Balance of payments and international investment position

Coinciding with the publication of the September 2008 Boletín Estadístico – and for December 2004 and subsequent data – , the calculation of the stock of equity holdings of non-financial corporations recorded under the Direct Investment heading of the international investment position (IIP) was changed (see note on changes introduced in the September 2008 Boletín Estadístico). The revision of the calculation procedure affected the series of both foreign direct investment in Spain and Spanish direct investment abroad, although there was only a significant break in the latter. At the time, data were not available for periods prior to 2004; therefore, in the case of Spanish direct investment abroad a “memorandum item” consistent with the previous estimate was included. This edition of the Boletín Estadístico includes a revised series (since 1992) of data on Spanish direct investment abroad; as a result, this memorandum item has been removed from Table 17.22.

On the procedure for calculating this heading and the new linked series, see Box 5.1 of the monograph 'Balance of Payments and International Investment Position of Spain, 2008' available in the Publications section of this website.