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.
Eurostat, the statistical office of the European Union
1.2. Contact organisation unit
Eurostat, C1, National accounts methodology. Indicators
1.3. Contact name
Restricted from publication
1.4. Contact person function
Restricted from publication
1.5. Contact mail address
Office address: Joseph Bech building 5, Rue Alphonse Weicker 2721 Luxembourg
Functional mail box:ESTAT-MIP@ec.europa.eu
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
30 January 2025
2.2. Metadata last posted
30 January 2025
2.3. Metadata last update
30 January 2025
3.1. Data description
The Balance of Payments (BoP) systematically summarizes all economic transactions between residents and non-residents of a country or an economic area during a given period. BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit for current and capital account, net acquisition of financial assets or net incurrence of liabilities for BOP financial account and international investment position) towards the external world.
The external debt (or foreign debt), at any given time, is the outstanding amount of the actual current (and not contingent) liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.
The data are expressed in % of GDP. Annual and quarterly figures are published.
Balance of Payments Manual fifth edition (BPM5) was the reference for the data published by Eurostat until 2014.
3.3. Coverage - sector
Data are compiled and disseminated for transactions and positions of total economy vis-a-vis rest of the world.
3.4. Statistical concepts and definitions
The external debt is the portion of a country's debt that was borrowed from creditors outside the country, including commercial banks, other governments or international financial institutions (such as the International Monetary Fund (IMF) and the World Bank). For net external debt, net liabilities are calculated as net incurrence of liabilities - net acquisition of assets. The assets/liabilities include debt securities, such as bonds, notes and money market instruments, as well as loans, deposits, currency, trade credits and advances due to non-residents. The loans must usually be paid in the currency in which they were made. In order to earn the needed currency, the borrowing country may sell and export goods to the lender's country.
3.5. Statistical unit
Any individual, corporation or other institution that provides information on the transactions or positions 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 and positions between residents and non-residents. The coverage of the statistical population assured by the reported transactions and positions can be very different for different BOP items. Information on the transactions and positions can be provided by individuals, corporations or institutions.
3.7. Reference area
The data is presented for each EU Member State, and the annual figures are also presented for the euro area (EA) as a whole.
3.8. Coverage - Time
The data published under the MIP domain are quarterly and annual time series. The quarterly data are annualised as sum of four quarters of each year. The lengths of series vary according to country, for details on time coverage see the information note: tipsii20 and tipsii30.
3.9. Base period
Not applicable.
Data are presented in % of GDP.
The reference period is the calendar year.
6.1. Institutional Mandate - legal acts and other agreements
The Regulation 2015/759 of 29 April 2015, amending Regulation (EC) No 223/2009 on European statistics of 11 March 2009 [(recital 24 and Article 20(4))], 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 data.
7.2. Confidentiality - data treatment
Not applicable.
8.1. Release calendar
For BoP quarterly data, a release calendar is disseminated on the website.
8.2. Release calendar access
Not applicable.
8.3. Release policy - user access
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see item 10 - 'Accessibility and clarity') 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.
The published indicators are updated and released in accordance to the dissemination of the underlying data: quarterly and annual.
The indicator Net external debt provide complementary information under the MIP framework.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
Data offer complete and consistent description of the components of the Balance of Payments, International Investment Position, International Trade in Services and Foreign Direct Investment components with the geographical breakdown and in accordance with International Monetary Fund Balance of Payments and International Investment Position Manual (BPM6) published in 2009.
13.1. Accuracy - overall
The indicators are associated with a high level of overall accuracy. The data transmitted by the Member States are checked in Eurostat for its consistency and plausibility. If any problems are found, Eurostat contacts the relevant Member State for checking the figures or confirming changes made by Eurostat. At the European level, accuracy of GDP is regularly monitored in the framework of the GNI (Gross National Income) Committee and technical aspects are regularly analysed in several working groups and technical committees.
13.2. Sampling error
Not applicable.
13.3. Non-sampling error
Not applicable.
14.1. Timeliness
BoP monthly data are released within 7 weeks after the reference period.
Regarding BoP quarterly data:
a first estimate for EU and euro area aggregates is published 7 weeks after the reference period;
the complete BoP quarterly dataset, as well as quarterly IIP and revaluations are published 3 months and 1 week after the reference period.
BoP annual data are updated as soon as the corresponding quarterly data are available.
Annual Foreign direct investments (FDI) 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.
14.2. Punctuality
The punctuality depends on the delivery of the basic data used for the calculation of the indicators published in the MIP domain. Eurostat monitores closely punctuality of data delivery by the countries. Generally countries meet the delivery deadlines very well (44 days after the reference period for BOP monthly data, 82-85 days after the reference period for the complete quarterly BoP dataset and quarterly IIP and revaluations, 9 months after the reference period for annual international trade in services and foreign direct investment transactions, income and positions, 21 months after the reference period for activity breakdown of foreign direct investment transactions and positions).
15.1. Comparability - geographical
The underlying methodological framework, which is defined in BPM6, ensures a high degree of comparability across countries. Commission Regulation (EU) No 555/2012 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 BoP statistics using the data coming from a number of surveys and administrative sources. Questionnaires and data requests with all details and explanations concerning requested item, geographical and activity breakdowns are included in Balance of Payments Vademecum.
The data are generally considered highly comparable over time. The methodology is revised according to the revisions of the IMF's Balance of Payments Manual, Sixth edition (BPM6). 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
Consistency is checked between quarterly balance of payments and annual international trade in services and foreign direct investment statistics, as well as between monthly and quarterly BoP. Data are also reconciled between international investment position, financial account transactions and other flows.
Not applicable.
17.1. Data revision - policy
All data disseminated consist of data already disseminated in Eurobase by the following domains:
The revision policy is therefore effectively the revision policy of those domains.
17.2. Data revision - practice
The revision practice effectively corresponds to the revision practice of the domains listed under sub‑concept 17.1 (data revision – policy).
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. Each country compiles its BoP statistics using the data coming from a number of surveys and administrative sources. Methods used for the collection and compilation of statistics differ among BoP items within a country, as well as among countries.
Data for BoP item Goods are generally based on Foreign Trade Statistics, which are often collected by customs' administrations.
Data for BoP item Services come from a variety of surveys where the data can be reported either by the banks or directly by the enterprises or the households.
Data for BoP item PrimaryIncome are generally estimated using information coming from the banking sector and other financial institutions.
Data for BoP item Secondary income generally come from administrative sources.
Data for BoP Financial account and International investment position generally come from the banks and from other financial and non-financial institutions.
18.2. Frequency of data collection
Not applicable.
18.3. Data collection
The Balance of Payments Vademecum is the reference text for national BoP compilers. Once data are compiled by national authorities in the reporting format they are transmitted to Eurostat. Information on BoP compilation systems in individual countries could be found in each SDDS country page published in the IMF's Dissemination Standards Bulletin Board.
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. Validation rules are described in Balance of Payments Vademecum.
18.5. Data compilation
Time of recording: in line with the BPM6, 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.
In the compilation of BoP, responsibility is shared between Eurostat and the ECB. A Memorandum of understanding (with a BoP Annex) has been signed between the two parties.
18.6. Adjustment
Not applicable.
Not applicable.
bop_6_esms - Balance of payments - International transactions (BPM6) (bop_6)
The Balance of Payments (BoP) systematically summarizes all economic transactions between residents and non-residents of a country or an economic area during a given period. BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit for current and capital account, net acquisition of financial assets or net incurrence of liabilities for BOP financial account and international investment position) towards the external world.
The external debt (or foreign debt), at any given time, is the outstanding amount of the actual current (and not contingent) liabilities that require payment(s) of principal and/or interest by the debtor at some point(s) in the future and that are owed to non-residents by residents of an economy.
The data are expressed in % of GDP. Annual and quarterly figures are published.
30 January 2025
The external debt is the portion of a country's debt that was borrowed from creditors outside the country, including commercial banks, other governments or international financial institutions (such as the International Monetary Fund (IMF) and the World Bank). For net external debt, net liabilities are calculated as net incurrence of liabilities - net acquisition of assets. The assets/liabilities include debt securities, such as bonds, notes and money market instruments, as well as loans, deposits, currency, trade credits and advances due to non-residents. The loans must usually be paid in the currency in which they were made. In order to earn the needed currency, the borrowing country may sell and export goods to the lender's country.
Any individual, corporation or other institution that provides information on the transactions or positions between the residents and non-residents of a country during a given period.
BOP statistical population includes all the economic transactions and positions between residents and non-residents. The coverage of the statistical population assured by the reported transactions and positions can be very different for different BOP items. Information on the transactions and positions can be provided by individuals, corporations or institutions.
The data is presented for each EU Member State, and the annual figures are also presented for the euro area (EA) as a whole.
The reference period is the calendar year.
The indicators are associated with a high level of overall accuracy. The data transmitted by the Member States are checked in Eurostat for its consistency and plausibility. If any problems are found, Eurostat contacts the relevant Member State for checking the figures or confirming changes made by Eurostat. At the European level, accuracy of GDP is regularly monitored in the framework of the GNI (Gross National Income) Committee and technical aspects are regularly analysed in several working groups and technical committees.
Data are presented in % of GDP.
Time of recording: in line with the BPM6, 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.
In the compilation of BoP, responsibility is shared between Eurostat and the ECB. A Memorandum of understanding (with a BoP Annex) has been signed between the two parties.
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. Each country compiles its BoP statistics using the data coming from a number of surveys and administrative sources. Methods used for the collection and compilation of statistics differ among BoP items within a country, as well as among countries.
Data for BoP item Goods are generally based on Foreign Trade Statistics, which are often collected by customs' administrations.
Data for BoP item Services come from a variety of surveys where the data can be reported either by the banks or directly by the enterprises or the households.
Data for BoP item PrimaryIncome are generally estimated using information coming from the banking sector and other financial institutions.
Data for BoP item Secondary income generally come from administrative sources.
Data for BoP Financial account and International investment position generally come from the banks and from other financial and non-financial institutions.
The published indicators are updated and released in accordance to the dissemination of the underlying data: quarterly and annual.
BoP monthly data are released within 7 weeks after the reference period.
Regarding BoP quarterly data:
a first estimate for EU and euro area aggregates is published 7 weeks after the reference period;
the complete BoP quarterly dataset, as well as quarterly IIP and revaluations are published 3 months and 1 week after the reference period.
BoP annual data are updated as soon as the corresponding quarterly data are available.
Annual Foreign direct investments (FDI) 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.
The underlying methodological framework, which is defined in BPM6, ensures a high degree of comparability across countries. Commission Regulation (EU) No 555/2012 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 BoP statistics using the data coming from a number of surveys and administrative sources. Questionnaires and data requests with all details and explanations concerning requested item, geographical and activity breakdowns are included in Balance of Payments Vademecum.
The data are generally considered highly comparable over time. The methodology is revised according to the revisions of the IMF's Balance of Payments Manual, Sixth edition (BPM6). 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.
