Financial Statistics
1
FINANCIAL STATISTICS
IMPLEMENTATION OF THE SIXTH EDITION BALANCE OF PAYMENTS
MANUAL (BPM6) IN THE BALANCE OF PAYMENTS AND INTERNATIONAL
INVESTMENT POSITION STATISTICS OF SLOVENIA
(JUNE 2014)
Written by:
Eva Senčar Svetina
Janez Klemenc
Valentina Zorman
Alenka Repovž Lah
Financial Statistics
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FOREWORD ............................................................................................................................. 3 1. Methodological changes in the Balance of Payments statistics ....................................... 3 1.1. Manufacturing service on physical goods owned by others ......................................... 4 1.2. Merchanting ................................................................................................................... 4 1.3. Financial intermediation services indirectly measured (FISIM) ................................. 4 1.4. Postal and courier services............................................................................................. 4 1.5. Income attributed to policyholders in insurance, pension schemes and standardised
guarantee schemes .................................................................................................................... 5 1.6. Reclassification of taxes on production and imports and subsidies ............................. 5 2. Changes in financial account of the balance of payments and international investment
position ....................................................................................................................................... 5 2.1. Direct investment ............................................................................................................ 5 2.2 Introduction of new item 'Other investment/Insurance, pension, and standardized
guarantee schemes' ................................................................................................................... 8 2.3 Introduction of new item 'Other investment/Other equity' ................................................ 8 2.4 Other changes ...................................................................................................................... 8 2. COMPARISON OF BALANCE OF PAYMENTS DATA BPM6 : BPM5 ...................... 9 3. COMPARISON OF INTERNATIONAL INVESTMENT POSITION DATA
BPM6 : BPM5 ......................................................................................................................... 11 4. FDI DIRECTIONAL PRINCIPLE PRESENTATION (BPM6 – BPM5 differences) . 12 5. INTERNATIONAL INVESTMENT POSITION 2009 - 2014 Q1 BPM6 methodology
in EUR million......................................................................................................................... 13 6. BALANCE OF PAYMENTS 2009-2013 BPM6 methodology in EUR million............ 14 7. Methodological and legal framework (links):................................................................. 14 Financial Statistics
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FOREWORD
The sixth edition of the Balance of Payments and Investment Position Manual (BPM6)1,
published by International Monetary Fund represents the basis of external statistics. The
manual is presenting and explaining concepts, definitions, classifications and guidelines for
preparing Balance of Payments2 and International Investment Position statistics3.
The need for the new manual came with the need of statistics to follow the social and world
economy changes connected with the globalisation and the occurrence of financial and
technological innovation (for instance financial derivatives, securitisation, indexed bonds,
multinationals, special purpose entities, etc.). In the new manual there is a greater emphasis
on international investment position, which means an important role in the analysis of
vulnerability of a certain country. The new manual is also harmonised with the System of
National Accounts4 (sector classification, terminology, style and text), which was revised in
parallel with the Manual of Balance of Payments.
According to BPM5 methodology the expressions credit and debit were used, instead of this
methodology BPM6 introduces terms assets and liabilities. According to BPM5 the increase
of assets, import and expenditure, were presented with negative signs (because they presented
outflows). Based on methodology BPM6 the increase is always expressed with positive sign
and the decrease with negative sign. This change enables easier interpretation of the data,
special from the user side.
The implementation of BPM6 coincides with the changed sector classification according to
ESA 2010.
Bank of Slovenia released the first calculations of international investment position and
balance of payments on 24 June 2014. Data were sent to the European central bank, Eurostat
and International Monetary Fund. The complete series from the year 1994 onwards will be
published in the Monthly Bulletin and internet data series by the end of 2014. In this paper the
yearly data 2009 – 2013 and the detailed description of individual item changes for the year
2013 are presented.
1. Methodological changes in the Balance of Payments statistics
In BPM6 the current account of balance of payments is divided into four parts: goods,
services, primary income and secondary income. Primary income by name and predominantly
by substance replaced item Income from Compensation of employees and Investment income,
as the Secondary income replaced item Current transfers.
Major changes are in:
- Manufacturing service on physical goods owned by others,
- Merchanting of goods,
1
IMF: Balance of Payments and International Investment Position Manual, Sixth Edition
Balance of payments is a systematic presentation of all economic transactions between residents and nonresidents in a specific period.
3
International Investment Position shows the amounts of all financial assets and liabilities of residents vis-a-vis
non-residents in a certain moment.
4
UNSC: The System of National Accounts 2008.
2
Financial Statistics
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4
Financial Intermediation Services Indirectly Measured (FISIM),
Reallocation of Postal and courier services,
Income from Insurance, pension schemes and standardised guarantee schemes,
Reallocation of taxes on production and imports and reallocation of subsidies.
1.1. Manufacturing service on physical goods owned by others
Goods are recorded in balance of payments according to the change of ownership principle.
BPM6 excludes exceptions present in BPM5. Therefore manufacturing services on physical
goods owned by others are excluded from goods and included in services.
EUR million
Goods (excluded)
Export
Import
Services (included)
Export
Import
2009 2010 2011 2012 2013
73
59
42
-30
92
413 464
502
514
573
340 405
460
543
482
73
104
31
59
109
50
42
98
56
-30
120
150
92
145
53
1.2. Merchanting
Merchanting of goods where change of ownership happens is excluded from services on net
principle and included in goods on gross principle (purchases and sales of goods) on export
side.
EUR million
Merchanting (net)
Sales
Purchases
2009 2010 2011 2012 2013
144
156
139
189
291
1.163 1.452 1.957 2.689 2.888
1.019 1.296 1.818 2.499 2.598
1.3. Financial intermediation services indirectly measured (FISIM)
Actual interest can be seen as including both an income element and a charge for a service.
FISIM and other implicit financial services have been included in services, with a method for
calculation based on the reference rate. Thus the FISIM part of primary income is reallocated
to financial services.
EUR million
2009 2010 2011 2012 2013
FISIM – export of
services
75
75
60
44
37
FISIM – import of
services
65
53
48
52
54
1.4. Postal and courier services
Postal and courier services were previously (BPM5) included in Communication services. In
BPM6 these services are part of Transport services.
Financial Statistics
5
EUR million
2009 2010 2011 2012 2013
Postal and courier services –
export
5
3
4
8
8
Postal and courier services –
import
6
6
5
8
13
1.5. Income attributed to policyholders in insurance, pension schemes and
standardised guarantee schemes
In the balance of payments financial accounts item "Insurance, pension schemes and
standardised guarantee schemes" is introduced. For this item income is also calculated.
EUR million
Income (net)
Receipts
Expenditures
2009 2010 2011 2012 2013
2
0
-1
-4
-5
5
5
5
5
6
4
4
6
8
11
1.6. Reclassification of taxes on production and imports and subsidies
In BPM5 Taxes on production and imports and subsidies were included in current transfers,
whereas according to BPM6 they are included under primary income.
EUR million
Receipts
Taxes on production and imports
Subsidies
Expenditures
Taxes on production and imports
Subsidies
2009
2010 2011
2012
2013
69
222
126
224
158
227
169
275
236
283
14
2
15
2
19
7
24
10
18
2
2. Changes in financial account of the balance of payments and international
investment position
The difference between BPM5 and BPM6 data in the financial account of the balance of
payments and net position of the international investment position is due to the introduction of
the new item 'Insurance, pension, and standardized guarantee schemes'.
The most significant change in Slovenian data according to the BPM6 is reflected in item
'Direct investment'. Other changes are:
- new item 'Other investment/'Insurance, pension, and standardized guarantee schemes';
- reclassification of equity capital not in the form of securities (below 10% threshold)
from Equity securities in new item 'Other investment/Other equity', which partially
contains also data from 'Other investment/Other claims&liabilities';
- new classification of Debt securities in short-term and long-term;
- other less significant changes.
2.1. Direct investment
In BPM6 the coverage of direct investment is changed; debt instruments between fellow
enterprises are added, on the other hand permanent debt instruments between affiliated
Financial Statistics
6
financial corporations are excluded from this item and reclassified in other appropriate
instruments.
The main presentation uses direct investment assets and direct investment liabilities – 'asset /
liability principle'. Data on 'directional principle' basis (inward and outward direct investment)
are shown separately in the framework of direct investment statistics and are not a part of
balance of payments and international investment statistics.
Additional breakdown of direct investment equity and debt instruments according to the type
of capital affiliation is introduced:
- assets/liabilities in direct investment enterprises;
- assets/liabilities in direct investor;
- assets/liabilities between fellow enterprises.
Direct investment - Directional principle vis-a-vis Assets/liabilities principle
DIRECTIONAL PRINCIPLE
1 Dire ct investment/Net (2-11)
ASSETS/LIABILITIES
Dire ct investment/Ne t (B-J)
A
2 Slove nian dire ct investment abroad (3+4)
3 Equity
4 Debt instrume nts/Ne t (5-8)
5
Assets (6+7)
6
Between directly affiliated enterprises
7
Between fellow enterprises (residents' control)
8
Liabilities (9+10)
9
Between directly affiliated enterprises
10
Between fellow enterprises (residents' control)
Dire ct investment/Asse ts (C+D)
Equity
Debt instrume nts/Assets (E+F+G)
Direct investors
Direct investment enterprises
Between fellow enterprises (H+I)
Ultimate controlling parent is resident
Ultimate controlling parent is nonresident
B
C
D
E
F
G
H
I
11 Foreign dire ct investment in Slove nia (12+13)
12 Equity
13 Debt instrume nts/Ne t (17-14)
14
Assets (15+16)
15
Between directly affiliated enterprises
16
Between fellow enterprises (nonresidents' control)
17
Liabilities (18+19)
18
Between directly affiliated enterprises
19
Between fellow enterprises (nonresidents' control)
Dire ct investment/Liabilitie s
Equity
Debt instrume nts/Liabilities (M+N+O)
Direct investors
Direct investment enterprises
Between fellow enterprises (P+R)
Ultimate controlling parent is resident
Ultimate controlling parent is nonresident
J
K
L
M
N
O
P
R
Financial Statistics
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Presentation of foreign direct investment:
Dire ct inve stme nt - dire ctional principle
Positions as of 31 December
DIRECTIONAL PRINCIPLE
1 Dire ct inve stme nt/Ne t (2-11)
Dire ct inve stme nt - asse ts/liabilitie s principle
Positions as of 31 December
2012
2013
-3.539 -3.754
ASSETS/LIABILITIES
2012
A Dire ct inve stme nt/Ne t (B-J)
2 Slove nian dire ct inve stme nt abroad (3+4)
3 Equity
4 De bt instrume nts/Ne t (5-8)
5
Assets (6+7)
6
Between directly affiliated enterprises
7
Between fellow enterprises (residents' control)
8
Liabilities (9+10)
9
Between directly affiliated enterprises
10
Between fellow enterprises (residents' control)
5.710 5.172
4.184 3.787
1.526 1.385
1.890 1.838
1.827 1.770
63
68
364
453
343
443
21
10
B Dire ct inve stme nt/Asse ts (C+D)
Equity
C
De bt instrume nts/Asse ts (E+F+G)
D
E
Direct investors
F
Direct investment enterprises
G
Between fellow enterprises (H+I)
H
Ultimate controlling parent is resident
I
Ultimate controlling parent is nonresident
11 Fore ign dire ct inve stme nt in Slove nia (12+13)
12 Equity
13 De bt instrume nts/Ne t (17-14)
14
Assets (15+16)
15
Between directly affiliated enterprises
16
Between fellow enterprises (nonresidents' control)
17
Liabilities (18+19)
18
Between directly affiliated enterprises
19
Between fellow enterprises (nonresidents' control)
9.249 8.926
7.617 7.312
1.632 1.614
1.124 1.172
784
828
340
345
2.756 2.787
2.104 2.131
652
656
J Dire ct inve stme nt/Liabilitie s
Equity
K
De bt instrume nts/Liabilitie s (M+N+O)
L
M
Direct investors
N
Direct investment enterprises
O
Between fellow enterprises (P+R)
P
Ultimate controlling parent is resident
R
Ultimate controlling parent is nonresident
7.198
4.184
3.014
1.827
784
403
63
340
2009
497
244
196
47
-253
122
-375
2010
-93
138
-186
324
231
198
33
2011
-640
-3
65
-69
636
-22
658
2012
-466
-439
-42
-396
27
-6
33
2013
-60
5
-84
89
64
-63
127
2011
633
-85
-65
-19
718
-22
740
2012
168
226
42
183
-58
-6
-52
2013
-599
186
84
102
-786
-63
-723
Presentation of transactions according to PBM5 (sign in line with BPM5):
EUR million
Direct Investment
Domestic abroad
Equity+reinvested earnings
Other capital
Foreign in Slovenia
Equity+reinvested earnings
Other capital
2009
-663
-189
-196
7
-474
122
-596
2010
428
156
186
-30
272
198
74
6.797
3.787
3.010
1.770
828
412
68
345
10.737 10.552
7.617 7.312
3.120 3.240
2.104 2.131
343
443
673
665
21
10
652
656
Presentation of transactions according to BPM6 (sign in line with BPM6):
EUR million
Direct Investment
Assets
Equity (including reinvested earnings)
Debt instruments
Liabilities
Equity (including reinvested earnings)
Debt instruments
2013
-3.539 -3.754
Financial Statistics
8
2.2 Introduction of new item 'Other investment/Insurance, pension, and
standardized guarantee schemes'
Insurance, pension and standardized guarantee
schemes in EUR million
Transactions (1-2)
1. Assets
2. Liabilities
Positions (1-2)
1. Assets
2. Liabilities
2009
-38
-13
25
26
124
98
2010
-29
-11
17
-2
113
115
2011
-28
-2
27
-84
108
192
2012
-12
28
41
-98
141
239
2013
-49
-10
39
-143
131
275
2.3 Introduction of new item 'Other investment/Other equity'
According to BPM6 'Other investment/Other equity' comprises equity that is not in the form of
securities (below 10% threshold) and equity in international organisations, while BPM5 has
for such kind of equity recommended items equity securities or other claims.
Other investment/ Other equity in EUR million
Transactions (1-2)
1. Assets
2. Liabilities
Positions (1-2)
1. Assets
2. Liabilities
2009
12
18
5
194
216
22
2010
11
10
-1
204
223
19
2011
12
10
-2
201
221
20
2012
154
155
0
349
370
21
2013
152
152
0
503
525
22
2.4 Other changes
'Bonds and notes' and 'Money market instruments' are replaced as terms by long-term and
short-term debt securities, respectively.
SDR allocations represent a liability of the recipient in new item 'Special drawing rights'.
Arrears are not
claims&liabilities.
transferred
from primary
instrument
to other
investment/other
Financial Statistics
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2. COMPARISON OF BALANCE OF PAYMENTS DATA BPM6 : BPM5
in million EUR
Period: year 2013
BPM6*
Current account
Goods
Exports of goods
Imports of goods
Services
Exports of services
Imports of services
Primary income/Income**
Receipts
Expenditure
Secondary income/Current transfers
Receipts
Expenditure
Capital account
Finančni račun
Direct investment***
Assets/Domestic abroad
Equity
Debt instruments/Other capital
Liabilities/Foreign in Slovenia
Equity
Debt instruments/Other capital
Portfolio investment
Assets
Equity securities
Debt securities
Liabilities
Equity securities
Debt securities
Financial derivatives
Assets
Liabilities
Other investment
Assets
Insurance, pens. schemes and stand. guarantee schemes
Liabilities
Insurance, pens. schemes and stand. guarantee schemes
Reserve assets
Net errors and omissions
BPM5
2.026,6
763,0
21.692,1
-20.929,1
1.755,4
5.308,0
-3.552,6
-242,7
1.014,9
-1.257,6
-249,1
922,6
-1.171,7
109,3
-2.887,5
59,9
-4,5
84,0
-88,6
64,4
-62,9
127,3
3.976,2
471,2
-56,2
527,4
3.505,0
117,8
3.387,2
-32,3
32,8
-65,1
-6.886,0
-2.241,2
2.101,0
644,8
22.025,6
-21.380,8
1.960,3
5.366,4
-3.406,1
-563,9
502,5
-1.066,4
59,8
1.461,6
-1.401,9
109,3
-2.931,0
-599,5
186,4
84,0
102,4
-785,9
-62,9
-723,0
3.982,1
471,1
-56,2
527,4
3.510,9
118,2
3.392,8
-32,3
32,8
-65,1
-6.275,9
-2.263,0
-74,4
118,2
-333,5
451,8
-204,9
-58,4
-146,5
321,2
512,4
-191,2
-308,9
-539,0
230,1
0,0
43,5
659,4
-190,9
0,0
-190,9
850,3
0,0
850,3
-5,8
0,1
0,1
0,0
-5,9
-0,3
-5,6
0,0
0,0
0,0
-610,0
21,8
-4.012,9
-631,8
9,6
-4.644,8
Goods for processing and mantainance and repair of goods are realocated from goods to services . In import of goods the illegal trade is included (the imports of drugs). Merchanting is included in import of goods ‐
reallocation from services.
Reallocation of FISIM from income to financial
services. Additional: inclusion of income from
insurance, pension scheemes and standardised guarantee schemes.
Reallocation of one part of current transfers in other primary income (taxes on production and imports and subsidies ).
Exclusion of "permanent debt" (investment between financial intermediaries in debt instruments/other capital) and inclusion in other investment. Fellowsare included in debt instuments and excluded from other investment.
Reallocation of other equity (under 10% investment) from investment in equity securities in other investment (item other equity).
Technical change in calculation of debtsecurities from the change in stock basis to transactions for gereral government sector.
9,6
39,5
-5,3
751,6
Difference
BPM6 and BPM5
39,5
-5,3
720,7
0,0
30,9
Additional :inclusion of item Insurance, pens. schemes and stand. guarantee schemes in other investment.
* For the sake of comparability with BPM5, the sign is inverted on imports and expenditure in current account and on assets in financial account
**BPM6/BPM5
***The presentation of direct investment is changed: in line with BPM5 they were divided by the direction of investment (domestic abroad, foreign in Slovenia), in line with BPM6 they are divided into assets an
Financial Statistics
10
Slika 1: Presentation of transactios from goods and services
(BPM5 and BPM6)
2.000
milijoni EUR / EUR million
1.500
1.000
500
0
-500
Vir / Source: Banka Slovenije
2013
2012
2011
2010
2009
-1.000
Goods BPM5
Goods BPM6
Services BPM5
Services BPM6
Slika 2: Presentation of transactions from direct and other
investment (BPM5 and BPM6)
7.000
milijoni EUR / EUR million
6.000
5.000
4.000
3.000
2.000
1.000
0
Vir / Source: Banka Slovenije
Direct investment BPM5
Diredt investment BPM6
Other Investment BPM5
Other Investment BPM6
2013
2012
2011
2010
2009
-1.000
Financial Statistics
11
3. COMPARISON OF INTERNATIONAL INVESTMENT POSITION DATA
BPM6 : BPM5
EUR million
31 December 2013
INTERNATIONAL INVESTMENT
POSITION
Financial account
Direct investment*
Assets/Slovenian direct investment abroad
Equity
Debt instruments/Other capital
Liabilities/Foreign direct investment in Slovenia
Equity
Debt instruments/Other capital
Portfolio investment
Assets
Equity securities
Debt securities
Short-term/Money market instruments
Long-term/Bonds and notes
Liabilities
Equity securities
Debt securities
Short-term/Money market instruments
Long-term/Bonds and notes
Financial derivatives
Assets
Liabilities
Other investment
Assets
Other equity
Currency and deposits
Loans
Insurance, pension, and standardized guarantee
schemes
Trade credit and advances
Other accounts receivable - other
Liabilities
Other equity
Currency and deposits
Loans
Insurance, pension, and standardized guarantee
schemes
Trade credit and advances
Other accounts payable - other
SDR
Reserve assets
BPM6
BPM5
-13.804
-3.754
6.797
3.787
3.010
10.552
7.312
3.240
-4.770
11.375
2.744
8.631
164
8.467
16.145
865
15.280
92
15.189
-61
89
150
-5.888
15.819
525
7.042
4.177
131
-13.661
-5.975
5.121
3.787
1.334
10.729
7.312
3.417
-4.750
11.418
2.787
8.631
57
8.573
16.167
887
15.280
34
15.246
-61
89
150
-3.912
16.049
3.651
292
21.707
22
2.718
14.757
275
3.905
882
19.961
3.522
171
241
669
7.042
4.220
2.960
12.941
3.764
296
669
Difference
BPM6 - BPM5
-143
2.220
1.676
0
1.676
-177
0
-177
-20
-42
-42
0
106
-106
-22
-22
0
58
-58
0
0
0
-1.976
-231
525
0
-43
131
-253
-590
1.746
22
-241
1.816
275
-242
-126
241
0
Exclusion of "permanent debt" (between financial intermediaries in debt instruments/other capital) and inclusion in other investment. Fellows are included in debt instuments and excluded from other investment.
Transfer of other equity (investment under 10%) from investment in equity securities to other investment (item other equity).
Additional: inclusion of item Insurance, pens. schemes and stand. guarantee schemes in other investment.
Reallocation of data on liabilities SDR from currency and deposits to new item liabilities/SDR.
*The presentation of direct investment is changed: in line with BPM5 they were divided by
the direction of investment (domestic abroad, foreign in Slovenia), in line with BPM6 they are divided into assets and liabilities.
Financial Statistics
12
4. FDI DIRECTIONAL PRINCIPLE PRESENTATION (BPM6 – BPM5 differences)
Methodology
BPM5
DIRECT INVESTMENT POSITIONS DIRECTIONAL PRINCIPLE
Methodology
BPM6
Difference
(BPM6-BPM5)
EUR million
2012
2013
2012
2013
2012
2013
1
DIRECT INVESTMENT ABROAD (1.1. + 1.2)
5.676
5.121
5.710
5.172
34
50
1.1
Equity
4.184
3.787
4.184
3.787
0
0
1.2
Debt instruments (claims - liabilities)
1.2.1
Claims
1.491
1.334
1.526
1.385
34
50
1.834
1.778
1.890
1.838
55
60
63
68
63
68
-8
-7
364
453
21
10
21
10
21
10
0
0
-2.479
-1.803
Of that fellows
Of that permanent debt between fin. int.
1.2.2. Liabilities
8
7
343
443
Of that fellows
Of that permanent debt between fin. int.
1
DIRECT INVESTMENT IN SLOVENIA (1.1 + 1.2)
11.727
10.729
9.249
8.926
1.1
Equity
7.617
7.312
7.617
7.312
0
0
1.2
Debt instruments (liabilities - claims)
4.110
3.417
1.632
1.614
-2.479
-1.803
784
828
1.124
1.172
340
344
340
345
340
345
0
-1
2.756
2.787
-2.139
-1.459
652
656
652
656
-2.791
-2.114
1.2.1
Claims
Of that fellows
Of that permanent debt between fin. int.
1.2.2. Liabilities
0
1
4.895
4.245
Of that fellows
Of that permanent debt between fin. int.
2.791
2.114
Figure 3: Direct investment positions according to directional
principle and two methodologies (BPM5 and BPM6)
12.000
milijoni EUR / EUR million
10.000
8.000
6.000
4.000
2.000
2013
2012
2011
2010
2009
0
tuje v Sloveniji - (inward) BPM5
tuje v Sloveniji - (inward) BPM6
Vir / Source: Banka Slovenije
domače v tujini - (outward) BPM5
domače v tujini - (outward) BPM6
Financial Statistics
13
5. INTERNATIONAL INVESTMENT POSITION 2009 - 2014 Q1 BPM6 methodology
in EUR million
1
1.1
1.1.1
1.1.2
1.2
1.2.1
1.2.1.1
1.2.1.2
1.2.2
1.2.2.1
1.2.2.2
1.3
1.4
1.4.1
1.4.2
1.4.3
1.4.4
1.4.5
1.4.6
1.5
1.5.1
1.5.2
1.5.3
1.5.4
1.5.4.1
1.5.4.2
1.5.4.3
2
2.1
2.1.1
2.1.2
2.2
2.2.1
2.2.1.1
2.2.1.2
2.2.2
2.2.2.1
2.2.2.2
2.3
2.4
2.4.1
2.4.2
2.4.3
2.4.4
2.4.5
2.4.6
2.4.7
31.12.2009
31.12.2010
31.12.2011
31.12.2012
31.12.2013
31.03.2014
-14.077
34.713
7.743
4.742
3.001
11.255
2.279
1.657
622
8.976
1.130
7.847
63
3.746
2.239
90
14.876
216
6.596
114
352
2.555
3.558
3.972
267
3.311
0
-15.341
34.143
7.885
4.436
3.449
11.793
2.686
1.880
806
9.107
713
8.394
73
3.925
2.226
122
13.539
223
5.157
104
303
1.121
3.621
4.021
355
3.310
103
-14.831
34.057
7.745
4.314
3.431
11.390
2.311
1.499
812
9.079
695
8.384
67
3.914
2.117
188
13.967
221
5.527
138
551
1.183
3.648
3.946
345
3.107
326
-16.258
33.888
7.198
4.184
3.014
11.631
2.532
1.520
1.013
9.098
200
8.898
49
4.282
1.886
151
14.186
370
5.463
157
345
1.159
3.540
4.247
314
2.853
972
-13.804
34.750
6.797
3.787
3.010
11.375
2.744
1.632
1.113
8.631
164
8.467
41
3.792
1.758
89
15.819
525
7.042
250
260
1.605
4.235
4.177
272
2.635
1.162
-14.599
36.633
6.924
3.723
3.201
11.329
2.783
1.624
1.158
8.547
268
8.279
14
3.493
1.869
90
17.450
538
8.472
232
1.264
1.856
4.251
4.097
276
2.551
1.162
INSURANCE, PENSION AND STANDARDIZED
GUARANTEE SHCEMES
TRADE CREDIT ADN ADVANCES
OTHER ACCOUNTS RECEIVABLE
RESERVE ASSETS
MONETARY GOLD
SPECIAL DRAWING RIGHTS
RESERVE POSITION IN THE IMF
OTHER RESERVE ASSETS
Currency and deposits
Securities
Financial derivatives (net)
LIABILITIES
DIRECT INVESTMENT
EQUITY
DEBT INSTRUMENTS
PORTFOLIO INVESTMENT
EQUITY AND INVESTMENT FUND SHARES
EQUITY
INVESTMENT FUND SHARES
DEBT SECURITIES
SHORT TERM
LONG TERM, of that
Nonfinancial corporations S.11
Banks S.121
General government S.13
FINANCIAL DERIVATIVES
OTHER INVESTMENT
OTHER EQUITY
CURRENCY AND DEPOSITS, of that
Central bank S.121
Banks S.122
LOANS, of that
Nonfinancial corporations S.11
Banks S.121
Other fin. interm. except insurance S.125
General government S.13
Households S.14
124
3.512
457
749
78
216
46
409
53
361
-5
48.790
9.427
7.526
1.901
9.332
621
607
14
8.711
0
8.711
271
2.033
6.407
204
29.826
22
7.982
3.360
4.622
18.161
3.843
9.740
4.332
149
0
113
3.679
347
803
108
230
86
380
59
320
0
49.484
9.771
7.619
2.152
11.735
695
683
13
11.039
0
11.039
250
2.772
8.018
313
27.666
19
6.231
2.125
4.106
17.481
4.131
9.127
4.001
147
0
108
3.780
385
767
125
248
141
254
1
254
-1
48.887
10.577
7.622
2.955
11.854
677
660
18
11.177
150
11.027
240
2.301
8.486
276
26.180
20
6.062
2.754
3.308
16.019
4.464
7.678
3.581
220
0
141
3.668
297
722
129
242
146
205
60
145
1
50.146
10.737
7.617
3.120
12.273
737
715
22
11.536
331
11.205
253
892
10.060
269
26.867
21
6.974
4.450
2.523
15.435
4.454
6.290
3.403
833
372
131
3.651
292
669
89
220
149
211
113
97
1
48.554
10.552
7.312
3.240
16.145
865
836
28
15.280
92
15.189
237
837
14.114
150
21.707
22
2.718
1.054
1.665
14.757
4.881
4.921
3.262
1.281
332
131
3.872
340
839
96
237
148
358
142
217
-1
51.231
10.833
7.359
3.474
20.114
894
871
23
19.220
312
18.908
254
821
17.827
148
20.136
23
1.541
7
1.535
14.410
4.814
4.692
3.218
1.277
336
INSURANCE, PENSION AND STANDARDIZED
GUARANTEE SHCEMES
TRADE CREDIT ADN ADVANCES
OTHER ACCOUNTS PAYABLE
SPECIAL DRAWING RIGHTS
98
3.219
109
235
115
3.452
117
250
192
3.489
143
256
239
3.788
159
252
275
3.522
171
241
275
3.365
281
242
NET INTERNATIONAL INVESTMENT POSITION (1-2)
ASSETS
DIRECT INVESTMENT
EQUITY
DEBT INSTRUMENTS
PORTFOLIO INVESTMENT
EQUITY AND INVESTMENT FUND SHARES
EQUITY
INVESTMENT FUND SHARES
DEBT SECURITIES
SHORT TERM
LONG TERM, of that
Nonfinancial corporations S.11
Central bank S.121
Banks S.122
FINANCIAL DERIVATIVES
OTHER INVESTMENT
OTHER EQUITY
CURRENCY AND DEPOSITS, of that
Nonfinancial corporations S.11
Central bank S.121
Banks S.122
Households S.14
LOANS, of that
Nonfinancial corporations S.11
Banks S.121
General government S.13
Financial Statistics
14
6. BALANCE OF PAYMENTS 2009-2013 BPM6 methodology in EUR million
I.
Current account
1.
Goods
1.1.
1.2.
Export of goods
Import of goods
2.
2.1.
2.2.
2009
2010
2011
2012
2013
-220
-29
83
954
2.027
-425
-717
-936
-36
763
16.283
16.708
18.631
19.348
21.042
21.978
21.256
21.292
21.692
20.929
Services
1.111
1.210
1.406
1.509
1.755
Export of services
Import of services
4.403
3.291
4.655
3.444
4.906
3.500
5.106
3.597
5.308
3.553
3.
Primary income
-553
-389
-302
-292
-243
3.1.
3.2.
Receipts
Expenditure
918
1.471
879
1.268
1.295
1.598
1.138
1.430
1.015
1.258
4.
Secondary income
-353
-132
-84
-227
-249
4.1.
4.2.
Receipts
Expenditure
675
1.029
864
996
993
1.077
931
1.157
923
1.172
II.
Capital account
9
54
-85
41
109
-6
16
-3
57
-12
-73
-4
45
-10
120
Financial account
-208
-505
360
1.028
2.887
Direct investment
497
-93
-640
-466
-60
Assets
Liabilities
244
-253
138
231
-3
636
-439
27
5
64
1.
2.
Nonproduced nofinancial assets
Capital transfers
III.
1.
2.
-4.628
-1.961
-1.844
220
-3.976
Assets
Liabilities
-80
4.548
370
2.332
-17
1.827
-143
-362
-471
3.505
3.
4.
Financial derivatives
Other investment
-15
3.896
117
1.452
155
2.761
89
1.215
32
6.886
4.1.
Assets
Other equity
Currency and deposits
Loans
Insurance, pension, and standardized guarantee schemes
Trade credits and advances
Other assets
Liabilities
Other equity
Currency and deposits
Loans
Insurance, pension, and standardized guarantee schemes
Trade credits and advances
Other liabilities
Reserve assets
Monetary gold, SDR and reserve position in IMF
Currency and deposits
Securities
Financial derivatives
424
18
611
2
-13
-261
68
-3.472
5
-318
-2.887
25
-478
-28
42
222
-9
-182
10
-885
10
-671
-324
-11
199
-88
-2.336
-1
-1.954
-697
17
310
-12
-19
37
10
-75
9
1.448
10
1.346
3
-2
61
30
-1.313
-2
-169
-1.320
27
133
19
-72
65
-59
-67
-10
1.634
155
1.216
371
28
-49
-88
418
0
1.026
-938
41
285
5
-31
6
60
-101
4
2.241
152
2.069
-1
-10
24
7
-4.645
0
-4.246
-269
39
-184
15
5
-3
55
-42
-4
3
-530
362
33
752
4.2.
5.
IV.
Portfolio investment
Net errors and omissions
7. Methodological and legal framework (links):
ECB: http://www.ecb.europa.eu/stats/external/bpm6/html/index.en.html
IMF (BPM6): http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm
OECD (BD4): http://www.oecd.org/daf/inv/investmentstatisticsandanalysis/40193734.pdf
REGULATION (EU) No 555/2012 http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2012:166:0022:0066:EN:PDF
Guideline ECB (ECB/2011/23 ) http://www.ecb.europa.eu/ecb/legal/pdf/l_06520120303en00010044.pdf