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
28 January 2025
2.2. Metadata last posted
28 January 2025
2.3. Metadata last update
28 January 2025
3.1. Data description
The International Investment Position (IIP) is a statistical statement that provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It allows for a stock-flow analysis of the external position of a country. It shows at a point in time the value and composition of:
the financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and
the liabilities of residents of an economy to non-residents.
The MIP scoreboard indicator is the Net international investment position expressed as % of GDP. Furthermore, the Net international investment position excluding non-defaultable instruments - % of GDP is part of the MIP auxiliary indicators set. Additional data for the different functional categories are published: Direct investment; Portfolio investment; Financial derivatives (other than reserves) and employee stock options (ESOs) and Other investment, in % of GDP and in national currency.
Balance of Payments Manual fifth edition (BPM5) was the reference for the data published by Eurostat until 2014.
3.3. Coverage - sector
Not applicable
3.4. Statistical concepts and definitions
The MIP scoreboard indicator is the net international investment position expressed in percent of GDP and it is calculated as: [NIIPt/GDPt]*100. The indicative threshold for the indicator is -35%. The indicator is based on the Eurostat data from the Balance of payment (BoP) statistics.
The concept of resident in the BPM6 is identical to the one used in the 2008 System of National Accounts (SNA) and 2010 European System of National and Regional Accounts (ESA 2010). The concept is not based on nationality or legal criteria. It is based on the notion of a centre of economic interest. An institutional unit is a resident unit when it has a centre of economic interest in the economic territory of a country for a period of at least one year.
Possible dimensions for the classification of the IIP are by: (1) Functional category, split further by the following instruments: Direct investment – split by the listed instruments: Equity and investment fund shares/units; Equity and investment fund shares, other monetary and financial institutitions (MFIs); Equity and investment fund shares/units, other sectors; Debt instruments; Debt instruments, other MFIS; Debt instruments, other sectors Portfolio investment - split by Equity and Debt securities; Financial derivatives (other than reserves) and employee stock options (ESOs) Other investment – Currency and deposits; Loans; Trade credits and advances Reserve assets - broken down into Monetary gold, Special drawing rights, Reserve position in the IMF, Other reserve assets; Securities; Financial derivatives; Other claims. Only assets position exists for the item reserve assets. (2) Financial instrument - according to the broad groupings (equity and investment fund shares, debt instruments, and other financial assets and liabilities) (3) Institutional sector of resident party - Central bank, General government, MFI excluding central banks and Other sectors. (4) Maturity (in the case of debt instruments) - short-term or long-term, by original and remaining maturity.
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 MIP scoreboard presents national data for each EU Member Stateand for euro area (EA) and the European Union as a whole. EU and EA aggregates were added in 2023.
3.8. Coverage - Time
The data published under the MIP domain are quarterly and annual time series. The international investment position data at the end of year is equal to the position at the end of the fourth quarter of this year. The lengths of series vary according to country, for details on time coverage see the information notes for the following tables:
tipsii10 Net international investment position (% GDP);
tipsii12 Direct investment (annual data, million units of national currency); tipsii13 Direct investment assets, by instruments (annual data, million units of national currency); tipsii14 Direct investment liabilities, by instruments (annual data, million units of national currency); tipsii15 Portfolio investement (annual data, million units of national currency); tipsii16 Portfolio investment assets, by instuments (annual data, million units of national currency); tipsii17 Portfolio investment liabilities, by instruments (annual data, million units of national currency); tipsii18 Financial derivatives and employee stock options (annual data, million units of national currency); tipsii19 Financial derivatives and employee stock options, by sectors (annual data, million units of national currency); tipsii21 Other investment (annual data, million units of national currency); tipsii22 Other investment by sectors (annual data, million units of national currency);
tipsii40 Net international investment position (quarterly data, % of GDP); tipsii41 International investment position (quarterly data, million units of national currency); tipsii42 Direct investment (quarterly data, million units of national currency); tipsii43 Portfolio investment (quarterly data, million units of national currency); tipsii44 Financial derivatives and employee stock options (quarterly data, million units of national currency); tipsii45 Other investment (quarterly data, million units of national currency).
tipsii50 Net international investment position excluding non-defaultable instrument (in % of GDP)
3.9. Base period
Not applicable.
Data are in % of GDP and in million units of national currency.
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
Data are released on Eurostat Reference Database as soon as received from national authorities. Release calendars exist for the BoP quarterly data and for the euro area Balance of Payments.
8.2. Release calendar access
A release calendar for MIP scoreboard indicators is not available. BoP quarterly data are published in accordance with the Eurostat release calendar.
8.3. Release policy - user access
The MIP Regulation stipulates that “the Commission shall make the set of indicators and the thresholds in the scoreboard public” (Art. 4, para. 6, Regulation (EU) No 1176/2011 of 16 November 2011 on the prevention and correction of macroeconomic imbalances) and that “the Commission shall update the values for the indicators on the scoreboard at least on an annual basis” (Art. 4, para. 8, ib.).
In line with the Community legal framework and the European Statistics Code of Practice Eurostat disseminates European statistics on Eurostat's website (see §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 MIP related indicators are updated and released in accordance to the dissemination of underlying quarterly and annual data.
The indicators are part of the MIP Scoreboard indicators used to identify emerging or persistent macroeconomic imbalances in EU Member States. The Scoreboard is part of an annual exercise, where the first step consists in the compilation of an Alert Mechanism Report (AMR).
Eurostat's mission is to provide the European Union with a high-quality statistical information service - see: Eurostat quality framework. Eurostat prepares national annual Quality Reports for the balance of payments, international trade in services and foreign direct investment 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. The latest overview report "Quality report on balance of payments (BOP), international trade in services (ITS) and foreign direct investment (FDI)" provides analysis for data transmitted until September 2020.
Moreover, the statistics underlying the Scoreboard indicators are subject to a specific quality assurance framework developed within the MIP context.
For the quality assurance of the statistics underlying the MIP Eurostat and the DG Statistics of the European Central Bank signed a Memorandum of Understanding (MoU) establishing a mutual recognition of the respective ESS and ESCB quality assurance frameworks, when the Member States have designated their National Central Banks for producing the datasets: Balance of payments and international investment position statistics and Financial accounts.
The quality assurance framework for the Macroeconomic imbalance procedure (MIP) follows a three-level structure:
The first level assesses the reliability and comparability of MIP underlying statistics and addresses relevant quality issues; it also enhances the communication on quality assurance of MIP statistics towards the European Parliament and Council, policy makers and the public at large. This level draws on the information gathered in levels two and three (see below).
The second level consists of domain-specific quality reports produced by Eurostat and the ECB summarising the main findings for the euro area or the EU Member States. Reports assess the underlying compilation process and its robustness, describe its legal basis and evaluate whether the statistics are in line with international statistical standards.
The third level consists of national quality reports (self-assessments) produced by the institution compiling the national statistics. Most of these reports are voluntarily published by Members States on the CMFB’s website and their availability depends upon the statistical domain.
12.1. Relevance - User Needs
The indicator Net International Investment Position is one of the headline indicators of the MIP Scoreboard. The MIP Scoreboard is used as an early warning system in the context of the macroeconomic surveillance of EU Member States. The MIP Scoreboard consists of a set of thirteen indicators, covering the major sources of macroeconomic imbalances. The aim of the scoreboard is to trigger in-depth studies, which will do analyses to determine whether potential imbalances identified in the early-warning system are benign or problematic.
12.2. Relevance - User Satisfaction
Not available.
12.3. Completeness
Data offer complete and consistent description of the components of the Balance of Payments and ITS components with their geographical breakdown and in accordance with IMF’s Balance of Payments and International Investment Positions Manual, Sixth Edition (BPM6). Recalculation of data series for statistics before 2014 according to the new methodology are provided by Member States on a voluntary basis.
The Introduction part of the Statistical annex of each Alert mechanism report provides detailed information on data completeness.
13.1. Accuracy - overall
The indicators are associated with a high level of overall accuracy. Data transmitted by the Member States are checked in Eurostat for their consistency and plausibility. If any problem is found, Eurostat contacts the relevant Member State for checking the figures or confirming the changes. Data on goods are based on International Trade in Goods Statistics, which are often collected by customs' administrations. Data on services come from a variety of surveys where data can be reported either by banks or directly by enterprises or households. 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
Quarterly IIP are published 3 months and 1 week after the reference period. Annual data are updated when the corresponding quarterly data are available.
14.2. Punctuality
Punctuality depends on the delivery of basic data used for the calculation of MIP indicators. Eurostat monitors closely punctuality of basic data delivery by 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 as well as all details on the coding system, data format and deadlines for transmission. Each country compiles its BoP statistics using 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 the Balance of Payments Vademecum.
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 the 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.
For euro area balance of payments, please refer to this website.
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, national central banks or 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, all details on the coding system, the data format, and 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.
18.2. Frequency of data collection
Not applicable.
18.3. Data collection
Data are submitted by national authorities (mainly central banks).
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 can also be found in each SDDS country page published in the IMF's Dissemination Standards Bulletin Board in the section "Balance of Payments".
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 2020.
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 the 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 International Investment Position (IIP) is a statistical statement that provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It allows for a stock-flow analysis of the external position of a country. It shows at a point in time the value and composition of:
the financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and
the liabilities of residents of an economy to non-residents.
The MIP scoreboard indicator is the Net international investment position expressed as % of GDP. Furthermore, the Net international investment position excluding non-defaultable instruments - % of GDP is part of the MIP auxiliary indicators set. Additional data for the different functional categories are published: Direct investment; Portfolio investment; Financial derivatives (other than reserves) and employee stock options (ESOs) and Other investment, in % of GDP and in national currency.
28 January 2025
The MIP scoreboard indicator is the net international investment position expressed in percent of GDP and it is calculated as: [NIIPt/GDPt]*100. The indicative threshold for the indicator is -35%. The indicator is based on the Eurostat data from the Balance of payment (BoP) statistics.
The concept of resident in the BPM6 is identical to the one used in the 2008 System of National Accounts (SNA) and 2010 European System of National and Regional Accounts (ESA 2010). The concept is not based on nationality or legal criteria. It is based on the notion of a centre of economic interest. An institutional unit is a resident unit when it has a centre of economic interest in the economic territory of a country for a period of at least one year.
Possible dimensions for the classification of the IIP are by: (1) Functional category, split further by the following instruments: Direct investment – split by the listed instruments: Equity and investment fund shares/units; Equity and investment fund shares, other monetary and financial institutitions (MFIs); Equity and investment fund shares/units, other sectors; Debt instruments; Debt instruments, other MFIS; Debt instruments, other sectors Portfolio investment - split by Equity and Debt securities; Financial derivatives (other than reserves) and employee stock options (ESOs) Other investment – Currency and deposits; Loans; Trade credits and advances Reserve assets - broken down into Monetary gold, Special drawing rights, Reserve position in the IMF, Other reserve assets; Securities; Financial derivatives; Other claims. Only assets position exists for the item reserve assets. (2) Financial instrument - according to the broad groupings (equity and investment fund shares, debt instruments, and other financial assets and liabilities) (3) Institutional sector of resident party - Central bank, General government, MFI excluding central banks and Other sectors. (4) Maturity (in the case of debt instruments) - short-term or long-term, by original and remaining maturity.
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 MIP scoreboard presents national data for each EU Member Stateand for euro area (EA) and the European Union as a whole. EU and EA aggregates were added in 2023.
The reference period is the calendar year.
The indicators are associated with a high level of overall accuracy. Data transmitted by the Member States are checked in Eurostat for their consistency and plausibility. If any problem is found, Eurostat contacts the relevant Member State for checking the figures or confirming the changes. Data on goods are based on International Trade in Goods Statistics, which are often collected by customs' administrations. Data on services come from a variety of surveys where data can be reported either by banks or directly by enterprises or households. 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 in % of GDP and in million units of national currency.
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 the 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, national central banks or 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, all details on the coding system, the data format, and 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.
The MIP related indicators are updated and released in accordance to the dissemination of underlying quarterly and annual data.
Quarterly IIP are published 3 months and 1 week after the reference period. Annual data are updated when the corresponding quarterly data are available.
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 as well as all details on the coding system, data format and deadlines for transmission. Each country compiles its BoP statistics using 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 the Balance of Payments Vademecum.
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 the 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.
