N a t i o n a l
B a n k
o f
P o l a n d
Department of Statistics
Information about the quarterly balance of payments on a
transaction basis
The National Bank of Poland (NBP) for the first time presents the quarterly balance of
payments on a transaction basis. Up to now this balance of payments has been presented
exclusively on annual basis. Preparing of quarterly balance of payments is a fulfilment of
standards in the field of balance of payments statistics that oblige European Union countries.
Data presented contain time period from 1st q 2000 to 3rd q 2003.
The balance of payments is a statistical statement that systematically summarizes, for a
specific time period, the economic transactions of the Polish economy with the rest of the
world. The system for the quarterly balance of payments on a transactions basis incorporates
data from banking statistics, with data derived from surveys of enterprises and other entities
in goods, services, income, FDI, trade credits and loans. It also includes transactions on
accounts held by Polish residents with banks abroad. The transactions in cash through
bureaux de change of banks (recorded as unclassified transactions in the balance of payments
on a cash basis) are reclassified for appropriate b.o.p. items, i.e. goods, travel and workers’
remittances. Essential differences between data sources for balance of payments on a
transaction basis and for balance of payments on a cash basis regard goods and services
(travel) items. The data source for goods in a balance of payments on transaction basis are
SAD customs documents, whereas in a balance of payments on a cash basis data come from
payments settled via the Polish banking system. The Institute of Tourism estimates are the
basis for compiling the travel item in the balance of payments on a transaction basis. As the
balance of payments on a transaction basis is a data source for calculation of some aggregates
(net export) in a system of national accounts, estimation of these aggregates have been made
jointly by the NBP and the Central Statistical Office. Detailed information on the divergence
in data sources between balance of payments on transaction basis and balance of payments on
cash basis are presented in the enclosed table.
An analysis of the published data indicates that the differences between balance of payments
on cash basis and balance of payments on transaction basis are greatest in the case of current
account. The reasons for that are: existence of the unclassified current account transactions
item in the balance of payments on a cash basis and differing data sources for those items.
The presented charts show detailed information on development of balance of payments
items.
Contact persons: Anna Włostowska (+ 48 22) 653 1226,
Jacek Kocerka (+48 22) 653 1820.
€ million
current account
1 500
1 000
500
0
-500
-1 000
-1 500
-2 000
-2 500
-3 000
-3 500
-4 000
I
II
III
IV
I
II
2000
III
IV
I
II
2001
transaction basis
III
IV
I
2002
cash basis
II
2003
difference
goods net
2 000
1 000
€ million
0
-1 000
-2 000
-3 000
-4 000
-5 000
I
II
III
2000
IV
I
II
III
IV
I
2001
transaction basis
II
III
IV
2002
cash basis
-2-
difference
I
II
2003
exports
14 000
12 000
€ million
10 000
8 000
6 000
4 000
2 000
0
I
II
III
IV
I
II
2000
III
IV
I
II
2001
III
IV
I
2002
transaction basis
cash basis
II
2003
difference
imports
16 000
€ million
14 000
12 000
10 000
8 000
6 000
4 000
2 000
0
I
II
III
IV
I
II
2000
III
IV
I
II
2001
transaction basis
III
IV
I
2002
cash basis
II
2003
difference
€ million
services net
1 200
1 000
800
600
400
200
0
-200
-400
-600
-800
I
II
III
2000
IV
I
II
III
IV
I
2001
transaction basis
II
III
IV
2002
cash basis
-3-
difference
I
II
2003
services credit
3 500
3 000
€ million
2 500
2 000
1 500
1 000
500
0
I
II
III
IV
I
2000
II
III
IV
I
II
2001
III
IV
I
2002
transaction basis
cash basis
II
2003
difference
services debit
3 500
3 000
€ million
2 500
2 000
1 500
1 000
500
0
I
II
III
IV
I
2000
II
III
IV
I
2001
II
III
IV
2002
transaction basis
cash basis
I
II
2003
difference
income net
400
€ million
200
0
-200
-400
-600
-800
-1 000
-1 200
I
II
III
2000
IV
I
II
III
IV
I
2001
transaction basis
II
III
IV
2002
cash basis
-4-
difference
I
II
2003
current transfers net
1 200
€ million
1 000
800
600
400
200
0
I
II
III
IV
I
2000
II
III
IV
I
2001
II
III
IV
2002
transaction basis
cash basis
I
II
2003
difference
€ million
financial account
6 000
5 000
4 000
3 000
2 000
1 000
0
-1 000
-2 000
-3 000
I
II
III
IV
I
2000
II
III
IV
I
2001
II
III
IV
I
2002
transaction basis
cash basis
II
2003
difference
foreign direct investment in Poland
7 000
€ million
6 000
5 000
4 000
3 000
2 000
1 000
0
-1 000
I
II
III
2000
IV
I
II
III
IV
I
2001
transaction basis
II
III
IV
2002
cash basis
-5-
difference
I
II
2003
€ million
portfolio investment liabilities
3 500
3 000
2 500
2 000
1 500
1 000
500
0
-500
-1 000
-1 500
I
II
III
IV
I
2000
II
III
IV
I
2001
II
III
IV
I
2002
transaction basis
cash basis
II
2003
difference
€ million
other investments liabilities
2 500
2 000
1 500
1 000
500
0
-500
-1 000
-1 500
-2 000
I
II
III
2000
IV
I
II
III
IV
I
2001
transaction basis
II
III
IV
2002
cash basis
-6-
difference
I
II
2003
Comparison of data sources in balance of payments on a cash basis and balance
of payments on transaction basis.
Balance of
payments item
Goods
Balance of payments
on a cash basis
payments settled via
Polish banking system
Services
payments settled via
Polish banking system
Income
payments settled via
Polish banking system
Current transfers
payments settled via
Polish banking system
payments settled via
Polish banking system
payments settled via
Foreign direct
investment abroad Polish banking system
Capital account
Balance of payments on a transaction basis
customs statistics from SAD documents,
shuttle trade estimates (goods not covered by
custom statistics including reclassification of
unclassified current account transactions)
transport costs corrections
payments settled via Polish banking system
services settled via compensation of dues and
obligations
services settled by enterprises join in capital
groups (netting)
services settled through accounts held with
banks abroad
the Institute of Tourism estimates for travel
services
payments settled via Polish banking system
interests on accounts held with banks abroad
capitalised and delayed interests on loans
payments settled via Polish banking system
custom statistics
transfers (taxes) paid through accounts at
banks abroad
reclassification of unclassified current
account transactions
payments settled via Polish banking system
payments settled via Polish banking system
survey on loans extended and received from
Polish direct investors
payments settled via
payments settled via Polish banking system
Foreign direct
Polish banking system
survey on loans extended and received from
investment in
Polish direct investment enterprises
Poland
payments settled via
payments settled via Polish banking system
Portfolio
acquisition and disposal of securities settled
investment – assets Polish banking system
through accounts held with banks abroad
adjustments based on the stock data
payments settled via
payments settled via Polish banking system
Portfolio
Polish banking system
acquisition and disposal of securities settled
investment –
through accounts held with banks abroad
liabilities
adjustments based on the stock data
Item does not exist in
survey on trade credits extended and received
Trade credits
the balance of payments by Polish enterprises
on a cash basis
-7-
Balance of
payments item
Loans
Balance of payments
on a cash basis
payments settled via
Polish banking system
Currency and
deposits
payments settled via
Polish banking system
Other assets and
liabilities
Financial
derivatives
payments settled via
Polish banking system
payments settled via
Polish banking system
Reserve assets
payments settled via
Polish banking system
Balance of payments on a transaction basis
payments settled via Polish banking system
survey on loans extended and received by
Polish enterprises
payments settled via Polish banking system
transactions settled through accounts held
with banks abroad
payments settled via Polish banking system
survey on capital and interests arrears
payments settled via Polish banking system
transactions settled through accounts held
with banks abroad or netting
payments settled via Polish banking system
-8-
Balance of payments on transaction basis
2000
I Quarter
A. Current Account
II Quarter
2001
III Quarter
IV Quarter
I Quarter
II Quarter
ECU/EUR mn
2003
2002
III Quarter
IV Quarter
I Quarter
II Quarter
III Quarter
IV Quarter
I Quarter
II Quarter
-2 907
-2 952
-2 039
-2 898
-1 492
-2 428
-522
-1 552
-1 797
-1 800
-684
-1 123
-1 616
-948
Balance on Goods
Goods: exports f.o.b.
Goods: imports f.o.b.
-3 148
8 621
11 769
-3 751
9 168
12 919
-2 973
10 037
13 010
-3 455
11 196
14 651
-2 161
10 995
13 156
-2 455
11 490
13 945
-1 770
11 822
13 592
-2 171
12 230
14 401
-2 064
11 173
13 237
-2 123
12 449
14 572
-1 442
12 613
14 055
-2 072
13 103
15 175
-1 505
12 128
13 633
-1 109
13 010
14 119
Balance on Services
Services: Credit
Services: Debit
35
2 115
2 080
484
2 907
2 423
571
3 057
2 486
450
3 232
2 782
65
2 147
2 082
291
2 620
2 329
361
3 046
2 685
189
3 100
2 911
-61
2 103
2 164
224
2 581
2 357
204
2 767
2 563
486
3 092
2 606
-262
1 870
2 132
191
2 334
2 143
Balance on Income
Income: Credit
Income: Debit
-283
532
815
-329
610
939
-293
573
866
-702
733
1 435
42
923
881
-977
696
1 673
-217
653
870
-425
651
1 076
-310
477
787
-695
446
1 141
-427
609
1 036
-560
521
1 081
-602
458
1 060
-849
477
1 326
489
637
148
644
805
161
656
829
173
809
1 010
201
562
790
228
713
932
219
1 104
1 330
226
855
1 127
272
638
886
248
794
1 018
224
981
1 219
238
1 023
1 268
245
753
984
231
819
1 064
245
-21
8
-6
58
-3
-5
4
88
-20
16
20
-23
-16
-9
12
33
23
15
14
20
72
14
4
7
11
16
11
7
99
11
4
24
22
6
22
2
1
24
27
43
3
12
2 701
1 819
1 887
4 955
2 845
1 441
735
-1 527
2 751
858
2 588
1 199
2 172
1 282
-10
1 918
-3
1 309
10
1 165
-15
5 942
52
1 246
18
1 017
25
842
2
3 267
35
1 253
6
893
-155
860
-114
1 365
-127
1 206
-29
774
3
-6
9
-112
-5
-107
45
-9
54
-34
-6
-28
260
1
259
-97
-59
-38
-97
0
-97
-24
-18
-6
-70
-23
-47
-448
-129
-319
-318
-115
-203
-372
-16
-356
7
121
-114
-120
145
-265
Portfolio investment liabilities
Equity securities
Debt securities
2 808
318
2 490
330
-74
404
622
193
429
-51
47
-98
2 298
-85
2 383
-993
-15
-978
69
48
21
-276
-287
11
1 737
-193
1 930
809
-182
991
858
-254
1 112
-288
41
-329
2 920
-13
2 933
-787
39
-826
Other investment assets
Monetary authorities
Central and local government
MFI (excluding Central Bank)
Other sectors
-850
1
17
-657
-211
-529
0
-14
-160
-355
545
1
-42
547
39
-3 484
0
-17
-3 116
-351
-1 647
1
-23
-908
-717
72
0
-8
-17
97
-92
0
-5
40
-127
-2 828
0
-4
-2 881
57
-255
0
-11
339
-583
-152
0
-10
322
-464
1 996
0
-13
2 139
-130
289
0
-5
410
-116
-2 232
0
-5
-945
-1 282
765
0
-1
1 143
-377
Other investment liabilities
Monetary authorities
Central and local government
MFI (excluding Central Bank)
Other sectors
-1 185
-1 183
-252
-269
519
649
-288
39
153
745
-94
-4
-71
-77
58
2 070
56
-15
-323
2 352
790
-67
-157
5
1 009
967
-113
-229
398
911
585
147
-177
91
524
-1 598
166
-2 839
-168
1 243
855
-113
-39
413
594
37
-285
-308
-198
828
-732
-32
-535
4
-169
329
-81
342
-735
803
605
336
-822
320
771
948
94
82
44
728
17
175
-406
527
-154
457
-597
-70
-804
-287
79
-10
-207
-269
-347
913
171
-539
-4
405
-81
1 553
-279
233
-789
-474
242
-191
-574
-212
13
1 576
1 346
-587
136
-1 438
655
-693
1 135
-421
782
134
574
212
-13
-1 576
-1 346
587
-136
1 438
-655
693
-1 135
421
-782
-134
Balance on Current Transfers
Current transfers: Credit
Current transfers: Debit
B. Capital Account
Capital account: Credit
Capital account: Debit
C. Financial Account
Direct investment abroad
Direct investment in Poland
Portfolio investment assets
Equity securities
Debt securities
Financial derivatives
D. Net errors and omissions
Overall Balance
E. Official Reserve Assets
-9-