June 2005

Chapter 7. Balance of Payments, foreign trade and International Investment Position

In this edition the Balance of Payments time series has been revised in the Economic indicators 7.1 and 7.2.

The Banco de España has revised the time series of some of the main Balance of Payments items for the period 1995-2004, coinciding with the publication of the March 2005 data. The revision has been co-ordinated with the release by INE, in May 2005, of the data for GDP and its components using the new base year 2000 Spanish National Accounts framework. The items concerned generally relate to the current account, although other changes have been made, bearing - less significantly - on the capital account and on the financial account. More specifically, the changes introduced are significant in the following captions: merchandise, tourism and travel, merchandise transport services, income and transfers.

The aim of the time series revision is threefold: to give a truer view of the real situation of the Spanish external sector, to adhere more closely to the methodological recommendations of the Balance of Payments Manual and to reduce the differences with the data from the National Accounts Rest of the World Account. The main changes introduced have been co-ordinated by the institutions responsible for the compilation of both statistics.

The press release relating to the publication of the March dataOpens in a new window has an annex explaining in detail the objective characteristics and results of this revision. The annex can also be found in the section "other notes" in the Balance of Payments page which is available, in turn, on the Banco de España website (www.bde.esOpens in a new window). During July, this note will be replaced by that included in the methodological notes section of the (forthcoming) annual publication "The Spanish Balance of Payments and International Investment Position 2004", which will be more detailed. Also available that month will be an article that is to be published in the June 2005 edition of the Boletín Económico.