Balance of Payments (MEI)
Source
Source Contact person Contact person Data Characteristics Data Characteristics Unit of measure used Unit of measure usedAll series: Millions of US dollars or Millions of National Currency.
Date last updated Date last updated23/05/2016 09:08:49
Concepts & Classifications Concepts & Classifications Key statistical concept Key statistical conceptThe balance of payments is a statistical statement that provides a systematic summary of economic transactions of an economy with the rest of the world, for a specific time period. The transactions are for the most part between residents and non-residents of the economy. A transaction is defined as an economic flow that reflects the creation, transformation, exchange, transfer, or extinction of economic value and involves changes in ownership, of goods or assets, the provision of services, labour or capital.
For countries compiling Balance of Payments Statistics in accordance with the 6th edition of the Balance of Payments and International Investment Position Manual published by the IMF (BPM6) as indicated in metadata at the country level, transactions include: the goods and services accounts, the primary income account (income account in BPM5), the secondary income account (transfers in BPM5), the capital account, and the financial account.
For countries compiling Balance of Payments statistics in accordance with the 5th edition on the Balance of Payments Manual, transactions include: goods, services, and income; those involving financial claims on and liabilities to the rest of the world; and transfers.
Changes in BPM6 compared to BPM5 are often a consequence of a stricter application of the change of ownership principle in particular in the goods and services accounts. They relate to transactions on goods and services (merchanting, goods for processing, Insurance), income (investment income), and financial operations (direct investment).
For countries compiling Balance of Payments Statistics in accordance with the 6th edition of the Balance of Payments and International Investment Position Manual published by the IMF (BPM6) as indicated in metadata at the country level, transactions include: the goods and services accounts, the primary income account (income account in BPM5), the secondary income account (transfers in BPM5), the capital account, and the financial account.
For countries compiling Balance of Payments statistics in accordance with the 5th edition on the Balance of Payments Manual, transactions include: goods, services, and income; those involving financial claims on and liabilities to the rest of the world; and transfers.
Changes in BPM6 compared to BPM5 are often a consequence of a stricter application of the change of ownership principle in particular in the goods and services accounts. They relate to transactions on goods and services (merchanting, goods for processing, Insurance), income (investment income), and financial operations (direct investment).
Seasonal adjustment Seasonal adjustmentWhere the seasonal adjustment has been carried out by the OECD, the X-12 Reg-ARIMA method is used.
Other Aspects Other Aspects Recommended uses and limitations Recommended uses and limitationsMost OECD member countries compile their accounts according to the BPM5 with the exception of some countries which have adopted the BPM6 (as indicated at the country level metadata). Member countries which are still producing Balance of payments according to BPM5 will switch to BPM6 by end 2015. This will improve comparability across-countries.
As such the main purpose of this dataset is to provide relevant, reliable, consistent, comparable and timely aggregate BOP statistics for OECD member countries, key partner countries and some area totals for analytical purposes. Nevertheless one should pay attention to specific footnotes that point out any deviation from the standard definitions (see « i » attached to series).
Balance of payments statistics are used as a key economic indicator due to the close relationship between domestic economic and external developments. This relationship has strengthened over the last two decades with the growing interdependence of the world's economies. Balance of payments and related trade and financial statistics are used by agencies responsible for the formulation of policy on issues such as causes of payments imbalances, adjustment measures, merchandise trade, trade in services, financial flows, financial stability and foreign direct investment, etc. In principle as part of a double entry accounting system the balance of payments should balance, but as the components are independently derived from (many) different sources, they do not in practice balance. The residual imbalance is described by the term “net errors and omissions”.
As such the main purpose of this dataset is to provide relevant, reliable, consistent, comparable and timely aggregate BOP statistics for OECD member countries, key partner countries and some area totals for analytical purposes. Nevertheless one should pay attention to specific footnotes that point out any deviation from the standard definitions (see « i » attached to series).
Balance of payments statistics are used as a key economic indicator due to the close relationship between domestic economic and external developments. This relationship has strengthened over the last two decades with the growing interdependence of the world's economies. Balance of payments and related trade and financial statistics are used by agencies responsible for the formulation of policy on issues such as causes of payments imbalances, adjustment measures, merchandise trade, trade in services, financial flows, financial stability and foreign direct investment, etc. In principle as part of a double entry accounting system the balance of payments should balance, but as the components are independently derived from (many) different sources, they do not in practice balance. The residual imbalance is described by the term “net errors and omissions”.
All series: Millions of US dollars or Millions of National Currency.
23/05/2016 09:08:49
The balance of payments is a statistical statement that provides a systematic summary of economic transactions of an economy with the rest of the world, for a specific time period. The transactions are for the most part between residents and non-residents of the economy. A transaction is defined as an economic flow that reflects the creation, transformation, exchange, transfer, or extinction of economic value and involves changes in ownership, of goods or assets, the provision of services, labour or capital.
For countries compiling Balance of Payments Statistics in accordance with the 6th edition of the Balance of Payments and International Investment Position Manual published by the IMF (BPM6) as indicated in metadata at the country level, transactions include: the goods and services accounts, the primary income account (income account in BPM5), the secondary income account (transfers in BPM5), the capital account, and the financial account.
For countries compiling Balance of Payments statistics in accordance with the 5th edition on the Balance of Payments Manual, transactions include: goods, services, and income; those involving financial claims on and liabilities to the rest of the world; and transfers.
Changes in BPM6 compared to BPM5 are often a consequence of a stricter application of the change of ownership principle in particular in the goods and services accounts. They relate to transactions on goods and services (merchanting, goods for processing, Insurance), income (investment income), and financial operations (direct investment).
For countries compiling Balance of Payments Statistics in accordance with the 6th edition of the Balance of Payments and International Investment Position Manual published by the IMF (BPM6) as indicated in metadata at the country level, transactions include: the goods and services accounts, the primary income account (income account in BPM5), the secondary income account (transfers in BPM5), the capital account, and the financial account.
For countries compiling Balance of Payments statistics in accordance with the 5th edition on the Balance of Payments Manual, transactions include: goods, services, and income; those involving financial claims on and liabilities to the rest of the world; and transfers.
Changes in BPM6 compared to BPM5 are often a consequence of a stricter application of the change of ownership principle in particular in the goods and services accounts. They relate to transactions on goods and services (merchanting, goods for processing, Insurance), income (investment income), and financial operations (direct investment).
Where the seasonal adjustment has been carried out by the OECD, the X-12 Reg-ARIMA method is used.
Most OECD member countries compile their accounts according to the BPM5 with the exception of some countries which have adopted the BPM6 (as indicated at the country level metadata). Member countries which are still producing Balance of payments according to BPM5 will switch to BPM6 by end 2015. This will improve comparability across-countries.
As such the main purpose of this dataset is to provide relevant, reliable, consistent, comparable and timely aggregate BOP statistics for OECD member countries, key partner countries and some area totals for analytical purposes. Nevertheless one should pay attention to specific footnotes that point out any deviation from the standard definitions (see « i » attached to series).
Balance of payments statistics are used as a key economic indicator due to the close relationship between domestic economic and external developments. This relationship has strengthened over the last two decades with the growing interdependence of the world's economies. Balance of payments and related trade and financial statistics are used by agencies responsible for the formulation of policy on issues such as causes of payments imbalances, adjustment measures, merchandise trade, trade in services, financial flows, financial stability and foreign direct investment, etc. In principle as part of a double entry accounting system the balance of payments should balance, but as the components are independently derived from (many) different sources, they do not in practice balance. The residual imbalance is described by the term “net errors and omissions”.
As such the main purpose of this dataset is to provide relevant, reliable, consistent, comparable and timely aggregate BOP statistics for OECD member countries, key partner countries and some area totals for analytical purposes. Nevertheless one should pay attention to specific footnotes that point out any deviation from the standard definitions (see « i » attached to series).
Balance of payments statistics are used as a key economic indicator due to the close relationship between domestic economic and external developments. This relationship has strengthened over the last two decades with the growing interdependence of the world's economies. Balance of payments and related trade and financial statistics are used by agencies responsible for the formulation of policy on issues such as causes of payments imbalances, adjustment measures, merchandise trade, trade in services, financial flows, financial stability and foreign direct investment, etc. In principle as part of a double entry accounting system the balance of payments should balance, but as the components are independently derived from (many) different sources, they do not in practice balance. The residual imbalance is described by the term “net errors and omissions”.