14 (b): Austrian methodological changes in Balance of Payments and impact on trade in goods and services statistics

Transcription

1 Organisation de Coopération et de Devloppement Economiques Organisation for Economic Co-operation and Development Room Document 2 TIS 14 (b): Austrian methodological changes in Balance of Payments and impact on trade in goods and statistics September 2007 Salle des Nations Tour Europe This report is provided for information and was prepared by Patricia Walter of the Austrian National Bank. For further information, please contact her at patricia.walter@oenb.at

2 Methodological changes in Austria s balance of payments Impact on trade in goods and statistics Patricia Walter Oesterreichische Nationalbank, Balance of Payments Division September oenb.info@oenb.at 1

3 Agenda A new balance of payments system: motivation and concepts Cooperation with Statistics Austria New survey on trade in First results Future Outlook 2

4 A new balance of payments system: Motivation Until 2006, compilation of the Austrian balance of payments via a MFI based settlement system Complemented by surveys for the financial account Compilation of trade in completely settlement based, except for travel Growing negative effects on data quality and compilation efficiency 3

5 A new balance of payments system: Motivation Common currency in the Euro area blurres the distinction between national and foreign transactions Travel item: new survey based compilation already introduced with the introduction of the Euro Step wise development of a single Euro payments area diminishes the useability of payments for statistical purposes Intra-company settlement systems (cash centres) loosen the connection between payments and transactions, concerning volumes as well as regional structures 4

6 A new balance of payments system: Concepts In January 2006, OeNB switched to a direct reporting system From this key date onwards No settlement data have been available any more Complete data collection substituted by surveys Main components Sample design varies with type of transaction and industrial sector Reporting population consists of about economic entities, from these about report on trade in Legal basis attributes the central bank the same status as to the NSI, giving access to registers and administrative data 5

7 A new balance of payments system: motivation and concepts Cooperation with Statistics Austria New survey on trade in First results Future Outlook 6

8 Cooperation with Statistics Austria Basic agreement on cooperation between OeNB and NSI, Statistics Austria Concentration on the respective expertise Statistics Austria in real economies and the OeNB in financial markets Cooperation framework agreement, yardstick memorandum of understanding between ECB and EUROSTAT Concrete tasks are laid down in service provider contracts like for compiling exports and imports of Statistics Austria collects data from non financial companies OeNB from insurance companies and banks Synergies are gained within the scope of external statistics Including the harmonization with National Accounts 7

9 Cooperation with Statistics Austria non-financial corporations financial corporations general government private households nonprofit institutions serving households CURRENT ACCOUNT Goods Services Income employment income investment inmcome Current Transfers CAPITAL ACCOUNT FINANCIAL ACCOUNT Direct Investment Portfolio Investment Financial Derivatives Other Investment Official Reserves Errors and Omissions 8

10 Cooperation with Statistics Austria Respondents of trade in Trade in only Trade in and one category of financial transactions Trade in and two categories of financial transactions Trade in and three categories of financial transactions In % of total 70,0% 21,8% 7,9% 0,4% 9

11 Cooperation with Statistics Austria XINTIP BoP-Sets ECB EUROSTAT Aggregation Statistics Austria Data Base CA2 Current Account CA x Country x Sector C/D/N Verification Aggregation Estimation Matrix Transmission CA1 Investment Income Services Survey Intra/Extrastat Services Survey Travel Survey Administrative Data 10

12 A new balance of payments system: motivation and concepts Cooperation with Statistics Austria New survey on trade in First results Future Outlook 11

13 New survey on trade in : population analysis Concentration survey for identifying the statistical population Carried out within the scope of Austria s structural business survey 2003 (EG, EURATOM no. 58/97) Covered 32,247 out of 266,258 Austrian business units Service industry: different thresholds in turnover between and 1,5 Mio. Manufacturing industry: threshold in number of employees > 20 Not included i.a. Financial corporations Public and private (education, health, welfare; ) Gap estimates Settlement data for unit-non-response Imputation of remaining reporting deficits (MEDIAN, turnover and sector classes) Estimates for businesses below survey thresholds (Regression, exports and imports to turnover) 12

14 New survey on trade in : population analysis Businesses with exports Services exports in 1,000 Businesses with imports Services imports in 1,000 Net Survey data 5,214 17,334,917 4,973 13,718,530 3,616,387 Totals after estimates 47,137 20,132,846 43,641 15,739,222 4,393,624 13

15 New survey on trade in : survey design Number of businesses Coverage in % of concentration survey Services exports Services imports Coverage in % of total Services exports Services imports Thresholds depending on type of industrial sector 200,000 or 50,000 for exports as well as imports per year Two different reporting concepts Quarterly report on exports and imports regarding partner countries and classification of Quarterly report on exports and imports regarding partner countries together with yearly report on the classification of 14

16 New survey on trade in : survey design Transportation Travel Communication Construction Insurance Financial Computer and information Royalties and licence fees Other business Personal, cultural and recreational Government Services, n.i.e. Employment income, debet Current transfers 15

17 New survey on trade in : changes in concepts Transportation: cif/fob correction Until 2006 Credit, c Debet, d Net Goods, G Gc Gd -Td Gc Gd + Td Transport, T Tc Td Tc - Td Services not allocated, S.N.A. S.N.A.c S.N.A.d + Td S.N.A.c S.N.A.d Td Since 2006: Te = Volume x distance x freight rate, Te < Td Credit, c Debet, d Net Goods, G Gc Gd -Te Gc Gd + Te Transport, T Tc - Tec Td + Ted Tc Tec Td Ted 16

18 Insurance Oester r eichische National bank New survey on trade in : changes in concepts Calculation of insurance service charge, for exports and imports Gross premium gross claim = net premium per country and period (gross premium gross claim)/gross premium = x[%] long-term Gross premium * x% = insurance service charge per country and period Database harmonized with Financial Market Authority (EU regulation no. 1225/1999 to 1228/1999) Mirror Data are available for imports 17

19 New survey on trade in : changes in concepts Financial Completely corrected for financial derivatives Government Inclusion of compensation of employees by international organizations 18

20 Methodological changes I Oester r eichische National bank New compilation of the travel item Compilation until 2006: statistics of overnight stays and guest interviews, settlement data Since 2006: hyprid type of compilation New seasonality due to change of time of recording: from time of settlement to travel Methodological changes II Distinction between different components Inclusion of expenditures from seasonal workers and students Exclusion of payments from foreign and illegal workers Correction for national components, especially for package tours 19

21 A new balance of payments system: motivation and concepts Cooperation with Statistics Austria New survey on trade in First results Future Outlook 20

22 First results: data and recalculations Table 1 First results for 2006 and provisional recalculations for

23 22 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

24 23 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

25 24 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

26 25 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

27 26 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

28 27 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

29 28 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

30 29 Oester r eichische National bank First Results: methodological effects Austrian Balance of Payments Methodological effects CURRENT ACCOUNT gross volumes decrease, net value increases CURRENT ACCOUNT Goods imports increase, net value decreases Goods Services gross volumes decrease, net value increases Services Transportation imports increase, exports and net value decrease Transportation of which: Passenger transport exports decrease of which: Passenger transport Sea transport Sea transport Air transport exports decrease Air transport Other transport imports increase Other transport Travel imports decrease, net value increases Travel Communication Communication Construction Construction Construction abroad Construction abroad Construction in the compiling economy Construction in the compiling economy Insurance gross volumes decrease Insurance Financial gross volumes decrease Financial Computer and information exports and net value increase Computer and information Royalties and licence fees Royalties and licence fees Other business exports and net value increase Other business Merchanting Merchanting Other trade related Other trade related Operational leasing Operational leasing Miscellaneous business, professional and technical Personal, cultural and recreational exports increase Miscellaneous business, professional and technical Personal, cultural and recreational imports increase, net value decreases Government, n.i.e. exports and net value decrease Government, n.i.e. Services not allocated - Income Income Compensation of employees Compensation of employees Investment income Investment income Direct investment Direct investment Portfolio investment Portfolio investment Other investment Other investment Current transfers Current transfers Public sector gross volumes decrease Public sector Private sector imports decrease, net value increases Private sector CAPITAL ACCOUNT CAPITAL ACCOUNT FINANCIAL ACCOUNT FINANCIAL ACCOUNT Errors and omissions Errors and omissions

31 First Results: structural findings Ranking Services Classification Credit Ranking Services Classification Credit 1 Other business + s.n.a. 36,0% 1 Travel 36,8% 2 Travel 31,4% 2 Other business 26,0% 3 Transportation 19,1% 3 Transportation 22,8% 4 Insurance 3,8% 4 Communication 3,0% 5 Financial 2,6% 5 Construction 2,6% 6 Construction 2,3% 6 Insurance 2,4% 7 Communication 1,7% 7 Computer and information 2,2% 8 Government Services, n.i.e. 1,6% 8 Financial 1,7% 9 Personal, cultural and recreational 0,7% 9 Government Services, n.i.e. 1,1% 10 Computer and information 0,6% 10 Royalties and licence fees 0,9% 11 Royalties and licence fees 0,4% 11 Personal, cultural and recreational 0,5% 30

32 First Results: structural findings Ranking Services Classification Credit Ranking Services Classification Credit 1 Other business + s.n.a. 36,0% 1 Travel 36,8% 2 Travel 31,4% 2 Other business 26,0% 3 Transportation 19,1% 3 Transportation 22,8% 4 Insurance 3,8% 4 Communication 3,0% 5 Financial 2,6% 5 Construction 2,6% 6 Construction 2,3% 6 Insurance 2,4% 7 Communication 1,7% 7 Computer and information 2,2% 8 Government Services, n.i.e. 1,6% 8 Financial 1,7% 9 Personal, cultural and recreational 0,7% 9 Government Services, n.i.e. 1,1% 10 Computer and information 0,6% 10 Royalties and licence fees 0,9% 11 Royalties and licence fees 0,4% 11 Personal, cultural and recreational 0,5% 31

33 First Results: structural findings Ranking Services Classification Credit Ranking Services Classification Credit 1 Other business + s.n.a. 36,0% 1 Travel 36,8% 2 Travel 31,4% 2 Other business 26,0% 3 Transportation 19,1% 3 Transportation 22,8% 4 Insurance 3,8% 4 Communication 3,0% 5 Financial 2,6% 5 Construction 2,6% 6 Construction 2,3% 6 Insurance 2,4% 7 Communication 1,7% 7 Computer and information 2,2% 8 Government Services, n.i.e. 1,6% 8 Financial 1,7% 9 Personal, cultural and recreational 0,7% 9 Government Services, n.i.e. 1,1% 10 Computer and information 0,6% 10 Royalties and licence fees 0,9% 11 Royalties and licence fees 0,4% 11 Personal, cultural and recreational 0,5% 32

34 First Results: structural findings Ranking Services Classification Credit Ranking Services Classification Credit 1 Other business + s.n.a. 36,0% 1 Travel 36,8% 2 Travel 31,4% 2 Other business 26,0% 3 Transportation 19,1% 3 Transportation 22,8% 4 Insurance 3,8% 4 Communication 3,0% 5 Financial 2,6% 5 Construction 2,6% 6 Construction 2,3% 6 Insurance 2,4% 7 Communication 1,7% 7 Computer and information 2,2% 8 Government Services, n.i.e. 1,6% 8 Financial 1,7% 9 Personal, cultural and recreational 0,7% 9 Government Services, n.i.e. 1,1% 10 Computer and information 0,6% 10 Royalties and licence fees 0,9% 11 Royalties and licence fees 0,4% 11 Personal, cultural and recreational 0,5% 33

35 First Results: structural findings Ranking Services Classification Credit Ranking Services Classification Credit 1 Other business + s.n.a. 36,0% 1 Travel 36,8% 2 Travel 31,4% 2 Other business 26,0% 3 Transportation 19,1% 3 Transportation 22,8% 4 Insurance 3,8% 4 Communication 3,0% 5 Financial 2,6% 5 Construction 2,6% 6 Construction 2,3% 6 Insurance 2,4% 7 Communication 1,7% 7 Computer and information 2,2% 8 Government Services, n.i.e. 1,6% 8 Financial 1,7% 9 Personal, cultural and recreational 0,7% 9 Government Services, n.i.e. 1,1% 10 Computer and information 0,6% 10 Royalties and licence fees 0,9% 11 Royalties and licence fees 0,4% 11 Personal, cultural and recreational 0,5% 34

36 First Results: structural findings Ranking Services Classification Credit Ranking Services Classification Credit 1 Other business + s.n.a. 36,0% 1 Travel 36,8% 2 Travel 31,4% 2 Other business 26,0% 3 Transportation 19,1% 3 Transportation 22,8% 4 Insurance 3,8% 4 Communication 3,0% 5 Financial 2,6% 5 Construction 2,6% 6 Construction 2,3% 6 Insurance 2,4% 7 Communication 1,7% 7 Computer and information 2,2% 8 Government Services, n.i.e. 1,6% 8 Financial 1,7% 9 Personal, cultural and recreational 0,7% 9 Government Services, n.i.e. 1,1% 10 Computer and information 0,6% 10 Royalties and licence fees 0,9% 11 Royalties and licence fees 0,4% 11 Personal, cultural and recreational 0,5% 35

37 A new balance of payments system: motivation and concepts Cooperation with Statistics Austria New survey on trade in First results Future Outlook 36

38 Future outlook Oester r eichische National bank Step wise recalculation of historic data back to 1995 (forthcoming year end 2007) Revision of the reporting population for the survey on trade in Recurrent concentration survey on the basis of Austria s structural business survey Cooperation with the Statistics Department of the Austrian Chamber of Commerce Step wise realization of FATS Connection of trade in data with structural business statistics Survey among households on imports of 37

39 absolute difference economic developments methodological effects absolute difference - economic Austrian Balance of Payments 2005 (revised) 2005 recalculated 2006 (preliminary) recalculated developments in Mio. EUR Credit Debet Net Credit Debet Net Credit Debet Net Credit Debet Net Credit Debet Net Credit Debet Net CURRENT ACCOUNT 163, ,134 3, , ,494 5, , ,036 8,233 4, ,985 14,617 11,542 3,074-9,730-11,641 1,911 Goods, and income 158, ,985 5, , ,421 6, , ,476 9,343 6,472 2,491 3,980 13,972 11,055 2,917-7,500-8,563 1,063 Goods and 138, ,514 6, , ,813 7, , ,125 10,819 3, ,350 11,508 8,312 3,196-7,547-8,701 1,154 Goods 98,425 96,098 2,327 98, ,059-1, , , ,471 10,291-1,821 8,470 6,330 2, ,961-3,960 Services 40,558 36,416 4,142 33,011 23,754 9,257 36,049 25,736 10,313-4,509-10,680 6,171 3,038 1,982 1,056-7,548-12,662 5,114 Transportation 8,578 5,868 2,710 7,150 6, ,206 7, ,475-1,846 1, , ,218 of which: Passenger transport 2,997 1,417 1,580 1,895 1, ,915 1, , , ,101 Sea transport Air transport 3,611 1,715 1,896 2,490 1, ,256 2, , , , ,142 Other transport 4,724 3,585 1,139 4,418 4, ,838 4,666 1,172 1,114 1, , Travel 12,432 9,633 2,799 12,870 6,827 6,043 13,267 7,407 5, ,226 3, ,805 3,244 Communication , Construction Construction abroad Construction in the compiling economy Insurance 1,530 1, , Financial 1, Computer and information Royalties and licence fees 143 1, , Other business 7,192 5,353 1,839 8,292 5,353 2,939 9,376 5,848 3,528 2, ,689 1, , ,100 Merchanting 1, ,701 1, ,701 1, , Other trade related Operational leasing Miscellaneous business, professional and technical 4,280 4, ,380 4,004 1,376 6,512 4,952 1,560 2, ,284 1, , ,100 Personal, cultural and recreational Government, n.i.e Services not allocated 6,522 9,855-3, ,522-9,855 3, ,522-9,855 3,332 Income 19,365 20,471-1,106 19,411 20,609-1,197 21,875 23,351-1,476 2,511 2, ,464 2, Compensation of employees 1, ,542 1, ,583 1, Investment income 17,876 19,550-1,675 17,869 19,550-1,681 20,292 22,131-1,839 2,416 2, ,423 2, Direct investment 5,617 5, ,617 5, ,787 5, Portfolio investment 7,580 9,781-2,201 7,573 9,780-2,207 8,931 10,851-1,920 1,351 1, ,358 1, Other investment 4,679 4, ,679 4, ,574 5, , , Current transfers 5,035 7,150-2,115 2,805 4,072-1,267 3,450 4,560-1,110-1,585-2,590 1, ,230-3, Public sector 2,609 4,417-1, ,626-1, ,612-1,873-1,870-1, ,897-1, Private sector 2,427 2, ,094 1, ,711 1, , ,