Bank of Greece

Statistics Department

21, E. Venizelou Avenue, GR-10250, Athens

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.

These datasets are broadly in line with the sixth edition of the IMF’s Balance of Payments and International Investment Position Manual (BPM6), the OECD Benchmark Definition of Foreign Direct Investment (BD4) and the Manual on Statistics of International Trade in services 2010 (MSITS 2010).

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).

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 ESA 2010 (in § 5.118) makes a similar reference for short-term loans.

Specifically for euro area: The definition of reserve assets is in line with BPM6 guidelines. However, as a member of the euro area, the definition of monetary reserves in a MS’s BOP includes (inter alia) only those liquid claims denominated in foreign currency that the MS’s central bank holds on non-euro area residents. Claims on residents of other euro area countries, regardless of the currency, are part of other external assets.

Institutional units are grouped into institutional sectors according to similar economic objectives, functions, and behaviour.

The sector classifications based on the BOP Vademecum are:

Central bank (S.121); Monetary Financial Institutions (MFI) other than central bank (S.122) (incl. Deposit-taking corporations except the central bank; Money Market Funds (S.123)); General government (S.13); and Other sectors.

The Other Sectors consist of Financial Corporations other than MFIs (S.12); Non-Financial Corporations (S.11); Households (S.14); and Non-profit institutions serving households (S.15).

Exception to BPM6:

A deviation from the BPM6 sector classification is that Money Market Funds are part of Other sectors (in BPM6) whereas they are part of the MFI sector for European Statistics according to the Vademecum.

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 length of time for which data are available to users is:

• for Monthly Balance of Payments (MBOP): 2002Q1 onwards
• for Quarterly Balance of Payments (QBOP): 2002Q1 onwards
• forInternational Investment Position (IIP): 2003Q4 onwards
• for FDI positions: 2003Q4 onwards

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.

Institutional Mandate – in national level

• Statute of the Bank of Greece (Article 55C) 
• Law 3424/1927 (as amended by 2609/1998 and 2832/2000) 

Institutional Mandate – in European level

• Regulation no 184/2005 of The European Parliament and of the Council of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment,
• Commission Regulation (EC) No 601/2006,
• Commission Regulation (EC) No 602/2006,
• Commission Regulation (EC) No 707/2009,
• Commission Regulation (EU) No 555/2012,
• Regulation (EU) 2016/1013
• Commission Delegated Regulation (EU) 2019/505 of 19 December 2018
• Quality reports for the BoP domain are prepared in accordance with Commission Regulation (EC) No 1227/2010 of 20 December 2010 implementing Regulation (EC) No 184/2005 (OJ No L 283/3).

The exchange of statistical data related to b.o.p. between the Bank of Greece and the Hellenic Statistical Authority is regular, however not yet laid down in a Memorandum of Understanding.

Bank of Greece supplies balance of payments data to the national statistical institute which are used for the compilation of national accounts and more particularly the rest of the world account.

Data on the number of travellers' arrivals/departures at all types of frontier stations (e.g. airports, seaports) are provided directly to the Bank of Greece by the relevant Greek authorities (civil aviation authority, port authorities, etc).

Bank of Greece also cooperates with the Hellenic Stock Exchange on a regular monthly basis. The Hellenic Stock Exchange provides statistical information on the activity of the ATHEX equity market and more particularly ISIN by ISIN information of foreign investors’ participations in equity which is negotiated in ATHEX.

The Statute of the BoG protects the confidentiality of statistical information collected by BoG and prohibits the disclosure of confidential information. Violators of statistical confidentiality rules are penalized under Article 371 of the Penal Code. The b.o.p/i.i.p data are disseminated by the Bank of Greece as a service to the public.

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.

In Greece, the total number of cells that have to be provided to Eurostat according to the Regulation are flagged as non-confidential and are fully available to the users.

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.

Eurostat release calendar can be found under http://ec.europa.eu/eurostat/news/release-calendar

Greece publishes an advance release calendar, that provides information on a monthly basis about release dates for the coming year. 

The advance release calendar, which gives one-year-ahead notice of the precise release dates, is disseminated on the Internet on the IMF's DSBB and on the Bank of Greece's website under the heading "Statistics / SDDS / External Sector / Advance Release Calendar." The national advance release calendar can be found under https://www.bankofgreece.gr/RelatedDocuments/Advance_release_calendar-Externa_Sector.xls 

Monthly data are provisional when first released and are indicated as such. The data (monthly, quarterly and annual) are revised continually, whenever new statistical information either from special annual questionnaires or from other sources becomes available.

Provisional, revised and final data are appropriately indicated by using foonotes and endnotes markers.   

Information on revisions is given through notes included in the publications, while major changes in methodology are announced through both NCB publications ("Bulletin of Conjunctural Indicators" (monthly), "Economic Bulletin" (semi-annual), "Annual Report") and special press releases.

Eurostat Website:

BOP: monthly and quarterly

FDI flows and stocks: annually

IIP: quarterly and annually        

ITS: annually

Monthly press releases linked to the b.o.p. data, are available to the public.

1. "Bulletin of Conjunctural Indicators" (monthly),
2. "Economic Bulletin" (semi-annual), 
3. "Annual Report" and
4.  special press releases.

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.

 https://ec.europa.eu/eurostat/web/balance-of-payments/data/database

In Greece, b.o.p data under BPM6 methodology are available from the reference month January 2002 and onwards on the central bank's website (https://www.bankofgreece.gr/) and throught its Open Data Portal (https://opendata.bankofgreece.gr/en/home).

Not applicable.

Data are disseminated and accessible at national level by Bank of Greece for: Monthly BOP data; Quarterly BOP data; Quarterly IIP data; Annual FDI data; Annual ITS data.

No micro data are disseminated.

 There is equal data access for all users.

Not applicable.

General methodological information is available at the External Sector section at the website of Bank of Greece, which is continuously updated. Whenever important methodological changes take place, specific press releases are posted under the main page for central bank's website.

Also the external statistics methodology is updated each year and sent to IMF to be included in the IMF's Balance of Payments Yearbook and SDDS+ standards (https://dsbb.imf.org/sddsplus/country/GRC/category).

Methodological notes regarding the compilation of Greece’s BOP and IIP are provided to the ECB to be published in the European Union Balance of Payments/International Investment Position Statistical Methods (https://www.ecb.europa.eu/pub/pdf/other/eubopintiinvposstmeth201611.en.pdf).

CMFB’s MIP individual report of quality evaluations contains also methodological aspects: https://www.cmfb.org/main-topics/mip-quality.

Not applicable.

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.

Bank of Greece emphasizes and promotes the importance of the quality of statistical data.

Data quality is reflected in the strategic goals of the Statistics Department and measures for maintaining or improving data quality are regularly addressed in the annual work programs. Management is aware of trade-offs among dimensions of quality, such as between consistency with other data sets and maintaining a regular and transparent revision schedule or between timeliness and accuracy. These trade- offs are taken into account when choices are made.

Trade- offs are also discussed at the level of the ECB’s Statistics Committee, which advises the ECB Council on guidelines for statistical production, and the Committee on Monetary, Financial, and Balance of Payments Statistics (CMFB), which assists the European Commission in developing and implementing statistical work programs.

Quality controls are applied at both disaggregated and aggregated level. Data are checked at the level of the data collection tool for syntax (codification), consistency and completeness. Further controls consist, inter alia, in performing cross-checks with other data sources and plausibility checks.

In the monthly production process, top-down quality controls are carried out. In the quarterly and yearly production cycle, bottom-up procedures are applied. Consistency checks between flows and stock data are also performed.

This indicator refers to the Eurostat Quality Report Chapter 7 and 8: Overall Assessment.

Overall assessment:

Greece’s BOP, IIP, ITS and FDI data transmitted to Eurostat were in line with the EU requirements and compliant with the guidelines included in the BPM6 and the BD4 manuals. Explanations for the existing inconsistencies and challenges were adequately provided. Eurostat appreciates Greece's undertaken efforts to maintain and further improve the overall quality of BOP, IIP, ITS and FDI data especially by participating in organized asymmetries workshops and also by being an active member of the FDI network.

Relevance:

Greece provided the complete datasets as required by the Regulation (EC) No 184/2005 of the European Parliament and of the Council of 12 January 2005 and amended by the Commission Regulation (EU) No 555/2012 of 22 June 2012 to Eurostat related to monthly BOP, quarterly BOP, quarterly IIP, quarterly revaluations and annual FDI.

Accessibility and Clarity:

Data transmitted to Eurostat for monthly BOP, quarterly BOP, quarterly IIP and revaluations, as well as annual FDI and ITS, were disseminated without differences at national level.

Coherence:

Greece has shown for monthly BOP, quarterly BOP, quarterly IIP, quarterly revaluations, as well as annual ITS and FDI data full consistency with the integrity rules. Furthermore, BOP and IIP data could be fully reconciled.

The measure for relative net errors and omissions (ARE) indicated for Greece is lower than the EU median for both current account and IIP. However, cumulative errors and omissions show a positive bias for further analysis.

Differences between BOP and National Accounts data for all current account items and the capital account existed. In Goods and Services account, a significant decrease in the inconsistencies between BOP and RoW Sector is observed. With regards to discrepancies related to primary and secondary income, different data sources and time recording is used.

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.

National Users: Hellenic Statistical Authority (ELSTAT), Ministries, Embassies, Academia, Press, Commercial Data Providers.

External Users: ECB, Eurostat, IMF, OECD, BIS, Rating Agencies.

Bank of Greece actively participates in numerous international and European working groups, which include representatives of other major data users such as the ECB, the European Commission, and other international organizations.

Not available

This section refers to the current Eurostat Quality Report 1.1.1. Data availability- completeness.

Greece completeness rate is 100% for all datasets, according to the BOP Regulation requirements.

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.

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.

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

Not applicable. 

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).

Not applicable. 

Not applicable. 

All data were delivered before the official deadline.

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.

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. 

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.

Concerning the services bilateral asymmetries, Greece participates actively in the Asymmetry Resolution Mechanism (ARM) for International Trade in Services Statistics (ITSS). The aim of the mechanism is to reduce the overall asymmetries in ITSS data through organised trilateral meetings between the counterpart countries (EU Member States) and Eurostat. The reasons for the services asymmetries are mainly the different data sources used between Member States, collection methods, estimation models, etc.

The FDI asymmetries are mainly addressed in the FDI Network. The reasons for the FDI asymmetries could be multiple, such as the existence of the SPE's, the different classification of certain transactions between FDI and PI, etc.

Consistent time series are made available to the users, starting from 2002 onwards. The time series are comparable and reconcible over time.

Fully detailed monthly, quarterly and annually data under the BPM6 methodology is available from 2002 onwards.

The general BPM6 principles of the Balance of Payments manual of the IMF (6th edition) are applied.

Methodological guidelines for compiling BOP, IIP, FDI and ITS statistics are defined by the BPM6, the Manual on Statistics of International Trade in Services of the United Nations, and the OECD Benchmark Definition of Foreign Direct Investments (BD4). 

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. 

The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6.

The methodology for Primary Income is outlined in Chapter 11 of the IMF BPM6.

In Greek b.o.p., investment income is recorded on a cash basis with the exception of debt securities income which is recorded on an accrual basis.

Also, in other primary income, the flows between the EU and the general government relating to subsidies on products and production, are recorded on a cash basis. Information is derived from the Government Financial Operations and Accounts Department of Bank of Greece.

The methodology for Secondary Income is outlined in Chapter 12 of the IMF BPM6.

In Greek b.o.p., general government data are collected monthly, on a cash basis, from the Government Financial Operations and Accounts Department of Bank of Greece.

The methodology for the Capital Account is outlined in Chapter 13 of the IMF BPM6.

In Greek b.o.p. information is collected monthly, on a cash basis, from the Government Financial Operations and Accounts Department of the central bank and cross-checked with administrative information from the Ministry of Economy and Finance.

The methodology for Direct Investment is outlined in Chapters 6, 8 and Appendix 6 of the IMF BPM6.

In Greek b.o.p./i.i.p., listed equity is valued at market price in assets and liabilities while unlisted is valued at own funds at book value.

The methodology for Portfolio Investment is outlined in Chapters 6, and 8 of the IMF BPM6.

The methodology for Other Investment is outlined in Chapters 6, and 8 of the IMF BPM6.

In Greek b.o.p./i.i.p., general government data on loan contracts, and repayments, that are derived from the Government Financial Operations and Accounts Department of the central bank, are recorded monthly on a cash basis.

The methodology for Financial Derivatives is outlined in Chapters 6, and 8 of the IMF BPM6.

In Greece, the recording of financial derivatives transactions is based on direct reporting and ITRS data; therefore, it is disconnected from the estimation of stocks. General government financial derivatives transactions are derived from data provided by the Financial Operations Department of the central bank.

The recording of financial derivatives stocks is based on balance sheet information from Money and Banking Statistics. General government financial derivatives are provided by government data on a quarterly basis. The information provided on both sides (assets-liabilities) is on a gross basis for all sectors except HH-NPISH. However, holding amount of HH&NPISH is considered insignificant.

As from 2019, in parallel with RBGs data collection, a financial derivatives (assets) microdata collection has started, on a s-b-s basis, for DTCs on the basis of FINREP/COREP data. This data are also used for the compilation of the IIP figures.

No other methodological deviations are observed.

In the last year, there were no changes to data collection techniques, validation methods or compilation practices.

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. 

There are no inconsistencies between sub annual and annual statistics.

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.

The differences between BOP/ITGS are presented in Annex 2 of Greece's BPM6 - Based BOP Quality report.

The main source of data for the Goods BOP component in Greece is the International Trade in Goods Statistics compiled by ELSTAT. ELSTAT trade statistics comprise:

1. statistics on imports and exports from and to non-EU countries (Extrastat), based on data collected from custom authorities through the Single Administrative Document; and

2. intra-EU trade statistics (Intrastat), based on data collected through a special document submitted by enterprises (Intrastat document).

In Elstat's external trade statistics, the value of exports is reported in f.o.b. (free on board) terms, while the value of imports is reported in c.i.f. (cost, insurance, freight) terms. Given that both exports and imports are reported in f.o.b. terms in the balance of payments, the Bank of Greece converts the value of imports into f.o.b. terms by applying a fixed conversion coefficient of 5% (i.e. f.o.b. = c.i.f. * (1-0.05)), and the resulting difference is allocated to transportation and insurance services by 4/5 and 1/5, respectively.

Moreover, in the compilation of the balance of goods (as is also the case with that of National Accounts) imports of goods include ELSTAT's estimate of the illicit trade in goods.

This indicator refers to Eurostat Quality Report Chapter 6.2.2: Consistency with National Accounts. The corresponding tables in the Eurostat Quality Report assess the external consistency between the BOP and Rest-of-the-World Account in NA. As the concepts for the BOP and NA accounting frameworks are, in principle, consistent with one another, an assessment of the consistency concludes on how far these two accounting frameworks have been consolidated with each other. 

In Greece, the main reasons for the observed discrepancies between BOP and Rest-of-the-World Account in NA are the following:

Goods and Services Accounts

The differences between BOP and NA are much improved from 2021 onwards. However, there are still discrepancies to the corresponding tables due to the fact that the Quarterly National Accounts (QNA) are alinged with the Annual National Accounts of Sep'22 (ANA) in November 2022.

So, the comparison between BOP and QNA data in the Eurostat Quality Report, with data delivered to Eurostat in September/October 2022, does not reflect the actual discrepancies between the two domains.

Primary, secondary income and capital account

For Primary, secondary income and capital account, the differences between BOP and NA are mainly due to different data sources.

These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence. 

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.

For Greece, consistency between quarterly and annual data is ensured (annual data is the sum of quarterly 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 Greece, no discrepancies between monthly and quarterly data are observed.

This indicator refers to Eurostat Quality Report Chapter 6.1.4 Consistency between BOP and IIP figures. 

For Greece, most of the differences displayed on the table are very close to zero, mainly due to rounding issues. Some other discrepancies are due to revision vintages.

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.

For Greece, E&O item is not large. However, cumulative errors and omissions show a positive bias for further analysis.

Not applicable. 

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 ESA 2010 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.

In Greece, significant methodological revisions in bop/iip take place when deemed necessary and they are transmitted to ECB/ Eurostat asap. This may not be coincident with the benchmark revisions timetable.

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. 

Please refer to Table Data-Sources Detail.

Not applicable.

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).

The geographical allocation of resident/non-resident EBOPS 2010 transactions are implemented according to the centre of predominant economic interest (residence) of participating units.

EBOPS 2010 transactions are based on market prices

EBOPS 2010 transactions are not recorded on an accrual basis.

In case of a currency conversion, the market exchange rate prevailing on the transaction dates is applied.

All the main EBOPS 2010 items are broken down by partner country.

Bank of Greece does not compile information for categories beyond EBOPS 2010 and its complementary groupings.

Bank of Greece implements a number of validation procedures and plausibility checks both at individual data level and at aggregated level for the BOP, IIP and related statistics. 

For  b.o.p. data, all transactions reported in DIREQT are cross-checked with ITRS data on a monthly basis, using a transaction by transaction comparison tool.

Furthermore, all transactions reported in ITRS are cross-checked with TARGET & SEPA payment systems data, using also a transaction by transaction comparison tool.

In cases of discrepancies between DIREQT and ITRS/TARGET/SEPA, communication is made with either the enterprise or the ITRS contact (bank).

All substantial transactions (i.e. above €500 mil.) are checked at a second stage and confirmed with all the above systems and additional phone contacts if needed.

Before finalizing the BoP compilation, an overall assessment is made by BoP code on basis of total amounts (i.e. observing the time series for jumps etc.) and detailed reasoning is given (i.e. on basis of which transactions this is observed), where required.

Not applicable.

Not applicable.

No additional adjustments are applied.

No seasonal adjustments are made.