Banca Naţională a României

Methodological Notes

1. Data are updated on a monthly basis. Data for the current period together with the revised data for the base period are available under Data sets; historical monthly and quarterly data going back to 2005 are available in the Interactive database.
2. The international methodological standard on balance of payments compilation is ensured by the IMF’s sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). The BPM6 methodology has been transposed into the EU legislation based on Commission Regulation (EU) No 555/2012 amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions.
3. In order to analyse current account data, the following aspects should be considered:
   1. 3.1. Goods (on a BOP basis): Source: National Institute of Statistics – International Trade of Goods. Imports FOB are calculated by the NBR based on the CIF/FOB conversion factor set by the NIS. The balance of payments principle consists in entering goods based on the “change in economic ownership” criterion (goods acquired by residents are included, irrespective of whether the goods cross the country border or not), while in international trade statistics goods are recorded based on the “cross-border” criterion (goods are recorded when crossing the border, irrespective of whether they belong to residents or not). In order to ensure compliance with the “change in economic ownership” criterion, the NIS data are adjusted by the NBR, therefore the values of exports and imports of goods in the BOP statistics are different from those in the statistics on the international trade of goods;
   2. 3.2. Services: Source: Quarterly Survey on International Trade in Services;
   3. 3.3. Primary income: includes compensation of employees, investment income (direct investment, portfolio investment, other investment) and other primary income (taxes, subsidies);
   4. 3.4. Secondary income: includes current private transfers and transfers of the general government.
4. Foreign direct investment: The permanent debt between affiliated financial intermediaries (banks, NBFIs) is not treated as direct investment, but recorded under financial account/other investment.
5. The statistical standards for the external debt breakdown by institutional sector are provided by the IMF’s manuals External Debt Statistics Guide for Compilers and Users (2014), Balance of Payments and International Investment Position, 6th edition (BPM6) and System of National Accounts 2008 (SNA).
6. Long-term external debt service ratio is calculated as a ratio of long-term external debt service to exports of goods and services.
7. Import cover is calculated as a ratio of international reserves (foreign exchange + gold) at the end of period to average monthly imports of goods and services for the period under review.
8. Short-term external debt by remaining maturity refers to the short-term external debt outstanding at the end of period plus the payments related to long-term external debt due in the following 12 months.