BPM6 Compilation Guide: Progress (item 17 on the Agenda) Balance of Payments Working Group Eurostat, Luxembourg April 2–3, 2012 Tamara Razin, Statistics.

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Presentation transcript:

BPM6 Compilation Guide: Progress (item 17 on the Agenda) Balance of Payments Working Group Eurostat, Luxembourg April 2–3, 2012 Tamara Razin, Statistics Department, IMF The views expressed herein are those of the author and should not be attributed to the IMF, its Executive Board, or its management

Outline Progress on BPM6 Compilation Guide (BPM6 CG) Background Coverage and structure Timetable Countries’ role in updating the BPM6 CG Other IMF statistical initiatives Conversion of BOP and IIP statistics to BPM6 Update of other macroeconomic statistics manuals 2

Update of BPM6 CG: Background At the 2009 Committee meeting, IMF presented an outline and plans for drafting the BPM6 CG A special IMF website was created for posting the draft chapters/appendixes for worldwide comments as they became available 3

BPM6 CG: Coverage and Structure BPM6 CG draws from the material contained in BPM5 CG expands coverage to new topics (e.g., FISIM, insurance, linkages to other macroeconomic datasets), and expands discussion of topics lightly covered in previous edition (e.g., IIP; BOP/IIP by partner country; exceptional financing) elaborates on methodological changes introduced in BPM6 with particular focus on complex issues care is taken not to unintentionally introduce methodological changes 4

BPM6 CG: Coverage and Structure BPM6 CG will consist of two sections and appendixes Section A: Main Data Sources Section B: Compilation Practices Seven Appendixes: conversion matrix; insurance, pension and standardized guarantee schemes; FISIM; FDI; compiling BOP and IIP by partner country; linkages with other macroeconomic datasets; and model survey forms 5

Overview of Content: Section A Chapter 1: Introduction Chapter 2: How to Conduct a Survey Chapter 3: Specific Surveys of Businesses Chapter 4: International Transactions Reporting System Chapter 5: International Merchandise Trade Statistics Chapter 6: Data from Administrative and Official Sources Chapter 7: Selected IMF and Other IO’s Data Collection Initiatives 6

Overview of Content: Section B Chapter 8: Compiling BOP and IIP--Overview Chapter 9: The IIP Chapter 10: The Financial Account Chapter 11: Goods Chapter 12: Services Chapter 13: Primary Income Chapter 14: Secondary Income Chapter 15: Capital Account Chapter 16: Exceptional Financing Chapter 17: The Accessibility and Serviceability of the Statistics 7

BPM6 CG: Timetable ActivityTarget Date First set of key draft chaptersSeptember/October 2010 Develop BPM6 CG website Post BPM6 Implementation plans Post chapters as they become available September 2010 (completed) Starting October 2011 First set of chapters presented to BOPCOMOctober 2011 (completed) Worldwide consultation on first set of chaptersStarting November 2011, with the deadline for comments on each chapter eight weeks after the posting Revise first set of chaptersFebruary-April 2012 Second set of draft chapters disseminated to BOPCOM members and posted on the IMF website for comments March-April 2012 Worldwide consultation on second set of chaptersMarch-May 2012 Second set of chapters presented to BOPCOMOctober 2012 Final revision/editing of all chaptersJanuary-May 2013 Pre-publication draft of the BPM6 Compilation Guide on the IMF websiteJune

Current Status 7 chapters and 2 appendices were discussed at 2011 BOPCOM meeting and were posted on a dedicated website for worldwide comments Time frame for comments is indicated on the website under each item (eight weeks from posting date) 7 chapters and 3 appendices are under internal review Will be posted by end-April 2012 for comments 3 chapters will be drafted by end-April Appendix III on FISIM July 2012 meeting of ISWGNA TF on FISIM to decide on a number of fundamental issues FISIM appendix for BPM6 CG will be drafted thereafter 9

BPM6 CG: Countries’ Contribution A number of inputs will be provided by countries /international organizations OECD – development assistance database ECB – security database BIS – international banking statistics WTO – consultation on international merchandise trade statistics WB – quarterly external debt statistics Countries will contribute with case studies (e.g., production sharing agreements; manufacturing services on physical inputs owned by others; etc.) Could Eurostat members contribute with interesting cases? Valuable feedback is gathered through worldwide comments 10

Project involving close cooperation with member countries and other international agencies 2010 outreach efforts to meet with other IMF departments–STA met with eight departments that are main users of external sector statistics, on the implications for external sector statistics from changes introduced in BPM6 Other outreach efforts (including preparation of FAQs) will be completed prior to publication of converted data in August 2012 Conversion of BOP/IIP Statistics to BPM6 11

Conversion of BOP/IIP Statistics to BPM6 Proposed Options BPM6 basis estimates will be obtained or generated in one of the following ways: (i) Countries report data to STA based on BPM6 by May 2012; (ii) Countries report data to STA based on BPM5 and opt for a generic conversion of their data to a BPM6 basis; (iii) Countries report data to STA based on BPM5 and opt for a “customized” conversion of their data, by adjusting the results from the generic conversion. 12

In 2011, the “generic” balance of payments and IIP estimates on a BPM6 basis were shared with countries. Countries were asked to indicate which option they prefer. Responses from countries as of mid-March 2012 are: Most EU countries have also chosen the generic conversion (19 countries), followed by the customized conversion (6 countries), and own BPM6 data (2 countries) BPM6 report forms have been finalized and distributed to countries that will provide their own BPM6 estimates Conversion of BOP/IIP Statistics to BPM6 Consultations with Countries Generic conversion Customized conversion Own BPM6 data BOP IIP

STA will publish data on a BPM6 basis starting with the August 2012 releases of the International Financial Statistics and Balance of Payments Statistics online database The releases will include the converted data starting with data for the first quarter of 2005 Conversion of BOP and IIP Statistics to BPM6 IMF Publications on a BPM6 Basis 14

Technical assistance missions – often combined with a series of lectures on BPM6 Training at HQ (on BPM6 basis - starting with 2008) at Regional Training Centers (on BPM6 basis - starting with 2009) Remote advice from HQ – a FAQ webpage will be established Other Efforts to Assist Member Countries to Implement BPM6 15

Update of Other Macroeconomic Statistics Manuals International Reserves and Foreign Currency Liquidity: Guidelines for a Data Template – updated version posted on IMF website in early February 2012 External Debt Statistics: Guide for Compilers and Users updated Part I (conceptual framework) and two appendixes have been distributed for comments. TFFS meeting (March 2012) discussed several issues raised through comments expected posting for worldwide comment - September 2012 pre-publication draft – Q

Update of Other Macroeconomic Statistics Manuals Monetary and Financial Statistics Manual MFS expert group held its first meeting in February 2012 tentatively, first draft chapters will available late 2012 and revised MFSM-CG be approved – late 2013 Government Finance Statistics Manual – by mid-March all but two chapters have been updated, the remaining chapters and appendixes will be finalized over the coming months Public Sector Debt Statistics Guide – published in December