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.
External, Economic & Government Finance Statistics
Statistics Department
1.3. Contact name
Confidential because of GDPR
1.4. Contact person function
Confidential because of GDPR
1.5. Contact mail address
Central Bank of Cyprus | 80 Kennedy Avenue, 1076, Nicosia, Cyprus
P.O. Box 25529, CY-1395 Nicosia, Cyprus
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
31 October 2024
2.2. Metadata last posted
31 October 2024
2.3. Metadata last update
31 October 2024
3.1. Data description
Foreign Affiliates Statistics (FATS) measure the commercial presence through affiliates in foreign markets.
In country-level business statisticsoutward foreign affiliates statistics (OFATS) describe the activity of domestic affiliates of every resident ultimate controlling institutional unit which has at least one foreign affiliate and the activity of foreign-controlling enterprises resident in the compiling country (Table 15 of the EBS Implementing Regulation (EU) 2020/1197).
In statistics on international activities outward foreign affiliates statistics (OFATS) describe the activity of foreign affiliates abroad ultimately controlled by an institutional unit resident in the compiling country (Table 33 of the EBS Implementing Regulation (EU) 2020/1197).
Variables on country-level business activities in the OFATS data category:
Number of foreign-controlling enterprises (UCI concept) and domestic affiliates
Number of employees and self-employed persons in foreign-controlling enterprises (UCI concept) and domestic affiliates
Net turnover of foreign-controlling enterprises (UCI concept) and domestic affiliates
Variables on the international activities in the OFATS data category:
Number of enterprises abroad ultimately controlled by institutional units of the reporting country
Number of employees and self-employed persons in enterprises abroad ultimately controlled by institutional units of the reporting country
Employee benefits expense in enterprises abroad ultimately controlled by institutional units of the reporting country
Gross investment in tangible non-current assets of enterprises abroad ultimately controlled by institutional units of the reporting country
Net turnover of enterprises abroad ultimately controlled by institutional units of the reporting country
3.2. Classification system
Classification systems used in the FATS are as follows:
Statistical classification of economic activities in the European Community (NACE Rev.2);
List of 2-digit country codes (ISO 3166-1);
Currency codes (ISO 4217).
3.3. Coverage - sector
Market producers of NACE Sections B to N and P to S.
3.4. Statistical concepts and definitions
In country-level business statisticsOutward Foreign Affiliates Statistics (OFATS) describe the activity of domestic affiliates of every resident ultimate controlling institutional unit which has at least one foreign affiliate and the activity of foreign-controlling enterprises resident in the compiling country (Table 15 of the EBS Implementing Regulation (EU) 2020/1197).
In statistics on international activities Outward Foreign Affiliates Statistics (OFATS) describe the activity of foreign affiliates abroad ultimately controlled by an institutional unit resident in the compiling country (Table 33 of the EBS Implementing Regulation (EU) 2020/1197).
Foreign affiliate in the framework of outward FATS is an enterprise or branch not resident in the compiling country over which an institutional unit resident in the compiling country has ultimate (direct or indirect) control.
Domestic affiliate shall mean an enterprise resident in the compiling country over which a UCI resident in the same compiling country has control.
Ultimate Controlling Institutional of a foreign affiliate (UCI) shall mean the institutional unit, proceeding up a foreign affiliate’s chain of control, which is not controlled by another institutional unit.
Control is the ability to determine the general policy of the affiliate by choosing appropriate directors, if necessary. In this context, enterprise A is deemed to be controlled by an institutional unit B when B controls, whether directly or indirectly, more than half of the shareholders' voting power or more than half of the shares.
Indirect control means that an institutional unit may have control through another affiliate which has control over enterprise A.
Active enterprise is a statistical units which at any time during the reference period was ‘enterprise’, as defined in Regulation (EEC) No 696/93, and also active during the same reference period. A statistical unit is considered to have been active during the reference period if, in said period, it either realized positive net turnover or produced outputs or had employees or performed investments.
Employees and self-employed persons are persons who work for an observation unit on the basis of a contract of employment and receives compensation in the form of wages, salaries, fees, gratuities, piecework pay or remuneration in kind; and persons who are the sole owners or joint owners of the statistical unit in which they work. Family workers and outworkers, whose income is a function of the value of the outputs of the statistical unit, are also included.
Employee benefits expense contains all expenses arising in relation with employee benefits, recognized by the statistical unit during the reference period. Those are are all forms of consideration given by the statistical unit in exchange for service rendered by employees or for the termination of employment.
Gross investment in tangible non-current assets includes all additions to tangible non-current assets, recognized as such by the statistical unit during the reference period, except any increases from revaluations or reversals of previously recognized impairment losses and from reclassifications (transfers) of other tangible non-current assets.
Net turnover consists of all income arising during the reference period in the course of ordinary activities of the statistical unit, and is presented net of all price reductions, discounts and rebates granted by it.
Coverage of Special Purpose Entities (SPE): SPEs are treated like any other enterprise. It should be noted that none of them is surveyed since all of them have non CY UCI.
Treatment of equally shared control: The adopted criterion for control is more than 50%; consequently, special cases like joint ventures (50/50 ownership) are not considered in outward FATS data.
Treatment of multiple minority ownership: The adopted criterion for control is more than 50%; consequently, special cases like multiple minority ownership are not considered in outward FATS data.
Additional comment: No natural persons are included in the target population since our FDI registry only includes details of corporate entities.
3.5. Statistical unit
The statistical unit of FATS is the enterprise as defined in line with the Regulation (EEC) No 696/93 on the statistical units for the observation and analysis of the production system in the Community.
3.6. Statistical population
Market producers of NACE Sections B to N and P to S (for the EBS Implementing Regulation (EU) 2020/1197 table 15) and market producers of NACE Sections B to N and P to S abroad (should cover the foreign affiliates of all ultimate controlling institutional units of the reporting country) (for the EBS Implementing Regulation (EU) 2020/1197 table 33).
3.7. Reference area
Cyprus
3.8. Coverage - Time
2021 onwards as required by the EBS regulation. Prior to 2021, data was transmitted based on the FATS Regulation and this data is partially comparable with data submitted under new regulation.
3.9. Base period
Not applicable
Number of enterprises and employment variables are recorded in absolute figures.
Monetary data of enterprises are recorded in thousands EUR.
Data refer to the calendar year.
6.1. Institutional Mandate - legal acts and other agreements
Outward FATS data are not disseminated at national level by our institution.
8.2. Release calendar access
not applicable
8.3. Release policy - user access
not applicable
Annual
10.1. Dissemination format - News release
No press release conserning the results OFATS data is issued.
10.2. Dissemination format - Publications
Not available.
10.3. Dissemination format - online database
Not available.
10.3.1. Data tables - consultations
Not available.
10.4. Dissemination format - microdata access
Not applicable.
10.5. Dissemination format - other
Not applicable.
10.5.1. Metadata - consultations
Not available.
10.6. Documentation on methodology
No such data available.
10.6.1. Metadata completeness - rate
Not available.
10.7. Quality management - documentation
Not available.
11.1. Quality assurance
All data collection and processing activities are conducted in accordance with established quality standards so to ensure accuracy, consistency and reliability. These include thorough investigation of data outliers and, where possible, cross-referencing survey data with financial statement information.
11.2. Quality management - assessment
Ratios: We set ratios based on replies and if any outliers are identified we communicate with the relevant company to verify the information received.
12.1. Relevance - User Needs
Not available
12.2. Relevance - User Satisfaction
Not available
12.3. Completeness
No data incompleteness
12.3.1. Data completeness - rate
Please see Table 12.3.1 in the Annex at the bottom.
13.1. Accuracy - overall
Please refer to the answers provided in the relevant sections of accuracy.
13.1.1. Use of residual geographic codes (Extra EU-27 not allocated, etc.)
Please see Table 13.1.in the Annex at the bottom.
13.1.2. Use of residual activity codes (NACE activity “not allocated”)
Please see Table 13.1.in the Annex at the bottom.
13.1.3. Comments on the Extra EU-27 not allocated and on the Activity “not allocated”
No such instances were identified.
13.1.4. UCI Approach applied to identify the relevant population of reporting units
The UCI approach is applied to identify the relevant population of reporting units by using Foreign Direct Investment (FDI) (95%), publicly available sources and direct contacts as main data sources (5%).
13.1.5. Update date (or frequency of updates) of the information regarding the country of the UCI by the “source administration”
Administrative sources are not used.
13.2. Sampling error
We try to survey all the relevant entities of the pupulation and therefore no estimates are made.
13.2.1. Sampling error - indicators
Efforts are made to update the survey respondents each year.
Due to the fact that the number of companies in Cyprus, that falls under the definition of OFATS population, is not expected to be great, sampling error is not considered to be applicable.
13.3. Non-sampling error
Please refer to the different types of non-sampling error below.
13.3.1. Coverage error
Please refer to the answers in the relevant sections below.
13.3.1.1. Over-coverage - rate
No over coverage problems encountered.
13.3.1.2. Common units - proportion
Not applicable. No administrative sources were used.
13.3.1.3. Misclassification errors
No mislassification problems encountered.
13.3.1.4. Under- and over-coverage problems
No over-coverage problems encountered.
Concerning under-coverage, our coverage is based on our existing sources so we contact the relevant companies as indicated by those sources.
13.3.2. Measurement error
Based on the information provided by the respondents, if any such cases occur we contact the relevanτ companies.
13.3.3. Non response error
Unit non-response occurs when not all the reporting units in the sample participate in the survey.
Item non-response occurs when a respondent provides some, but not all, of the information requested or if the information reported is unusable (note that entirely unusable questionnaires are already counted in the unit non-response).
13.3.3.1. Unit non-response - rate
See Table 13.3.3 in the Annex at the bottom.
13.3.3.2. Item non-response - rate
See Table 13.3.3 in the Annex at the bottom.
13.3.4. Processing error
Not applicable.
13.3.5. Model assumption error
Not applicable.
14.1. Timeliness
OFATS statistics are calculated annually for reference year T.
Data collection takes place at t+15 months after the end of the reference period.
Data transmission to Eurostat takes place at t+20 months.
No Data dissemination at national level takes place.
14.1.1. Time lag - first result
Not applicable.
14.1.2. Time lag - final result
Not applicable.
14.2. Punctuality
Data were delivered within the deadline provided.
14.2.1. Punctuality - delivery and publication
Data were delivered on the delivery date.
15.1. Comparability - geographical
Not applicable
15.1.1. Asymmetry for mirror flow statistics - coefficient
Not applicable
15.2. Comparability - over time
Due to the new regulation applicable for OFATS 2021 onwards, previous time series are not comparable with OFATS 2021, except from the variables that continue to be the same with any previous years.
15.2.1. Length of comparable time series
Comparable time series based on new EBS regulation: 2021 - 2023
Data prior to 2021 is partially comparable to the new data.
15.2.2. Reasons and differences in concepts and measurement methods for breaks in time series
Data for 2021, 2022 and 2023 is fully comparable. Data prior to 2021 is only partially comparable with the data from 2021 onwards due to the new regulation which came into effect from reference year 2021 onwards.
15.3. Coherence - cross domain
Please refer to the answers of the subsections below.
15.3.1. Coherence - sub annual and annual statistics
Not applicable
15.3.2. Coherence - National Accounts
Not available.
15.3.3. Coherence – Foreign Direct Investment (FDI)
No issue of importance exists between Outward FATS and Outward FDI. The FDI registry is the main source of information concerning the population and it is updated on an ongoing basis.
15.3.4. Coherence – EuroGroups Register (EGR)
Not available.
15.4. Coherence - internal
No inconsistency exists internally.
Outward FATS data were collected with the use of a sample survey.
Recent efforts to improve efficiency included the revision of the survey template with the use of comprehensive variables definitions and excel macros to facilitate completion.
Email correspondence was used with explanatory notes regarding the recent changes of the regulation and reminders for the deadline of the survey. Also, phone calls were another mean of communication used to collect information and receive completed templates.
The burden on the respondent was increased in current year due to the compulsory provision of information on resident units as well as the provision of new and redefined variables. This burden was minimized by explaining any changes to the survey in advance and by providing explanations in the survey template. Also, respondents were welcomed to impose queries via emails and phone calls.
17.1. Data revision - policy
Usually, OFATS are not finalised until three years after the end of the reference year. Data are normally revised when the data for the following year are compiled.
17.2. Data revision - practice
See Table 17.2. in the Annex at the bottom.
17.2.1. Data revision - average size
See attached file.
18.1. Source data
The companies which are contacted to report to the OFATS survey are sourced from:
Foreign Direct Investment Data;
Survey data;
Publicly available sources.
In case of conflicting information we notify the relevant company to verify the mismatch and request a correction of the data if applicable.
18.1.1. Methodological approach
Concerning entities with physical presence in Cyprus, all entities having foreign investments abroad were identified according to the FDI registry and all of them surveyed.
The FDI registry is the main source of information concerning the population and it is updated on an ongoing basis.
18.1.2. Use of cut-off thresholds
No thesholds are used.
18.2. Frequency of data collection
Annually.
18.3. Data collection
Source to define your population:
100% Foreign Direct Investment (FDI)
Note: where applicable information obtained from ARM is used.
Economic data obtained using:
100% sample survey
Note: Where applicable, publicly available sources (i.e. financial statements) can be used to verify certain variables.
18.4. Data validation
Data validation procedures include comparison with prior year records, if applicable, and monitoring of certain ratios (i.e. employee expenses per number of employees, total turnover per number of employees etc.)
18.5. Data compilation
Once the data are collected and validated they are merged via the use of power pivot and power query in excel. Afterwards, they are uploaded in the database and the pedefined queastionnaires are filled.
18.5.1. Imputation - rate
25% (applicable on T33 variables)
18.5.2. Use of a method to deal with non-response (both unit and item non-response)
Imputation is based on available information received in previous years, as well as any other relevant indicators for the current period (i.e. changes in economic circumstances). Estimated values are only for non respondents.
Foreign Affiliates Statistics (FATS) measure the commercial presence through affiliates in foreign markets.
In country-level business statisticsoutward foreign affiliates statistics (OFATS) describe the activity of domestic affiliates of every resident ultimate controlling institutional unit which has at least one foreign affiliate and the activity of foreign-controlling enterprises resident in the compiling country (Table 15 of the EBS Implementing Regulation (EU) 2020/1197).
In statistics on international activities outward foreign affiliates statistics (OFATS) describe the activity of foreign affiliates abroad ultimately controlled by an institutional unit resident in the compiling country (Table 33 of the EBS Implementing Regulation (EU) 2020/1197).
Variables on country-level business activities in the OFATS data category:
Number of foreign-controlling enterprises (UCI concept) and domestic affiliates
Number of employees and self-employed persons in foreign-controlling enterprises (UCI concept) and domestic affiliates
Net turnover of foreign-controlling enterprises (UCI concept) and domestic affiliates
Variables on the international activities in the OFATS data category:
Number of enterprises abroad ultimately controlled by institutional units of the reporting country
Number of employees and self-employed persons in enterprises abroad ultimately controlled by institutional units of the reporting country
Employee benefits expense in enterprises abroad ultimately controlled by institutional units of the reporting country
Gross investment in tangible non-current assets of enterprises abroad ultimately controlled by institutional units of the reporting country
Net turnover of enterprises abroad ultimately controlled by institutional units of the reporting country
31 October 2024
In country-level business statisticsOutward Foreign Affiliates Statistics (OFATS) describe the activity of domestic affiliates of every resident ultimate controlling institutional unit which has at least one foreign affiliate and the activity of foreign-controlling enterprises resident in the compiling country (Table 15 of the EBS Implementing Regulation (EU) 2020/1197).
In statistics on international activities Outward Foreign Affiliates Statistics (OFATS) describe the activity of foreign affiliates abroad ultimately controlled by an institutional unit resident in the compiling country (Table 33 of the EBS Implementing Regulation (EU) 2020/1197).
Foreign affiliate in the framework of outward FATS is an enterprise or branch not resident in the compiling country over which an institutional unit resident in the compiling country has ultimate (direct or indirect) control.
Domestic affiliate shall mean an enterprise resident in the compiling country over which a UCI resident in the same compiling country has control.
Ultimate Controlling Institutional of a foreign affiliate (UCI) shall mean the institutional unit, proceeding up a foreign affiliate’s chain of control, which is not controlled by another institutional unit.
Control is the ability to determine the general policy of the affiliate by choosing appropriate directors, if necessary. In this context, enterprise A is deemed to be controlled by an institutional unit B when B controls, whether directly or indirectly, more than half of the shareholders' voting power or more than half of the shares.
Indirect control means that an institutional unit may have control through another affiliate which has control over enterprise A.
Active enterprise is a statistical units which at any time during the reference period was ‘enterprise’, as defined in Regulation (EEC) No 696/93, and also active during the same reference period. A statistical unit is considered to have been active during the reference period if, in said period, it either realized positive net turnover or produced outputs or had employees or performed investments.
Employees and self-employed persons are persons who work for an observation unit on the basis of a contract of employment and receives compensation in the form of wages, salaries, fees, gratuities, piecework pay or remuneration in kind; and persons who are the sole owners or joint owners of the statistical unit in which they work. Family workers and outworkers, whose income is a function of the value of the outputs of the statistical unit, are also included.
Employee benefits expense contains all expenses arising in relation with employee benefits, recognized by the statistical unit during the reference period. Those are are all forms of consideration given by the statistical unit in exchange for service rendered by employees or for the termination of employment.
Gross investment in tangible non-current assets includes all additions to tangible non-current assets, recognized as such by the statistical unit during the reference period, except any increases from revaluations or reversals of previously recognized impairment losses and from reclassifications (transfers) of other tangible non-current assets.
Net turnover consists of all income arising during the reference period in the course of ordinary activities of the statistical unit, and is presented net of all price reductions, discounts and rebates granted by it.
Coverage of Special Purpose Entities (SPE): SPEs are treated like any other enterprise. It should be noted that none of them is surveyed since all of them have non CY UCI.
Treatment of equally shared control: The adopted criterion for control is more than 50%; consequently, special cases like joint ventures (50/50 ownership) are not considered in outward FATS data.
Treatment of multiple minority ownership: The adopted criterion for control is more than 50%; consequently, special cases like multiple minority ownership are not considered in outward FATS data.
Additional comment: No natural persons are included in the target population since our FDI registry only includes details of corporate entities.
The statistical unit of FATS is the enterprise as defined in line with the Regulation (EEC) No 696/93 on the statistical units for the observation and analysis of the production system in the Community.
Market producers of NACE Sections B to N and P to S (for the EBS Implementing Regulation (EU) 2020/1197 table 15) and market producers of NACE Sections B to N and P to S abroad (should cover the foreign affiliates of all ultimate controlling institutional units of the reporting country) (for the EBS Implementing Regulation (EU) 2020/1197 table 33).
Cyprus
Data refer to the calendar year.
Please refer to the answers provided in the relevant sections of accuracy.
Number of enterprises and employment variables are recorded in absolute figures.
Monetary data of enterprises are recorded in thousands EUR.
Once the data are collected and validated they are merged via the use of power pivot and power query in excel. Afterwards, they are uploaded in the database and the pedefined queastionnaires are filled.
The companies which are contacted to report to the OFATS survey are sourced from:
Foreign Direct Investment Data;
Survey data;
Publicly available sources.
In case of conflicting information we notify the relevant company to verify the mismatch and request a correction of the data if applicable.
Annual
OFATS statistics are calculated annually for reference year T.
Data collection takes place at t+15 months after the end of the reference period.
Data transmission to Eurostat takes place at t+20 months.
No Data dissemination at national level takes place.
Not applicable
Due to the new regulation applicable for OFATS 2021 onwards, previous time series are not comparable with OFATS 2021, except from the variables that continue to be the same with any previous years.
