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.
Statistical Office of the European Union (Eurostat)
1.2. Contact organisation unit
C5: Integrated global accounts and Balance of Payments
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
2920 Luxembourg LUXEMBOURG
1.6. Contact email address
Restricted from publication
1.7. Contact phone number
Restricted from publication
1.8. Contact fax number
Restricted from publication
2.1. Metadata last certified
12 June 2012
2.2. Metadata last posted
12 June 2012
2.3. Metadata last update
12 June 2012
3.1. Data description
The Balance of Payments (BoP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of a geographical region during a given period.
The Balance of payments provides harmonized information on international transactions which are part of the current account (goods, services, income, current transfers), but also on transactions which fall in the capital and the financial account.
BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit) towards the external world. Data on International Trade in Services, a component of BoP current account, and data on Foreign Direct Investment, a component of BoP financial account, are used to monitor the external commercial performance of different economies. Outward Foreign Affiliates Statistics (FATS) measure the commercial presence, as defined by the General Agreement on Trade in Services (GATS), through affiliates in foreign markets.
Balance of Payments data are used for calculation of indicators needed for monitoring of macroenomic imbalances such as share of main BoP and International Investment Position (IIP) items in GDP and export market shares calculated as the EU Member States' shares in total world exports.
Out of BoP data, some indicators of EU market integration are also derived.
Data are in millions of Euro/ECU or in millions of national currency.
Balance of Payments data coverage varies according to the collection. Some collections refer only to Euro area or EU countries, while some others' coverage includes also EU partner countries.
Several statistical adjustments are applied to the original data provided by the Member States.
The International Monetary Fund Balance of Payments Manual (BPM5) classification is used for the compilation of the BoP.
The BoP data are collected through national surveys and administrative sources.
More information on BoP is available for each specific collection: Quarterly BoP, ITS, FDI, Outward FATS, BoP of EU Institutions.
New edition of IMF Balance of Payments Manual (BPM6) was published in 2009 and will be implemented in the EU in 2014.
3.3. Coverage - sector
Non applicable.
3.4. Statistical concepts and definitions
The balance of payments (BoP) is a statistical statement that systematically summarises, over a given period of time, all the transactions of an economy with the rest of the world. The balance of payments records all economic transactions undertaken between the residents and non-residents of a country during a given period. A transaction is defined in the BPM5 as an economic flow that reflects the creation, transformation, exchange, transfer, or extinction of economic value and involves changes in ownership of goods and/or financial assets, the provision of services, or the provision of labour and capital.
Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise.
"Workers' remittances" covers current transfers by migrants who are employed in new economies and considered residents there. "Compensation of employees" comprises wages, salaries and other benefits (in cash or in kind) earned by individuals-in economies other than those in which they are residents-for work performed for and paid by residents of these economies.
Detailed descriptions are available in metadata files for each BoP domain: Quarterly BoP, International investment position, international trade in services, BoP of EU Institutions and Foreign direct investment.
3.5. Statistical unit
Any individual, corporation or other institution that provides information on the transactions between the residents and non-residents of a country during a given period.
3.6. Statistical population
BoP statistical population includes all the economic transactions between residents and non-residents. The coverage of the statistical population assured by the reported transactions can be very different for different BoP items. Information on the transactions can be provided by individuals, corporations or institutions.
3.7. Reference area
European Union, EU Member States, Euro Area, Croatia, Turkey, Norway, Iceland, FYR of Macedonia, USA, Japan
3.8. Coverage - Time
Monthly BoP data are available (only for the aggregate Euro-area) starting from 1999M01.
Quarterly BoP and ITS data are available starting from 1970Q1.
Annual BoP and ITS data are available starting respectively from 1966 and 1985.
Foreign Direct Investment (FDI) data are available starting from 1984 (flows), 1992 (income), 1994 (stocks).
BoP EU_institutions data are available starting from 1987.
Annual data on workers' remittances and compensation of employees are available starting from 1999.
3.9. Base period
Non applicable.
Data are in millions of Euro/ECU. Data for quarterly and annual Balance of Payments are available in millions of Euro/ECU and also in millions of national currency.
BoP produces monthly, quarterly and annual data.Monthly BoP data are available (only for the aggregate Euro-area) starting from 1999M01. Main BoP items are available from 1966 for annual BoP and from 1970Q1 for quarterly BoP. ITS data are available starting from 1980Q1. Detailed BoP and ITS data are available starting from 1985. Annual Foreign Direct Investment (FDI) data are available starting from 1984 (flows), 1992 (income), 1994 (stocks). Annual outward FATS data are available starting from 1995. Annual data on workers' remittances and compensation of employees are available starting from 1999.
6.1. Institutional Mandate - legal acts and other agreements
For a long period, Member States have submitted to Eurostat BoP data following the arrangements contained in bilateral Gentleman's Agreements.
In the compilation of BoP, responsibility is shared between Eurostat and the ECB. Eurostat focuses on quarterly and annual aggregates of the EU27 and on detailed ITS data also for the euro area, whereas the European Central Bank (ECB) is in charge of compiling and disseminating the euro area monthly and quarterly balance of payments statistics. A Memorandum of understanding (with a BoP Annex) has been signed between the two parties. For more information on euro area Balance of Payments data, see the ECB website.
The reference for National Accounts is the Regulation ESA95 of 25 June 1996 published in the OJ L310 of the 30 November 1996.
In order to obtain all the legal information, please consult EUR-Lex website
6.2. Institutional Mandate - data sharing
Non applicable
7.1. Confidentiality - policy
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.
7.2. Confidentiality - data treatment
Regulation (EC) No 223/2009 on European statistics (recital 24 and Article 20(4)) of 11 March 2009 (OJ L 87, p. 164), stipulates the need to establish common principles and guidelines ensuring the confidentiality of data used for the production of European statistics and the access to those confidential data with due account for technical developments and the requirements of users in a democratic society.
8.1. Release calendar
For BoP quarterly data, a release calendar is disseminated on the website.
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website respecting professional independence and in an objective, professional and transparent manner in which all users are treated equitably.
The detailed arrangements are governed by the Eurostat protocol on impartial access to Eurostat data for users.
BoP data: monthly (only for the euro area), quarterly and annual
ITS data: quarterly (14 items ) and annual (90 posts)
FDI data: annual
BoP EU_inst data: annual
Workers' remittances and compensation of employees: annual
10.1. Dissemination format - News release
For Eurostat's quarterly data at 70 and 110 days. News releases text available: on line
The EU balance of payments is compiled from the data provided by the Member States of the EU. Methodological notes regarding the compilation of the data are available in metadata files for the specific BoP domain: Quarterly BoP, International Trade in Services, Foreign Direct Investment and Balance of Payments of EU Institutions.
10.7. Quality management - documentation
None
11.1. Quality assurance
Quality is assured by the application of concepts according to the fifth edition of IMF Balance of Payments Manual (BPM5) and thorough validation of the data delivered by countries. Data quality is checked in the annual quality reports, which measure all quality criteria: relevance, accuracy, timeliness, punctuality, accessibility, clarity, comparability and coherence.
11.2. Quality management - assessment
Eurostat prepares annual Quality Reports for the BoP domain in accordance with Commission Regulation (EC) No 1227/2010 of 20 December 2010 implementing Regulation (EC) No 184/2005 (OJ No L 283/3). It contains information on relevance, accuracy, timeliness, punctuality, accessibility, clarity, comparability and coherence.
12.1. Relevance - User Needs
Users need and balance of payments offers complete and consistent description of the external transactions of the EU, EU Member States and some other countries.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
Data offer complete and consistent description of the components of the Balance of Payments, FD and ITS components with the geographical breakdown and in accordance with International Monetary Fund Balance of Payments Manual (BPM5) published in 1993.
13.1. Accuracy - overall
Data transmitted by the Member States are checked by Eurostat for their consistency and plausibility. If any problems are found, Eurostat contacts the relevant Member State to check the figures or confirm changes made by Eurostat.
13.2. Sampling error
Non applicable.
13.3. Non-sampling error
Non applicable.
14.1. Timeliness
BoP Monthly data for the euro area (source ECB) are released within 8 weeks after reference period.
BoP Quarterly data:
o A first estimate for the EU aggregate and for the net flows of the current account and services is published 2 months and 8 days after the reference period.
o The complete BoP quarterly dataset is published 3 months and 19 days after the reference period.
Annual ITS data are released around 11-12 months after the reference period. Preliminary data, with limited detail for partners and posts, are released 4 - 5 months after the reference period.
Annual FDI data are released around 12-13 months after the reference period. Preliminary data, with limited detail for partners and posts, are released 4 -5 months after the reference period.
Annual BoP EU_Inst data are released around 10-11 months after the reference period. First preliminary figures for the European Commission are already available 4-5 month after the reference period
Annual Outward FATS data are released around 22-24 month after the reference period.
Annual data for workers' remittances and compensation of employees are disseminated 11-12 months after the reference period.
14.2. Punctuality
Eurostat monitores closely punctuality of data delivery by the countries. Generally countries meet the delivery deadlines very well.
15.1. Comparability - geographical
The underlying methodological framework, which is defined in BPM5, ensures a high degree of comparability across countries. Regulation (EC) No. 184/2005 contains the questionnaires, and also all the details on the coding system, the format of the data, the deadlines for transmission. Each country compiles its statistics using the data coming from a number of surveys and administrative sources.
15.2. Comparability - over time
The data are generally considered highly comparable over time. The methodology is revised according to the revisions of the fifth edition of IMF's Balance of Payments Manual (BPM5). In some countries, methodological breaks can affect time series (normally on a temporary basis). Backward calculations of time series are provided to ensure full time coherence in a case of methodological changes.
BoP data can be related with some of the data published by National Accounts domain (in particular with the figures appearing inside the Rest of the World account) and with the aggregate figures on imports and exports of goods published by Foreign Trade Statistics.
15.4. Coherence - internal
Non applicable.
Non applicable.
17.1. Data revision - policy
These historical data are no longer updated nor revised. While the data were updated, the revision procedure applied as follows: Monthly, quarterly and annual data are revised with the updated information transmitted by the Member States, according to the timetable specified in the BoP Vademecum. The new data received from a single country (or from the ECB) are loaded in Eurostat's database only when the dataset is updated for all the countries (monthly, quarterly or annually, according to the collection/table).
17.2. Data revision - practice
These historical data are no longer updated nor revised. While the data were updated, the revision procedure applied as follows:
Quarterly and annual data are revised with the updated information transmitted by the Member States, according to the timetable specified in the BoP Vademecum. The new data received from a single country are loaded in Eurostat's website only when the data-set is updated for all the countries (monthly, quarterly or annually, according to the collection).
Quarterly data should be considered as provisional when first released. They are revised when more detailed information (by components and geographical breakdown) is transmitted by Member States three months after the reference quarter. Quarterly data are also revised when information for the next quarters is provided by Member States. Finally, quarterly data are also subject to revision when the annual data are published, in order to ensure consistency between quarterly and annual figures.
18.1. Source data
Data published by Eurostat are compiled on the basis of data provided by Member States.
Each year or quarter, the national banks or the national statistical offices of the Member States provide Eurostat with data according to a set of questionnaires approved by all Member States and designed to fulfil a set of requirements. The Balance of Payments Vademecum is the reference text for national BoP compilers. This document contains the questionnaires, and also all the details on the coding system, the format of the data, the deadlines for transmission.
18.2. Frequency of data collection
n.a.
18.3. Data collection
The banks have for a long time provided part of the information used for the compilation of BoP through the so called 'settlements systems' or International Transaction Reporting System (ITRS): banks had to report, generally to their National Central Bank, all the information related to cross-border settlements they had made on their own behalf or on behalf of their customers. ITRS in the last years has been losing accuracy, because companies are using new techniques in managing their assets and, moreover, because a new EU Regulation (Regulation (EC) No 2560/2001, 19 December 2001, on cross-border payments in Europe) introduced an exemption threshold for the banks' reporting on behalf of their customers. To make up for this loss of information, all Member States have already introduced new direct reporting systems and new surveys.
18.4. Data validation
Eurostat submits all data received from the reporting countries to a number of checks. These checks verify the plausibility of the data (e.g. the development of time series), their internal consistency (aggregates should match the sum of the sub-items), presence of outliers, size of revisions, their correspondence with data already disseminated by the same country on its NCB or NSI web-page or with data sent to IMF and ECB.
Data are checked according to:
Validation level 1 - quality checks related to information included in the file,
Validation level 2 - revision checks,
Validation level 4 - consistency checks between international trade in goods statistics data available at Eurostat and BoP goods data,
Validation level 5 - data are compared with figures disseminated on websites of National Central Banks or National Statistical Institutes and data sent to European Central Bank.
Quality is annually measured by quality reports with the following criteria: relevance, accuracy, timelinnes, punctuality, accessibilty, clarity, comparability and coherence. Legal basis is Commissio Regulation (EU) no 1227/2010 of 20 December amending Regulation (EC) no 1055/2010 implementing Regulation (EC) No 184/2005 of the European Parliament and the Council, as regards quality criteria and quality reporting for balance of payments statistics.
18.5. Data compilation
Time of recording: in line with the BPM5, recording is on a transaction basis ('accruals principle'), meaning that transactions have to be recorded when economic value is created, transformed, transferred or extinguished. The main criterion is change of ownership. The change may be legal or economic.
Valuation: in principle, market prices are used.
18.6. Adjustment
n.a.
n.a.
bop_its_esms - International trade in services, geographical breakdown - historical data
bop_fdi_esms - European Union direct investments
The Balance of Payments (BoP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of a geographical region during a given period.
The Balance of payments provides harmonized information on international transactions which are part of the current account (goods, services, income, current transfers), but also on transactions which fall in the capital and the financial account.
BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit) towards the external world. Data on International Trade in Services, a component of BoP current account, and data on Foreign Direct Investment, a component of BoP financial account, are used to monitor the external commercial performance of different economies. Outward Foreign Affiliates Statistics (FATS) measure the commercial presence, as defined by the General Agreement on Trade in Services (GATS), through affiliates in foreign markets.
Balance of Payments data are used for calculation of indicators needed for monitoring of macroenomic imbalances such as share of main BoP and International Investment Position (IIP) items in GDP and export market shares calculated as the EU Member States' shares in total world exports.
Out of BoP data, some indicators of EU market integration are also derived.
Data are in millions of Euro/ECU or in millions of national currency.
Balance of Payments data coverage varies according to the collection. Some collections refer only to Euro area or EU countries, while some others' coverage includes also EU partner countries.
Several statistical adjustments are applied to the original data provided by the Member States.
The International Monetary Fund Balance of Payments Manual (BPM5) classification is used for the compilation of the BoP.
The BoP data are collected through national surveys and administrative sources.
More information on BoP is available for each specific collection: Quarterly BoP, ITS, FDI, Outward FATS, BoP of EU Institutions.
12 June 2012
The balance of payments (BoP) is a statistical statement that systematically summarises, over a given period of time, all the transactions of an economy with the rest of the world. The balance of payments records all economic transactions undertaken between the residents and non-residents of a country during a given period. A transaction is defined in the BPM5 as an economic flow that reflects the creation, transformation, exchange, transfer, or extinction of economic value and involves changes in ownership of goods and/or financial assets, the provision of services, or the provision of labour and capital.
Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise.
"Workers' remittances" covers current transfers by migrants who are employed in new economies and considered residents there. "Compensation of employees" comprises wages, salaries and other benefits (in cash or in kind) earned by individuals-in economies other than those in which they are residents-for work performed for and paid by residents of these economies.
Detailed descriptions are available in metadata files for each BoP domain: Quarterly BoP, International investment position, international trade in services, BoP of EU Institutions and Foreign direct investment.
Any individual, corporation or other institution that provides information on the transactions between the residents and non-residents of a country during a given period.
BoP statistical population includes all the economic transactions between residents and non-residents. The coverage of the statistical population assured by the reported transactions can be very different for different BoP items. Information on the transactions can be provided by individuals, corporations or institutions.
European Union, EU Member States, Euro Area, Croatia, Turkey, Norway, Iceland, FYR of Macedonia, USA, Japan
BoP produces monthly, quarterly and annual data.Monthly BoP data are available (only for the aggregate Euro-area) starting from 1999M01. Main BoP items are available from 1966 for annual BoP and from 1970Q1 for quarterly BoP. ITS data are available starting from 1980Q1. Detailed BoP and ITS data are available starting from 1985. Annual Foreign Direct Investment (FDI) data are available starting from 1984 (flows), 1992 (income), 1994 (stocks). Annual outward FATS data are available starting from 1995. Annual data on workers' remittances and compensation of employees are available starting from 1999.
Data transmitted by the Member States are checked by Eurostat for their consistency and plausibility. If any problems are found, Eurostat contacts the relevant Member State to check the figures or confirm changes made by Eurostat.
Data are in millions of Euro/ECU. Data for quarterly and annual Balance of Payments are available in millions of Euro/ECU and also in millions of national currency.
Time of recording: in line with the BPM5, recording is on a transaction basis ('accruals principle'), meaning that transactions have to be recorded when economic value is created, transformed, transferred or extinguished. The main criterion is change of ownership. The change may be legal or economic.
Valuation: in principle, market prices are used.
Data published by Eurostat are compiled on the basis of data provided by Member States.
Each year or quarter, the national banks or the national statistical offices of the Member States provide Eurostat with data according to a set of questionnaires approved by all Member States and designed to fulfil a set of requirements. The Balance of Payments Vademecum is the reference text for national BoP compilers. This document contains the questionnaires, and also all the details on the coding system, the format of the data, the deadlines for transmission.
BoP data: monthly (only for the euro area), quarterly and annual
ITS data: quarterly (14 items ) and annual (90 posts)
FDI data: annual
BoP EU_inst data: annual
Workers' remittances and compensation of employees: annual
BoP Monthly data for the euro area (source ECB) are released within 8 weeks after reference period.
BoP Quarterly data:
o A first estimate for the EU aggregate and for the net flows of the current account and services is published 2 months and 8 days after the reference period.
o The complete BoP quarterly dataset is published 3 months and 19 days after the reference period.
Annual ITS data are released around 11-12 months after the reference period. Preliminary data, with limited detail for partners and posts, are released 4 - 5 months after the reference period.
Annual FDI data are released around 12-13 months after the reference period. Preliminary data, with limited detail for partners and posts, are released 4 -5 months after the reference period.
Annual BoP EU_Inst data are released around 10-11 months after the reference period. First preliminary figures for the European Commission are already available 4-5 month after the reference period
Annual Outward FATS data are released around 22-24 month after the reference period.
Annual data for workers' remittances and compensation of employees are disseminated 11-12 months after the reference period.
The underlying methodological framework, which is defined in BPM5, ensures a high degree of comparability across countries. Regulation (EC) No. 184/2005 contains the questionnaires, and also all the details on the coding system, the format of the data, the deadlines for transmission. Each country compiles its statistics using the data coming from a number of surveys and administrative sources.
The data are generally considered highly comparable over time. The methodology is revised according to the revisions of the fifth edition of IMF's Balance of Payments Manual (BPM5). In some countries, methodological breaks can affect time series (normally on a temporary basis). Backward calculations of time series are provided to ensure full time coherence in a case of methodological changes.
