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Balance of payments and international investment position

Producer: Statistics Finland
Homepage: http://www.stat.fi/til/mata/index_en.html
Main topic: National Accounts
Related topics:
Official Statistics of Finland (OSF): Yes
European Statistical System (ESS): Yes

Description

The statistics on balance of payments describes the external balance of the national economy from the perspectives of both real and financial economy. The balance of payments covers transactions that are carried out between economic units belonging to the national economy (resident in Finland) and economic units belonging to another country (resident abroad). The international investment position (IIP) statistics describe the foreign asset and liability stocks generated from financial account capital flows. The compilation of the statistics is based on the International Monetary Fund's recommendation BPM6 (Balance of Payments and International Investment Position Manual).

Data content

Balance of payments refers to an accounts composition that systematically describes transactions between the national economy and the rest of the world during a certain time period from the perspectives of both real and financial economy.

Balance of payments consists of current account, capital account and financial account. The current account comprises foreign real transactions such as foreign trade of goods and services, primary income and secondary income. The capital account only contains capital transfers. The financial account comprises changes in foreign direct investments, portfolio investments, other investments, financial derivatives and central bank reserve assets. The international investment position describes the foreign asset and liability stocks generated from financial account capital flows. The values of assets and liabilities are recorded here at the end of the statistical reference period.

The statistics can be used when analysing the external balance of the national economy or relationships between assets and liabilities, their structure and development, or when comparing these with other countries.

The instructions and recommendations of the IMF's Balance of Payments Manual (6th edition, 2009) are applied to the compilation of statistics on balance of payments and international investment position. In Europe, balance of payments statistics are directed by the European Central Bank (financial account) and Eurostat (current account).

Balance of payments statistics are based on Finland's statutory obligations to produce and report balance of payment statistics to the European Central Bank (ECB) (ECB's guidelines ECB/2011/23) and to Eurostat, the Statistical Office of the European Communities (the European Commission’s Regulation No 555/2012), as well as to the International Monetary Fund (IMF).

Classifications used

The classifications used in the statistics are the country classification (all countries) and the Institutional Classification of Sectors 2012.

Data collection methods and data sources

Direct data collection and data derived from other statistics are used to compile the balance of payment statistics. The National Board of Customs collects data on foreign trade in goods and publishes statistics on foreign trade. Statistics Finland gathers data on foreign trade in services, secondary income and capital transfers. Statistics Finland collects, in cooperation with the Bank of Finland, data for the statistics on financial account, investment income and international investment position.

Data collections

Updating frequency

The monthly balance of payments is released approximately six weeks from the end of the statistical reference month right after the statistics on foreign trade are released. In connection with each monthly release, the data for the previous month are also revised. The data collected for the monthly statistics are assessed quarterly and annually. More extensive annual data are completed in approximately ten weeks. The joint revision and correction rhythm of monthly and quarterly data has been reconciled.

The annual data of the annual survey on foreign financial assets and liabilities and the annual inquiry on foreign trade in services are completed by the autumn in the year following the statistical reference year when all basic data have been received. According to the ECB's and Eurostat's correction rhythm, all major corrections are carried out at the end of March and September. At this time, all monthly and quarterly data of the previous year are corrected in order to make them consistent with the annual level figures. The data for the year prior to the year that ended are also revised. The figures become final over two years after the end of the statistical reference year.

Time of completion or release

The monthly balance of payments is released approximately six weeks from the end of the statistical reference month right after the statistics on foreign trade are released.

Time series

The BPM6 accordant time series is available from 2006.

Keywords

balance of payments, current account, trade account, goods, services, primary income, secondary income, capital transfers, capital account, financial account, direct investments, foreign direct investments, portfolio investments, securities, trade credits, loans, deposits, financial derivatives, reserve assets, international investment position, globalisation

Contact information

http://tilastokeskus.fi/til/mata/yht_en.html

Last updated 31.03.2020