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.
NBR Statistics Department, 25 Lipscani Street, Bucharest 3, 030031 Romania
1.6. Contact email address
Confidential because of GDPR
1.7. Contact phone number
Confidential because of GDPR
1.8. Contact fax number
Confidential because of GDPR
2.1. Metadata last certified
9 May 2025
2.2. Metadata last posted
25 May 2023
2.3. Metadata last update
9 May 2025
3.1. Data description
The different domains relevant for external sector statistics (Balance of Payments -BOP, International Investment Position - IIP, Foreign Direct Investment - FDI, and International Trade in Services - ITS) sent to Eurostat are based on the BOP Vademecum reflecting requirements laid down in the Regulation (EC) No 184/2005 on Community statistics concerning BOP, ITS, and FDI, as amended by the Commission Regulation (EU) No 555/2012 of 22 June 2012 and Regulation (EU) No 2016/1013 of the European Parliament and of the Council of 8 June 2016.
Monthly and quarterly BOP summarize transactions between residents and nonresidents during a specific period. BOP data consist of the goods and services account, the primary income account, the secondary income account, the capital account, and the functional categories of the financial account (direct investment, portfolio investment, financial derivatives and employee stock options, other investment and reserve assets). Differences between the current and capital account on the one hand and the financial account on the other hand are visible under Net errors and omissions that result from imperfections in source data, inconsistent reporting by enterprises and compilation issues.
Quarterly IIP shows for a country all financial claims on nonresidents and a country’s liabilities to nonresidents at a certain point in time. The breakdown follows the functional categories of the financial account (direct investment, portfolio investment, financial derivatives (other than reserve assets) and employee stock options, other investment, and reserve assets). The sign of the balance shows whether the domestic economic sectors have a net creditor or net debtor position vis-à-vis other countries. The other changes in financial assets and liabilities accounts (revaluations due to exchange rate, revaluations due to other price changes and other changes in the volume) reconcile the balance of payments and IIP for a specific period, by showing changes due to economic events other than transactions between residents and nonresidents.
Annual FDI statistics (consisting of financial account transactions, current account primary income figures and IIP position data) is a category of cross-border investment associated with a resident in one economy (direct investor) having control or a significant degree of influence on the management of an enterprise that is resident in another economy (direct investment enterprise). By convention, such a lasting interest exists when a direct investor owns 10% or more of the voting power or the equivalent (for an unincorporated enterprise). Operational definitions of control and influence are explained in BPM6 § 6.12. Furthermore, the definition of direct investment is the same as in the fourth edition of the OECD Benchmark Definition of Foreign Direct Investment.
Annual ITS statistics record services transactions between residents and non-residents and cover the following categories: manufacturing services on physical inputs owned by others; Maintenance and repair services, not included elsewhere; transport; travel; construction; insurance and pension services; financial services; charges for the use of intellectual property, not included elsewhere; telecommunication, computer and information services; other business services; personal, cultural and recreational services; and government goods and services, not included elsewhere. The services categories are listed in the Extended Balance of Payments Services Classification (EBOPS 2010).
3.2. Classification system
Classification used for the BOP, IIP, FDI and ITS statistics are in broad conformity with guidelines outlined in the relevant manual (e.g., BPM6, BD4).
Nonfinancial transactions in the BOP are generally grouped according to their nature and characteristics. Produced assets are covered in the goods and services account. Primary income captures returns for the provision of labour and financial assets and for renting of natural resources. Secondary income captures further redistribution of income through current transfers, such as by governments, private households or charitable organization in cash or in kind. The capital account is split into gross acquisitions and disposals of nonproduced nonfinancial assets and other capital transfers.
Positions and flows of financial assets and liabilities are primarily grouped according to the BPM6 functional categories. Five functional categories of investment are distinguished: (a) direct investment, (b) portfolio investment, (c) financial derivatives (other than reserves) and employee stock options, (d) other investment, and (e) reserve assets. These functional categories reflect on economic motivations and patterns of behaviour. Positions, the associated income and financial account transactions, and other changes are based on three broad categories of financial assets and liabilities: (1) equity and investment fund shares, (2) debt instruments, and (3) other financial assets and liabilities.
Annual FDI flows are classified according to the directional principle, that is grouping the FDI transactions according to the status of the resident entity; 1) FDI abroad, if the resident entity is the direct investor or, in the case of transactions between fellows companies, if the “Ultimate Controlling Parent (UCP)” is also located in the compiling economy, 2) FDI in the reporting economy, if the resident entity is the direct investment enterprise or, in the case of transactions between fellows companies, if the “Ultimate Controlling Parent (UCP)” is not located in the compiling economy. In the directional presentation, reverse investment can be seen as equivalent to the withdrawal of investment. The instrument classification differentiates between equity (other than reinvestment of earnings), reinvestment of earnings and debt instruments.
Annual FDI income shows amounts payable and receivable between resident and non-resident entities in return for providing financial direct investment assets to the rest of the world, or incurring direct investment liabilities vis-à-vis the rest of the world. The instrument classification differentiates between dividends, reinvested earnings, and income on debt.
FDI positions are also classified according to the directional principle, split into net FDI positions abroad and net FDI positions in the reporting economy. The instrument classification differentiates between equity (including reinvested earnings) and debt instruments.
For all FDI statistics, the geographical allocation is made according to the economic residence of the immediate direct investor or immediate direct investment enterprise, and the recommended classification by activity is that of the direct investment enterprise (to avoid asymmetry issues). The industrial activity level is based on ISIC4/NACE Rev.2.
International Trade in Services data are presented in line with the Extended Balance of Payments Services Classification (EBOPS 2010).
Known deviations:
Regulation (EU) No 549/2013 (ESA2010) (par. 5.119) and the BPM6 Manual (par. 5.42) provide that funds between deposit-taking corporations are always recorded as deposits. Concerning deposit/loans liabilities of deposit-taking corporations to other counterparts, BPM6 foresees the additional convention that these are to be recorded as deposits, irrespective of the maturity, while ESA 2010 restricts this to short-term funds. Concerning deposit/loans assets of deposit-taking corporations vis-à-vis other counterparts BPM6 foresees the additional convention that these are to be recorded as loans, while ESA2010 (in § 5.118) makes a similar reference for short-term loans.
Specifically for euro area: The definition of reserve assets is in line with BPM6 guidelines. However, as a member of the euro area, the definition of monetary reserves in a MS’s BOP includes (inter alia) only those liquid claims denominated in foreign currency that the MS’s central bank holds on non-euro area residents. Claims on residents of other euro area countries, regardless of the currency, are part of other external assets.
3.3. Coverage - sector
Institutional units are grouped into institutional sectors according to similar economic objectives, functions, and behaviour.
The sector classifications based on the BOP Vademecum are:
Central bank (S.121); Monetary Financial Institutions (MFI) other than central bank (S.122) (incl. Deposit-taking corporations except the central bank; Money Market Funds (S.123)); General government (S.13); and Other sectors.
The Other Sectors consist of Financial Corporations other than MFIs (S.12); Non-Financial Corporations (S.11); Households (S.14); and Non-profit institutions serving households (S.15).
Exception to BPM6:
A deviation from the BPM6 sector classification is that Money Market Funds are part of Other sectors (in BPM6) whereas they are part of the MFI sector for European Statistics according to the Vademecum.
3.4. Statistical concepts and definitions
The overall conceptual framework of BOP, IIP, FDI and ITS are in broad conformity with the most recent manuals as well as the EC Guidelines and Eurostat’s Vademecum.
Statistical concepts and definitions relate to basic internationally accepted standards and guidelines for external sector statistics; for instance:
All resident-nonresident transactions covered;
The concept of residency adhered to;
For the BOP, the concept of gross reporting is followed for the current and capital account; and the net basis for financial account transactions (separately for the individual asset and liability components);
The change of economic ownership principle soundly applied;
FDI is defined as equity ownership representing 10 percent or more of the voting power;
The accrual basis is broadly applied;
Market values or appropriate substitute measures are used;#
the residence of Special Purpose Entities (SPEs) is attributed to the economy in which they are legally domiciled or incorporated;
Overall, the classification, netting and ordering in the IIP is consistent with BPM6; current, capital, and financial accounts of the balance of payments statement are defined according to the BPM6.
Known Deviation (Source: Vademecum):
BOP/IIP data are to be compiled following the debtor/creditor approach, instead of the “transactor” approach. In other words, the geographical allocation of assets/credits is to be done on the basis of the residency of the issuer/debtor and not of the “transactor”. This is particularly relevant for portfolio and direct investment functional categories, which record tradable instruments. This approach is to be followed consistently in the geographical and sector allocation of investment income, financial transactions and stocks.
3.5. Statistical unit
Institutional units are defined in conformity with BPM6 and relate to those that have a predominant centre of economic interest in the country. In principle, any individual, corporation or other institution that provides information on the transactions/positions between the residents and non-residents of a country during a given period is included. Resident institutional units engaged with nonresidents also cover in principle:
- incorporated or unincorporated affiliates of nonresident companies; and SPEs with little or no physical presence;
- resident territorial enclaves in the rest of the world (e.g., embassies, military basis);
- free zones/bonded warehouses/factories operated by offshore enterprises under customs control;
- Citizens who work or live temporarily in another country (seasonal and cross border commuters, students and patients).
3.6. Statistical population
Not applicable.
3.7. Reference area
The reference area describes the geographical area covered by the data disseminated. According to the BOP Vademecum, the reference area is the economic territory, country, or region for which external sector statistics are provided. The country code list follows the ISO 3166-1 alpha-2 classification and is a "cross-domain" code list, used also in National Accounts. The codes used for various regional groupings are harmonized across international agencies that use the BOP-DSD.
3.8. Coverage - Time
Monthly BoP data are available since 2005 to date, while quarterly data are available back from 1999. Quarterly IIP is available starting with 2008.
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 data is disseminated in both euro and national currency.
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
(i) Law No. 312/2004 on the Statute of the National Bank of Romania: the National Bank of Romania is legally empowered to compile the balance of payments (Article 9 para. (2)); (ii) Law No. 226/2009 on the organisation and functioning of official statistics in Romania: (Article 6 paras. (3)–(5)); (iii) Regulation no. 4/2021 on the reporting of data and statistical information to the NBR.
6.2. Institutional Mandate - data sharing
Non-confidential data that are not published are shared with interested users upon their request. Microdata are shared only within ESCB and ESS, according to the 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.
7.1. Confidentiality - policy
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.
Based on the provisions of national Law No. 226 of 5 June 2009 on the organization and functioning of official statistics in Romania, updated with subsequent amendments, statistical data are considered confidential if they refer to a single natural or legal person or if they allow the identification, directly or indirectly, of the natural or legal persons in question. The statistical data resulting from the processing of individual data may be disseminated, if, following the aggregation process, it refers to at least 3 reporting units and if none of them has more than 80% of the total.
7.2. Confidentiality - data treatment
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.
Confidentiality flags are used by Romania solely for fulfilling the legislative provisions in the field of primary confidentiality and Eurostat rules concerning secondary confidentiality. Based on the provisions of national Law No. 226 of 5 June 2009 on the organization and functioning of official statistics in Romania, updated with subsequent amendments, statistical data are considered confidential if they refer to a single natural or legal person or if they allow the identification, directly or indirectly, of the natural or legal persons in question. The statistical data resulting from the processing of individual data may be disseminated, if, following the aggregation process, it refers to at least 3 reporting units and if none of them has more than 80% of the total.
The release calendar for both press releases and database updates is published on the NBR website
8.3. Release policy - user access
The release calendar is set according to the EU common release policy, as published in the BoP Vademecum. Users have access to the release calendar on theNBR website: BNR Home - National Bank of Romania.
Eurostat Website:
BOP: monthly and quarterly
FDI flows and stocks: annually
IIP: quarterly and annually
ITS: annually
10.1. Dissemination format - News release
The first dissemination of data is announced via the monthly press release Balance of payments and external debt, to be found under: BNR Comunicate de presă
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: Database - Eurostat
10.3.1. Data tables - consultations
Not applicable.
10.3.2. Data accessibility at the national level
At national level, 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;
The microdata are shared only within the ESCB and ESS framework, for specific requests, with prior approval.
10.5. Dissemination format - other
Not applicable
10.5.1. Metadata - consultations
Not applicable.
10.6. Documentation on methodology
Methodological notes for users are published on the NBR website: BNR Metadata Sheets
10.6.1. Metadata completeness - rate
Not applicable.
10.7. Quality management - documentation
Not applicable.
11.1. Quality assurance
The quality report for 2025 shows a good adequacy of BOP/IIP data in terms of compliance with integrity rules, of completeness and of most other assessment criteria. BOP/IIP data revisions are included in time series as soon as they are available and are closely monitored by NBR.
11.2. Quality management - assessment
Follow up of the last year’s Eurostat Assessment
The quality assessment of the data included in 2025 Romanian Quality report indicates good levels for the most data quality criteria. All data series have been transmitted to Eurostat on time and the consistency with integrity rules remained excellent. The completeness level indicator has been 100% for all required data sets.
Till the results of the surveys or some other sources that are reported with a time lag, are available the compilation system is set to make estimates based on historical data or provisional data sources are considered. ITS and FDI annual data extracted for comparison with BOP quarterly data were revised in the context of the benchmark revision performed in 2024 and reported earlier to Eurostat (September 2024 according to dissemination calendar), than BOP/IIP data series which were transmitted in December 2024, also revised in the same benchmark context. These explains the differences between quarterly and annual data and between the values as reported in the last 4 data deliveries for 2020-2022 period in case of Services and Direct investment.
BOP and NA statistics comparison is not relevant in this reconciliation exercise as the NA data series are not included in the quality report.
Asymmetries on services generally remained at similar levels. Hopefully, some improvements regarding GEO allocation will follow in case of travel (debit), air passengers transport (debit), computer and information services (debit) after the implementation in BOP system of the available data source related to the value of online payments made by residents using credit cards on foreign websites, broken down by merchant codes, provided by the ECB Regulations on payment statistics (now being analyzed).
Starting with 2022, NBR is participating in the Asymmetry Resolution Mechanism (ARM), under the ITSS Working Group, an initiative that is intended to reduce the level of asymmetries in ITS data and improve the overall quality of these data. It’s also the case of FDI statistics. NBR actively participates since 2009 through FDI network in reducing the differences related to foreign direct investments at the level of main asymmetries partners. For the FDI asymmetries registered in the current quality report, NBR has tried to identify the cause of each asymmetry greater than EUR 500 million in absolute value. In this respect NBR exchanged data with LU, NL, AT, PL. In all the cases, the explanations pointed to methodological discrepancy, namely the residence of the UCP in the case of fellow enterprises, where UCP was neither located in Romania, nor in the counterpart country with which the bilateral asymmetry was recorded.
The level of errors and omissions item exceeds the 3rd quartile threshold of the EU27 for two periods from three analyzed in the current report, 2020Q3 – 2023Q2 and 2021Q3-2024Q2. In December 2024 NBR sent to Eurostat new data series starting with 2010, that included changes made in the context of 2024 benchmark revision. After analyzing the new data and distribution of new errors NBR can conclude that for 2020Q3-2023Q2, ARE(EO)CA decreased, being very close to the 3rd quartile, while for time span 2021Q3-2024Q2 errors and omission decreased but still slightly above the 3rd quartile. 2022 and 2023 were two years with positive errors, while 2020 and 2021 registered negative ones. The cumulative sum of net errors and omissions tend to increase, while the cumulative sum of relative E&O, related to CA tend to be relatively constant in the last 7 quarters (and below 1.3%). NBR monitors the level of E&O on a continuous basis and tries to improve the data quality of BOP components by finding new data sources, calculating reliable estimates or cross checking the primary data available with other sources such as companies’ financial statements.
Overall Assessment
The quality report for 2025 shows a good adequacy of BOP/IIP data in terms of compliance with integrity rules, of completeness and of most other assessment criteria. BOP/IIP data revisions are included in time series as soon as they are available and are closely monitored by NBR.
The asymmetries related to ITS and FDI are in general close to those presented in the previous Quality Reports. Some improvements in case of travel (debit), air passengers transport (debit), computer and information services (debit) are expected, after the data obtained from the reporting of the payment institutions based on ECB Regulations on payment statistics, offering details about the value of online payments made by residents using credit cards on foreign websites, broken down by merchant codes will be analyzed, crosschecked with the current available BOP data and the results implemented into the BOP system.
Analyzing the new data sent by NBR to Eurostat in December related to benchmark revisions, especially the distribution of new E&O, NBR can conclude that for the periods presented in the actual report where the errors and omission were above the 3rd quartile (2020Q3-2023Q2/2021Q3-2024Q2), a decrease was shown in the data, E&O being now closest to the 3rd quartile. The cumulative sum of net errors and omissions tend to increase, while the cumulative sum of relative E&O, related to CA tend to be relatively constant in the last 7 quarters and below 1.3%. 2022 and 2023 were two years with positive errors, while 2020 and 2021 registered negative values.
NBR constantly checks all primary BOP/IIP data sources in order to ensure a high degree of quality of the disseminated statistics.
In 2025, NBR will continue its work to improve the external statistics data by participating in discussions with NSI and other governmental agencies (Ministry of Finance) regarding the household sector, VAT traders, public debt, European Funds received, surveys sample conducted by NBR, aiming at compiling good and reliable statistics.
12.1. Relevance - User Needs
User needs are accomplished by keeping statistics harmonized with EU standards, which on their turn follow the worldwide update of the manuals.
12.2. Relevance - User Satisfaction
NBR closely monitors users’ needs and offers support and specific answers via a dedicated email adress available on its website: statistici-externe@bnro.ro
12.3. Completeness
This section refers to the current Eurostat Quality Report 1.1.1. Data availability- completeness.
12.3.1. Data completeness - rate
Data completeness – the provided cells expressed as % of required cells refers to the completeness of BOP, IIP, FDI and ITS data provided to Eurostat based on the requirements of the BOP Regulation.
Monthly BoP t+44 days
2023 07
2023 08
2023 09
2023 10
2023 11
2023 12
2024 01
2024 02
2024 03
2024 04
2024 05
2024 06
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Quarterly BoP t+82/t+85 days
2023Q3
2023Q4
2024Q1
2024Q2
100%
100%
100%
100%
Quarterly IIP t+82/t+85 days
2023Q3
2023Q4
2024Q1
2024Q2
100%
100%
100%
100%
Quarterly revaluations t+82/t+85 days
2023Q3
2023Q4
2024Q1
2024Q2
n/a
n/a
n/a
n/a
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
(2023)
(2023)
(2022)
(2023)
(2022)
100%
100%
100%
100%
100%
13.1. Accuracy - overall
Quantitative assessment of revisions
The 2021 – 2024 monthly and quarterly data presented in the tables of the 2025 Romanian quality report, chapter Quantitative assessment of revisions, are affected mainly by the including of the results of the NBR quarterly and annual surveys: International trade in service (ITS), Foreign direct investment (FDI), Other financial information related to nonresidents (OFIN). Other changes occur by including the sources that are available with a time lag, such as Labor force survey/Ministry of Labor and Social Solidarity data (120 days after the end of the reference quarter), BIS data (150 days after the end of the reference quarter), external private debt and interest linked to it (especially when new reporting agent is identified, and he has to report back data or if not all the loans were reported to NBR by an economic agent on time; the economic agents must report to NBR, the details of the debt contract within 30 days after the conclusion of the contract), NSI data related to illegal activities (alcohol, drugs, tobacco smuggling, prostitution) and second-hand cars import of the physical persons. Till the results of the surveys and the other delayed sources become available, the monthly data are estimated based on historical data.
BOP Monthly data, Period 2021 M04 – 2024 M03, data as reported at end of September 2024:
G Goods (D6, W1 - debit): In case of goods the amounts are slightly revised each month both on credit and debit. The GEO allocation is also updated especially for the previous month. The main source of data is the foreign trade statistics compiled by the NSI based on Intrastat system for intra – EU trade and supplemented by information on extra – EU provided by the National Customs Authority (which process custom trade declarations for export and import of goods outside EU). Each month NBR receives the data series revised starting with the first month of the year both for credit and debit. They are included in the BOP system, the previous compiled months being revised accordingly.
Starting with 2020 September revision of the year 2019, in Goods compilation, debit side, a new data source was introduced. Revolut LTD has reported quarterly, since June 2020, the online transactions on foreign websites made by resident individuals using a Revolut card (first quarter reported was Q4 2018). Till Revolut sends the data, estimations are included based on historical data. Also starting with 2021, the NSI sends once per year the amount related to second-hand cars import of the physical persons. Till the annual estimated values are reported by NSI, NBR makes monthly estimations considering the month-to-month variation percentage of the number of second-hand cars imported by physical resident persons, published monthly by General Directorate for Driving Licenses and Registrations. Is also the case of the illegal activities reported by NSI with a delay. NBR makes estimations using historical data.
SMAPE is very low (between 0% and 1%).
S Services (D6 – credit and debit) (W1 – credit and debit): The main source of discrepancies arises from the method of compiling monthly services data. Preliminary data from the ITS survey are available at T+44 days after the end of the reference quarter and final data are available at T+85 days. Monthly estimates are compiled using historical data which are subject to revisions after the survey data became available. Additionally, other Services sources that first are estimated from historical data are replaced by the reported quarterly data which become available after a specific period, depending the source of the data, i.e. information provided by the National Institute of Statistics (NSI) regarding the touristic expenses made by non-residents in their origin country for the trips on the Romanian territory and data obtain from compensation of employees model related to the expenses made by foreign short-term workers on Romanian territory and also the expenses made by resident short-term workers abroad.
IN1 Primary income (W1 – Credits): On the credit side of primary income, the source of discrepancies between revisions, is caused by the fact that NBR currently conducts only annual surveys on outward direct investments, due to the less significant figures. Another source that become available at 120 days after the end of the quarter is the Labor force survey data, these leading sometimes to discrepancies between revisions. Estimates based on historical data are used till the results of the survey can be used in compensation of employees’ model.
On the debit side, the differences between revisions are in the parameters set by Eurostat. The small fluctuations reported to first transmission are explained mainly by including the results of the FDI, OFIN (Other financial information related to nonresidents) surveys into bop.
Related to DI, debit side, NBR is conducting a quarterly survey on inward direct investment (only first 3 quarters are covered) in addition to the annual survey. First monthly data are estimated using historical data and they are replaced by the results of the surveys when become available.
For OI income, the OFIN (Other financial information related to nonresidents) survey provides quarterly results for short-term loans interest and for deposits interest; the previous year periods collected data are subject to revisions each time a new survey is ongoing. Data are reported on a cumulated basis from the beginning of the year, and the quarterly BOP transactions are compiled by subtracting data between two consecutive reporting periods. The months are estimated till the quarterly survey data became available, based on historical data.
Also, NBR is using the Debt Management and Financial Analysis System (DMFAS) for monitoring the long-term external debt and the interest paid by residents for MLT loans received. The data regarding private external debt must be reported 30 days after concluding of the debt contract. Revisions on MLT interests can occur from time to time when new reporting agent is identified, and he must report back data or if not all the loans were reported to NBR by an economic agent on time.
IN2 Secondary income (D6 – Credit/Debits, W1- Debits): The differences between revisions for the period mentioned in the quality report are explained mainly by social contribution and taxes on income and workers’ remittances items.
Social contributions paid by employers and employees and taxes on income regarding compensation of employees (COE) are first estimated based on historical data and then replaced when the results of the Labor force survey/Ministry of Labor and Social Solidarity data became available (120 days after the end of the quarter both for credit and debit).
Workers’ remittances (credit and debit) are compiled based on the quarterly reporting of most important MTOs that act on Romanian territory. The monthly data are derived from historical series until the MTOs reports are available.
KA Capital account (W1 – Credits and Debits): The differences in KA transactions are mainly due to the fact that for some components (Acquisitions and Disposals of Nonproduced, Nonfinancial Assets, capital transfers) data requested in the ITS survey are used. First the months are estimated based on historical data and then the survey results replace the BOP items.
BOP Quarterly data, Period 2021Q2-2024Q1, data as reported in September 2024:
G Goods: SMAPE is 0%
S Services (D6 - Credits, W1 – Credits): On the credit side the revisions between periods are due to including late sources in the final data, such as information provided by the National Institute of Statistics (NSI) regarding the touristic expenses made by non-residents in their origin country for the trips on the Romanian territory, and data obtain from compensation of employees model related to the expenses made by foreign short-term workers on Romanian territory.
SMAPE is low between 1%-3%.
Primary income (W1 – Credits and Debits):
Compensation of employees: Estimates are performed from historical data till the usual data sources become available (120 days after the end of the quarter, quarterly frequency).
Direct investment income: On the credit side of primary income, the source of discrepancies between revisions, is caused by the fact that NBR currently conducts only annual surveys on outward direct investments, due to the less significant figures. Related to DI, debit side, NBR is conducting a quarterly survey on inward direct investment (only first 3 quarters are covered) in addition to the annual survey. Related to the 4th quarter, first data are estimated using historical data and other information available when compiling the quarter (especially related to banking sector). They are replaced by the results of the FDI annual survey, available at T+9 months. The reason why the 4th quarter is not covered by a quarterly survey is that the financial statements of the economic agents for the end of the year are final and reported to the Fiscal Authority in May next year, when the annual FDI survey for the previous year starts.
Other investment income: The source of revisions on the debit side is the Debt Management and Financial Analysis System (DMFAS) used for monitoring the long-term external debt and the interest paid by residents for MLT loans received. The data regarding private external debt must be reported within 30 days after concluding the debt contract. Revisions on MLT interests can occur when new reporting agent is identified, and he must report back data or if not all the loans were reported to NBR by an economic agent on time.
IN2 Secondary income (D6 – Credits/Debits and W1- Credits): The important differences between revisions for the period 2021Q2-2024Q1 are explained by the fact that some sources are available with a delay (social contributions paid by employers and employees and taxes on income regarding compensation of employees (COE) are calculated within a model which data sources are available 120 days after the end of the quarter both debit and credit side). Estimates are performed from historical data till the data sources become available.
Financial account transactions (2021Q2-2024Q1):
Direct investment (Assets - D6/W1, Liabilities D6): Starting with the first quarter of 2013, NBR is conducting a quarterly survey on inward direct investment in addition to the annual survey. Even though the quarterly survey is conducted with a higher frequency, the annual survey has a better coverage. In the quarterly surveys, data are reported on a cumulated basis and the quarterly BOP transactions are compiled by subtracting data between two consecutive periods. Reporting entities are allowed to revise their previous data transmission when needed. Data for the fourth quarter are initially estimated using historical trends and other sources and are later revised, when the annual survey data become available. For outward direct investment, only the annual survey is conducted.
MACE: 0%-2%
In case of Other investment (Liabilities - D6/W1), the differences between revisions come from the OFIN survey which is a cumulative survey (each quarter the data are reported starting from the beginning of the year) allowing the reporters to correct data from previous periods. An important cross-check with financial statements when they become available are performed to correct the data reported to NBR which could impact the first transmission of data. Also, NBR is using the Debt Management and Financial Analysis System (DMFAS) for monitoring the long-term external debt and the interest paid by residents for MLT loans received. The data regarding private external debt must be reported to NBR within 30 days after the concluding of the debt contract. Revisions on MLT can occur from time to time when new reporting agent is identified, and he has to report back data or if not all the loans were reported to NBR by an economic agent on time.
Another source of revisions between quarters is BIS data related to deposits held abroad by residents, which is available 150 days after the end of the quarter.
MACE: 0%-1%
IIP Quarterly data (2021Q2-2024Q1):
Inward and outward FDI data is compiled using the annual survey. Quarterly FDI surveys gather data for inward direction, only. Data collected through quarterly surveys (on a cumulated basis) aims to deliver information on initial estimates (as of 1st, 2nd and 3rd quarter), while the final estimates are using annual survey figures when the fourth’s quarter data is derived accordingly (year annual – first 3 quarters). Before the final annual data become available the fourth quarter is estimated based on historical data and other data sources/estimations. The annual survey has a better coverage than the quarterly survey. Reporting entities revise their initial data transmission when it is necessary.
Most final estimates are higher than initial ones for both assets and liabilities, indicating upward revisions and the net figures, while fluctuating, show a general trend toward reduced differences in some quarters.
In case of Other Investments W1, the differences between initial and final estimates come from quarterly OFIN survey, which collects data for all major items of this functional category (deposits, loans, trade credits and advances and other accounts receivable/payable) from nonfinancial corporations and nonbank financial corporations. Being a cumulative survey, the data are reported starting from the beginning of the year for each quarter, so the reporting entities can make corrections to the data for previous quarters of that year. Also, the survey results are cross-checked with financial statements, when they become available, to correct the data reported to NBR which could impact the first transmission of data. Direct investment assets revision shows an upward trend over time with the largest one in 2023Q4 with impact on 2024Q1, only 2022Q2 negative revision reflecting an estimation adjustment. The FDI liability side appears more volatile compared to assets, some sharp increase in 2021Q4, a negative revision in 2023Q1 and strong upward adjustments in 2023Q4 with impact in 2024Q1.General trend shows a systematic underestimation of assets and reassessing of liabilities from time to time. The two IIP components, direct and other investment are subject to ongoing comments since they are revised using annual surveys which offer either a wider coverage or the possibility to perform different cross checks with financial statements sources and the asset\liability sides are updated accordingly.
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: 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
The punctuality for the current edition of the Quality Report is stated in the table below (14.2.1)
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
2023 07
2023 08
2023 09
2023 10
2023 11
2023 12
2024 01
2024 02
2024 03
2024 04
2024 05
2024 06
0
0
0
0
0
0
0
0
0
0
0
0
Quarterly BoP t+82/t+85 days
2023Q3
2023Q4
2024Q1
2024Q2
0
0
-4
-10
Quarterly IIP t+82/t+85 days
2023Q3
2023Q4
2024Q1
2024Q2
0
0
-4
0
Quarterly revaluations t+82/t+85 days
2023Q3
2023Q4
2024Q1
2024Q2
n/a
n/a
n/a
n/a
ITS
FDI flows and income
FDI stocks
-3
-4
-4
15.1. Comparability - geographical
This indicator refers to Chapter 5.3.1 and the corresponding tables of the Eurostat Quality Report: Asymmetries with regard to main ITS and FDI items.
Further information and country-specific feedback is provided below.
15.1.1. Asymmetry for mirror flow statistics - coefficient
ITS 2023 as reported in September 2024
The main asymmetries analyzed by partner countries revealed discrepancies for items such as Transport (Credit and Debit), Travel (Debit), Construction (Credit), Charges for the use of intellectual property (Debit), Telecommunications, computer and information services (Credit), Other business services (Credit and Debit) and Personal, cultural and recreational services (Credit).
In case of services, except for Travel component, Air Passenger transport (Debit), Telecommunications, computer and information services (Debit), Financial and Insurance services, the only compilation source, is the quarterly survey on international trade in services. The sample of ITS survey consists of about 9000 reporting entities and is established annually in close cooperation with the Romanian National Institute of Statistics (NSI) based on administrative reports on intra Community deliveries/ procurements/ supplies (VIES), for intra EU trade in services. The sample coverage is about 85% overall. Statistical procedures for grossing up are used in order to estimate for 100% coverage. In the recent past years NBR noticed that the international services are largely concentrated in SMEs, small companies tend to have a great impact on total services reported. As a result, a possible cause for asymmetries between countries may be the sample itself. The ITS sample used by our main partner countries, Germany, Spain, Italy, France, Spain, Hungary, Netherlands may not be as relevant if they do not capture the services in relation with Romanian SMEs.
In 2023, the Travel services, exports, are mainly based on debit/credit card information (payments made in Romania with cards issued abroad). This information is complemented with data from: a.) National Institute of Statistics quarterly survey ‘Tourism Expenditure of Non-Residents’, for information on non-residents’ payments for travel services (e.g. online reservations, travel packages); b.) Foreign exchange offices, for the estimation of cash expenditures made by non-residents in Romania; c.) A model derived from compensation of employees used to calculate data on goods and services acquired in Romania by non-resident short-term workers. Travel services, imports, are mainly based on debit/credit card information (payments made abroad with cards issued in Romania). This information is complemented as follows: a.) Travel related online payments are estimated using a ratio based on the results of the annual “Public Access to the Information and Communication Technology (ICT)” survey conducted by the National Institute of Statistics; b.) Foreign exchange offices provide data used to estimate cash expenditures made by residents abroad; c.) Quarterly questionnaire on International Trade in Services for travel data reported by travel agencies broken down by personal travel and business travel; and d.) A model derived from used to calculate data on goods and services acquired abroad by resident short-term workers. The National Bank of Romania applies ratios derived from the quarterly ‘Tourism Expenditure of Non-Residents’ survey conducted by the National Institute of Statistics to distribute the payments according to the reason of travel (for the sources where this detail is missing) and to the type of expenditure (for all sources).In case of total services significant asymmetries are recorded mainly with Germany, Netherlands, Ireland and Malta. The ITS survey has a good coverage and NBR considers that the results related to these types of transactions are quite accurate in terms of GEO allocation.
In case of the components that are not coming only from surveys, especially travel, considering the multitude of the data sources and estimations involved, asymmetries at the level of GEO allocation are likely to occur. Hopefully, after concluding the checking of the current available data with the data reported by banks in the context of the ECB Regulations on payment statistics at the level of MCC codes, this action will improve the current estimates regarding the distribution of online transactions between Goods and Services and also between types of services, which will determine a reducing in the value of the asymmetries both for travel and air passenger transport.
The significant asymmetries in Transport (Credits and Debits) are registered mainly with Germany, Spain and Switzerland (Credits) and Hungary (Debits). The primary data source for these services is also the ITS survey which has a good coverage, especially for the credit side, where our data indicate larger values. Starting from January 2017, estimations have been implemented in the current BOP compilation system (debit side) considering the online transactions with credit/debit cards made by residents on the foreign websites, reported by credit institutions. A specific ratio, obtained from the ITC survey conducted annually by NSI, is applied in order to estimate the amounts related to air passenger transport paid online using cards. The amounts from online transactions are distributed to the countries reported by resident banks and thus countries asymmetries in transport services item can occur.
As for Telecommunications, computer and information services (Credit), Construction (Credit), Other business services (Credit and Debit), the primary data source is the ITS survey. NBR considers that it has a good coverage.
The differences on compensation of employees’ item have been reduced in the context of the new estimation model developed in 2019. The only large discrepancy is registered with Netherlands. NBR plans to contact our colleagues to see what type of methodology changes took place in the last years.
FDI 2023 as reported in September 2024
Data on direct investment in Romania are collected mainly through a direct statistical survey conducted annually and quarterly by the National Bank of Romania and supported by the National Institute of Statistics.
For the most recent annual data collection, i.e. 2023, the sampling frame of the inward survey consisted of 36,869 FDI enterprises (non-financial companies), out of which 8,537 enterprises were surveyed (either via comprehensive or random survey). 7,092 enterprises were subject to a comprehensive survey, including enterprises with at least 20 employees (5,125 entities), as well as the enterprises referred to as atypical (1,864 entities, namely all direct investment enterprises with less than 20 employees whose turnover or share capital was of at least RON 30 million or which took medium and long-term loans of at least RON 15 million from their foreign direct investors or from fellow companies, companies with more than RON 100 million assets, as well as those for which there is information that they record significant FDI flows/positions).
In addition to the FDI companies included in the sampling frame, indirect direct investment enterprises where foreign investors exercise control through resident FDI companies that directly own them, having more than RON 10 million assets, totaling 770 units, were subject to a comprehensive survey.
Beside the statistical survey on non-financial companies, in accordance with the provisions of NBR Regulation No. 4/2021 on reporting statistical data and information to the National Bank of Romania, all credit institutions (25 entities), non-bank financial institutions engaged in lending, included in the Special Register (44 entities) and insurance companies with foreign capital (34 entities) have submitted direct FDI reports to the National Bank of Romania.
Regarding outward direct investment, it should be emphasized that 764 entities were subject to a comprehensive survey, apart from 250 FDI enterprises that also reported direct investment abroad on their own, in accordance with the provisions of NBR Regulation No. 4/2021 on reporting statistical data and information to the National Bank of Romania.
In addition to the annual survey, for inward side, quarterly data collections are performed employing surveys for nonfinancial (around 7000 DIEs) direct investment enterprises, banks, non-bank financial institutions, and insurance companies. For outward side, the quarterly figures are computed based on the new establishment of direct investment abroad that are direct reported to the NBR.
Data collected are subject to numerous quality checks employing administrative resources (e.g. data from Ministry of Finance), internal resources (e.g. External Debt Loan Register), commercial providers (e.g. Orbis), data validation procedures, so on.
As it can be noticed, the National Bank of Romania has made considerable efforts to develop a very comprehensive collecting system designed to reap and compile the utmost reliable direct investment figures.
As a general remark, based on our experience, inward direct investment data cover better the direct investment phenomena (due to a better capturing of the inward investment - the debtor generally has more accurate knowledge of the borrowings involved).
Regarding DI-D4P-D-F (debit), NBR has verified once again the figures and they have been confirmed with our reporters.
Regarding DI-D42S-D-F5 (debit), NBR has carried out additional verification of the figures and they are confirmed.
Regarding DI-D43S-D-F5 (debit), NBR performed additionally checks and this aggregate is confirmed.
Regarding DI-FA-D-F5A (liabilities) and DI-FA-D-F5B (liabilities), throughout the production cycles NBR noticed that the inward figures are better captured by compilers. NBR has double checked these aggregates and the figures are correct.
Regarding DO-FA-D-FP (assets) and DO-FA-D-FP (liabilities), NBR has double checked the values and the figures corresponds with the aggregation of the data compiled.
Regarding DI-FA-D-FP (assets) and DI-FA-D-FP (liabilities), as already mentioned, inward figures are generally better captured then outward figures. These aggregates have been verified and no issues have been identified.
It is worth noting that NBR has tried to identify the cause of each asymmetry greater than EUR 500 million in absolute value. In this respect NBR exchanged data via email and via FDI Network with LU, NL, AT, PL and, in all the cases, the explanations pointed to methodological discrepancy, namely the residence of the UCP in the case of fellow enterprises, where UCP was neither located in Romania, nor in the counterpart country with which the bilateral asymmetry was recorded.
15.2. Comparability - over time
Comparability over time is ensured by updates of historical data whenever a change in data sources or compilation methods occurs.
15.2.1. Length of comparable time series
Length of QBOP and QIIP time series available to the users based on BPM6 methodology (chapter 4.1.2 2023 Romanian BPM6 - Based BOPQuality report)
Series Length
Current account
Goods
Services
Primary income
Secondary income
Capital account
FDI flows
Total IIP
FDI positions
Time series at Eurostat starts with year/quarter
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
1999Q1
2005Q1
2005Q1
Time series at national level starts with year/quarter
2005Q1
2005Q1
2005Q1
2005Q1
2005Q1
2005Q1
2005Q1
2007Q1
2007Q1
15.2.2. Methodological comparability
Methodological comparability is ensured by the international methodological framework, as detailed below.
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6. For community statistics, countries are expected to record different values for Goods “national” and “community” concepts, if applicable.
15.2.2.3. Services account
The methodology for Goods and Services is outlined in Chapter 10 of the IMF BPM6.
15.2.2.4. Primary Income
The methodology for Primary Income is outlined in Chapter 11 of the IMF BPM6.
15.2.2.5. Secondary Income
The methodology for Secondary Income is outlined in Chapter 12 of the IMF BPM6.
15.2.2.6. Capital account
The methodology for the Capital Account is outlined in Chapter 13 of the IMF BPM6.
15.2.2.7. Direct investments
The methodology for Direct Investment is outlined in Chapters 6, 8 and Appendix 6 of the IMF BPM6.
15.2.2.8. Portfolio investments
The methodology for Portfolio Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.9. Other investments
The methodology for Other Investment is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.10. Financial derivatives
The methodology for Financial Derivatives is outlined in Chapters 6, and 8 of the IMF BPM6.
15.2.2.11. Other methodological deviations
Not applicable
15.2.2.12. Other changes during the reference year
Not applicable
15.3. Coherence - cross domain
These indicators refer to Chapter 6 and the corresponding tables of the Eurostat Quality Report: Coherence.
The comparability between BOP, IIP, FDI, ITS and National accounts is ensured by the application of common concepts and definitions of BPM6 and the 2008SNA/ESA2010.
Further information and country-specific feedback is provided below.
15.3.1. Coherence - sub annual and annual statistics
Sub annual and annual data are always coherent across external statistics (BoP, IIP, FDI, ITS). Some temporary (due to specific calendars) or methodological (due to small differences in the corresponding methodologies) discrepancies are recorded between external statistics and NA.
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.
For the period 2021Q3-2024Q2 no data for NA is available for comparison with BOP in the tables presented in the 2025 Romanian Quality Report.
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
Quarterly and annual data are consistent.
15.4.2. Consistency between quarterly and monthly data
The monthly and quarterly data are fully consistent.
15.4.3. Consistency between BoP and IIP
By instrument and functional category, IIP asset/liability positions are generally stable. There could be minor variations when data published in RON currency shows rounding up operations at the basic level. The main reason for the slight discrepancy between total liabilities by functional category and by instrument is that derivatives were recorded net, without accounting for exchange rate change reevaluations.
15.4.4. Errors and Omissions
For two periods analysed in the 2025 quality report, 2020Q3 – 2023Q2 and 2021Q3-2024Q2, ARE(EO)CA and ARE(EO)IIP exceeds the 3rd quartile threshold of the EU27. In December 2024 Romania sent to Eurostat new data series starting with 2010, that include changes made in the context of 2024 benchmark revision.
The main changes were as follows:
updating the grossing-up coefficients of the data collected by the Survey on international trade in services – ITS, according to the provisions of the Regulation (EU) 2019/21522 (year 2022)
updating data on insurance services for the period 2018 – 2022 following the introduction of a new model for estimating related premiums in accordance with the latest IMF recommendations
including revised data from direct investment statistics (period 2021-2022)
including in the primary income some amounts from the European Agricultural Fund for Rural Development (EAFRD) treated as subsidies by most EU Member States (period 2018 - 2023)
recording European funds on an accrual basis (period 2013 - 2023) in the current and capital account and also recording assets and liabilities related to European funds on an accrual basis (for 2013 – 2023) in the financial account.
After analysing the new data and distribution of new errors, NBR can conclude that for 2020Q3-2023Q2, ARE(EO)CA decreased, being very close to the 3rd quartile, while for time span 2021Q3-2024Q2 errors and omission decreased but still slightly above the 3rd quartile. New cumulative sum of relative E&O, related to CA tend to be relatively constant in the last 7 quarters (below 1.3%).
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
Routine revisions for the current year are made regularly for monthly data for the items based on quarterly surveys (monthly estimates are replaced by data resulted from the surveys, such as ITS, FDI, Other investment). Also monthly ITGS data from the beginning of the current year reported as revised by the NIS are adjusted accordingly and included in the BOP data.
17.2.1. Data revision - average size
Not applicable.
18.1. Source data
This quality concept refers to whether the composition of data sources (surveys, ITRS (International Transactions Reporting System), administrative data, ITGS, monetary and financial statistics, etc.), in principle, sufficiently covers the compilation of BOP, IIP, FDI and ITS.
The following sub-categories refer to the Extended Balance of Payments Services Classification (EBOPS 2010) data collection. The EBOPS 2010 classification provides a breakdown of the Balance of Payments Trade in Services items (debit and credit) as defined in BPM6, by types of services. The classification thereby meets a number of user requirements, including the provision of more detailed information on Trade in services as required in connection with the General Agreement on Trade in Services (GATS).
EBOPS 2010 is a primarily product-based classification of types of services, which in many cases may be described in terms of international classification of products as contained in CPC Ver. 2. However, the classification also includes transaction-based criteria (for example, Travel, Government services, and Construction Services).
18.3.1. Average on credits and debits
Data Validation for Credits
Data Collection methods and practies
Compilation methods( used to produce the required data)
Items/sub-items that are estiated( pease describe also the estimating)
Manufacturing services on physical inputs owned by others
Data source: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export. Moreover, considering that the
enterprises that perform manufacturing services are
also reporting agents to the surveys on international
trade in goods conducted by the NIS, there is a close
cooperation between NBR and NIS in view of a correct
sampling of these entities.
Data are collected directly, by type of services, from the economic agents. Estimates are made for nonresponses using automated imputation procedures. The response rates to survey are approximately 90 percent. An automatic IT grossing up procedure is used in order to ensure 100% coverage of data collected from the cut-off sample.
See the answer in the previous column. Data on the
voluntary items related to the value of goods under
processing are not available.
Maintenance and repair services n.i.e.
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from the economic agents. Estimates are made for nonresponses using automated imputation procedures. The response rates to survey are approximately 90 percent. An automatic IT grossing up procedure is used in order to ensure 100% coverage of data collected from the cut-off sample.
See the answer in the previous column.
Transport
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column. All items/subitems
are available, except for the value of the
transport services payable by border, seasonal, and
other short-term workers (voluntary item).
Travel
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
The debit/credit card transactions made by nonresidents
in Romania are considered export of travel services.The difference between the sales and the purchases of the foreign currency performed by the
non-residents is used to estimate the expenditures in
cash made by non-residents in Romania. The value of
travel services paid by the non-residents in their
countries (online reservations, payments to the travel
agencies) is added from NIS survey "Tourism
expenditure of non-residents".
The breakdown by Business and Personal travel (with
the further breakdown by Health, Education, and
Other) is performed by applying of some ratios to the total value of the export of travel. The ratios are estimated based on the quarterly tourism survey
"Tourism expenditure of non-residents" conducted by NIS. Acquisition of goods and services by border, seasonal and other short-term workers is derived from
the Compensation of employees BOP item, using a mathematic algorithm. No data on the type of expenditure (accommodation, local transport, foodserving,
goods and other services purchased abroad) are available.
Construction
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
Construction services data are collected and compiled
separately for construction abroad and construction in
Romania. The reporting instructions stipulate also that
only the short-term construction are considered and
should be reported as construction services.
Insurance and pension services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data on premiums and claims are collected directly, by
type of insurance, from the economic agents.
Estimates are made for non-responses using
automated imputation procedures. The response rates
to survey are approximately 90 percent. An automatic
IT grossing up procedure is used in order to ensure
100% coverage of data collected from the cut-off
sample. A statistical model is used to derive the service
value. Insurance services are valued by applying a
ratio to gross premiums.
See the answer in the previous column.
Financial services
Data sources: ITS survey addressed to a cut-off
sample of entities covering 85 percent of services
export; the monthly direct reports of the resident banks;
a mathematic model to calculate FISIM.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
Statistical modelling is used to
estimate the financial intermediation service indirectly
measured (FISIM). Calculation for FISIM is made by
different maturities (short and long term) and by different currencies (national currency, EURO and
other). The reference rate used is the average
interbank rate weighted by the levels of stocks of loans
and deposits between resident and non-resident
financial intermediaries. Data on the total stocks of
financial instruments are extracted from the
international investment position and from monetary
balance sheets (in case of banks). Data on interest in
absolute values are extracted from balance of
payments, current account, primary income and are
divided by the stocks of the corresponding financial
instrument from IIP. The results are then compared
with the interest resulted by applying the reference
rates to the corresponding stocks. The difference is
recorded as FISIM services.
Charges for the use of intellectual property n.i.e.
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
All items are available. Reporting entities are provided
with detailed instructions explaining how to make the
distinction between different types of services.
Telecommunications, computer, and information services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from the economic agents. Estimates are made for nonresponses using automated imputation procedures. The response rates to survey are approximately 90 percent. An automatic IT grossing up procedure is used in order to ensure 100% coverage of data collected from the cut-off sample.
See the answer in the previous column. All items are
available, except for the voluntary breakdown of the
computer services.
Other business services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column. All items are
available, except for the breakdown of the R&D
services.
Operational lease
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from the economic agents. Estimates are made for nonresponses using automated imputation procedures. The response rates to survey are approximately 90 percent. An automatic IT grossing up procedure is used in order to ensure 100% coverage of data collected from the cut-off sample.
See the answer in the previous column.
Personal, cultural, and recreational services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column. All items are
available, except for the voluntary breakdown of the
audiovisual services.
Government goods and services n.i.e.
Data source: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services export.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
The voluntary breakdown of this item is not available.
Data Validation for Debits
Data Collection methods and practies
Compilation methods( used to produce the required data)
Items/sub-items that are estiated( pease describe also the estimating)
Manufacturing services on physical inputs owned by others
Data source: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
Data on the voluntary items related to the value of
goods under processing are not available.
Maintenance and repair services n.i.e.
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (main data source); the monthly direct
reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column.
Transport
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (main data source); the monthly direct
reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.Some estimates are
added to the results of the ITS surveys on the air
transport passenger component, calculated taking into
account the online payments made by residents with
the credit/debit cards. The ratio applied to this amount
is approximated from a national survey coordinated by NIS "Information and Communication Technologies usage in households and by individuals".
See the answer in the previous column. All items/subitems
are available, except for the value of the
transport services payable by border, seasonal, and
other short-term workers (voluntary item).
Travel
Data sources: the monthly banking reports on the
credit/debit cards transactions (the main data source);
the data provided by the exchange offices; data from
the NIS surveys "Tourism demand of Romanian
residents"; data reported by the resident travel
agencies within the ITS survey, a mathematic model to
estimate Acquisition of goods and services by border,
seasonal and other short-term workers item; the
monthly reports of the resident banks.
The debit/credit card transactions made by residents
abroad are considered import of travel services. The of
ratio aplied to difference between the purchases and
the sales of the foreign currency performed by the
residents is used to estimate the expenditures in cash
made by non-residents abroad. The value of travel
services reported by the resident travel agencies within
ITS survey is added.
The breakdown by Business and Personal travel (with
the further breakdown by Health, Education, and
Other) is performed by applying of some ratios to the
total value of the export of travel. The ratios are
estimated based on the quarterly tourism survey
"Tourism expenditure of non-residents", conducted by
NIS. Acquisition of goods and services by border,
seasonal and other short-term workers is derived from
the Compensation of employees BOP item, using a
mathematic algorithm. No data on the type of
expenditure (accommodation, local transport, foodserving,
goods and other services purchased abroad)
are available.
Construction
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
Construction services data are collected and compiled
separately for construction abroad and construction in
Romania. The reporting instructions stipulate also that
only the short-term construction are considered and
should be reported as construction services.
Insurance and pension services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data on premiums and claims are collected directly, by
type of insurance, from the economic agents.
Estimates are made for non-responses using
automated imputation procedures. The response rates
to survey are approximately 90 percent. An automatic
IT grossing up procedure is used in order to ensure
100% coverage of data collected from the cut-off sample. A statistical model is used to derive the service value. Insurance services are valued by applying a
ratio to gross premiums.
See the answer in the previous column.
Financial services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import; the monthly direct reports of the
resident banks.
Data are collected directly, by type of services, from the economic agents. Estimates are made for nonresponses using automated imputation procedures. The response rates to survey are approximately 90 percent. An automatic IT grossing up procedure is used in order to ensure 100% coverage of data collected from the cut-off sample.
All items are available. Statistical modelling is used to
estimate the financial intermediation service indirectly
measured (FISIM). Calculation for FISIM is made by
different maturities (short and long term) and by
different currencies (national currency, EURO and
other). The reference rate used is the average
interbank rate weighted by the levels of stocks of loans
and deposits between resident and non-resident
financial intermediaries. Data on the total stocks of
financial instruments are extracted from the
international investment position and from monetary
balance sheets (in case of banks). Data on interest in
absolute values are extracted from balance of
payments, current account, primary income and are
divided by the stocks of the corresponding financial
instrument from IIP. The results are then compared
with the interest resulted by applying the reference
rates to the corresponding stocks. The difference is
recorded as FISIM services.
Charges for the use of intellectual property n.i.e.
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
All items are available. Reporting entities are provided
with detailed instructions explaining how to make the
distinction between different types of services.
Telecommunications, computer, and information services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for non responses using automated imputation procedures. The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is used in order to ensure 100% coverage of data collected from the cut-off sample.Besides quarterly ITS
survey results are also added, on a monthly basis,
some estimates, taking into account the online
payments made with the credit/debit cards by
residents. The ratio applied to this amount is
approximated from a national survey coordinated by
NIS "Information and Communication Technologies
usage in households and by individuals".
See the answer in the previous column. All items are
available, except for the voluntary breakdown of the
computer services.
Other business services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column. All items are
available, except for the breakdown of the research
and development services.
Operational lease
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column.
Personal, cultural, and recreational services
Data sources: the quarterly ITS survey addressed to a
cut-off sample of entities covering 85 percent of
services import (the main data source); the monthly
direct reports of the resident banks.
Data are collected directly, by type of services, from
the economic agents. Estimates are made for nonresponses
using automated imputation procedures.
The response rates to survey are approximately 90
percent. An automatic IT grossing up procedure is
used in order to ensure 100% coverage of data
collected from the cut-off sample.
See the answer in the previous column. All items are
available, except for the voluntary breakdown of the
audiovisual services.
Government goods and services n.i.e.
Data source: the quarterly ITS survey.
The Ministry of External Affairs and the Ministry of
Public Defense are the main reporters for this item.
See the answer in the previous column.
18.3.2. EBOPS 2010 transactions performed according to the center of predominant economic interest (residence) of units
Yes
18.3.3. EBOPS 2010 transactions on the basis of market prices
Yes
18.3.4. EBOPS 2010 transactions on accrual basis
Yes, where applicable
18.3.5. Market exchange rate prevailing on the transaction dates
In the quarterly ITS survey framework, the data are collected on a monthly basis and denominated in the national currency. The conversion into EUR is made at the monthly average exchange rate.
18.3.6. EBOPS 2010 items do you compile data broken down by partner country
EBOPS 2010 items are compiled broken down by partner country.
18.3.7. Information on ITS for categories beyond EBOPS 2010 and its complementary groupings
Currently no information beyond EBOPS 2010 is published, but work is in progress as regards the implementation of Regulation (EU) 2019/2152 of the European Parliament and of the Council on European Business Statistics – basic act, and Regulation (EU) 2020/1197 – implementation act, which refer to several other classifications of services, like STEC and MOS.
18.4. Data validation
Data validation is made by verifying the integrity rules of the Vademecum and via Conval (previously known as EDIT tool).
18.5. Data compilation
Not applicable.
18.5.1. Imputation - rate
Not applicable.
18.6. Adjustment
Applied to ITGS data in order to comply with the change in ownership principle.
18.6.1. Seasonal adjustment
Not available
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).
9 May 2025
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.
Quantitative assessment of revisions
The 2021 – 2024 monthly and quarterly data presented in the tables of the 2025 Romanian quality report, chapter Quantitative assessment of revisions, are affected mainly by the including of the results of the NBR quarterly and annual surveys: International trade in service (ITS), Foreign direct investment (FDI), Other financial information related to nonresidents (OFIN). Other changes occur by including the sources that are available with a time lag, such as Labor force survey/Ministry of Labor and Social Solidarity data (120 days after the end of the reference quarter), BIS data (150 days after the end of the reference quarter), external private debt and interest linked to it (especially when new reporting agent is identified, and he has to report back data or if not all the loans were reported to NBR by an economic agent on time; the economic agents must report to NBR, the details of the debt contract within 30 days after the conclusion of the contract), NSI data related to illegal activities (alcohol, drugs, tobacco smuggling, prostitution) and second-hand cars import of the physical persons. Till the results of the surveys and the other delayed sources become available, the monthly data are estimated based on historical data.
BOP Monthly data, Period 2021 M04 – 2024 M03, data as reported at end of September 2024:
G Goods (D6, W1 - debit): In case of goods the amounts are slightly revised each month both on credit and debit. The GEO allocation is also updated especially for the previous month. The main source of data is the foreign trade statistics compiled by the NSI based on Intrastat system for intra – EU trade and supplemented by information on extra – EU provided by the National Customs Authority (which process custom trade declarations for export and import of goods outside EU). Each month NBR receives the data series revised starting with the first month of the year both for credit and debit. They are included in the BOP system, the previous compiled months being revised accordingly.
Starting with 2020 September revision of the year 2019, in Goods compilation, debit side, a new data source was introduced. Revolut LTD has reported quarterly, since June 2020, the online transactions on foreign websites made by resident individuals using a Revolut card (first quarter reported was Q4 2018). Till Revolut sends the data, estimations are included based on historical data. Also starting with 2021, the NSI sends once per year the amount related to second-hand cars import of the physical persons. Till the annual estimated values are reported by NSI, NBR makes monthly estimations considering the month-to-month variation percentage of the number of second-hand cars imported by physical resident persons, published monthly by General Directorate for Driving Licenses and Registrations. Is also the case of the illegal activities reported by NSI with a delay. NBR makes estimations using historical data.
SMAPE is very low (between 0% and 1%).
S Services (D6 – credit and debit) (W1 – credit and debit): The main source of discrepancies arises from the method of compiling monthly services data. Preliminary data from the ITS survey are available at T+44 days after the end of the reference quarter and final data are available at T+85 days. Monthly estimates are compiled using historical data which are subject to revisions after the survey data became available. Additionally, other Services sources that first are estimated from historical data are replaced by the reported quarterly data which become available after a specific period, depending the source of the data, i.e. information provided by the National Institute of Statistics (NSI) regarding the touristic expenses made by non-residents in their origin country for the trips on the Romanian territory and data obtain from compensation of employees model related to the expenses made by foreign short-term workers on Romanian territory and also the expenses made by resident short-term workers abroad.
IN1 Primary income (W1 – Credits): On the credit side of primary income, the source of discrepancies between revisions, is caused by the fact that NBR currently conducts only annual surveys on outward direct investments, due to the less significant figures. Another source that become available at 120 days after the end of the quarter is the Labor force survey data, these leading sometimes to discrepancies between revisions. Estimates based on historical data are used till the results of the survey can be used in compensation of employees’ model.
On the debit side, the differences between revisions are in the parameters set by Eurostat. The small fluctuations reported to first transmission are explained mainly by including the results of the FDI, OFIN (Other financial information related to nonresidents) surveys into bop.
Related to DI, debit side, NBR is conducting a quarterly survey on inward direct investment (only first 3 quarters are covered) in addition to the annual survey. First monthly data are estimated using historical data and they are replaced by the results of the surveys when become available.
For OI income, the OFIN (Other financial information related to nonresidents) survey provides quarterly results for short-term loans interest and for deposits interest; the previous year periods collected data are subject to revisions each time a new survey is ongoing. Data are reported on a cumulated basis from the beginning of the year, and the quarterly BOP transactions are compiled by subtracting data between two consecutive reporting periods. The months are estimated till the quarterly survey data became available, based on historical data.
Also, NBR is using the Debt Management and Financial Analysis System (DMFAS) for monitoring the long-term external debt and the interest paid by residents for MLT loans received. The data regarding private external debt must be reported 30 days after concluding of the debt contract. Revisions on MLT interests can occur from time to time when new reporting agent is identified, and he must report back data or if not all the loans were reported to NBR by an economic agent on time.
IN2 Secondary income (D6 – Credit/Debits, W1- Debits): The differences between revisions for the period mentioned in the quality report are explained mainly by social contribution and taxes on income and workers’ remittances items.
Social contributions paid by employers and employees and taxes on income regarding compensation of employees (COE) are first estimated based on historical data and then replaced when the results of the Labor force survey/Ministry of Labor and Social Solidarity data became available (120 days after the end of the quarter both for credit and debit).
Workers’ remittances (credit and debit) are compiled based on the quarterly reporting of most important MTOs that act on Romanian territory. The monthly data are derived from historical series until the MTOs reports are available.
KA Capital account (W1 – Credits and Debits): The differences in KA transactions are mainly due to the fact that for some components (Acquisitions and Disposals of Nonproduced, Nonfinancial Assets, capital transfers) data requested in the ITS survey are used. First the months are estimated based on historical data and then the survey results replace the BOP items.
BOP Quarterly data, Period 2021Q2-2024Q1, data as reported in September 2024:
G Goods: SMAPE is 0%
S Services (D6 - Credits, W1 – Credits): On the credit side the revisions between periods are due to including late sources in the final data, such as information provided by the National Institute of Statistics (NSI) regarding the touristic expenses made by non-residents in their origin country for the trips on the Romanian territory, and data obtain from compensation of employees model related to the expenses made by foreign short-term workers on Romanian territory.
SMAPE is low between 1%-3%.
Primary income (W1 – Credits and Debits):
Compensation of employees: Estimates are performed from historical data till the usual data sources become available (120 days after the end of the quarter, quarterly frequency).
Direct investment income: On the credit side of primary income, the source of discrepancies between revisions, is caused by the fact that NBR currently conducts only annual surveys on outward direct investments, due to the less significant figures. Related to DI, debit side, NBR is conducting a quarterly survey on inward direct investment (only first 3 quarters are covered) in addition to the annual survey. Related to the 4th quarter, first data are estimated using historical data and other information available when compiling the quarter (especially related to banking sector). They are replaced by the results of the FDI annual survey, available at T+9 months. The reason why the 4th quarter is not covered by a quarterly survey is that the financial statements of the economic agents for the end of the year are final and reported to the Fiscal Authority in May next year, when the annual FDI survey for the previous year starts.
Other investment income: The source of revisions on the debit side is the Debt Management and Financial Analysis System (DMFAS) used for monitoring the long-term external debt and the interest paid by residents for MLT loans received. The data regarding private external debt must be reported within 30 days after concluding the debt contract. Revisions on MLT interests can occur when new reporting agent is identified, and he must report back data or if not all the loans were reported to NBR by an economic agent on time.
IN2 Secondary income (D6 – Credits/Debits and W1- Credits): The important differences between revisions for the period 2021Q2-2024Q1 are explained by the fact that some sources are available with a delay (social contributions paid by employers and employees and taxes on income regarding compensation of employees (COE) are calculated within a model which data sources are available 120 days after the end of the quarter both debit and credit side). Estimates are performed from historical data till the data sources become available.
Financial account transactions (2021Q2-2024Q1):
Direct investment (Assets - D6/W1, Liabilities D6): Starting with the first quarter of 2013, NBR is conducting a quarterly survey on inward direct investment in addition to the annual survey. Even though the quarterly survey is conducted with a higher frequency, the annual survey has a better coverage. In the quarterly surveys, data are reported on a cumulated basis and the quarterly BOP transactions are compiled by subtracting data between two consecutive periods. Reporting entities are allowed to revise their previous data transmission when needed. Data for the fourth quarter are initially estimated using historical trends and other sources and are later revised, when the annual survey data become available. For outward direct investment, only the annual survey is conducted.
MACE: 0%-2%
In case of Other investment (Liabilities - D6/W1), the differences between revisions come from the OFIN survey which is a cumulative survey (each quarter the data are reported starting from the beginning of the year) allowing the reporters to correct data from previous periods. An important cross-check with financial statements when they become available are performed to correct the data reported to NBR which could impact the first transmission of data. Also, NBR is using the Debt Management and Financial Analysis System (DMFAS) for monitoring the long-term external debt and the interest paid by residents for MLT loans received. The data regarding private external debt must be reported to NBR within 30 days after the concluding of the debt contract. Revisions on MLT can occur from time to time when new reporting agent is identified, and he has to report back data or if not all the loans were reported to NBR by an economic agent on time.
Another source of revisions between quarters is BIS data related to deposits held abroad by residents, which is available 150 days after the end of the quarter.
MACE: 0%-1%
IIP Quarterly data (2021Q2-2024Q1):
Inward and outward FDI data is compiled using the annual survey. Quarterly FDI surveys gather data for inward direction, only. Data collected through quarterly surveys (on a cumulated basis) aims to deliver information on initial estimates (as of 1st, 2nd and 3rd quarter), while the final estimates are using annual survey figures when the fourth’s quarter data is derived accordingly (year annual – first 3 quarters). Before the final annual data become available the fourth quarter is estimated based on historical data and other data sources/estimations. The annual survey has a better coverage than the quarterly survey. Reporting entities revise their initial data transmission when it is necessary.
Most final estimates are higher than initial ones for both assets and liabilities, indicating upward revisions and the net figures, while fluctuating, show a general trend toward reduced differences in some quarters.
In case of Other Investments W1, the differences between initial and final estimates come from quarterly OFIN survey, which collects data for all major items of this functional category (deposits, loans, trade credits and advances and other accounts receivable/payable) from nonfinancial corporations and nonbank financial corporations. Being a cumulative survey, the data are reported starting from the beginning of the year for each quarter, so the reporting entities can make corrections to the data for previous quarters of that year. Also, the survey results are cross-checked with financial statements, when they become available, to correct the data reported to NBR which could impact the first transmission of data. Direct investment assets revision shows an upward trend over time with the largest one in 2023Q4 with impact on 2024Q1, only 2022Q2 negative revision reflecting an estimation adjustment. The FDI liability side appears more volatile compared to assets, some sharp increase in 2021Q4, a negative revision in 2023Q1 and strong upward adjustments in 2023Q4 with impact in 2024Q1.General trend shows a systematic underestimation of assets and reassessing of liabilities from time to time. The two IIP components, direct and other investment are subject to ongoing comments since they are revised using annual surveys which offer either a wider coverage or the possibility to perform different cross checks with financial statements sources and the asset\liability sides are updated accordingly.
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 data is disseminated in both euro and national currency.
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.
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: 85 days after the end of the reference period;
- ITS: 9 months after the end of the reference period;
- FDI: 9 months after the end of the reference period (21 months for the activity breakdown).
This indicator refers to Chapter 5.3.1 and the corresponding tables of the Eurostat Quality Report: Asymmetries with regard to main ITS and FDI items.
Further information and country-specific feedback is provided below.
Comparability over time is ensured by updates of historical data whenever a change in data sources or compilation methods occurs.
