BALANCE OF PAYMENTS STATISTICS - IMF eLibrary...Balance of Payments Statistics Yearbook (BOPSY): Contains two sections; World and Regional Tables, and Country Tables. The first section

BALANCE OF

PAYMENTS

STATISTICS

YEARBOOK

©International Monetary Fund. Not for Redistribution

Balance of Payments statistics yearBookVolume 66 2015Prepared by the IMF Statistics Department Louis Marc Ducharme, Director, Statistics Department

For information related to this publication, please:fax the Statistics Department at (202) 623-6460,or write Statistics Department

International Monetary FundWashington, D.C. 20431

or refer to the IMF Data Help page at http://datahelp.imf.org for further assistanceFor copyright inquiries, please fax the Editorial Division at (202) 623-6579.For purchases only, please contact Publication Services (see information below).

Copyright © 2015, International Monetary Fund

Balance of Payments Statistics Yearbook (BOPSY) contains two sections: World and Regional Tables, and Country Tables. The first section presents 21 world and regional tables for major components of the balance of payments, net International Investment Position (IIP), and total financial assets and total liabilities for the IIP. The second section provides detailed tables on balance of payments statistics for 191 economies and IIP data for 150 economies.

Address orders to:International Monetary FundAttention: Publication ServicesP.O. Box 92780Washington, D.C. 20090U.S.A.Telephone: (202) 623-7430Telefax: (202) 623-7201E-mail: [email protected]: http://www.imf.org

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BALANCE OF PAYMENTS STATISTICS

YEARBOOK 2015

I N T E R N A T I O N A L M O N E T A R Y F U N D


Selection of Statistical PublicationsInternational Financial Statistics (IFS)Acknowledged as a standard source of statistics on all aspects of international and domestic finance, IFS publishes, for most countries of the world, current data on exchange rates, international liquidity, international banking, money and banking, interest rates, prices, production, interna-tional transactions (including balance of payments and international investment position), government finance, and national accounts. Information is presented in tables for specific countries and in tables for area and world aggregates. IFS is published monthly and annually. Price: Subscription price is US$890 a year (US$578 to university faculty and students) for twelve monthly issues and the yearbook. Single copy price is US$114 for a monthly issue and US$180 for a yearbook issue.

Balance of Payments Statistics Yearbook (BOPSY)Balance of Payments Statistics Yearbook (BOPSY): Contains two sections; World and Regional Tables, and Country Tables. The first section pres-ents 21 world and regional tables for major components of the balance of payments, net International Investment Position (IIP), and total financial assets and total liabilities for the IIP. The second section provides detailed tables on balance of payments statistics for 191 economies and IIP data for 150 economies. Price: US$161.

Direction of Trade Statistics (DOTS)Quarterly issues of this publication provide, for 160 countries, tables with current data (or estimates) on the value of imports from and exports to their most important trading partners. In addition, similar summary tables for the world, industrial countries, and developing countries are includ-ed. The yearbook provides, for the most recent seven years, detailed trade data by country for approximately 184 countries, the world, and major areas. Price: Subscription price is US$260 a year (US$222 to university faculty and students) for the quarterly issues and the yearbook. Price for a quarterly issue only is US$43 and the yearbook only is US$115.

Government Finance Statistics Yearbook (GFSY)This annual publication provides detailed data on transactions in revenue, expense, net acquisition of assets and liabilities, other economic flows, and balances of assets and liabilities of general government and its subsectors. The data are compiled according to the framework of the 2001 Government Finance Statistics Manual, which provides for several summary measures of government fiscal performance. Price: US$107.

CD-ROM SubscriptionsInternational Financial Statistics (IFS), Balance of Payments Statistics (BOPS), Direction of Trade Statistics (DOTS), and Government Finance Statistics (GFS) are available on CD-ROM by annual subscription. The CD-ROMs incorporate a Windows-based browser facility, as well as a flat file of the database in scientific notation. Price of each subscription: US$250 a year for single-user PC license (US$125 for university faculty and students). Network and redistribution licenses are negotiated on a case-by-case basis. Please visit www.imfbookstore.org/onlineServicePricing.asp for information.

Subscription PackagesCombined Subscription PackageThe combined subscription package includes all issues of IFS, DOTS, GFS, and BOPSY. Combined subscription price: US$1,418 a year (US$1,068 for university faculty and students). Expedited delivery available at additional cost; please inquire.

Combined Statistical Yearbook SubscriptionThis subscription comprises BOPSY, IFSY, GFSY, and DOTSY at a combined rate of US$563. Because of different publication dates of the four yearbooks, it may take up to one year to service an order. Expedited delivery available at additional cost; please inquire.

IFS, BOPS, DOTS, GFS on the InternetThe Statistics Department of the Fund is pleased to make available to users the International Financial Statistics (IFS), Balance of Payments Statis-tics (BOPS), Direction of Trade Statistics (DOTS), and Government Finance Statistics (GFS) databases through the new, easy-to-use data.IMF.org online service. New features include Data Portals, which provide quick access to predefined tables, maps, graphs, and charts aimed at visualizing many common data searches. Data.IMF.org lets you create a basic custom-built data query using the Query tool which offers great flexibility to create larger and more complex queries. Once you have defined your query, you can structure the table the way you want it, and then convert your data into a chart or download it. A number of personalization options are available in the “My data” section such as accessing your favorites and saved queries. Free registration for My data can be obtained by clicking on the Sign In or Register link on the data.IMF.org home page.

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Contents

“Country” in this publication does not always refer to a territorial entity that is a state as understood by international law and practice; the term also covers the euro area, the Eastern Caribbean Currency Union, and some nonsovereign territorial entities, for which statistical data are provided internationally on a separate basis.

2015, International Monetary Fund: Balance of Payments Statistics Yearbook v

Official BPM6 Basis Availability ............... vii Introduction ............................................. ixAnnexes .................................................. xvFrench Introduction .................................f-iFrench Annexes ...................................... f-viiSpanish Introduction ............................... s-iSpanish Annexes ................................... s-vii

World and Regional Tables A-1 Summary of International Transactions .................................. 3A-2 Current Account Balances ............. 4A-3 Capital Account Balances .............. 7A-4 Financial Account Balances ......... 10A-5 Net Errors and Omissions ........... 13B-1 Goods .......................................... 16B-2 Services ........................................ 19B-3 Primary Income ........................... 22B-4 Secondary Income ....................... 25B-5 Capital Account ........................... 28B-6 Financial Account: Direct Investment ................................... 31 B-7 Financial Account: Portfolio Investment ................................... 34B-8 Financial Account: Financial Deri- vatives (other than reserves) and

Employee Stock Options (ESOs) 37B-9 Financial Account: Other Investment ................................... 40B-10 Financial Account: Reserve Assets43C-1 Global Discrepancies in Balance of Payments Statistics ...................... 46D-1 Exports of Goods and Services as a

Percentage of GDP ...................... 47D-2 Imports of Goods and Services as a

Percentage of GDP ...................... 50D-3 Current Account as a Percentage of GDP ........................................ 53E-1 Net International Investment Position ........................................ 56E-2 International Investment Position: Assets and Liabilities ................... 59

Country TablesAfghanistan, Islamic Rep. of (includes IIP) . 64Albania (includes IIP) ................................ 70Algeria ..................................................... 76Angola (includes IIP) ................................. 80Anguilla ................................................... 86Antigua and Barbuda .............................. 90Argentina (includes IIP) ............................. 94Armenia, Republic of (includes IIP) ........ 100Aruba (includes IIP) ................................ 106Australia (includes IIP) ............................ 112Austria (includes IIP) ............................... 118Azerbaijan, Republic of (includes IIP) ..... 124Bahamas, The ........................................ 130Bahrain, Kingdom of (includes IIP) ......... 134

Bangladesh (includes IIP) ........................ 140Barbados (includes IIP) ............................ 146Belarus (includes IIP) ............................... 152Belgium (includes IIP) .............................. 158Belize ..................................................... 164Benin (includes IIP) .................................. 168Bermuda (includes IIP) ............................ 174Bhutan (includes IIP) ............................... 180Bolivia (includes IIP) ................................ 186Bosnia and Herzegovina (includes IIP) .... 192Botswana (includes IIP) ........................... 198Brazil (includes IIP) .................................. 204Brunei Darussalam ................................ 210Bulgaria (includes IIP) .............................. 214Burkina Faso (includes IIP) ...................... 220Burundi (includes IIP) .............................. 226Cabo Verde (includes IIP) ........................ 232Cambodia (includes IIP) .......................... 238Cameroon .............................................. 244Canada (includes IIP) ............................... 248Chile (includes IIP) .................................. 254China, P.R.: Mainland (includes IIP) ....... 260China, P.R.: Hong Kong (includes IIP) .... 266China, P.R.: Macao ................................ 272Colombia (includes IIP) ........................... 276Comoros ................................................ 282Congo, Democratic Republic of ........... 286Congo, Republic of ............................... 290Costa Rica (includes IIP) .......................... 294Côte d'Ivoire (includes IIP) ...................... 300Croatia (includes IIP) ............................... 306Curaçao ................................................. 312Curaçao and Sint Maarten ..................... 316Cyprus (includes IIP) ............................... 320Czech Republic (includes IIP) ................. 326Denmark (includes IIP) ............................ 332Djibouti (includes IIP) ............................. 338Dominica ............................................... 344Dominican Republic (includes IIP) .......... 348Eastern Caribbean Currency Union ...... 354Ecuador (includes IIP) .............................. 358Egypt (includes IIP) ................................. 364El Salvador (includes IIP) ......................... 370Estonia (includes IIP) ............................... 376Ethiopia ................................................. 382Euro Area (includes IIP) ........................... 386Faroe Islands .......................................... 392Fiji (includes IIP) ...................................... 396Finland (includes IIP) ............................... 402France (includes IIP) ................................ 408French Polynesia .................................... 414Gambia, The .......................................... 418Georgia (includes IIP) .............................. 422Germany (includes IIP) ............................ 428Ghana (includes IIP) ................................ 434Greece (includes IIP) ................................ 440Grenada ................................................. 446Guatemala (includes IIP) ......................... 450Guinea (includes IIP) ............................... 456Guinea-Bissau (includes IIP) .................... 462Guyana .................................................. 468Haiti (includes IIP) ................................... 472Honduras (includes IIP) ........................... 478

Hungary (includes IIP) ............................ 484Iceland (includes IIP) ............................... 490India (includes IIP) .................................. 496Indonesia (includes IIP) ........................... 502Iraq (includes IIP) .................................... 508Ireland (includes IIP) ............................... 514Israel (includes IIP) .................................. 520Italy (includes IIP) ................................... 526Jamaica (includes IIP) .............................. 532Japan (includes IIP) ................................. 538Jordan (includes IIP) ................................ 544Kazakhstan (includes IIP) ........................ 550Kenya .................................................... 556Kiribati (includes IIP) .............................. 560Korea, Republic of (includes IIP) ............ 566Kosovo (includes IIP) .............................. 572Kuwait (includes IIP) ............................... 578Kyrgyz Republic (includes IIP) ............... 584Lao People's Democratic Republic ....... 590Latvia (includes IIP) ................................. 594Lebanon ................................................ 600Lesotho (includes IIP) ............................. 604Liberia ................................................... 610Libya ..................................................... 614Lithuania (includes IIP) ........................... 618Luxembourg (includes IIP) ...................... 624Macedonia, FYR (includes IIP) ............... 630Madagascar ........................................... 636Malawi (includes IIP) .............................. 640Malaysia (includes IIP) ............................ 646Maldives (includes IIP) ........................... 652Mali (includes IIP) ................................... 658Malta (includes IIP) ................................. 664Marshall Islands, Rep. of (includes IIP) .. 670Mauritania ............................................. 676Mauritius (includes IIP) ........................... 680Mexico (includes IIP) .............................. 686Micronesia, Fed. States of (includes IIP) . 692Moldova (includes IIP) ............................ 698Mongolia (includes IIP) ........................... 704Montenegro .......................................... 710Montserrat ............................................ 714Morocco (includes IIP) ............................ 718Mozambique (includes IIP) .................... 724Myanmar (includes IIP) .......................... 730Namibia (includes IIP) ............................ 736Nepal (includes IIP) ................................. 742Netherlands (includes IIP) ....................... 748Netherlands Antilles ............................. 754New Caledonia ..................................... 758New Zealand (includes IIP) .................... 762Nicaragua (includes IIP) .......................... 768Niger (includes IIP) ................................. 774Nigeria (includes IIP) ............................... 780Norway (includes IIP) ............................. 786Oman .................................................... 792Pakistan (includes IIP) ............................. 796Palau (includes IIP) .................................. 802Panama (includes IIP) .............................. 808Papua New Guinea ............................... 814Paraguay (includes IIP) ............................ 818Peru (includes IIP) ................................... 824Philippines (includes IIP) ......................... 830


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“Country” in this publication does not always refer to a territorial entity that is a state as understood by international law and practice; the term also covers the euro area, the Eastern Caribbean Currency Union, and some nonsovereign territorial entities, for which statistical data are provided internationally on a separate basis.

vi 2015, International Monetary Fund: Balance of Payments Statistics Yearbook

Poland (includes IIP) ............................... 836 Portugal (includes IIP) ............................. 842 Qatar ..................................................... 848Romania (includes IIP) ............................ 852Russian Federation (includes IIP) ............ 858Rwanda (includes IIP) ............................. 864St. Kitts and Nevis ................................. 870St. Lucia ................................................. 874St. Vincent and the Grenadines ............ 878Samoa .................................................... 882São Tomé and Príncipe (includes IIP) ..... 886Saudi Arabia (includes IIP) ...................... 892Senegal (includes IIP) .............................. 898Serbia, Republic of (includes IIP) ............ 904Seychelles (includes IIP) .......................... 910Sierra Leone (includes IIP) ....................... 916Singapore (includes IIP) .......................... 922Sint Maarten .......................................... 928Slovak Republic (includes IIP) ................ 932Slovenia (includes IIP) ............................. 938

Solomon Islands (includes IIP) ................ 944South Africa (includes IIP) ....................... 950Spain (includes IIP) .................................. 956Sri Lanka (includes IIP) ............................ 962Sudan (includes IIP) ................................. 968Suriname (includes IIP) ............................ 974Swaziland (includes IIP) .......................... 980Sweden (includes IIP) .............................. 986Switzerland (includes IIP) ........................ 992Syrian Arab Republic (includes IIP) ......... 998Tajikistan (includes IIP) ......................... 1004Tanzania (includes IIP) .......................... 1010Thailand (includes IIP) ........................... 1016Timor-Leste, Dem. Rep. of (includes IIP) 1022Togo (includes IIP) ................................ 1028Tonga (includes IIP) .............................. 1034Trinidad and Tobago (includes IIP) ....... 1040

Tunisia (includes IIP) ............................ 1046Turkey (includes IIP) ............................. 1052Tuvalu (includes IIP) ............................. 1058Uganda (includes IIP) ............................ 1064Ukraine (includes IIP) ............................ 1070United Kingdom (includes IIP) ............. 1076United States (includes IIP) ................... 1082Uruguay (includes IIP) .......................... 1088Vanuatu (includes IIP) ........................... 1094Venezuela, República Bolivariana de

(includes IIP) ................................. 1100Vietnam ............................................... 1106West Bank and Gaza (includes IIP) ....... 1110Yemen, Republic of (includes IIP) ........ 1116Zambia (includes IIP) ............................ 1122


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2015, International Monetary Fund : Balance of Payments Statistics Yearbook vii

914 Albania Q12013 2008614 Angola 2009 2009911 Armenia, Republic of Q11993 Q11997193 Australia Q11995 Q11989122 Austria Q12006 Q12006912 Azerbaijan, Republic of Q12013 513 Bangladesh Q12005 Q12005316 Barbados 2011 2010913 Belarus Q12000 Q11999124 Belgium Q12008 Q12008339 Belize Q12011 638 Benin 2011 2011319 Bermuda Q12006 Q12013514 Bhutan Q12006 Q12007963 Bosnia and Herzegovina Q12007 2005223 Brazil Q12014 Q12001516 Brunei Darussalam 2012 918 Bulgaria Q12014 618 Burundi 2005 2005522 Cambodia Q12005 Q12006156 Canada Q11981 Q11981228 Chile Q12009 Q12009924 China, P.R.: Mainland Q12005 Q12011532 China, P.R.: Hong Kong Q11998 Q12000546 China, P.R.: Macao 2002 233 Colombia Q12000 Q12000238 Costa Rica Q12009 662 Côte d’Ivoire 2011 2011960 Croatia Q12000 Q12001354 Curaçao Q42010 355 Curaçao & Sint Maarten Q42010 423 Cyprus Q12013 Q12012935 Czech Republic Q12008 Q12008128 Denmark Q12013 Q12013243 Dominican Republic Q12010 Q12009253 El Salvador Q11976 Q11996939 Estonia Q12009 Q12009163 Euro Area Q12014 Q12014819 Fiji Q12005 Q12005172 Finland Q12005 Q12005132 France Q11999 Q11999915 Georgia Q12000 Q12000134 Germany Q11991 Q12008652 Ghana Q12011 2010174 Greece Q12009 Q12008

Country BOP BPM6 IIP BPM6Code Name basis start date basis start date

258 Guatemala Q12008 Q12013654 Guinea-Bissau 2007 2007944 Hungary Q11995 Q11995176 Iceland Q11995 Q11995534 India Q12009 Q12006536 Indonesia Q12010 Q12013433 Iraq Q12013 2012178 Ireland Q12014 Q12014136 Italy Q12008 Q12008343 Jamaica Q12011 Q12009158 Japan Q12005 Q12005916 Kazakhstan Q12000 Q12000826 Kiribati Q12006 Q12007542 Korea, Republic of Q11980 Q11994967 Kosovo, Republic of Q12013 Q12013443 Kuwait 2009 2009941 Latvia Q12000 Q12000946 Lithuania Q12004 Q12004137 Luxembourg Q12002 Q12002962 Macedonia, FYR Q11998 Q12003676 Malawi 2003 2002548 Malaysia Q12010 Q12005556 Maldives 2011 678 Mali 2005 2005181 Malta Q12008 Q12008867 Marshall Islands 2005 2010868 Micronesia, Fed. Sts of 2009 2009921 Moldova Q12014 943 Montenegro Q12013 686 Morocco Q12013688 Mozambique Q11996 2006518 Myanmar Q12013 Q12013558 Nepal Q12012138 Netherlands Q12004 Q12003196 New Zealand Q12000 Q12000278 Nicaragua Q12005 Q12005692 Niger 2011 2011142 Norway Q12012 Q12012565 Palau 2005 2005564 Pakistan Q12013 566 Philippines Q12005 Q12011964 Poland Q12010 Q12004182 Portugal Q11999 Q11999968 Romania Q12013 Q12013922 Russian Federation Q12000 Q12004


Availability of Official1 BPM6 Basis Balance of Payments and International Investment Position Data

1 Official BPM6-basis availability reflects an economy’s own reported BPM6-basis data included in this publication. Data for earlier pe-riods for these economies and for economies not yet providing official BPM6-basis estimates are IMF converted BPM5-basis estimates. The splice point between official BPM6-basis estimates and IMF converted BPM5-basis estimates is marked at the series level on econ-omy specific tables with the “†” symbol.


viii 2015, International Monetary Fund : Balance of Payments Statistics Yearbook


146 Switzerland Q11999 Q11999923 Tajikistan Q12014 Q12014738 Tanzania Q12010 578 Thailand Q12005 Q12005742 Togo 2011 2011866 Tonga Q12011 Q12010186 Turkey Q12006 Q11996869 Tuvalu 2001 2001746 Uganda Q12001 Q11999926 Ukraine Q12005 Q12010112 United Kingdom Q11999 Q11999111 United States Q11999 Q11976846 Vanuatu Q12010 Q12010487 West Bank and Gaza 2000 Q42013754 Zambia Q12005 2006


Availability of Official1 BPM6 Basis Balance of Payments and International Investment Position Data

862 Samoa Q12005 716 São Tomé and Príncipe Q11997 Q42014456 Saudi Arabia Q12005 2007722 Senegal 2005 2005942 Serbia, Republic of Q12007 Q42013718 Seychelles Q12007 576 Singapore Q11995 Q12001352 Sint Maarten Q42010 936 Slovak Republic Q12013 Q12013961 Slovenia Q12008 Q12008813 Solomon Islands Q12006 Q12006199 South Africa Q12002 1998184 Spain Q11999 Q42012524 Sri Lanka Q12012 Q12011732 Sudan Q12014 144 Sweden Q12011 Q12011

1 Official BPM6-basis availability reflects an economy’s own reported BPM6-basis data included in this publication. Data for earlier pe-riods for these economies and for economies not yet providing official BPM6-basis estimates are IMF converted BPM5-basis estimates. The splice point between official BPM6-basis estimates and IMF converted BPM5-basis estimates is marked at the series level on econ-omy specific tables with the “†” symbol.


Introduction

2015, International Monetary Fund : Balance of Payments Statistics Yearbook ix

only in electronic format and are available through the on-nline database accessible at data.imf.org2 and on CD-ROM.

As noted, the release of the Yearbook on the basis of BPM63 was endorsed by the IMF’s Committee on Balance of Payments Statistics. The BPM6 provides updated interna-tional standards covering the methodologies for compiling, and the presentation of, balance of payments and IIP statis-tics. It incorporates clarifications and improvements reflect-ing significant developments and expansion in globalized international trade arrangements and financial markets that had been identified since the release of the fifth edition of the Balance of Payments Manual (BPM5) in 1993. Moreover, the linkages to and consistency with other macroeconomic statistics are maintained and enhanced through the parallel update of the OECD Benchmark Definition of Foreign Direct In-vestment and the System of National Accounts.

Appendix 8 of the BPM6 and the BPM6 Conversion Ma-trix (Appendix 1 of the BPM6 Compilation Guide) describe the conceptual and presentational changes from BPM5 in de-tail, including the change of names of accounts (e.g., current transfers in BPM5 is renamed secondary income in BPM6), the arrangement of data in the accounts (e.g., direct invest-ment data are presented on a directional principle basis under BPM5, whereas they are presented on a strict asset/liability basis in the standard components of BPM6), and the values shown for accounts (e.g., goods that were temporari-ly sent abroad for processing without any ownership change were included in gross imports and exports under BPM5, whereas only the processing fee is included under BPM6).

For many decades, the IMF has published data on a basis that is consistent across countries and across time periods. Such data consistency is required to perform cross-coun-try data comparisons, track growth rates acrosstime, and produce regional or global data aggregates. The challenge

2 See: http://data.imf.org/3 Volume 1 of the Yearbook, published in 1949, was based on the first edition of the IMF’s Balance of Payments Manual, issued in 1948; Volumes 2-12 were compiled pursuant to the second edition of the Manual, issued in 1950; Volumes 13-23 were based on the third edition of the Manual, is-sued in 1961; and Volumes 24-29 were associated with that edition as well as the Balance of Payments Manual: Supplement to Third Edition, issued in 1973. Volumes 30-45 followed the guidance of the fourth edition of the Manual, published in 1977. Volumes 46-62 were presented in accordance with the standard components of the fifth edition of the Balance of Payments Manual (BPM5). However, the standard components changed with the publication of Financial Derivatives, a Supplement to the Fifth Edition (1993) of the Balance of Payments Manual, published in 2000 and amended in 2002. As noted, Vol-ume 63 and subsequent volumes were presented on the basis of BPM6.

Table of Contents

1. Overview

2. World and Regional Tables

3. Country Tables

4. CD-ROM and Internet Versions

Annex I. Analytic Presentation of Balance of Payments

Annex II. Standard Presentation of Balance of Payments

Annex III. Standard Components of the International

Investment Position

Annex IV. IMF Coding System

Annex V. Conceptual Framework of the Balance of

Payments and International Investment Position

Annex VI. Classification and Standard Components of

the Balance of Payments and International Invest-

ment Position

1. Overview

Volume 66 of the Balance of Payments Statistics Yearbook(BOPSY), published by the International Monetary Fund (IMF), contains balance of payments and international in-vestment position (IIP) data in accordance with the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6)1. Data are presented for 2007 for-ward. The IMF is grateful for countries’ cooperation in pro-viding comprehensive, timely, and regular data to the Fund for re-dissemination. These data support the IMF’s Statistics Department (STA) in its efforts to respond to the analytical and policy needs of the IMF, member countries, and the in-ternational community.

The Yearbook contains two sections, World and Re-gional Tables, which presents 21 World and Regional Ta-bles for major components of the balance of payments and IIP accounts, and Country Tables, which presents annual balance of payments and IIP data of individual countries, jurisdictions, and other reporting entities. Balance of Pay-ments and IIP metadata (previously included as Methodol-ogies, Compilation Practices, and Data Sources) are published

1 BPM6 was published in 2009. See: http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm.


http://data.imf.org/http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htmhttp://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm

x 2015, International Monetary Fund : Balance of Payments Statistics Yearbook

the IMF webpage at http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm.

The methodologies, compiling practices, and data sources available through data.imf.org and CD-ROM are based on information provided to the IMF by reporting countries. The descriptions are intended to enhance user understanding of the coverage, as well as the limitations, of individual country data. At the same time, they are useful in informing compilers of data sources and practices used by their counterparts in other countries.

is that, as with the adoption of earlier versions of the IMF’s Balance of Payments Manual, countries are adopt-ing BPM6 at different times. However, data conversion work undertaken by IMF staff, in close consultation with IMF member countries, has made possible the presenta-tion in the BPM6 format of data for economies that have not yet implemented BPM6. To assist users in understanding the impact of conversion to BPM6, as well as in un-derstanding major methodological changes from BPM5 to BPM6, a set of frequently asked questions is posted on

Box 1. Selected Main Rules Used for the Generic Conversion of BPM5 Data to BPM6

• The balances on the Current account, Capital account and Financial account, Reserve assets, and Net errorsand omissions were not changed.

• “Merchanting” was reclassified from Services to Goods.

• “Manufacturing services on physical inputs owned by others” (“Goods for processing” in BPM5) was reclas-sified from Goods to Services. The gross values of goods that physically moved across borders for processingbut for which there was no change in ownership are excluded from goods trade.

• “Repairs on goods” was reclassified from goods to services (called “Maintenance and repair services n.i.e.” inBPM6).

• “Goods procured in ports by carriers” was included in “General merchandise on a balance of payments basis.”

• “Communication services” and “Computer and information services” from BPM5 were reclassified to “Tele-communications, computer, and information services” in BPM6.

• “Postal and courier services” was included in “Transport.”

• “Beginning with this BOPSY issue, “migrants transfers” were eliminated from the capital account (accordingto BPM6, a change of ownership is no longer imputed).

• “Reverse investment” in “Direct investment” was reclassified according to the asset/liability presentationalbasis.

• In general, the data for “Monetary authorities” in BPM5 were mapped to “Central bank.” In some instances,the data were mapped (in full or in part) to “General government” or other institutional units in consultationwith countries.

• The use of signs in the balance of payments presentations was changed as follows: (i) in current and capitalaccounts, both credits and debits, were registered with positive signs; (ii) in financial account, increases inassets and increases in liabilities were registered with positive signs, and decreases in assets and decreases inliabilities with negative signs.

• For the IMF dissemination of data, consistent with long-time IMF practices, data provided by the FinanceDepartment of the IMF on SDR holdings, SDR allocations, and Reserve position in the IMF were substitutedfor reported data, if different.

2. World and Regional Tables

This section presents aggregated country data. Bal-ance of payments data are shown for major balance of payments components, and IIP data are shown for (i) the Net IIP and (ii) Total Assets and Total Liabilities. Data for countries, country groups, and the world are provided. Changes in the composition of some group-ings for regional aggregates are introduced in this Vol-

ume largely corresponding to the regional groupings in the October 2015 issue of the IMF’s World Economic Outlook (WEO). BOPSY has a wider coverage of economies than WEO because some economies not included in the WEO dataset report external sector data to STA. Data re-ported by countries are shown in the Country Tables of the Yearbook (see next section). The World and Regional tables include, in addition to reported data, data derived in a few instances indirectly from published sources. Begin-


http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htmhttp://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm

2015, International Monetary Fund : Balance of Payments Statistics Yearbook xi

WEO net value is inserted for the leading year(s) where data are missing, either as credits if WEO shows a net credit bal-ance or as debits if a net debit balance is shown in WEO; (iii) if the gap is after a reported observation, then the WEO net value is used for each year; also the latest reported deb-its and credits are carried forward. However, to ensure that gross debits and credits are consistent with the net values shown, a positive adjustment is made to the carry forward credit when the net WEO value shows a higher net credit, or to the carry forward debit when the net WEO value shows a higher net debit. To estimate the capital account, the WEO gross flows are used, if available. If not, the net WEO capi-tal value is inserted directly, to credits if WEO shows a net credit and to debits if WEO shows a net debit. In a few cas-es, countries reported to IFS only “net” capital account data. In such cases, the net value is allocated to credits (if posi-tive) or debits (if negative). With regard to financial account transactions, when there are gaps, the WEO data are used. For the estimation of financial derivatives, WEO gross flows are now used, as available. If the WEO gross flows are not available, but WEO net flows are available, WEO net value is inserted to the liabilities side with an opposite sign. Data on so-called Fund Accounts—for example, transactions in Special Drawing Rights (SDRs) or involving the Fund’s Gen-eral Resources Account—are obtained from Fund sources.

In some cases, where IIP reported data, WEO, and EWN data are not available for one or more years in the time se-ries, estimates are derived by adding to the previous year stocks the current year’s financial flows, as available. A small number of economies are not included in the published ta-bles because no data are available from STA or from the Re-search Department (WEO) for the entire period. Estimates for missing data, which are included in regional and world totals, are not shown for the individual countries concerned.

“Country” as used in this publication does not always refer to a territorial entity that is a state as understood by international law and practice; the term also covers the Euro Area, the Eastern Caribbean Currency Union (ECCU), the Central African Economic and Monetary Community (CE-MAC), the West African Economic and Monetary Union (WAEMU), and some non-sovereign territorial entities for which statistical data are provided internationally on a sep-arate basis.

All tables of aggregates appearing in the World and Re-gional Tables section are shown in the table of contents of this publication. Table A-1 provides a summary of interna-tional transactions, showing world totals of the major com-ponents of the balance of payments. Tables A-2 through A-5 present balances by country for the current, capital, and fi-nancial accounts, as well as the errors and omissions. Tables B-1 through B-10 present major components of the balance of payments accounts. Each of these tables includes a break-down by regional group and by country.

Table C-1 presents “global discrepancies” in balance of payments statistics by major components. Global discrep-

ning with this BOPSY issue, balance of payments data for international organizations are no longer provided.

In the World and Regional Tables, missing data are es-timated for countries by IMF staff to the extent possible. Beginning with this BOPSY issue, the estimation proce-dure is based largely on the use of the new WEO database in BPM6 format. The BPM6-based WEO provides expanded data coverage for some series (e.g., gross flows are included on an optional basis for primary income, secondary income, and capital account, as well as for the total assets and liabil-ities in the IIP), and facilitates an improved basis for estima-tion procedures used in BOPSY. However, data published in BOPSY may differ from balance of payments data published in the WEO mainly due to timing and estimation method-ology differences.

For the IIP, the estimates for nonreporting economies are now primarily based on the WEO, complemented by the IMF Research Department’s External Wealth of Nations (EWN) database that includes data for over 200 economies. Data from EWN are in the public domain and are used ex-tensively by IMF staff for multilateral surveillance and for re-search. They are updated and validated on a continuing basis.

External assets and liabilities in EWN are estimated from a variety of sources. Typically, official IIP data are used for countries that report such estimates. For countries and years for which IIP data are not reported, the data are esti-mated using alternative sources. These include, for example: (i) Bank for International Settlements (BIS) reported data and partner-country BIS data (for foreign assets), (ii) Interna-tional Financial Statistics (IFS) data on deposit-taking cor-porations’ and other financial corporations’ foreign assets, (iii) IFS data for official reserves, (iv) Joint External Debt Hub, the World Bank’s Global Development Finance, and the WEO databases for external debt liabilities, (v) cumula-tive financial flows (adjusted for valuation changes) are tak-en from STA published data as well as WEO (when STA data are not available), (vi) United Nations Conference on Trade and Development (UNCTAD) data on foreign direct invest-ment (FDI), (vii) Coordinated Portfolio Investment Survey data for portfolio investment, and (viii) partner-country data from national sources for both FDI and portfolio equity assets and liabilities.

The following outlines the methodology used to gap-fill balance of payments data where country data are missing. For goods and services transactions, where data gaps exist in years prior to or after the latest year of reporting to STA, es-timates are made by applying the growth rates derived from the WEO for the missing year(s) to the latest reported annual data (debits and credits). In cases where there are gaps for the entire period, WEO data are inserted directly.

WEO data series are used to estimate primary income, secondary income, and the capital account. The estimation procedure for primary and secondary income consists of the following: (i) if available, WEO gross flows are used; (ii) if not, and the gap is in the leading year(s) of the series, then


xii 2015, International Monetary Fund : Balance of Payments Statistics Yearbook

For each country, balance of payments data are presented in both analytic and standard presentations. Balance of pay-ments components in the analytic presentation (Table 1) are arrayed to highlight the financing items (reserves and related items). The standard presentation of the balance of payments (Table 2) and of the IIP (Table 3) shows data displayed in the standard components described in the BPM6.

Tables 1, 2, and 3 present reported data for the years 2007–2014 for each country. Unless otherwise indicated, the tables present figures for calendar years.

Balance of Payments: Analytic Presentation

In the analytic presentation, shown in Table 1, bal-ance of payments components are classified into five major data categories (groups A through E) that the IMF regards as useful for analyzing balance of payments developments uniformly. In addition, certain transactions are reclassified from that shown in the standard components. The select-ed groups, however, should not be considered to reflect the IMF’s recommendations about the analytic approach appro-priate for every country. Other analytic presentations could be arrayed by regrouping the standard components in other ways to take into account the special circumstances of a spe-cific country or to serve particular analytical requirements.

The figures shown in the analytic and standard presen-tations differ for balances of the current account, the capital account, and the financial account for some countries. This is because, in the analytic presentation, certain transactions under these accounts are reclassified as “reserves and relat-ed items.” The reclassified transactions are grouped under reserve assets, credits and loans from the IMF, and excep-tional financing. Exceptional financing refers to transactions undertaken by the authorities to finance balance of pay-ments needs, including such items as external borrowing, accumulation and payment of arrears, and debt forgiveness. Exceptional financing excludes reserve assets, and credit and loans from the IMF. (See also Annex I.)

Balance of Payments: Standard Presentation

The standard components of balance of payments, shown in the standard presentation in Table 2, are summa-rized under goods and services, primary income, and sec-ondary income in the current account, and also under the main standard components in the capital account. Under the financial account, components are classified by functional category (i.e., direct investment; portfolio investment; finan-cial derivatives (other than reserves) and employee stock op-tions (ESOs); other investment; and reserve assets), by type of financial instrument (equity, debt, and other), separately for net acquisitions of financial assets and net incurrence of liabilities. Most of these financial account categories are further classified by domestic sector (central bank; deposit taking corporations, except the central bank; general gov-ernment; and other sectors (with the latter containing “of which: other financial corporations”). (See also Annex II.)

ancies shown in the table refer to the discrepancies between the sum of the debit and credit entries for the current and capital accounts, and between the sum of net acquisition of financial assets and net incurrence of liabilities for the financial account of corresponding components reported by countries and estimated by IMF staff. For example, the global discrepancy shown for the trade balance represents the difference between the global aggregate of trade surplus-es for goods and that of trade deficits for goods. In principle, under balance of payments conventions, global aggregates for exports should equal global aggregates for imports, and global trade surpluses should mirror global trade deficits, with the global trade balance equal to zero. In general, the same principle applies to other balance of payments compo-nents shown in Table C-1.

For a variety of reasons, however, countries may not cor-rectly record some transactions, or they classify correspond-ing transactions differently. Under these circumstances, errors and omissions in the national data and asymmetries (discrepancies) in the global statistics arise. Also, some cov-erage gaps exist at the global level, such as financial flows for some small offshore centers that do not report balance of payments data to the IMF. Figures presented in Table C-1 re-flect such net global asymmetries for the different balances. The net errors and omissions shown in the table represent the sum of the global discrepancy figures for the current, capital, and financial accounts.

Within the current account, a negative global balance indicates a net excess of recorded debits, which may reflect an under-recording of credits, an overstatement of debits, or both. A positive global balance in the financial account suggests an overstatement of financial account outflows (in-creases in financial assets and decreases in liabilities) or an understatement of recorded inflows (decreases in financial assets and increases in liabilities).

The memorandum items of Table C-1 show the global discrepancies of certain major components of the balance of payments as a proportion of the sum of credits and debits of the category.

Tables D-1, D-2, and D-3 present exports and imports of goods and services and the current account balance, as a percentage of gross domestic product (GDP), information that is of general interest to data users.

Table E-1 presents the Net IIP while E-2 shows Total Assets and Total Liabilities.

3. Country Tables

The country tables section presents the data pages al-phabetically. “Country” in this publication does not always refer to a territorial entity that is a state as understood by international law and practice; the term also covers some non-sovereign territorial entities for which statistical data are provided internationally on a separate basis.


2015, International Monetary Fund : Balance of Payments Statistics Yearbook xiii

is all maturities, and “N” is not applicable. Readers may refer to Annex IV for details of the coding scheme.

Sign convention

In both the analytic and standard presentations (Tables 1 and 2), transactions data are shown as gross credit or gross debit entries in the current and capital accounts, and as net ac-quisition of financial assets or net incurrence of liabilities (to reflect net changes in assets or net changes in liabilities) in the financial account. In the current and capital accounts, both credit and debit entries are positive (but without a plus sign). In the financial account, increases in assets and increases in liabilities are shown as positive amounts (without a plus sign) and decreases in assets and decreases in liabilities are shown as negative amounts. The current and capital account balances are obtained as credits minus debits, and the financial account bal-ance is calculated as net acquisition of financial assets minus net incurrence of liabilities. A positive sign for the financial ac-count balance indicates a net increase in financial assets, and/or a net decrease in liabilities, while a negative sign indicates a net increase in liabilities and/or a net decrease in financial assets.

Negative signs

The conversion rule for the reclassification of “Man-ufacturing services on physical inputs owned by others” (“Goods for processing” in BPM5) from the goods to the ser-vices account may have generated negative values for these services for some economies in a given period. This is the case when the value of imports exceeds the value of exports in the processing economy, or when the value of exports ex-ceeds the value of imports in the partner economy.

Nil, Unavailable Entries, or Confidential Data

In the Yearbook tables, dots (....) indicate that data are either not available, zero or insignificant, or confiden-tial. In cases where data for one or more given subcompo-nent(s) cannot be revealed due to confidentiality reasons, the nondisclosed value(s) will be either (i) added to a gener-ic subcomponent (such as “other”) within the relevant data component; or (ii) omitted without adjusting a generic sub-component. In either instance, the reported total remains unchanged; therefore, in case (ii), the total would not be equal to the sum of the components.

Rounding of Figures

Most data in the tables are expressed in units of one million. The unit is chosen to present the figures conve-niently. Because of the calculation routines used, rounding differences may occur between an aggregate and the sum of its components.

Currency Conversion

The balance of payments and IIP data reported to the Fund are expressed in national currencies, in U.S. dollars, or

International Investment Position

IIP data, as shown in Table 3, are arrayed in accordance with the standard components of the IIP as set forth in the BPM6. (See also Annex III.)

IIP data reflect a country’s external financial assets and liabilities at a specific point in time. The classification of the IIP components is consistent with that of the finan-cial account of the balance of payments. This consistency is necessary for a comprehensive analysis of relationships between them. The financial transactions of the balance of payments and other flows (revaluations and other changes in volume) show the contribution to changes between the opening and closing positions of the financial assets and li-abilities recorded in the IIP. In other words, financial assets and liabilities gain or lose value and appear or disappear due to balance of payments transactions, other volume changes, and/or revaluation.

The net IIP is derived by taking the difference between the value of external financial assets and liabilities.

External debt is not a separate component of the IIP but can be derived by summing the liability positions other than (1) financial derivatives (other than reserves) and ESOs, (2) equity and investment fund shares, and (3) other equity. These three liabilities are not debt instruments according to international statistical standards.

Data Codes

Tables 1, 2, and 3 show codes for each data category and component. The codes are designed for the standard components of balance of payments and IIP data as defined in the BPM6.

There are nine digits/characters for each code shown in the Yearbook. The first two positions designate the account, with the first number indicating the main account, with“1” assigned to the Current Account, “2” to the Capital Account, “3” to the Financial Account, and “8” to the IIP. The second character indicates the sub account which the concept refers to, for example: “1A” Goods, “1B” Services, “1C” Primary Income, “1D” Secondary Income, “3A” Direct Investment, “8A” IIP: Direct Investment. The next four digits are used to classify balance of payments and IIP components. For exam-ple, the current account is coded 10999, the capital account, 20999, and the financial account, 30999.

The sixth digit/character of the codes shown in the Yearbook denotes special features about specific data com-ponents. In this position “S” indicates substitution of Fund accounts and “F” indicates the exclusion of exceptional fi-nancing. The seventh digit indicates the accounting unit where “C” is credit, “D” is debit, “B” is balance, “A” is net acquisition of financial assets, “L” is net incurrence of liabili-ties and “N” is net. The eighth digit represents the economic sectors. The ninth digit represents maturity (on an original maturity basis) where “S” is short-term, “L” is long-term, “A”


xiv 2015, International Monetary Fund : Balance of Payments Statistics Yearbook

in another currency. To facilitate comparisons among coun-tries, all balance of payments and IIP statements published in the Yearbook and in the BOPS CD-ROM are expressed in U.S. dollars. In addition, all countries’ reported data on transactions and positions with the Fund and transactions and positions in SDRs are replaced with data obtained from the Fund records, which are kept in SDRs. This information is, in turn, converted to U.S. dollars.

For countries that do not report in U.S. dollars, balance of payments data are converted using the country conver-sion rates shown at the bottom of Table 1 of the country pages. These rates are normally the average exchange rates for a country for the relevant year taken from the Interna-tional Financial Statistics (IFS). For example, the IFS pages for the Euro Area contain line “rf,” giving average rates for euros per U.S. dollar. Conversions of transactions data from SDRs into U.S. dollars are made at the rates shown in line “sb” of the IFS pages for the United States. For countries reporting quarterly data in national currencies, annual U.S. dollar to-tals are obtained by aggregating the quarterly U.S. dollar figures.

For countries that do not report IIP data in U.S. dol-lars, data are converted using the country conversion rates shown at the bottom of Table 3 of the country pages. These rates are normally the end-of-period exchange rates for a

country (line “ae”) for the relevant year taken from IFS. More information on the exchange rates used may be found in the introduction to IFS, Section 1, or on the IFS CD-ROM in the file entitled INT.rtf.

4. CD-ROM and Internet Versions

Statistics published in the Yearbook are also avail-able on CD-ROM and through data.imf.org. In this elec-tronic version, time series may be slightly larger than that appearing in the printed version of the Yearbook, as also may be the number of periods for which data observations of time series are given. Also, quarterly data reported by countries are available, and updates and revisions of the data are included as they become available. Inquiries about the CD-ROM and data.imf.org should be addressed to:

Publication Services

International Monetary Fund

Washington, D.C. 20431, U.S.A.

Telephone (202) 623-7430

Telefax (202) 623-7201

E-mail [email protected]

Internet http://www.imf.org


http://www.imf.org

2015, International Monetary Fund : Balance of Payments Statistics Yearbook xv

Annex I. Analytic Presentation of Balance of Payments

Data Codes

A. CURRENT ACCOUNT1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10999FBXN

Goods, credit (exports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A9999CXN Goods, debit (imports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A9999DXN Balance on goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A9999BXN Services, credit (exports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B9999CXN Services, debit (imports) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B9999DXN Balance on goods and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Z9999BXN Primary income: credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1C9999CXA Primary income: debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1C9999DXA Balance on goods, services, and primary income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Y9999BXN

Secondary income: credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D999FCAA Secondary income: debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D9999DAA

B. CAPITAL ACCOUNT1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20999FBAA

Capital account: credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20999FCAA Capital account: debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209999DAA Balance on current and capital account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129999BAN

C. FINANCIAL ACCOUNT1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30999FNAA

Direct investment: assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3A9999AAA Equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AA000AAA Debt instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AB000AAA Direct investment: liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3A999FLAA Equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AA00FLAA Debt instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AB00FLAA Portfolio investment: assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3B9999AAA Equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3BA000AAA Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3BB000AAA Portfolio investment: liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3B999FLAA Equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3BA00FLAA Debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3BB00FLAA Financial derivatives and employee stock options (ESOs): net . . . . . . . . . . . . . . . . . . 3C9999NAA Financial derivatives and ESOs: assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3C9999AAA Financial derivatives and ESOs: liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3C9999LAA Other investment: assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3D9999AAA Other equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3DA000AAA Debt instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3DZ000AAA Other investment: liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3D999FLAA Other equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3DA00FLAA Debt instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3DZ00FLAA Current + capital - financial account balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Y999FNAA

D. NET ERRORS AND OMISSIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40999SNAA

E. RESERVES AND RELATED ITEMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Z999SNAA

Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3E999SAAA Credit and loans from the IMF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3DC0ZSLAA Exceptional financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4099E0LAN

Conversion rates: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . RFZFB

1Excludes components that have been classified in the categories of Group E .


xvi 2015, International Monetary Fund : Balance of Payments Statistics Yearbook


Data Codes CURRENT ACCOUNT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109999BXN GOODS AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Z9999BXN

Total credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Z9999CXNTotal debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Z9999DXNGOODS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A9999BXN

Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A9999CXNGeneral merchandise: export . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1AA000CXNNet exports of goods under merchanting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1AB000BXNNonmonetary gold: export . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1AC000CXN

Debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1A9999DXNGeneral merchandise: import . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1AA000DXNNonmonetary gold: import . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1AC000DXN

SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B9999BXNTotal credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B9999CXNTotal debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B9999DXNManufacturing services on physical inputs owned by others, credit . . . . . . . . . . . . . . . . . . 1BA000CXNManufacturing services on physical inputs owned by others, debit . . . . . . . . . . . . . . . . . . 1BA000DXNMaintenance and repair services n.i.e., credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BB000CXNMaintenance and repair services n.i.e., debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BB000DXNTransport, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC000CXN

Passenger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC00ZCXNFreight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC00YCXNOther (including postal and courier) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC00WCXN

Transport, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC000DXNPassenger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC00ZDXNFreight . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC00YDXNOther (including postal and courier) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BC00WDXN

Travel, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BD000CXNBusiness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BD100CXN

Personal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BD130CXNTravel, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BD000DXN

Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BD100DXNPersonal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BD130DXN

Other services, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B999ZCXNConstruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BE000CXNInsurance and pension services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BF000CXNFinancial services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BG000CXNCharges for the use of intellectual property n .i .e . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BH000CXNTelecommunications, computer, and information services . . . . . . . . . . . . . . . . . . . . 1BJ000CXNOther business services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BK000CXNPersonal, cultural, and recreational services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BL000CXNGovernment goods and services n .i .e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BM000CXN


2015, International Monetary Fund : Balance of Payments Statistics Yearbook xvii

Data Codes Other services, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1B999ZDXN Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BE000DXN Insurance and pension services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BF000DXN Financial services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BG000DXN Charges for the use of intellectual property n .i .e . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BH000DXN Telecommunications, computer, and information services . . . . . . . . . . . . . . . . . . . . 1BJ000DXN Other business services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BK000DXN Personal, cultural, and recreational services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BL000DXN Government goods and services n .i .e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1BM000DXN PRIMARY INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1C9999BXA Total credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1C9999CXA Total debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1C9999DXA Compensation of employees, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CA000CXA Compensation of employees, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CA000DXA Investment income, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB000CXA Direct investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB100CXA Income on equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB110CXA Dividends and withdrawls from income of quasi-corporations . . . . . . . . . . . . 1CB111CXA Reinvested earnings (direct investor in direct investment enterprises) . . . . . . . . 1CB112CXA Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB120CXA Portfolio investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB200CXA Investment income on equity and investment fund shares . . . . . . . . . . . . . . . . . . 1CB210CXA Dividends on equity excluding investment fund shares . . . . . . . . . . . . . . . . . . 1CB211CXA Investment income attributable to investment fund shareholders . . . . . . . . . . . 1CB212CXA Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB220CXA Other investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB300CXA Withdrawals from income of quasi-corporations . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB310CXA Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB320CXA Investment income attributable to policyholders in insurance, pension schemes and standardized guarantee schemes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB330CXA Income on reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB400CXA Income on equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB410CXA Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB420CXA Investment income, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB000DXA Direct investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB100DXA Income on equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB110DXA Dividends and withdrawls from income of quasi-corporations . . . . . . . . . . . . 1CB111DXA Reinvested earnings (direct investor in direct investment enterprises) . . . . . . . . 1CB112DXA Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB120DXA Portfolio investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB200DXA Investment income on equity and investment fund shares . . . . . . . . . . . . . . . . . . 1CB210DXA Dividends on equity excluding investment fund shares . . . . . . . . . . . . . . . . . . 1CB211DXA Income attributable to investment fund shareholders . . . . . . . . . . . . . . . . . . . . 1CB212DXA



xviii 2015, International Monetary Fund : Balance of Payments Statistics Yearbook

Data Codes Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB220DXA Other investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB300DXA Withdrawals from income of quasi-corporations . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB310DXA Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB320DXA Investment income attributable to policyholders in insurance, pension schemes and standardized guarantee schemes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CB330DXA Other primary income, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CC000CXA Other primary income, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1CC000DXA SECONDARY INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D9999BAA Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D9999CAA General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D9999CGA Financial corporations, nonfinancial corporations, households, and NPISHs . . . . . 1D9999COA Personal transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1DF000COA Other current transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1DG000COA Debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D9999DAA General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1D9999DGA Financial corporations, nonfinancial corporations, households, and NPISHs . . . . . 1D9999DOA Personal transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1DF000DOA Other current transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1DG000DOA

CAPITAL ACCOUNT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209999BAA Gross disposals of nonproduced nonfinancial assets, credit . . . . . . . . . . . . . . . . . . . . . . . . . . 20A000CAA Gross acquisitions of nonproduced nonfinancial assets, debit . . . . . . . . . . . . . . . . . . . . . . . . 20A000DAA Capital transfers, credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A100CAA General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A100CGA Debt forgiveness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A110CGA Other capital transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A120CGA Financial corporations, nonfinancial corporations, households, and NPISHs . . . . . . . 20A100COA Capital transfers, debit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A100DAA General government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A100DGA Debt forgiveness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A110DGA Other capital transfers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20A120DGA Financial corporations, nonfinancial corporations, households, and NPISHs . . . . . . . 20A100DOA

FINANCIAL ACCOUNT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30999SNAA DIRECT INVESTMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3A9999NAA Net acquisition of financial assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3A9999AAA Equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AA000AAA Equity other than reinvestment of earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AA100AAA Direct investor in direct investment enterprises . . . . . . . . . . . . . . . . . . . . . . . . . 3AA110AAA Direct investment enterprises in direct investor (reverse investment) . . . . . . . . . 3AA120AAA Between fellow enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AA130AAA Reinvested earnings (direct investor in direct investment enterprises) . . . . . . . . . . 3AA200AAA



2015, International Monetary Fund : Balance of Payments Statistics Yearbook xix

Data Codes Debt instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AB000AAA Direct investor in direct investment enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AB100AAA Direct investment enterprises in direct investor (reverse investment) . . . . . . . . . . . . 3AB200AAA Between fellow enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3AB300AAA Net incurrence of liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3A9999LAA Equity and investment fund shares . . . . . . . . . . . . . . . . . . . . . . . . . .

Documents

BALANCE OF PAYMENTS STATISTICS - IMF eLibrary...Balance of Payments Statistics Yearbook (BOPSY): Contains two sections; World and Regional Tables, and Country Tables. The first section