Relevance
The
Balance of Payments (BoP) systematically summarizes all economic transactions
between residents and non-residents of Malta during a given period. The Balance of Payments provides harmonized
information on international transactions which are part of the current account
(goods, services, primary income, and secondary income); as well as on
transactions which fall in the capital and the financial account. BoP data are used for calculation of
indicators needed for the monitoring of macroeconomic imbalances such as the share
of BoP and International Investment Position (IIP) items in Gross Domestic
Product (GDP).
The
methodological framework followed in the compilation of the Balance of Payments
is that defined in the sixth edition of the International Monetary Fund Balance
of Payments Manual (BPM6) published in 2009, which was implemented in the EU as
from September 2014. The data is also compiled in terms of the EC
Regulation No. 184/2005 as
well as subsequent amendments.
Methodological
description
BoP data are collected through
direct reporting (DR) surveys and complemented by administrative sources. Such
data are used for all statistics related to BoP including Coordinated Portfolio
Investment, Direct Investment in Malta and Abroad, International Economic and
Financial Transactions, and the International Investment position of Malta.
The DR system is based on a
stock/flow/income model, covering all financial instruments (including income),
as well as service and transfer transactions of the enterprises. No reporting
for goods transactions is requested since these are obtained through national trade
statistics.
The top companies operating in the
non-financial sector are surveyed on a monthly or quarterly basis, and a larger
number of companies are surveyed annually. Nine different questionnaires have been
designed: a general questionnaire and eight questionnaires for specific
transactions: those of shipping companies, airline companies,
ship-building/repairing and remote gaming companies. The surveys are received either by post or
electronically.
The financial sector is surveyed in
a monthly census by the Central Bank of Malta conducted for banks, domestic
insurance companies, collective investment schemes (CISs), money market funds,
and exchange bureaux. Main insurance
agents are surveyed on a monthly basis and the rest annually. Main CISs are surveyed on a quarterly basis
and the rest annually. All CISs are
asked to report monthly their net asset value.
Other source data include
information on real estate transactions provided by the Acquisition of
Immovable Properties Division at the Treasury Department and on balance sheets
of companies provided by the Malta Financial Services Authority (MFSA).
Accuracy and reliability of data
As
for all direct reporting systems, the efficiency of the Maltese data
compilation system is based on the coverage of questionnaires. In the compilation process, formal checking
and vetting of DR survey forms are carried out on a regular and systematic basis.
Information obtained from the DR survey is also checked against other sources
of available information. These include
data from banks, companies’ balance sheets, as well as media reports. Data are also verified using automated
quality and consistency checks incorporated in a software module. Annual checking is also carried out manually,
using mainly companies’ balance sheets obtained from the MFSA website. Inconsistencies within data submitted by
respondents are immediately investigated directly with respondents.
Timeliness
and punctuality of data
The ‘International Economic and Financial
Transactions’ news release is published quarterly and gives a summary of the current, capital and
financial account, featuring main headlines.
The ‘Direct Investment in Malta and
Abroad’ news release is published bi-annually and gives a breakdown of Foreign Direct Investment
(FDI) in Malta and abroad, depicting both flows and stock positions.The ‘Coordinated Portfolio
Investment Survey’ (CPIS) is published annually and gives a breakdown of portfolio investment assets by
sub-components, equity and debt securities, as well as by country where the
assets are held.
News releases are published as scheduled in the Advance Release Calendar.
The quarterly BoP news releases are
released about eighty-five days after the lapse of the period being reported
upon. The bi-annually FDI news releases cover
reference periods January-June and January-December and are published in the
following February and August respectively. The CPIS news releases for a particular
reference year t are published in October of year t+1.
BOP
data is transmitted to Eurostat on a quarter or annual basis. These are submitted in accordance with the
deadlines shown in Annex I of EC
Regulation No. 184/2005.
Accessibility
and clarity of data
All
news releases are published on the NSO’s website.
From
year 2001 to 2003 three publications on BOP data were released on the NSO’s
website and covered reference periods 1995 to 2003.
A
quality report is submitted to Eurostat on a yearly basis by not later than end
of May. A metadata report is also made available
on the NSO’s metadata website.
Coherence
and comparability / consistency of data
Data
are comparable across all European Union Member States as harmonised methodological
frameworks (BPM6 and Council Regulation (EC) No. 184/2005) are adopted for compiling
the data.
The BOP data is comparable as from 1995 onwards. However, conversion to BPM6 guidelines has
only been performed to data back to 2004, resulting in a break in series. As from 2004 onwards, data are available in
thousands of euro. Previous periods are
recorded in thousands of
Lm (Maltese Lira).
BoP data can be related with data published by
National Accounts Unit and with the aggregate figures on imports and exports
of goods published by International Trade Statistics Unit.
The remote gaming companies questionnaire (also referred to as the BOP 12 questionnaire) should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity in its name or on a consolidated basis during a calendar year. The questionnaire should include all transactions listed in the Trading, Profit and Loss Account and Balance Sheet of the entity; and broken down by country. General
The Companies questionnaire is to be filled in by companies undergoing various types of transactions (or having balances) with non-residents. It should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity in its name or on a consolidated basis during a calendar year.
The Resident Airlines questionnaire is to be filled in by companies owning or chartering aircraft, and which have transactions or balances with non-residents. It should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity in its name or on a consolidated basis during a calendar year. It is essential to provide transactions and balances broken down by country.
Non-Resident Airlines BOP21 SME
2016 -
2017 -
2018 |
Guidelines
The Non-Resident Airlines questionnaire is to be filled in by agents of foreign airlines on an annual basis with details of the economic and financial transactions conducted by the reporting entity during a calendar year. It is essential to provide transactions and balances broken down by country.
Resident Shipping Lines BOP22 SME
2016 -
2017 -
2018 |
Guidelines
The Resident Shipping Lines questionnaire is to be filled in by companies owning or chartering seacraft, and which have transactions or balances with non-residents. It should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity in its name or on a consolidated basis during a calendar year. It is essential to provide transactions and balances broken down by country.
Non-Resident Shipping Lines BOP23 SME
2016 -
2017 -
2018 |
Guidelines
The Non-Resident Shipping Lines questionnaire is to be filled in by agents of foreign shipping lines on an annual basis with details of the economic and financial transactions conducted by the reporting entity during a calendar year. It is essential to provide transactions and balances broken down by country.
The Shipbuilding and Ship Repair questionnaire is to be filled in by companies involved in shipbuilding and/ or repair of seacrafts, and which have transactions or balances with non-residents. It should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity in its name or on a consolidated basis during a calendar year. It is essential to provide transactions and balances broken down by country.
The Balance of Payments and International Investment Position Questionnaire
2018 |
Guidelines
The Balance of Payments and International Investment Position Statistics questionnaire should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity. All transactions listed in the Profit and Loss Account and Balance Sheet should be included and broken down by country. The total assets reported should be equal to the sum of liabilities and total equity.
The
Balance of Payments and International Investment Position Statistics
questionnaire should be filled on an annual basis with details of all the
economic and financial transactions conducted by the reporting entity. All
transactions listed in the Profit and Loss Account and Balance Sheet should be
included and broken down by country. The total assets reported should be equal
to the sum of liabilities and total equity.
General Questionnaire: Survey on Balance of Payments and International Investment Position
The Balance of Payments and International Investment Position Statistics questionnaire should be filled on an annual basis with details of all the economic and financial transactions conducted by the reporting entity. All transactions listed in the Profit and Loss Account and Balance Sheet should be included and broken down by country. The total assets reported should be equal to the sum of liabilities and total equity.