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.
3.3. Coverage - sector
Institutional units are grouped into institutional sectors according to similar economic objectives, functions, and behaviour.
The sector classifications based on the BOP Vademecum are:
Central bank (S.121); Monetary Financial Institutions (MFI) other than central bank (S.122) (incl. Deposit-taking corporations except the central bank; Money Market Funds (S.123)); General government (S.13); and Other sectors.
The Other Sectors consist of Financial Corporations other than MFIs (S.12); Non-Financial Corporations (S.11); Households (S.14); and Non-profit institutions serving households (S.15).
Exception to BPM6:
A deviation from the BPM6 sector classification is that Money Market Funds are part of Other sectors (in BPM6) whereas they are part of the MFI sector for European Statistics according to the Vademecum.
3.4. Statistical concepts and definitions
The overall conceptual framework of BOP, IIP, FDI and ITS are in broad conformity with the most recent manuals as well as the EC Guidelines and Eurostat’s Vademecum.
Statistical concepts and definitions relate to basic internationally accepted standards and guidelines for external sector statistics; for instance:
All resident-nonresident transactions covered;
The concept of residency adhered to;
For the BOP, the concept of gross reporting is followed for the current and capital account; and the net basis for financial account transactions (separately for the individual asset and liability components);
The change of economic ownership principle soundly applied;
FDI is defined as equity ownership representing 10 percent or more of the voting power;
The accrual basis is broadly applied;
Market values or appropriate substitute measures are used;#
the residence of Special Purpose Entities (SPEs) is attributed to the economy in which they are legally domiciled or incorporated;
Overall, the classification, netting and ordering in the IIP is consistent with BPM6; current, capital, and financial accounts of the balance of payments statement are defined according to the BPM6.
Known Deviation (Source: Vademecum):
BOP/IIP data are to be compiled following the debtor/creditor approach, instead of the “transactor” approach. In other words, the geographical allocation of assets/credits is to be done on the basis of the residency of the issuer/debtor and not of the “transactor”. This is particularly relevant for portfolio and direct investment functional categories, which record tradable instruments. This approach is to be followed consistently in the geographical and sector allocation of investment income, financial transactions and stocks.
3.5. Statistical unit
Institutional units are defined in conformity with BPM6 and relate to those that have a predominant centre of economic interest in the country. In principle, any individual, corporation or other institution that provides information on the transactions/positions between the residents and non-residents of a country during a given period is included. Resident institutional units engaged with nonresidents also cover in principle:
Incorporated or unincorporated affiliates of nonresident companies; and SPEs with little or no physical presence;
Resident territorial enclaves in the rest of the world (e.g., embassies, military basis);
Free zones/bonded warehouses/factories operated by offshore enterprises under customs control;
Citizens who work or live temporarily in another country (seasonal and cross border commuters, students and patients).
3.6. Statistical population
Not applicable.
3.7. Reference area
The reference area describes the geographical area covered by the data disseminated. According to the BOP Vademecum, the reference area is the economic territory, country, or region for which external sector statistics are provided. The country code list follows the ISO 3166-1 alpha-2 classification and is a "cross-domain" code list, used also in National Accounts. The codes used for various regional groupings are harmonized across international agencies that use the BOP-DSD.
3.8. Coverage - Time
Data for IIP, BOP and FDI is availiable from 1994 onwards.
3.9. Base period
Not applicable.
All data sent to Eurostat are in Millions of Euro for Euro Area countries and in Millions of National currency for non-Euro Area countries. The unit of dissemination is Euro.
The monthly (MBOP), quarterly (QBOP) BOP, and quarterly FDI transactions summarize economic transactions between residents and nonresidents during the respective reference period. The annual ITS dataset summarizes services transactions over the period of one year.
The quarterly IIP statement as well as the annual FDI stock statistics refer to a point in time at the end of the reference period; i.e., the last day of a quarter or year, respectively. The other changes in financial assets and liabilities of the IIP statement (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the BOP and IIP during a specific period.
6.1. Institutional Mandate - legal acts and other agreements
Quality reports for the BoP domain are prepared in accordance with Commission Regulation (EC) No 1227/2010 of 20 December 2010 implementing Regulation (EC) No 184/2005 (OJ No L 283/3).
6.2. Institutional Mandate - data sharing
The Bank of Slovenia Act established the independence of the Bank of Slovenia and provided that the Bank of Slovenia shall collect data needed for its operations. The Act also established the annual National Statistical Research Program, under the terms of which the Bank of Slovenia is obliged to publish the data on the analytical accounts of the central bank and banking sector, interest rates, balance of payments, international investment position and international reserves.
Bank of Slovenia, Statistical Office Republic of Slovenia and Ministry of finance have established an agreement in the field of macroeconomic statistics. In this agreement the responsibilities and data sharing between institutions is defined.
7.1. Confidentiality - policy
Disseminated BOP, IIP, ITSS and FDI data to Eurostat is not confidential.
Data of individual units are confidential and can not be shared with other institutions or public.
The National Statistics Act (Official Gazette RS 45/95, 9/01, Article 50) ensures confidentiality of individual-level 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.
All cells disseminated in BOP, ITSS, IIP and FDI reports are for free use. Disseminated data is 100 % non-confidential.
8.1. Release calendar
Eurostat release calendar can be found under this website (Release calendar).
8.2. Release calendar access
Data is availiable:
Monthly balance of payments: 44 days after the end of the reference period;
Quarterly balance of payments, quarterly international investment position and quarterly revaluations: 82/85 days after the end of the reference period;
ITSS: 7 months after the end of the reference period;
FDI: 7 months after the end of the reference period.
Monthly balance of payments: 44 days after the end of the reference period;
Quarterly balance of payments, quarterly international investment position and quarterly revaluations: 82/85 days after the end of the reference period;
ITSS: 7 months after the end of the reference period;
FDI: 7 months after the end of the reference period.
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.
No microdata is disseminated. Access to statistically protected microdata is possible only for registered researchers upon decision of Board of Governers of Bank of Sloveni for each individual researcs. The statistically protected microdata are in such cases available for researchers in a "secure room" in National Statistical Office. National Statitistical Office removes all identifiers that may lead to exposure of single reporting unit in such cases.
10.5. Dissemination format - other
Not applicable.
10.5.1. Metadata - consultations
Not applicable.
10.6. Documentation on methodology
Methodology of BOP and IIP (sources, compilation) is available on the Bank ob Slovenia's web site General Notes (bsi.si).
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
Bank of Slovenia as a member of ESCB adheres to the Public commitment on European statistics by the ESCB. Commitment to quality is one of the basic principles laid down in this public commitment. Our institution acknowledges that quality management is one of the cornstone of statistical work.
Data sources are routinely assessed for response error, code lists errors. Outliers are routinely detected and reconciled. There are also validations against yearly balance sheet database as well as the database of payments received on monthly basis from commercial banks. Data for banking sector is mostly derived from monetary statistics and checked already there, additional logical controls are performed also when entering in bop and iip calculation. Larger reporters are manually checked also with annual reports. Each year samples are tested and new reporters are included in external statistics reporting obligation. Likewise grossing up coefficients are adjusted. Potential indicators of problems are published in monthly report of external statistics if the existence of them is already known. However such cases are rare (last case was explanation to the public of the difference between trade statistics and balance of payments in cases of goods for processing in 2019).
11.2. Quality management - assessment
This indicator refers to the Eurostat Quality Report Chapter 7 and 8: Overall Assessment.
Most recent Eurostat Quality assesment summary (from Quality report 2022): The overall quality of the BOP, IIP, ITSS and FDI data is in line with the EU requirements. Eurostat congratulates Slovenia for the continuous efforts on qualitative data improvements and the excellent results in consistency between the National accounts and BOP data through cooperation between the responsible units on a national level. Eurostat encourages Slovenia to continue its bilateral exchanges in the field of asymmetries.
Slovenia has transmitted all required monthly BOP data on time. The quarterly BOP and IIP as well as the annual ITS and FDI data were transmitted before the required deadlines. Timeliness and punctuality are excellent.
Consistency with integrity rules was excellent for all domains. Monthly and quarterly BOP datasets were fully consistent as well as quarterly and annual ITSS and FDI data. Furthermore, the BOP and IIP reconciliation table does not reveal any unexplained changes.
Slovenia disseminates BOP data, quarterly IIP, and annual ITS and FDI data together with the corresponding metadata. Only the quarterly IIP revaluations are not disseminated. The length of time series disseminated at national and Eurostat levels is identical, starting with 1994Q1.
Summary of quality report by Slovenia: In general, Slovenia fulfils all mandatory reports regarding BOP, IIP and FDI. Reports are being sent in time and internal consistency regarding integrity rules as well as consistency between quarterly, monthly and annual data is being checked in the process of compilation as well. For some items such as reinvested earnings, later vintages of data reveal greater fluctuations, because the exact amount can be reported only when the balance sheets of reporters are finalized. Bilateral asymmetries for our country are expectedly high because Slovenia is a rather small economy, thus transactions regarding Slovenia fall often below the threshold of reporting in our partner countries. Our team takes part in FDI network, however from our point of view participation in FDI network did not change our dataset or data quality in any respect. Consistency with national accounts is very high as a result of close cooperation between NSI and CB in this field.
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
National users are National Statistical Office, Bank of Slovenia, Chamber of Commerce and Industry of Slovenia, Institute of macroeconomic analysis and development, various researchers and media. Foreign users are IMF, OECD, Eurostat, ECB, BIS, credit rating agencies and similar private institutions. Some users ask for additional details and if there is no confidentiality problem, data are prepared on request as well.
In March 2023 a public panel discussion with data users was organised (event organised on the premises of central bank as well as remotely). Users were mostly interested in differences between ITGS and BOP data regarding goods. Methodological differences were explained. In future, similar events will be organised.
Users are mostly satisfied with data on our web site. Some users ask for additional details and if there is no confidentiality constraint, data are prepared on request as well. In March 2023 there was also a pannel discusion organised by central bank on balance of payments statistics. Users and interested audence could participate either remotely or in person.
12.3. Completeness
This section refers to the current Eurostat Quality Report 1.1.1. Data availability- completeness.
Data completness rate for Slovenia is high, almost 100% on all domains as explained in 12.3.1..
12.3.1. Data completeness - rate
Data completeness – the provided cells expressed as % of required cells refers to the completeness of BOP, IIP, FDI and ITS data provided to Eurostat based on the requirements of the BOP Regulation.
Monthly BoP t+44 days
2021 07
2021 08
2021 09
2021 10
2021 11
2021 12
2022 01
2022 02
2022 03
2022 04
2022 05
2022 06
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
100%
100%
100%
100%
Quarterly revaluations t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
99%
99%
99%
99%
ITS t+9 months
FDI flows and income t+9 months
FDI flows and income t+21 months
FDI stocks t+9 months
FDI stocks t+21 months
(2021)
(2021)
(2020)
(2021)
(2020)
100%
100%
100%
100%
100%
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). The directional reliability is above 80% for the majority of the items. A lower directional reliability is observed for monthly BOP primary income debits, quarterly BOP primary income credits and quarterly direct investment flows.
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.
Values of SMAPE and MACE indicators were generally low. Items connected with FDI (income or equity) normally have larger revisions since they are corrected with annual surveys which are taken into account when they are available (normally end June t+1). Reinvested earnings and profits are only estimated until annual surveys are available. Therefore change of data is always expected for this part. PI income is also changed on the basis of supplementary source which is available only once a year.
(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.
In July 2022 Banka Slovenije carried out revision of balance of payments, international investment position and external debt statistics for the period 2019 to 2021. Cumulative effect of the revised period was higher current account surplus of EUR 0.3bn, as well as a higher surpluss of financial account of payments of EUR 0.7bn, while the statistical error was lower by EUR 0.3bn. The net international investment position increased by EUR 0.3bn (from -3.7bn to -3.4bn) at the end of 2021.
(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.
BOP and IIP reconciliation table does not reveal any unexplained changes. Unallocated partner or activity cells are low.
13.2. Sampling error
Not applicable.
13.2.1. Sampling error - indicators
Not applicable.
13.3. Non-sampling error
Not applicable.
13.3.1. Coverage error
Not applicable.
13.3.1.1. Over-coverage - rate
Not applicable.
13.3.1.2. Common units - proportion
Not applicable.
13.3.2. Measurement error
Not applicable.
13.3.3. Non response error
Not applicable.
13.3.3.1. Unit non-response - rate
Not applicable.
13.3.3.2. Item non-response - rate
Not applicable.
13.3.4. Processing error
Not applicable.
13.3.5. Model assumption error
Not applicable.
14.1. Timeliness
According to the provisions of the Commission Regulation (EU) No 184/2005 and ECB Guideline ECB/2011/23 datasets are reported by countries to Eurostat with the following timeliness:
The BOP regulation defines the timeliness and sets the deadlines for the data transmission to Eurostat as follows:
Monthly BOP: 44 days after the end of the reference period;
Quarterly BOP, quarterly IIP and quarterly revaluations: 82/85 days after the end of the reference period;
ITS: 9 months after the end of the reference period;
FDI: 9 months after the end of the reference period (21 months for the activity breakdown).
14.1.1. Time lag - first result
Not applicable.
14.1.2. Time lag - final result
Not applicable.
14.2. Punctuality
Slovenia has transmitted all required monthly BOP data on time. The quarterly BOP and IIP as well as the annual ITS and FDI data were transmitted before the required deadlines.
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
0
0
0
0
0
0
0
0
0
0
-1
0
Quarterly BoP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-7
-7
-8
-7
Quarterly IIP t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-7
-7
-8
-7
Quarterly revaluations t+82/t+85 days
2021Q3
2021Q4
2022Q1
2022Q2
-7
-7
-8
-7
ITS
FDI flows and income
FDI stocks
-84
-37
-37
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.
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.
Biggest asymmetries may be due to the size of the economy (under the threshold for bigger partner countries) but also because Slovenia in a transit country (relevant to transport and partly travel services).
Asymmetries with AT regarding FDI derive also from different time of data collection. AT collects yearly surveys on t+9 frequency and therefore IIP data are based on estimates. Bilateral comparison of the biggest investments take place when needed. Regarding asymmetries in FDI positions abroad with HR these are partly due to the fact that HR does not estimate real estate notional units, held by our residents in form of summer houses. Asymmetries with LU regarding FDI positions in the reporting economy derive also from underreporting in LU because of reporting threshold. Slovenia is taking part in FDI network, but due to the fact that all our positions and transactions fall bellow threshold where they should be exchanged we, do not receive any queries from counterparts. Asymmetries with LU are in absolute terms irrelevant for EU aggregates on the other hand inward FDI data derive from relevant source (FDI survey) and is crosschecked with annual reports. Therefor we are confident of the quality of our data.
15.2. Comparability - over time
BOP, ITSS, IIP and FDI statistics are comparable over time.
15.2.1. Length of comparable time series
QBOP time series are available to users at national level as well as to Eurostat from Q1 1994 onwards.
QIIP time series are available to users at national level as well as to Eurostat from Q4 1994 onwards.
15.2.2. Methodological comparability
Slovenia disseminates BOP data, quarterly IIP, and annual ITS and FDI data together with the corresponding metadata. The length of time series disseminated starting with 1994Q1. There are no major gaps in methodology. SPE unites are not identified yet in Slovenia.
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6. For community statistics, countries are expected to record different values for Goods “national” and “community” concepts, if applicable.
15.2.2.3. Services account
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6.
15.2.2.4. Primary Income
The methodology for Primary Income is outlined in Chapter 11 of the IMF BPM6.
15.2.2.5. Secondary Income
The methodology for Secondary Income is outlined in Chapter 12 of the IMF BPM6.
15.2.2.6. Capital account
The methodology for the Capital Account is outlined in Chapter 13 of the IMF BPM6.
15.2.2.7. Direct investments
The methodology for Direct Investment is outlined in Chapters 6, 8 and Appendix 6 of the IMF BPM6.
Debt securities between direct investment enterprises are not included in FDI. Cases are rare / not existent. Costs of production of such data that is not material would largely surpass the benefits.
15.2.2.8. Portfolio investments
The methodology for Portfolio Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.9. Other investments
The methodology for Other Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.10. Financial derivatives
The methodology for Financial Derivatives is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.11. Other methodological deviations
No other methodological deviations.
15.2.2.12. Other changes during the reference year
In 2022 new payment card reports have been intorduced. This replaces MOSS data source which does not distinguish goods and services any more (sevices digitaly traded). It is also a data source for gambling abroad which is part of Other personal, cultural, and recreational services.
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 2008 SNA/ESA 2010.
Further information and country-specific feedback is provided below.
15.3.1. Coherence - sub annual and annual statistics
There is full consistency with integrity rules for all domains. Monthly and quarterly BOP datasets were fully consistent as well as quarterly and annual ITSS and FDI data. Furthermore, the BOP and IIP reconciliation table does not reveal any unexplained changes.
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.
Differences between ITGS and BOP goods data are fully explained in the reconciliation table, the adjustment for goods for processing by far the most important one.
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.
The consistency between BOP and National accounts data is very satisfactory, just depicting small differences for services, investment income, secondary income and capital account. National accounts (NSI)and BOP (central bank) cooperate on regular basis in the process of data compilation.
15.4. Coherence - internal
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
15.4.1. Consistency between quarterly and annual data
This indicator refers to Eurostat Quality Report Chapter 6.1.2 Consistency between quarterly and annual data: The Quality Report Tables monitor the progress made in aligning quarterly and annual data.
For example, ITS and FDI annual data are compared with the sum of the corresponding four quarters for partners Extra EU27 and Rest of the World.
Quarterly and annual data are fully consistent.
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.
Monthly and quarterly BOP datasets were fully consistent as well as quarterly and annual ITSS and FDI data.
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.
Data are fully consistent, there are no unexplained changes in IIP.
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.
The average relative errors and omissions (E&O) was around the EU 1st quartile in relation to the current account, and in the EU 2rd quartile when reported relatively to average IIP. The cumulative sum of net errors and omissions remained negative. Q1 and Q2 data for 2022 was an outlier in errors and omissions item due to price changes of debt securities that were partly missclasified as transactions at first published data. Data are revised already and this discrepancy is corrected, however quality report data does not take into account later published data for this particular period.
Not applicable.
17.1. Data revision - policy
Source: A Harmonised European Revision Policy for Macroeconomic Statistics; CMFB October 2017. Macroeconomic statistics, such as national accounts, the balance of payments and the international investment position, are produced from a large variety of data sources. These data sources are reconciled using an approach based on an agreed set of international guidelines. The sources used to estimate macroeconomic aggregates are provided with varying degrees of timeliness, taking up to three years or more in the case of structural sources. As users need national and international data as fast as possible, particularly on certain key aggregates like gross domestic product (GDP), data are produced using the sources and related indicators that are more readily available. As more complete data are obtained from these sources in due course and the structural sources are made available, the statistics are updated to incorporate the new information.
Such revisions of macroeconomic statistics are necessary to improve quality, but can be inconvenient for users. To minimise this inconvenience, revisions should ideally be coordinated within one country, across different statistics, and then across countries. International comparability – and the compilation of EU and euro area aggregate statistics – is hampered when different revision policy schemes are applied in different countries. As the schedule of revision of national accounts and balance of payments statistics varies from country to country, this creates inconsistencies among different statistical domains.
The European Statistical System (ESS) and the European System of Central Banks (ESCB) try to strike the right balance between incorporating the necessary statistical revisions and maintaining an acceptable degree of consistency across domains and countries. To this end, the two systems have worked together to draw up guidelines for a harmonised revision policy for macroeconomic statistics.
A distinction should be made between 'routine' revisions and 'major' or 'benchmark' revisions. Routine revisions refer to the changes made to the economic data published initially and to its subsequent releases for a particular reference quarter or year. The earlier estimates typically undergo the most significant revision. In routine revisions, the number of past periods being revised (the 'depth' of the revision) is typically relatively limited. Benchmark revision is carried out at much longer time intervals. Its purpose is to incorporate the main new data sources and major changes in international statistical methodology (such as ESA2010 or BPM6). In benchmark revision, many years are open for revision in order to create the longest possible consistent time series.
The National Statistical Offices and the National Central Banks are not legally bound by this common policy, but voluntarily agree to it and commit to gradually implement it with the aim of delivering more consistent statistics to users. The level of adherence to the guidelines of countries' revision policies will be monitored regularly.
17.2. Data revision - practice
Revisions of BOP (including ITSS), IIP and gross external debt data occur as follows:
monthly data for balance of payments and external debt relating to the month m are published with m + 6 weeks lag. At the same time, all monthly data of the corresponding year are revised.
quarterly data for international investment position relating to the quarter q are published with q + 10 weeks lag. At the same time, all quarterly data of the corresponding year are revised.
Back data revisions relating to years (y-1) and (y-2) occur in the second half or the current year (y), in case of major methodological changes longer time series can be revised as well.
Regular revisions are connected to revised data in FDI:
Data on reinvested earnings in the current year are estimated - a three-year monthly average of actual data on total earnings, less extraordinary incomes (the source being annual reports on investments), is decreased by dividends and other profits, paid in the current month (the source being monthly reports).
When annual FDI data is available (in 6 month after reference year) estimated data for last year is being revised. Complete revisions of FDI are for the last two years based on corrected direct reports from companies.
Other data is revised based on change in sources, introducing new sources and changes in methodology. Longer time revisions may be connected with methodological breaks such as introduction of BPM6 which replaced BPM5.
17.2.1. Data revision - average size
Not applicable.
18.1. Source data
For BOP (including ITS) and IIP compilation different sources are currently used:
The external trade statistics (ECL; source: Statistical Office of the Republic of Slovenia) is the main source of data on trade in goods. Since 1 May 2004, the source of data on trade in goods among Slovenia and EU Member States is the Intrastat reporting. The source of data on trade in goods with other countries is the single administrative document (Exstrastat reporting).
Reports on trade in services, part of trade in goods and on current/capital transfers with nonresidents (BST) are the sources of data on services (excl. travel), data on coverage adjustments of goods item and data on current and capital transfers (excl. transfers with EU budget) from 2008 onwards.
Reports on transactions with securities (VRP) and data from the Securities Clearing Corporation (KDD) are the sources of portfolio investments (debt and equity securities). Also they were the source for financial derivatives (from September 2003 till the end of 2006). From 2015, the additional data source SHSS statistics (data on securities holdings in the Eurosystem) is also used in the securities data. Based on SHSS data, data on securities that are not already available under KDD and VRP (purchases / sales of securities past domestic brokers) are taken into account (especially for sector S.11 and S.14)
Reports on credits received and granted and deposits with non-residents (KRD) are the source for data regarding loans and deposit of all sectors, except banks, since 2007. From August 2017, as part of the KRD, also following data is reported:
Short-term trade credits and advances,
Investments in foreign debt securities that are carried out without domestic intermediaries and are non-listed,
Less than 10% of equity in the capital of resident companies that are not joint stock companies,
Less than 10% of the equity in the capital of non-listed non-resident companies,
Equity shares in the international organizations.
Reports on monetary financial institutions (PORFI) are the source for data of the banking sector since 2005. PORFI is a source for data on loans, currency and deposits, trade credits, other accounts receivable/payable, financial derivatives and income data (interest).
Annual reports on investments (SN) are the source for reinvested earnings and equity positions of direct investments until 2007. From 2008 onwards monthly reports on investments (SN-T) are source also for all other direct investment transactions in equity and related income. Until 2017 for equity securities investments, carried out without domestic authorized intermediaries, also this source was used. Since August 2017, this type of investments in equity securities are reported under the KRD report. Since January 2018, SN and SN-T reports are based on amended reporting criteria: that balance sheet total of the reporting agent exceeds EUR 2 million and that the share of ownership (shares or other equity) in a foreign company or a foreign company in Slovenia is 10% or more. Due to the limited population, it was necessary to make a grossing-up for companies with a less than EUR 2 million of total assets when revising data for 2017 and 2018.
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.
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).
18.3.2. EBOPS 2010 transactions performed according to the center of predominant economic interest (residence) of units
The geographical allocation of resident/non-resident transactions are implemented according to the centre of predominant economic interest (residence) of participating units.
18.3.3. EBOPS 2010 transactions on the basis of market prices
Basic rule in IIP and BOP is recording based on market value of securities. If market value of equity securities is not availiable (not quoted on stock exchange or if market value of transaction is not availiable) book value is used.
18.3.4. EBOPS 2010 transactions on accrual basis
Transactions in BOP and IIP are recorded on accrual basis.
18.3.5. Market exchange rate prevailing on the transaction dates
In case of a currency conversion the market exchange rate prevailing on the transaction dates is applied.
18.3.6. EBOPS 2010 items do you compile data broken down by partner country
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;
Personal, cultural, and recreational services;
Government goods and services n.i.e.
18.3.7. Information on ITS for categories beyond EBOPS 2010 and its complementary groupings
No.
18.4. Data validation
Data sources are routinely assessed for response error, code lists errors. Outliers are routinely detected and reconciled. There are also validations against yearly balance sheet database as well as the database of payments received on monthly basis from commercial banks. Data for banking sector is mostly derived from monetary statistics and checked already there, additional logical controls are performed also when entering in bop and iip calculation. Larger reporters are manually checked also with annual reports. Each year samples are tested and new reporters are included in external statistics reporting obligation. Likewise grossing up coefficients are adjusted.
Data is checked before transmission also in the struval/conval Eurostat Validation.
18.5. Data compilation
Not applicable.
18.5.1. Imputation - rate
Not applicable.
18.6. Adjustment
No seasonal adjustments are made.
Procedures for grossing up for nonreporting population (below threshold) regarding ITSS, FDI and parts of BOP/IIP (mainly for S.11 sector are in place). Target population is set once a year, when supplementary data on rest of the world which is part of balance sheet report is available.
In IIP mainly for S.11 items, nonresponse is taken into account in the way that last known data is accounted for.
18.6.1. Seasonal adjustment
No seasonal adjustments are made.
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).
12 April 2023
The overall conceptual framework of BOP, IIP, FDI and ITS are in broad conformity with the most recent manuals as well as the EC Guidelines and Eurostat’s Vademecum.
Statistical concepts and definitions relate to basic internationally accepted standards and guidelines for external sector statistics; for instance:
All resident-nonresident transactions covered;
The concept of residency adhered to;
For the BOP, the concept of gross reporting is followed for the current and capital account; and the net basis for financial account transactions (separately for the individual asset and liability components);
The change of economic ownership principle soundly applied;
FDI is defined as equity ownership representing 10 percent or more of the voting power;
The accrual basis is broadly applied;
Market values or appropriate substitute measures are used;#
the residence of Special Purpose Entities (SPEs) is attributed to the economy in which they are legally domiciled or incorporated;
Overall, the classification, netting and ordering in the IIP is consistent with BPM6; current, capital, and financial accounts of the balance of payments statement are defined according to the BPM6.
Known Deviation (Source: Vademecum):
BOP/IIP data are to be compiled following the debtor/creditor approach, instead of the “transactor” approach. In other words, the geographical allocation of assets/credits is to be done on the basis of the residency of the issuer/debtor and not of the “transactor”. This is particularly relevant for portfolio and direct investment functional categories, which record tradable instruments. This approach is to be followed consistently in the geographical and sector allocation of investment income, financial transactions and stocks.
Institutional units are defined in conformity with BPM6 and relate to those that have a predominant centre of economic interest in the country. In principle, any individual, corporation or other institution that provides information on the transactions/positions between the residents and non-residents of a country during a given period is included. Resident institutional units engaged with nonresidents also cover in principle:
Incorporated or unincorporated affiliates of nonresident companies; and SPEs with little or no physical presence;
Resident territorial enclaves in the rest of the world (e.g., embassies, military basis);
Free zones/bonded warehouses/factories operated by offshore enterprises under customs control;
Citizens who work or live temporarily in another country (seasonal and cross border commuters, students and patients).
Not applicable.
The reference area describes the geographical area covered by the data disseminated. According to the BOP Vademecum, the reference area is the economic territory, country, or region for which external sector statistics are provided. The country code list follows the ISO 3166-1 alpha-2 classification and is a "cross-domain" code list, used also in National Accounts. The codes used for various regional groupings are harmonized across international agencies that use the BOP-DSD.
The monthly (MBOP), quarterly (QBOP) BOP, and quarterly FDI transactions summarize economic transactions between residents and nonresidents during the respective reference period. The annual ITS dataset summarizes services transactions over the period of one year.
The quarterly IIP statement as well as the annual FDI stock statistics refer to a point in time at the end of the reference period; i.e., the last day of a quarter or year, respectively. The other changes in financial assets and liabilities of the IIP statement (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the BOP and IIP during a specific period.
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). The directional reliability is above 80% for the majority of the items. A lower directional reliability is observed for monthly BOP primary income debits, quarterly BOP primary income credits and quarterly direct investment flows.
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.
Values of SMAPE and MACE indicators were generally low. Items connected with FDI (income or equity) normally have larger revisions since they are corrected with annual surveys which are taken into account when they are available (normally end June t+1). Reinvested earnings and profits are only estimated until annual surveys are available. Therefore change of data is always expected for this part. PI income is also changed on the basis of supplementary source which is available only once a year.
(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.
In July 2022 Banka Slovenije carried out revision of balance of payments, international investment position and external debt statistics for the period 2019 to 2021. Cumulative effect of the revised period was higher current account surplus of EUR 0.3bn, as well as a higher surpluss of financial account of payments of EUR 0.7bn, while the statistical error was lower by EUR 0.3bn. The net international investment position increased by EUR 0.3bn (from -3.7bn to -3.4bn) at the end of 2021.
(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.
BOP and IIP reconciliation table does not reveal any unexplained changes. Unallocated partner or activity cells are low.
All data sent to Eurostat are in Millions of Euro for Euro Area countries and in Millions of National currency for non-Euro Area countries. The unit of dissemination is Euro.
Not applicable.
For BOP (including ITS) and IIP compilation different sources are currently used:
The external trade statistics (ECL; source: Statistical Office of the Republic of Slovenia) is the main source of data on trade in goods. Since 1 May 2004, the source of data on trade in goods among Slovenia and EU Member States is the Intrastat reporting. The source of data on trade in goods with other countries is the single administrative document (Exstrastat reporting).
Reports on trade in services, part of trade in goods and on current/capital transfers with nonresidents (BST) are the sources of data on services (excl. travel), data on coverage adjustments of goods item and data on current and capital transfers (excl. transfers with EU budget) from 2008 onwards.
Reports on transactions with securities (VRP) and data from the Securities Clearing Corporation (KDD) are the sources of portfolio investments (debt and equity securities). Also they were the source for financial derivatives (from September 2003 till the end of 2006). From 2015, the additional data source SHSS statistics (data on securities holdings in the Eurosystem) is also used in the securities data. Based on SHSS data, data on securities that are not already available under KDD and VRP (purchases / sales of securities past domestic brokers) are taken into account (especially for sector S.11 and S.14)
Reports on credits received and granted and deposits with non-residents (KRD) are the source for data regarding loans and deposit of all sectors, except banks, since 2007. From August 2017, as part of the KRD, also following data is reported:
Short-term trade credits and advances,
Investments in foreign debt securities that are carried out without domestic intermediaries and are non-listed,
Less than 10% of equity in the capital of resident companies that are not joint stock companies,
Less than 10% of the equity in the capital of non-listed non-resident companies,
Equity shares in the international organizations.
Reports on monetary financial institutions (PORFI) are the source for data of the banking sector since 2005. PORFI is a source for data on loans, currency and deposits, trade credits, other accounts receivable/payable, financial derivatives and income data (interest).
Annual reports on investments (SN) are the source for reinvested earnings and equity positions of direct investments until 2007. From 2008 onwards monthly reports on investments (SN-T) are source also for all other direct investment transactions in equity and related income. Until 2017 for equity securities investments, carried out without domestic authorized intermediaries, also this source was used. Since August 2017, this type of investments in equity securities are reported under the KRD report. Since January 2018, SN and SN-T reports are based on amended reporting criteria: that balance sheet total of the reporting agent exceeds EUR 2 million and that the share of ownership (shares or other equity) in a foreign company or a foreign company in Slovenia is 10% or more. Due to the limited population, it was necessary to make a grossing-up for companies with a less than EUR 2 million of total assets when revising data for 2017 and 2018.
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.
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).
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.
BOP, ITSS, IIP and FDI statistics are comparable over time.
