Balance of Payments and International Investment Position statistics (BoP/IIP), IMF

Summary

The Balance of Payments (BoP) provides a framework that is applicable for a range of economies, from the smallest and least developed economies to the more advanced and complex economies. As a result, it is recognized that some items may not be relevant in all cases.

The IMF data on balance of payments and international investment positions is available here- http://data.imf.org/?sk=7A51304B-6426-40C0-83DD-CA473CA1FD52&ss=1409773422141

The data is prepared in accordance with the 6^th edition of the Balance of Payments and International Investment Position Manual. The handbook can be accessed here, http://data.imf.org/?sk=7A51304B-6426-40C0-83DD-CA473CA1FD52&ss=1390288795525

BoP data is available for approximately 204 economies, while IIP data is available for approximately 143 economies. Data is available for most countries from the year 1945.

Definitions

BoP is a flow while IIP is a stock. Although the balance of payments accounts are, in principle, balanced, imbalances result in practice from imperfections in source data and compilation. This imbalance, a usual feature of balance of payments data, is labeled net errors and omissions and is identified separately in published data. It should not be included indistinguishably in other items. Net errors and omissions are derived residually as net lending/net borrowing and can be derived from the financial account minus the same item derived from the current and capital accounts.

The BoP is a statistical statement that summarizes transactions between residents and nonresidents during a period. It consists of the goods and services account, the primary income account, the secondary income account, the capital account, and the financial account. Under the double-entry accounting system that underlines the balance of payments, each transaction is recorded as consisting of two entries and the sum of the credit entries and the sum of the debit entries is the same. The different accounts within the BoP are distinguished according to the nature of the economic resources provided and received.”

The International Investment Position (IIP) is a statistical statement that shows at a point in time the value of:

Financial assets of residents of an economy that are claims on nonresidents or are gold bullion held as reserve assets; and the liabilities of residents of an economy to nonresidents. The difference between the assets and the liabilities is the net position in the IIP and represents either a net claim on or a net liability to the rest of the world. The IIP represents a subset of the assets and liabilities included in the national balance sheet. In addition to the IIP, the national balance sheet incorporates nonfinancial assets as well as financial assets and liabilities positions between residents.

Tables In IFs

Table	Definition	Indicator Name/Name in Source	Indicator Code	Formula	UsedInPreprocessor	UsedInPreprocessorFileName
NetIIP%GDP	Net International Investment Position as a percent of GDP.	Net (assets less liabilities); Net International Investment Position, Adjusted using IMF accounting records		%'NY.GDP.MKTP.CD'	0
XIncSecPayments%GDP	Secondary Income payments as % of GDP	Debit/Expenditure; Secondary income		%'NY.GDP.MKTP.CD'	1	ECONOMY
XIncSecReceipts%GDP	Secondary Income receipts as % of GDP	Credit/Revenue; Secondary income		%'NY.GDP.MKTP.CD'	1	ECONOMY
XWorkerCompenPaid%GDP	Worker compensation paid as % of GDP	Debit/Expenditure; Compensation of employees		%'NY.GDP.MKTP.CD'	0
XWorkerCompenReceived%GDP	Worker compensation received as % of GDP	Credit/Revenue; Compensation of employees		%'NY.GDP.MKTP.CD'	0
XWorkerTransferPaid%GDP	Worker transfer paid as % of GDP	Debit/Expenditure; Secondary income, Financial corporations, nonfinancial corporations, households, and NPISHs		%'NY.GDP.MKTP.CD'	0
XWorkerTransferReceived%GDP	Worker transfer received as % of GDP	Credit/Revenue; Secondary income, Financial corporations, nonfinancial corporations, households, and NPISHs		%'NY.GDP.MKTP.CD'	0
ExMaintRepair%Ser	Maintenance and Repair Services nie exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Maintenance and repair services n.i.e.		%'Credit/Revenue; Services'	0
ExManuSer%Ser	Manufacturing Services on Physical Inputs Owned by Others exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Manufacturing services on physical inputs owned by others		%'Credit/Revenue; Services'	0
ExOtherBusiness%Ser	Other Business Services exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Other business services		%'Credit/Revenue; Services'	0
ExOtherConstruction%Ser	Other Construction Services exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Construction		%'Credit/Revenue; Services'	0
ExOtherCulRecreation%Ser	Personal, Cultural, and Recreational Services exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Personal, cultural, and recreational services		%'Credit/Revenue; Services'	0
ExOtherFinancial%Ser	Other Financial Services Exports percentage of Total Service exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Financial services explicitly charged and other financial services		%'Credit/Revenue; Services'	0
ExOtherGovGoodSer%Ser	Government Goods and Services nie exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Government goods and services n.i.e.		%'Credit/Revenue; Services'	0
ExOtherInsurPen%Ser	Insurance and Pension Services exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Insurance and pension services		%'Credit/Revenue; Services'	0
ExOtherIntellectual%Ser	Charges for the Use of Intellectual Property nie exports percentage of Total Services Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Charges for the use of intellectual property n.i.e.		%'Credit/Revenue; Services'	0
ExOtherTelCom%Ser	Other Telecommunication Services Exports percentage of Total Service Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Telecommunications, computer, and information services		%'Credit/Revenue; Services'	0
ExTransportFreight%Ser	Freight Transport Services Exports percentage of Total Service Exports, Balance of Payments from the International Monetary FundFreight Transport Exports percentage of Total Service Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; All modes of transport; freight		%'Credit/Revenue; Services'	0
ExTransportOther%Ser	Other Transport Services Exports percentage of Total Service Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Other modes of transport		%'Credit/Revenue; Services'	0
ExTransportPass%Ser	Passenger Transport Services Exports percentage of Total Service Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; All modes of transport; passenger		%'Credit/Revenue; Services'	0
ImOtherInsurPen%Ser	The percentage of total service imports on the balance of payments attributed to services such as insurance and pension	Debit/Expenditure; Insurance and pension services		%'Debit/Expenditure; Services'	0
ImOtherIntellectual%Ser	The percentage of total service imports on the balance of payments attributed to charges for the use of intellectual property	Debit/Expenditure; Charges for the use of intellectual property n.i.e.		%'Debit/Expenditure; Services'	0
ImOtherTelCom%Ser	The percentage of total service imports on the balance of payments attributed to telecommunications, computer and information services	Debit/Expenditure; Telecommunications, computer, and information services		%'Debit/Expenditure; Services'	0
ImTransportFreight%Ser	The percentage of total service imports on the balance of payments attributed to freight transport	Debit/Expenditure; All modes of transport; freight		%'Debit/Expenditure; Services'	0
ImTransportOther%Ser	The percentage of total service imports on the balance of payments attributed to postal and courier transport etc.	Debit/Expenditure; All modes of transport; other than passenger and freight; including postal and courier services		%'Debit/Expenditure; Services'	0
ImTransportPass%Ser	The percentage of total service imports on the balance of payments attributed to the transport of passengers	Debit/Expenditure; All modes of transport; passenger		%'Debit/Expenditure; Services'	0
ImTravelBusiness%Ser	The percentage of total service imports on the balance of payments attributed to business travel	Debit/Expenditure; Travel; business		%'Debit/Expenditure; Services'	0
ImTravelPersonal%Ser	The percentage of total service imports on the balance of payments attributed to personal travel	Debit/Expenditure; Travel; personal		%'Debit/Expenditure; Services'	0
ExTravelBusiness%Ser	Business Travel Services Exports percentage of Total Service Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Travel; business		%'Credit/Revenue; Services'	0
ExTravelPersonal%Ser	Personal Travel Services Exports percentage of Total Service Exports, Balance of Payments from the International Monetary Fund	Credit/Revenue; Travel; personal		%'Credit/Revenue; Services'	0
ImMaintRepair%Ser	The percentage of total service imports on the balance of payments attributed to maintenance and repair services	Debit/Expenditure; Maintenance and repair services n.i.e.		%'Debit/Expenditure; Services'	0
ImManuSer%Ser	The percentage of total service imports on the balance of payments attributed to manufacturing services on physical inputs owned by others	Debit/Expenditure; Manufacturing services on physical inputs owned by others		%'Debit/Expenditure; Services'	0
ImOtherBusiness%Ser	The percentage of total service imports on the balance of payments attributed to business services	Debit/Expenditure; Other business services		%'Debit/Expenditure; Services'	0
ImOtherConstruction%Ser	The percentage of total service imports on the balance of payments attributed to construction	Debit/Expenditure; Construction		%'Debit/Expenditure; Services'	0
ImOtherCulRecreation%Ser	The percentage of total service imports on the balance of payments attributed to personal, cultural, and recreational services	Debit/Expenditure; Personal, cultural, and recreational services		%'Debit/Expenditure; Services'	0
ImOtherFinancial%Ser	The percentage of total service imports on the balance of payments attributed to financial services	Debit/Expenditure; Financial services		%'Debit/Expenditure; Services'	0
ImOtherGovGoodSer%Ser	The percentage of total service imports on the balance of payments attributed to government goods and services	Debit/Expenditure; Government goods and services n.i.e.		%'Debit/Expenditure; Services'	0

Data Pulling Instructions

1. Go to https://data.imf.org/en/datasets/IMF.STA:BOP

2. Click on "Download". Choose the type of file, formatting and metadata. If you would like to use a script found here download as a csv and observation per row file. If you would like to view the data click "View Data"

4. Navigate to this GitHub Repo and follow instructions to pull the table. Make sure that you check the country concordance and units.

5. If you chose "View Data" ensure that you use the right filters (see below):

Choose all countries, Debit/Revenue and Credit/Expenditure, US Dollars, Annual for Frequency, All for Time Period, and then choose the indicators listed in the tables. Then click "Download"

6. Download the GDP data from: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD. Utilize the script to do the calculations.

Directions for NetIIP%GDP

1. For this table navigate to: https://data.imf.org/Datasets/IIP

2. Click on "Download". Choose the type of file, formatting and metadata. If you would like to use a script found here download as a csv and observation per row file. If you would like to view the data click "View Data"

3. If you chose "View Data" ensure that you follow the filters below. Choose all countries, all years, US Dollars, annual for frequency, and Net International Investment Position, Adjusted using IMF accounting records for the indicator.

4. Click "Download"

Data Notes

Calculations

The formula for XWorkerTransferReceived%GDP, XWorkerTransferPaid%GDP, XWorkerCompenPaid%GDP, and XWorkerCompenReceived%GDP from /GDP Current USD (NY.GDP.MKTP.CD to %'NY.GDP.MKTP.CD'. NY.GDP.MKTP.CD are GDP figures in World Bank. They can be found here .

To complete the calculations: multiply by 1,000,000 to get the same units between IMF and World Bank since IMF unit Millions of U.S. Dollars, divide the sheets from IMF BoP by the GDP figures (NY.GDP.MKTP.CD), then multiple by 100 for the percentage value.

For example, for XWorkerTransferReceived%GDP Algeria 1977 the value is 349.1884 and for the same year the GDP Current USD is 20972113685.

349.1884 x 1,000,000= 349188400

349188400/20972113685 = 0.0166501291 x 100 = 1.665.

For the %Ser tables, you must divide the indicator listed by Services data (Services must align with the indicator; if the indicator is from Credit/Revenue, the services data must as well). The same process is followed as seen above. Take the indicator value divide it by Services and multiply it by 100.