Publication of the Extraordinary Review of the Detail by Economic Activity Sector of Foreign Direct Investment

Coinciding with the regular publication of the annual details of the Balance of Payments/International Investment Position (BP/IIP) for 2024, an extraordinary review of the data on foreign direct investment by economic activity (included in tables 17.42 and 17.43) since 2013 has been published.

- Why it is extraordinary

When the additional annual details of foreign statistics for the last complete closed year, now 2024, are published in April, the review of previous data is generally limited to the initial stock of the IIP, corresponding at this time to 2023. However, in the case of the details by economic activity of foreign direct investment, an improvement has been implemented that requires reviewing a longer period. The review, which is extraordinary because it affects a longer period than usual, has been announced in recent press releases of the Balance of Payments/International Investment Position and in this announcements section.

- What it has consisted of

This improvement refines the method of assigning the activity of resident holding companies, applying the reclassification explained in statistical note number 20, 2024 benchmark revision of the balance of payments and international investment position of the Spanish Economy, to a broader set of holding companies. The reclassification involves considering the activity of the group in Spain.

- What impact it has had

As a result, there has been a transfer from the aggregate Financial and Insurance Activities (which includes the CNAE Activities of holding companies) to other productive activities, without affecting the total data. The average annual impact of this reclassification for the period 2013-2023 represents, for both the data of Spain's direct investment abroad and that of foreign investment in Spain, a stock transfer of approximately 11 billion euros.