Statistics

External sector statistics

On January 25, the general methodological note on the balance of payments and international investment position has been updated. The changes incorporated are not of special relevance.

On December 27, the “In brief” booklet on external sector statistics is published for the first time. This booklet covers some basic aspects, in terms of developments or structure, of balance of payments, international investment position, external debt, international reserves and coordinated surveys on direct and portfolio investment. “In brief” is going to be updated in the months of April and October, parallel to the publication of annual tables of balance of payments and international investment position.

Balance of Payments

External Debt

  • External Debt

    External debt comprises a more restrictive set of financial liabilities than that considered in the liabilities of the international investment position. In accordance with international methodology, a financial liability to a resident abroad is considered to be external debt if it is not contingent and it involves a commitment to make future payments. Thus, equity instruments, financial derivatives and gold bars, all of which are included in the international investment position, are not considered to be external debt.

CPIS and CDIS surveys

  • Coordinated portfolio investment (CPIS) and direct investment (CDIS) surveys

    The coordinated portfolio investment (CPIS) and direct investment (CDIS) surveys compile information on positions in these functional categories of investment, submitted to the IMF by the national compilers of a large number of countries, such as Banco de España. The CPIS provides very detailed information by financial instrument, institutional sector and counterpart country on a biannual basis and the CDIS provides annual information, also with a further breakdown by geographical area.

International reserves

  • International reserves and foreign currency liquidity

    Within the balance of payments and the international investment position, international reserves are just another functional category, so that their transactions and positions data can be consulted within the information offered by these statistics. However, following international standards, and specifically under the SDDS+ (Special Data Dissemination Standard Plus) agreements, the Banco de España also publishes information on international reserves positions as a separate monthly statistic, with a very short lag relative to that of the IIP. In addition, more complete information on reserves and foreign currency liquidity is also published monthly under the SDDS+, with the details established by the IMF. These details include the foreign currency positions of the Banco de España and central government, as well as information on predetermined and contingent future drains on foreign currency liquidity.

Competitiveness indices

  • Competitiveness indices

    Competitiveness indices reflect the relative price or cost situation of the Spanish economy in relation to different economic areas. The calculation takes into account the nominal exchange rates, together with the corresponding price or cost indexes, considering the importance of that economic area in Spain's foreign trade.