intermediaries acquiring or disposing of outward direct investment or affected by acquisitions or disposals of inward direct investment for amounts exceeding €15 million are required to disclose such transactions within 20 business days of their execution.
General merchandise data are derived from the foreign trade statistics compiled by the French Customs Administration, under the concept of "special trade". Goods transactions without payments are also derived from foreign trade statistics. Goods procured in ports by carriers as well as expenditure in foreign ports are derived from direct reporting from firms (see below).
Merchanting: Customs data do not measure the change of ownership of goods that do not cross the border. Thus, merchanting is measured by the means of Banque de France surveys, along with trade in services.
Services (see 18.3):
Primary income:
Compensation of employees: The calculation of the compensation of border workers is done on a gross basis including social security contributions and without any other deductions, in compliance with the BPM6. The variables which are used for this calculation are: the number of workers (using mirror data), an estimate of the average wages paid and an estimate of the social security rates.
Investment income: Before firms accounting data is available, direct investment income is computing using dividends directly reported by large firms, dividends for smaller firms and reinvested earnings being estimated on the basis of FDI stocks and expected profits. When accounting data become available, direct investment income is finalized from the survey on French direct investment abroad and from income accounts of French direct investment enterprises. For portfolio investments, income is derived from stocks.The accrual principle is only applied when obtaining the interest actually included in financial flows relating to bond dealing. For other investment income, information is collected from MFIs on a quarterly basis. Following BPM6 methodology FISIM are excluded and only pure interest are recorded here.
Other primary income: most flows recorded here are from and to European institutions (custom duties, CAP – Common Agricultural Policy–, etc.). Information is collected from all relevant national and European administrations.
Secondary income:
Most data are provided by the general government sector, European Institutions and MFIs. With regard to the distinction between current and capital transfers, the compiler applies the criteria recommended by the BPM6.
Remittances: Outward remittances are estimated based on World Bank data on migrant populations and incoming transfers in receiving countries. Data from French money transfer operators are used as a secondary source.
CAPITAL ACCOUNT
Debt forgiveness: Information is collected from Paris Club.
Capital transfers: Most of the operation recorded here are between French government entities and European Institutions (ERDF funds).
Capital taxes: Credits and debits are computed based on information from public administration.
FINANCIAL ACCOUNT
Direct investment: Direct investment flows in capital are compiled using information from non-financial enterprises and banks, which report their own direct investments with non-residents. Intragroup loans are measured through two surveys, on trade credit and intragroup loans..
Portfolio investment: Securities transactions are derived from changes of stocks on a security-by-security basis, using the ISIN code or a generic code built on the structure of the ISIN code when it is not available. Banks and custodians are responsible for reporting securities stocks directly on their own account and indirectly on behalf of their clients when settled through resident accounts.
Financial derivatives: Transactions recorded under financial derivatives include premiums on options and forwards bought and sold by residents, along with margin calls, adjustment payments and interest payments on swaps. Financial derivatives flows are compiled based on information collected from financial intermediaries. Reports make it possible to identify transactions relating to trading and transactions arising from changes in value.
Other investment: See below information on the operations by resident sector. Besides, trade credits are recorded from a stock survey of a sample of companies.
Additional information on the main Institutional sectors
General government: The compiler records the flows of advances or loans granted and general government to nonresidents (in particular within the framework of bilateral Paris Club consolidation agreements). Under general government, items are recorded for government contributions to multilateral development institutions (International Development Association, African Development Fund, European Investment Bank, and World Bank, in particular), or for changes in liabilities of government entities to central banks and foreign institutions other than the IMF. The compiler also records here France's contribution to EFSF (European Financial Stability Facility) and the subscription to ESM (European Stability Mechanism) capital. Information is collected from all relevant national and European administrations.
Monetary authorities: Since 1999, under monetary authorities, items are recorded the changes in Banque de France assets or liabilities with the rest of the European System of Central Banks (ESCB), in particular those relating to the settlement of cross-border transactions through the TARGET system. The compiler also records, under monetary authorities, flows on nonresident institutional customers' deposits (in euros and in foreign currencies) and on corresponding acquisition of assets (loans and deposits are recorded in Other Investment, securities in Portfolio Investment).
MFI sector: Flows are derived as adjusted changes from banks' balance sheets and reports from money market funds ensuring consistency with MFI's balance sheets data at the beginning and at the end of the reference period.
Other sector transactions: they include mainly deposits abroad and drawings and repayments of loans, irrespective of their initial maturities, and also trade credits. Banque de France obtains these data mainly from enterprises surveys. Other sectors also include the flows derived from loans and deposits of non-depository financial intermediaries (mainly"investment companies").
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).
France - Services account
Balance of payments services items, excluding Travel, are mainly based on monthly data collected from companies subject to the general direct reporting requirement ("Déclarant Directs Généraux - DDG") - the top 600 main DDGs companies who contribute each for more than EUR 30 million a year to the exchanges of services, and also from banks.
Since 2009, a new annual survey, conducted among a panel of more than 5,000 smaller companies and called the "supplementary survey on trade in services" (Enquête Complémentaire sur les Echanges Internationaux de Services - ECEIS), has completed data sources. The response rate varies between 73% and 80% and the results are extrapolated to the whole population of non-surveyed enterprises.
Manufacturing services on physical inputs owned by others and maintenance and repair services are derived from direct reporting from larger firms and ECEIS.
Transport: The basic data on freight transactions are obtained from the direct reporting and ECEIS. However, as transport is frequently paid indirectly (combined with the value of the goods), part of this item is computed by the compiler, using the CIF/FOB rates estimated by the Customs Administration. Data on passenger services and other transport service is obtained from DDG and foreign airlines. The rental of ships and aircraft with crew is not included in transport services but under Operational leasing services.
Travel: Travel statistics are compiled separately, using a combination of three quarterly surveys: (i) on French residents on their personal travels – panel of 20.000 French residents, (ii) on French residents on their business travels – monthly sample of 10.000 French residents who are potential business travelers, (iii) and on foreign visitors to France – 80.000 questionnaires per year; and a fraction of the income of cross-border workers.In addition, a monthly survey of cross-border payment card transactions is used as a secondary information source.
Insurance and pension services: this item is derived from information collected directly from insurers, reinsurance companies and brokers via DDG and ECEIS.
Financial services: Regarding financial services explicitly charged, information is directly collected mainly from financial intermediaries and from non-financial corporate. Financial services include financial intermediation service charges indirectly measured (FISIM) which are estimated following BPM6 compilation rules.
Government services: Special administrative information is available.
18.3.1. Average on credits and debits
(i) Contribution of the direct reporting system to the to the total value reported, by main EBOPS category
(Credits)
EBOPS
Direct Reporting
Thresholds
Non-responses
Total
Transport
78%
100%
Insurance
96%
100%
Financial
53%
100%
Charges for the use of IP n.i.e
81%
100%
Tel., computer, information
74%
100%
Other business
68%
100%
(Debits)
EBOPS
Direct Reporting
Thresholds
Non-responses
Total
Transport
88%
100%
Insurance
99%
100%
Financial
51%
100%
Charges for the use of IP n.i.e
84%
100%
Tel., computer, information
74%
100%
Other business
72%
100%
(ii) EBOPS description
Data Validation for Credits
Data Collection methods and practies
Compilation methods( used to produce the required data)
Items/sub-items that are estiated( pease describe also the estimating)
Manufacturing services on physical inputs owned by others
Maintenance and repair services n.i.e.
Transport
Travel
Construction
Insurance and pension services
Financial services
Charges for the use of intellectual property n.i.e.
Telecommunications, computer, and information services
Other business services
Operational lease
Personal, cultural, and recreational services
Government goods and services n.i.e.
Data Validation for Debits
Data Collection methods and practies
Compilation methods( used to produce the required data)
Items/sub-items that are estiated( pease describe also the estimating)
Manufacturing services on physical inputs owned by others
Maintenance and repair services n.i.e.
Transport
Travel
Construction
Insurance and pension services
Financial services
Charges for the use of intellectual property n.i.e.
Telecommunications, computer, and information services
Other business services
Operational lease
Personal, cultural, and recreational services
Government goods and services n.i.e.
18.3.2. EBOPS 2010 transactions performed according to the center of predominant economic interest (residence) of units
France confirms that the resident/non-resident EBOPS 2010 transactions are implemented according to the centre of predominant economic interest (residence) of units.
18.3.3. EBOPS 2010 transactions on the basis of market prices
France confirms that EBOPS 2010 transactions are based on market prices.
18.3.4. EBOPS 2010 transactions on accrual basis
France confirms that EBOPS 2010 transactions are recorded on an accrual basis.
18.3.5. Market exchange rate prevailing on the transaction dates
Transactions denominated in foreign currency are individually converted into euros using the monthly average exchange rates.
18.3.6. EBOPS 2010 items do you compile data broken down by partner country
All the EBOPS 2010 standard components are broken down by partner country.
18.3.7. Information on ITS for categories beyond EBOPS 2010 and its complementary groupings
Not specified.
18.4. Data validation
Internal consistency is systematically checked by the compiler through the evolution of the “net errors and omissions” item . Besides, an explicit stock/flow reconciliation exercise is performed every quarter.
Intersectoral and cross-domain consistency is achieved through cooperative arrangements with the relevant statistical units :
Inside Banque de France, cross-consistency is checked with monetary aggregates, the financial national accounts and the BIS Locational Banking Statistics
Outside Banque de France, with the Customs Statistics Administration, INSEE and the statistical service of the Ministerial department of Tourism.
Other statistics undergo a specific process of cross-consistency checking, prior to their dissemination by the relevant statistical authorities, for example:
1. The International Investment Position, including claims and liabilities for the following components: direct investment, portfolio investment and other investments.
2. Monthly trade statistics
3. Quarterly trade in services, as compiled for the rest-of-the-world account of the national accounts.
4. Surveys covering some other items of the BoP conducted by the Public debt agency for the release of monthly statistics on general government debt and instruments ( including debt issued in foreign currency ) and by the Ministry of Economy for tourism statistics.
18.5. Data compilation
Not applicable.
18.5.1. Imputation - rate
Not applicable.
18.6. Adjustment
Adjustments to foreign trade statistics are made for coverage and valuation to conform with the concepts of BPM6, in particular to change imports from a CIF to a FOB basis. These adjustments are based on additional information from trade statistics.
18.6.1. Seasonal adjustment
Some important aggregates are seasonally adjusted : foreign trade, total services, travel and some other service items, total income, investment income, total current account. In most cases, the seasonal adjustment is based on an X12-ARIMA procedure.
No further comments.
The different domains relevant for external sector statistics (Balance of Payments -BOP, International Investment Position - IIP, Foreign Direct Investment - FDI, and International Trade in Services - ITS) sent to Eurostat are based on the BOP Vademecum reflecting requirements laid down in the Regulation (EC) No 184/2005 on Community statistics concerning BOP, ITS, and FDI, as amended by the Commission Regulation (EU) No 555/2012 of 22 June 2012 and Regulation (EU) No 2016/1013 of the European Parliament and of the Council of 8 June 2016.
Monthly and quarterly BOP summarize transactions between residents and nonresidents during a specific period. BOP data consist of the goods and services account, the primary income account, the secondary income account, the capital account, and the functional categories of the financial account (direct investment, portfolio investment, financial derivatives and employee stock options, other investment and reserve assets). Differences between the current and capital account on the one hand and the financial account on the other hand are visible under Net errors and omissions that result from imperfections in source data, inconsistent reporting by enterprises and compilation issues.
Quarterly IIP shows for a country all financial claims on nonresidents and a country’s liabilities to nonresidents at a certain point in time. The breakdown follows the functional categories of the financial account (direct investment, portfolio investment, financial derivatives (other than reserve assets) and employee stock options, other investment, and reserve assets). The sign of the balance shows whether the domestic economic sectors have a net creditor or net debtor position vis-à-vis other countries. The other changes in financial assets and liabilities accounts (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the balance of payments and IIP for a specific period, by showing changes due to economic events other than transactions between residents and nonresidents.
Annual FDI statistics (consisting of financial account transactions, current account primary income figures and IIP position data) is a category of cross-border investment associated with a resident in one economy (direct investor) having control or a significant degree of influence on the management of an enterprise that is resident in another economy (direct investment enterprise). By convention, such a lasting interest exists when a direct investor owns 10% or more of the voting power or the equivalent (for an unincorporated enterprise). Operational definitions of control and influence are explained in BPM6 § 6.12. Furthermore, the definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment.
Annual ITS statistics record services transactions between residents and non-residents and cover the following categories: manufacturing services on physical inputs owned by others; Maintenance and repair services, not included elsewhere; transport; travel; construction; insurance and pension services; financial services; charges for the use of intellectual property, not included elsewhere; telecommunication, computer and information services; other business services; personal, cultural and recreational services; and government goods and services, not included elsewhere. The services categories are listed in the Extended Balance of Payments Services Classification (EBOPS 2010).
6 February 2024
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.
France
The balance of payments is the statistical statement summarizing the economic transactions of residents of France with the rest of the world during a given period (on a monthly, quarterly and yearly basis). France complies as far as possible with the guidelines published by the IMF and the ECB. Data are available on a monthly basis and with more details on a quarterly basis. All major items are published on a monthly basis: imports and exports of goods, imports and exports of services, income flows, current transfers, capital transfers, direct investment, portfolio investment, financial derivatives, other investment, the change in reserve assets, and errors and omissions. Fully granular data are published on a quarterly basis.
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).
France
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.
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.
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.
France
The French official economic territory for BOP statistics includes: Metropolitan France, the overseas departments (Guadeloupe, Guyane, Martinique, Mayotte and Réunion) and territorial units (Saint Pierre et Miquelon, Saint Barthélemy and Saint Martin) to which is added the Principality of Monaco.
The monthly (MBOP), quarterly (QBOP) BOP, and quarterly FDI transactions summarize economic transactions between residents and nonresidents during the respective reference period. The annual ITS dataset summarizes services transactions over the period of one year.
The quarterly IIP statement as well as the annual FDI stock statistics refer to a point in time at the end of the reference period; i.e., the last day of a quarter or year, respectively. The other changes in financial assets and liabilities of the IIP statement (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the BOP and IIP during a specific period.
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.
(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.
France
Overall, for monthly and quarterly BOP current account data, the directional reliability power of the initial time series is very high, correctly predicting the period-to-period changes of the latest figures in more than 80% of cases. The directional reliability indicator shows satisfactory results also for the quarterly BOP financial and IIP accounts, rarely below 80%.
As for the revisions’ size, the SMAPE indicators are rather low on both the goods and services accounts, likely because these two items benefit from regular use of late information in the BOF revision process. The revisions’ impact is relatively more important on primary and secondary income components. Conversely, the revision process significantly impacts on the capital account.
Vintage analysis on annual ITSS figures also (generally) depicts a rather limited impact of the revision process, particularly and mainly visible the first year of the revision process.
As regard FDI-related data, revisions have in general a limited impact for FDI positions, but are more significant for FDI flows, the latter being subject to regular fluctuations over the first two years of the revisions process.
Amounts of not allocated data are, in general, negligible.
Data are available in millions of euros.
Not applicable.
This quality concept refers to whether the composition of data sources (surveys, ITRS (International Transactions Reporting System), administrative data, ITGS, monetary and financial statistics, etc.), in principle, sufficiently covers the compilation of BOP, IIP, FDI and ITS.
France
Banque de France compiles France's balance of payments primarily on the basis of surveys. Major non-financial enterprises with total international transactions in at least a service or income entry exceeding EUR 30 million a year are to report directly to Banque de France their transactions in services and their income payments to or from non-residents, but also their financial transactions with non-residents ("full direct report" or DDG). In addition, since 2009, an annual survey (the "supplementary survey on trade inservices" or ECEIS), conducted among a panel of more than 5,000 companies, has measured smaller non-financial enterprises' international exchanges of services.
The other main sources for compiling the balance of payments are (1) data from the Customs administration for statistics on trade in goods; (2) a quarterly survey of 600 non-financial companies completed with an annual survey including 1,000 other non-financial companies on their borrowings and loans vis-à-vis non-residents and the interest received from and paid to non-residents; (3) a quarterly survey of about 900 enterprises on trade credits supplemented by an annual survey of about 1,000 companies; (4) a monthly survey of 30 financial intermediaries supplemented by an annual survey of about 1,500 financial intermediaries on their cross-border transactions for their own account, except for securities transactions and lending/borrowing transactions; (5) monthly reports on securities holdings filed by custodians, on a security-by-security basis, on securities held for their own account or on behalf of their resident and non-resident customers (6) three surveys on inward and outward travel; (7) administrative data collected from the government or other departments of Banque de France ; and (8) banking data collected in association with the Prudential Supervision and Resolution Authority ("Autorité de contrôle prudentiel et de résolution").
Additionally, enterprises, insurance corporations and financial intermediaries acquiring or disposing of outward direct investment or affected by acquisitions or disposals of inward direct investment for amounts exceeding €15 million are required to disclose such transactions within 20 business days of their execution.
General merchandise data are derived from the foreign trade statistics compiled by the French Customs Administration, under the concept of "special trade". Goods transactions without payments are also derived from foreign trade statistics. Goods procured in ports by carriers as well as expenditure in foreign ports are derived from direct reporting from firms (see below).
Merchanting: Customs data do not measure the change of ownership of goods that do not cross the border. Thus, merchanting is measured by the means of Banque de France surveys, along with trade in services.
Services (see 18.3):
Primary income:
Compensation of employees: The calculation of the compensation of border workers is done on a gross basis including social security contributions and without any other deductions, in compliance with the BPM6. The variables which are used for this calculation are: the number of workers (using mirror data), an estimate of the average wages paid and an estimate of the social security rates.
Investment income: Before firms accounting data is available, direct investment income is computing using dividends directly reported by large firms, dividends for smaller firms and reinvested earnings being estimated on the basis of FDI stocks and expected profits. When accounting data become available, direct investment income is finalized from the survey on French direct investment abroad and from income accounts of French direct investment enterprises. For portfolio investments, income is derived from stocks.The accrual principle is only applied when obtaining the interest actually included in financial flows relating to bond dealing. For other investment income, information is collected from MFIs on a quarterly basis. Following BPM6 methodology FISIM are excluded and only pure interest are recorded here.
Other primary income: most flows recorded here are from and to European institutions (custom duties, CAP – Common Agricultural Policy–, etc.). Information is collected from all relevant national and European administrations.
Secondary income:
Most data are provided by the general government sector, European Institutions and MFIs. With regard to the distinction between current and capital transfers, the compiler applies the criteria recommended by the BPM6.
Remittances: Outward remittances are estimated based on World Bank data on migrant populations and incoming transfers in receiving countries. Data from French money transfer operators are used as a secondary source.
CAPITAL ACCOUNT
Debt forgiveness: Information is collected from Paris Club.
Capital transfers: Most of the operation recorded here are between French government entities and European Institutions (ERDF funds).
Capital taxes: Credits and debits are computed based on information from public administration.
FINANCIAL ACCOUNT
Direct investment: Direct investment flows in capital are compiled using information from non-financial enterprises and banks, which report their own direct investments with non-residents. Intragroup loans are measured through two surveys, on trade credit and intragroup loans..
Portfolio investment: Securities transactions are derived from changes of stocks on a security-by-security basis, using the ISIN code or a generic code built on the structure of the ISIN code when it is not available. Banks and custodians are responsible for reporting securities stocks directly on their own account and indirectly on behalf of their clients when settled through resident accounts.
Financial derivatives: Transactions recorded under financial derivatives include premiums on options and forwards bought and sold by residents, along with margin calls, adjustment payments and interest payments on swaps. Financial derivatives flows are compiled based on information collected from financial intermediaries. Reports make it possible to identify transactions relating to trading and transactions arising from changes in value.
Other investment: See below information on the operations by resident sector. Besides, trade credits are recorded from a stock survey of a sample of companies.
Additional information on the main Institutional sectors
General government: The compiler records the flows of advances or loans granted and general government to nonresidents (in particular within the framework of bilateral Paris Club consolidation agreements). Under general government, items are recorded for government contributions to multilateral development institutions (International Development Association, African Development Fund, European Investment Bank, and World Bank, in particular), or for changes in liabilities of government entities to central banks and foreign institutions other than the IMF. The compiler also records here France's contribution to EFSF (European Financial Stability Facility) and the subscription to ESM (European Stability Mechanism) capital. Information is collected from all relevant national and European administrations.
Monetary authorities: Since 1999, under monetary authorities, items are recorded the changes in Banque de France assets or liabilities with the rest of the European System of Central Banks (ESCB), in particular those relating to the settlement of cross-border transactions through the TARGET system. The compiler also records, under monetary authorities, flows on nonresident institutional customers' deposits (in euros and in foreign currencies) and on corresponding acquisition of assets (loans and deposits are recorded in Other Investment, securities in Portfolio Investment).
MFI sector: Flows are derived as adjusted changes from banks' balance sheets and reports from money market funds ensuring consistency with MFI's balance sheets data at the beginning and at the end of the reference period.
Other sector transactions: they include mainly deposits abroad and drawings and repayments of loans, irrespective of their initial maturities, and also trade credits. Banque de France obtains these data mainly from enterprises surveys. Other sectors also include the flows derived from loans and deposits of non-depository financial intermediaries (mainly"investment companies").
Eurostat Website:
BOP: monthly and quarterly;
FDI flows and stocks: annually;
IIP: quarterly and annually;
ITS: annually.
According to the provisions of the Commission Regulation (EU) No 184/2005 and ECB Guideline ECB/2011/23 datasets are reported by countries to Eurostat with the following timeliness:
The BOP regulation defines the timeliness and sets the deadlines for the data transmission to Eurostat as follows:
Monthly BOP: 44 days after the end of the reference period;
Quarterly BOP, quarterly IIP and quarterly revaluations: 82/85 days after the end of the reference period;
ITS: 9 months after the end of the reference period;
FDI: 9 months after the end of the reference period (21 months for the activity breakdown).
France: The data collection system put in place by the Bank de France is suited to meet (all) the official deadlines established in the BOP Regulation.
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.
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.
France records very large absolute asymmetries vis-à-vis its main trading partners, for FDI flows with the Netherlands and Luxembourg, for FDI positions with Switzerland, Luxembourg and the Netherlands.
For total services, the very large bilateral asymmetries occurred mainly vis-à-vis Germany, Ireland and Luxembourg. For services sub-items, the largest discrepancies were observed with Ireland for other business services, then with Luxembourg for financial (debit) and transport (credit) services, and Switzerland for travel services.
Banque de France makes constant and regular efforts to try to reduce some of the main identified bilateral asymmetries, either through its own initiative and/or by actively participating in the various international forums (Eurostat, ECB, OECD mainly) dedicated to this exercise.
There is no comparability issues over time, except for a limited number of detailed breakdowns.
