HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 166/22
EN
Official Journal of the European Union
27.6.2012
COMMISSION REGULATION (EU) No 555/2012
of 22 June 2012
amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on
Community statistics concerning balance of payments, international trade in services and foreign
direct investment, as regards the update of data requirements and definitions
THE EUROPEAN COMMISSION,
general rules for compiling statistics on balance of
payments, international trade in services, and foreign
Having regard to the Treaty on the Functioning of the European
direct investment.
Union,
(3) The
measures
provided
for
in
this
Regulation
are
in
Having regard to Regulation (EC) No 184/2005 of the European
accordance with the opinion of the Balance of
Parliament and of the Council on Community statistics
Payments Committee.
concerning balance of payments, international trade in
services and foreign direct investment ( 1 ), and in particular
HAS ADOPTED THIS REGULATION:
Article 10 thereof,
Whereas:
Article 1

The Annexes to Regulation (EC) No 184/2005 are replaced by
(1) Regulation
(EC)
No
184/2005
establishes
a
common the text in the Annex to this Regulation.
framework for the systematic production of Union stat
istics on balance of payments, international trade in
Article 2
services and foreign direct investment.
This Regulation shall enter into force on the 20th day following
(2) It
is
necessary
to
update
the
data
requirements
and
defi
that of its publication in the Official Journal of the European
nitions of Regulation (EC) No 184/2005 taking into
Union.
account economic and technical changes, bringing them
in line with international standards which provide the
It shall apply from 1 January 2014.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 22 June 2012.
For the Commission
The President
José Manuel BARROSO
( 1 ) OJ L 5, 8.2.2005, p. 23.

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/23
ANNEX
‘ANNEX I
Table 1
Monthly Balance of Payments
Deadline: 44th calendar day after the end of the reference period
Periodicity: Monthly
First reference period: April 2014
Credit Debit Balance
1. Current account
Goods Geo
3 Geo
3
Services Geo
3 Geo
3
Primary income
Compensation of employees Geo
3 Geo
3
Investment income
Direct investment
Equity Geo
3 Geo
3
Of which: Reinvested earnings by resident sector (Sec 1) Geo
2
( 1 ) Geo
2
( 1 )
Debt instruments Geo
3 Geo
3
Portfolio investment
Equity and investment fund shares Geo
3 Geo
1
Debt securities Geo
3 Geo
1
Other investment Geo
3 Geo
3
Of which: Interest Geo
2
( 1 ) Geo
2
( 1 )
Reserve assets Geo
3 Geo
3
Of which: Interest Geo
2
( 1 ) Geo
2
( 1 )
Other primary income Geo
3 Geo
3
Secondary income Geo
3 Geo
3
2. Capital account
Capital account Geo
3 Geo
3
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
3. Financial account
Direct investment
Equity by resident sector (Sec 1) Geo
2
( 1 ) Geo
2
( 1 )
Debt instruments by resident sector (Sec 1) Geo
2
( 1 ) Geo
2
( 1 )
Portfolio investment
Equity and investment fund shares

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L 166/24
EN
Official Journal of the European Union
27.6.2012
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
By resident sector (Sec 1) Geo
2
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec 1) Geo
2
( 1 )
Debt securities
Short-term
By resident sector (Sec 1) Geo
2
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec 1) Geo
2
( 1 )
Long-term
By resident sector (Sec 1) Geo
2
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec 1) Geo
2
( 1 )
Financial derivatives (other than reserves) and employee stock
Geo 2 ( 1 )
options
Other investment
By resident sector (Sec 1) Geo
2
( 1 ) Geo
2
( 1 )
Of which: Currency and deposits Geo
2
( 1 ) Geo
2
( 1 )
Reserve assets
Monetary gold
Gold bullion Geo
1
( 1 )
Unallocated gold accounts Geo
1
( 1 )
Special drawing rights (SDRs) Geo
1
( 1 )
Reserve position in the International Monetary Fund (IMF) Geo
1
( 1 )
Other reserve assets
Currency and deposits
Claims on monetary authorities, the IMF and the Bank for
Geo 1 ( 1 )
International Settlements (BIS)
Claims on other entities (banks) Geo
1
( 1 )
Securities
Debt securities
Short-term Geo
1
( 1 )
Long-term Geo
1
( 1 )
Equity and investment fund shares Geo
1
( 1 )
Financial derivatives (net) Geo
1
( 1 )
Other claims Geo
1
( 1 )
( 1 ) Not mandatory for Member States not participating in the Monetary Union.

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/25
Table 2
Quarterly Balance of payments and International Investment Position
Periodicity: Quarterly
First reference period: First Quarter 2014
Deadline: T+85 from 2014 to 2016; T+82 from 2017 to 2018 ( 2 ); T+80 from 2019 ( 2 )
Credit Debit Balance
A. Current Account
Goods Geo
4 Geo
4
General merchandise on a balance of payments basis Geo
3 Geo
3
Net exports of goods under merchanting Geo
3
Goods acquired under merchanting (negative credits) Geo
3
Goods sold under merchanting Geo
3
Nonmonetary gold Geo
3 Geo
3
Branding - quasi-transit trade adjustment Geo
4 Geo
4
Services Geo
4 Geo
4
Manufacturing services on physical inputs owned by others Geo
4 Geo
4
Maintenance and repair services not included elsewhere
Geo 4 Geo
4
(n.i.e.)
Transport Geo
4 Geo
4
Travel Geo
4 Geo
4
Construction Geo
4 Geo
4
Insurance and pension services Geo
4 Geo
4
Financial services Geo
4 Geo
4
Explicitly charged and other financial services Geo
3 Geo
3
Financial intermediation services indirectly measured
Geo 3 Geo
3
(FISIM)
Charges for the use of intellectual property not included
Geo 4 Geo
4
elsewhere
Telecommunications, computer, and information services Geo
4 Geo
4
Other business services Geo
4 Geo
4
Research and development services Geo
3 Geo
3
Professional and management consulting services Geo
3 Geo
3
Technical, trade-related, and other business services Geo
3 Geo
3
Personal, cultural, and recreational services Geo
4 Geo
4
Government goods and services not included elsewhere Geo
4 Geo
4
Primary income
Compensation of employees Geo
4 Geo
4

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L 166/26
EN
Official Journal of the European Union
27.6.2012
Credit Debit Balance
Investment income
Direct investment income
Equity Geo
4 Geo
4
Dividends and withdrawals from income of quasi-
corporations
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Reinvested earnings Geo
4 Geo
4
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Debt instruments Geo
4 Geo
4
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
Of which: Interest
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Portfolio investment income
Equity and investment fund shares Geo
4 Geo
1
Equity securities
Dividends
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Investment fund shares
Dividends
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Reinvested earnings
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Debt securities
Short-term Geo
4 Geo
1
Interest
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Long-term Geo
4 Geo
1
Interest
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/27
Credit Debit Balance
Other investment income Geo
4 Geo
4
Withdrawals from income of quasi-corporations Geo
3 Geo
3
Interest Geo
3 Geo
3
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Of which: Interest on special drawing rights
Geo 1
(SDRs)
Of which: Interest before FISIM Geo
3 Geo
3
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Investment income attributable to policyholders in
Geo 3 Geo
3
insurance, pension schemes, and standardised
guarantee schemes
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Reserve assets income Geo
3
Of which: Interest Geo
3
Other primary income Geo
4 Geo
4
General government Geo
3 Geo
3
Taxes on production and on imports Union
institutions Union
institutions
Taxes on products Union
institutions Union
institutions
Other taxes on production Union
institutions Union
institutions
Subsidies Union
institutions Union
institutions
Subsidies on products Union
institutions Union
institutions
Other subsidies on production Union
institutions Union
institutions
Rents Geo
3 Geo
3
Other sectors Geo
3 Geo
3
Taxes on production and on imports Union
institutions Union
institutions
Taxes on products Union
institutions Union
institutions
Other taxes on production Union
institutions Union
institutions
Subsidies Union
institutions Union
institutions
Subsidies on products Union
institutions Union
institutions
Other subsidies on production Union
institutions Union
institutions
Rents Geo
3 Geo
3
Secondary income Geo
4 Geo
4
General government Geo
3 Geo
3
Current taxes on income, wealth, etc Geo
3 Geo
3
Social contributions Geo
3 Geo
3
Social benefits Geo
3 Geo
3
Current international cooperation (D74) Geo
3 Geo
3
Of which: vis-à-vis the Union Institutions (excluding Union institutions Union
institutions
the ECB)

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L 166/28
EN
Official Journal of the European Union
27.6.2012
Credit Debit Balance
Miscellaneous current transfers (D75) Geo
3 Geo
3
Value Added Tax and Gross National Income-based Union institutions Union
institutions
Union own resources (D76)
Other sectors Geo
3 Geo
3
Current taxes on income, wealth, etc Geo
3 Geo
3
Social contributions Geo
3 Geo
3
Social benefits Geo
3 Geo
3
Net non-life insurance premiums Geo
3 Geo
3
Non-life insurance claims Geo
3 Geo
3
Miscellaneous current transfers (D75) Geo
3 Geo
3
Of which: Personal transfers between resident and
Geo 3 Geo
3
non-resident households
Of which: Workers’ remittances Geo
4 Geo
4
Adjustment for the change in pension entitlements Geo
3 Geo
3
B. Capital account
Capital account Geo
4 Geo
4
Gross acquisitions/disposals of non-produced non-financial
Geo 3 Geo
3
assets
Capital transfers Geo
3 Geo
3
General government Geo
3 Geo
3
Capital taxes Geo
3 Geo
3
Investment grants Geo
3 Geo
3
Other capital transfers Geo
3 Geo
3
Of which: Debt forgiveness Geo
3 Geo
3
Other sectors Geo
3 Geo
3
Capital taxes Geo
3 Geo
3
Investment grants Geo
3 Geo
3
Other capital transfers Geo
3 Geo
3
Of which: Debt forgiveness Geo
3 Geo
3
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
C. Financial account
Financial account Geo
1 Geo
1
Direct investment Geo
4 Geo
4
Equity Geo
4 Geo
4
Equity other than reinvestment of earnings
In direct investment enterprises Geo
3 Geo
3

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/29
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Listed Geo
2
( 1 ) Geo
2
( 1 )
Unlisted Geo
2
( 1 ) Geo
2
( 1 )
Other (e.g. real estate) Geo
2
( 1 ) Geo
2
( 1 )
Reinvestment of earnings Geo
4 Geo
4
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Debt instruments Geo
4 Geo
4
In direct investment enterprises Geo
3 Geo
3
In direct investor (reverse investment) Geo
3 Geo
3
Between fellow enterprises Geo
3 Geo
3
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Portfolio investment Geo
4 Geo
1
Equity and investment fund shares Geo
4 Geo
1
Equity securities
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
Listed Geo
2
( 1 ) Geo
1
( 1 )
Unlisted Geo
2
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec 2)
Listed Geo
2
( 1 )
Unlisted Geo
2
( 1 )
Investment fund shares
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
Of which: Reinvestment of earnings Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Of which: Reinvestment of earnings Geo
2
( 1 )
Debt securities
Short-term Geo
4 Geo
1
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Long-term Geo
4 Geo
1
By resident sector (Sec 2) Geo
3 Geo
1
( 4 )

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L 166/30
EN
Official Journal of the European Union
27.6.2012
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
By counterpart issuer sector (Sec 2) Geo
2
( 1 )
Financial derivatives (other than reserves) and employee
stock options
By resident sector (Sec 2) Geo
3
Other investment Geo
4 Geo
4
By resident sector (Sec 1) Geo
4 Geo
4
Other equity Geo
3 Geo
3
Currency and deposits
By resident sector (Sec 2)
Short-term Geo
3 Geo
3
Long-term Geo
3 Geo
3
Loans
By resident sector (Sec 2)
Short-term Geo
3,
IMF Geo
3,
IMF
Long-term Geo
3,
IMF Geo
3,
IMF
Insurance, pension schemes, and standardised guarantee
schemes
By resident sector (Sec 2) Geo
3 Geo
3
Trade credits and advances
By resident sector (Sec 2)
Short-term Geo
3 Geo
3
Long-term Geo
3 Geo
3
Other accounts receivable/payable
By resident sector (Sec 2)
Short-term Geo
3 Geo
3
Long-term Geo
3 Geo
3
Special drawing rights Geo
1
Reserve assets Geo
3
D. Balancing items
Balance on goods and services Geo
4
Current account balance
Geo 1
Net lending (+) / net borrowing (–) (balance current & capital
Geo 1
account)

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/31
Net acquisition
of financial
Net incurrence
assets
of liabilities
Net
Net lending (+) / net borrowing (–) (from financial account) Geo
1
Net errors and omissions
Geo 1
Assets Liabilities
Revaluations Revaluations
Revaluations Revaluations
Positions
due to
due to other
due to
due to other
exchange
price
Positions
exchange
price
rate changes
changes
rate changes
changes
E. International investment position
Financial account Geo
1 Geo
1
Direct investment Geo
4
( 3 ) Geo
4
( 3 )
Equity Geo
4
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
4
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
In direct investment enterprises Geo
2
( 1 ) Geo
2
( 1 )
In direct investor (reverse investment) Geo
2
( 1 ) Geo
2
( 1 )
Between fellow enterprises Geo
2
( 1 ) Geo
2
( 1 )
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Listed Geo
2
( 1 ) Geo
2
( 1 )
Unlisted Geo
2
( 1 ) Geo
2
( 1 )
Other (e.g. real estate) Geo
2
( 1 ) Geo
2
( 1 )
Debt instruments Geo
4
( 3 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
4
( 3 ) Geo
2
( 1 ) Geo
2
( 1 )
In direct investment enterprises Geo
2
( 1 ) Geo
2
( 1 )
In direct investor (reverse investment) Geo
2
( 1 ) Geo
2
( 1 )
Between fellow enterprises Geo
2
( 1 ) Geo
2
( 1 )
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 )
Portfolio investment Geo
4
( 3 ) Geo
1
Equity and investment fund shares Geo
4
( 3 ) Geo
1
Equity securities
By resident sector (Sec 2) Geo
3
( 3 ) Geo
1
( 4 )
Listed Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
1
( 1 ) Geo
1
( 1 ) Geo
1
( 1 )
Unlisted Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
1
( 1 ) Geo
1
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec 2)
Listed Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
Unlisted Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )

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L 166/32
EN
Official Journal of the European Union
27.6.2012
Assets Liabilities
Revaluations Revaluations
Revaluations Revaluations
Positions
due to
due to other
due to
due to other
exchange
price
Positions
exchange
price
rate changes
changes
rate changes
changes
Investment fund shares
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
1
( 1 ) Geo
1
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
Debt securities
Short-term Geo
4
( 3 ) Geo
1
By resident sector (Sec 2) Geo
3
( 3 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
1
( 4 ) Geo
1
( 1 ) Geo
1
( 1 )
By counterpart issuer sector (Sec2) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
By currency:
Euro Geo
2
( 1 ) Geo
1
( 1 )
US dollar Geo
2
( 1 ) Geo
1
( 1 )
Other currencies Geo
2
( 1 ) Geo
1
( 1 )
Long-term Geo
4
( 3 ) Geo
1
By resident sector (Sec 2) Geo
3
( 3 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
1
( 4 ) Geo
1
( 1 ) Geo
1
( 1 )
With redemption due in one year
Geo 1 ( 1 )
or less
With redemption due in more
Geo 1 ( 1 )
than one year
By counterpart issuer sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
With redemption due in one year Geo 2 ( 1 )
or less
With redemption due in more Geo 2 ( 1 )
than one year
By currency
Euro Geo
2
( 1 ) Geo
1
( 1 )
US dollar Geo
2
( 1 ) Geo
1
( 1 )
Other currencies Geo
2
( 1 ) Geo
1
( 1 )
Financial derivatives (other than Geo 4 ( 3 ) Geo
4
( 3 )
reserves) and employee stock options
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
Other investment Geo
4
( 3 ) Geo
4
( 3 )
By resident sector (Sec 1) Geo
4
( 3 ) Geo
4
( 3 )
By resident sector (Sec 2) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
Other equity Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
Currency and deposits Geo
4
( 3 ) Geo
2
( 1 ) Geo
4
( 3 ) Geo
2
( 1 )
By resident sector (Sec 2)

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/33
Assets Liabilities
Revaluations Revaluations
Revaluations Revaluations
Positions
due to
due to other
due to
due to other
exchange
price
Positions
exchange
price
rate changes
changes
rate changes
changes
Short-term Geo
3
( 3 ) Geo
3
( 3 )
Long-term Geo
3
( 3 ) Geo
3
( 3 )
Loans Geo
4
( 3 ) Geo
2
( 1 ) Geo
4
( 3 ) Geo
2
( 1 )
By resident sector (Sec 2)
Short-term Geo
3
( 3 ),
Geo 3 ( 3 ),
IMF
IMF
Long-term Geo
3
( 3 ),
Geo 3 ( 3 ),
IMF
IMF
Insurance, pension and standardised
Geo 2 ( 1 ) Geo
2
( 1 ) Geo
2
( 1 ) Geo
2
( 1 )
guarantee schemes
By resident sector (Sec 2) Geo
3
( 3 ) Geo
3
( 3 )
Trade credits and advances Geo
4
( 3 ) Geo
2
( 1 ) Geo
4
( 3 ) Geo
2
( 1 )
By resident sector (Sec 2)
Short-term Geo
3
( 3 ) Geo
3
( 3 )
Long-term Geo
3
( 3 ) Geo
3
( 3 )
Other accounts receivable/payable Geo
2
( 1 ) Geo
2
( 1 )
By resident sector (Sec 2)
Short-term Geo
3
( 3 ) Geo
3
( 3 )
Long-term Geo
3
( 3 ) Geo
3
( 3 )
Special drawing rights Geo
1 Geo
1
( 1 )
( 1 ) Not mandatory for Member States not participating in the Monetary Union.
( 2 ) The transition to T+82 and T+80 shall not be mandatory for Member States not participating in the Monetary Union.
( 3 ) Geographical detail shall be mandatory for Member States not participating in the Monetary Union from 2019 onwards.
( 4 ) Institutional Sector Breakdown level 1 (Sec 1), and not Sec 2, shall be mandatory for Member States not participating in the Monetary
Union.
Table 3
International trade in services
Deadline: T + 9 months
Periodicity: Annual
First reference period: 2013
Credit Debit Balance
Compensation of employees Geo
5 Geo
5 Geo
5
Personal transfers Geo
5 Geo
5 Geo
5
Workers’ remittances Geo
5 Geo
5 Geo
5
SERVICES Geo
6 Geo
6 Geo
6
Manufacturing services on physical inputs owned by others Geo
5 Geo
5 Geo
5

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L 166/34
EN
Official Journal of the European Union
27.6.2012
Credit Debit Balance
Maintenance and repair services not included elsewhere Geo
5 Geo
5 Geo
5
Transport Geo
5 Geo
5 Geo
5
Sea transport Geo
5 Geo
5 Geo
5
Passenger transport on sea Geo
5 Geo
5 Geo
5
Freight transport on sea Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Air transport Geo
5 Geo
5 Geo
5
Passenger transport by air Geo
5 Geo
5 Geo
5
Freight transport by air Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Other modes of transport Geo
5 Geo
5 Geo
5
Passenger Geo
5 Geo
5 Geo
5
Freight Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Extended classification of ‘Other modes of transport’
Space transport Geo
5 Geo
5 Geo
5
Rail transport Geo
5 Geo
5 Geo
5
Passenger on rail Geo
5 Geo
5 Geo
5
Freight on rail Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Road transport Geo
5 Geo
5 Geo
5
Passenger on road Geo
5 Geo
5 Geo
5
Freight on road Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Inland waterway transport Geo
5 Geo
5 Geo
5
Passenger on inland waterway Geo
5 Geo
5 Geo
5
Freight on inland waterway Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Pipeline transport Geo
5 Geo
5 Geo
5
Electricity transmission Geo
5 Geo
5 Geo
5
Other supporting and auxiliary transport services Geo
5 Geo
5 Geo
5
Postal and courier services Geo
5 Geo
5 Geo
5
Travel
Business travel Geo
5 Geo
5 Geo
5

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EN
27.6.2012 Official
Journal
of
the
European
Union L
166/35
Credit Debit Balance
Acquisition of goods and services by border, seasonal, and other short-
Geo 5 Geo
5 Geo
5
term workers
Other business travel Geo
5 Geo
5 Geo
5
Personal travel Geo
5 Geo
5 Geo
5
Health-related expenditure Geo
5 Geo
5 Geo
5
Education-related expenditure Geo
5 Geo
5 Geo
5
Other personal travel Geo
5 Geo
5 Geo
5
Construction Geo
5 Geo
5 Geo
5
Construction abroad Geo
5 Geo
5 Geo
5
Construction in the reporting economy Geo
5 Geo
5 Geo
5
Insurance and pension services Geo
5 Geo
5 Geo
5
Direct insurance Geo
5 Geo
5 Geo
5
Life insurance Geo
5 Geo
5 Geo
5
Freight insurance Geo
5 Geo
5 Geo
5
Other direct insurance Geo
5 Geo
5 Geo
5
Reinsurance Geo
5 Geo
5 Geo
5
Auxiliary insurance services Geo
5 Geo
5 Geo
5
Pension and standardised guarantee services Geo
5 Geo
5 Geo
5
Pension services Geo
5 Geo
5 Geo
5
Standardised guarantee services Geo
5 Geo
5 Geo
5
Financial services Geo
5 Geo
5 Geo
5
Explicitly charged and other financial services Geo
5 Geo
5 Geo
5
Financial intermediation service indirectly measured (FISIM) Geo
3 Geo
3 Geo
3
Charges for the use of intellectual property n.i.e. Geo
5 Geo
5 Geo
5
Telecommunications, computer, and information services Geo
5 Geo
5 Geo
5
Telecommunications services Geo
5 Geo
5 Geo
5
Computer services Geo
5 Geo
5 Geo
5
Information services Geo
5 Geo
5 Geo
5
News agency services Geo
5 Geo
5 Geo
5
Other information services Geo
5 Geo
5 Geo
5
Other business services Geo
5 Geo
5 Geo
5
Research and development services Geo
5 Geo
5 Geo
5
Work undertaken on a systematic basis to increase the stock of
Geo 5 Geo
5 Geo
5
knowledge
Provision of customised and non-customised R&D services Geo
5 Geo
5 Geo
5

---

L 166/36
EN
Official Journal of the European Union
27.6.2012
Credit Debit Balance
Sale of proprietary rights arising from R&D Geo
5 Geo
5 Geo
5
Other Geo
5 Geo
5 Geo
5
Professional and management consulting services Geo
5 Geo
5 Geo
5
Legal, accounting, management consulting and public relations Geo
5 Geo
5 Geo
5
Legal services Geo
5 Geo
5 Geo
5
Accounting, auditing, bookkeeping and tax consulting services Geo
5 Geo
5 Geo
5
Business and management consulting and public relations services Geo
5 Geo
5 Geo
5
Advertising, market research and public opinion polling Geo
5 Geo
5 Geo
5
Technical, trade-related, and other business services Geo
5 Geo
5 Geo
5
Architectural, engineering, scientific and other technical services Geo
5 Geo
5 Geo
5
Architectural services Geo
5 Geo
5 Geo
5
Engineering services Geo
5 Geo
5 Geo
5
Scientific and other technical services Geo
5 Geo
5 Geo
5
Waste treatment and de-pollution, agricultural and mining services Geo
5 Geo
5 Geo
5
Of which: Waste treatment and de-pollution Geo
5 Geo
5 Geo
5
Operating leasing services Geo
5 Geo
5 Geo
5
Trade-related services Geo
5 Geo
5 Geo
5
Other business services not included elsewhere Geo
5 Geo
5 Geo
5
Personal, cultural and recreational services Geo
5 Geo
5 Geo
5
Audiovisual and related services Geo
5 Geo
5 Geo
5
Other personal, cultural and recreational services Geo
5 Geo
5 Geo
5
Health services Geo
5 Geo
5 Geo
5
Education services Geo
5 Geo
5 Geo
5
Heritage and recreational services Geo
5 Geo
5 Geo
5
Other personal services Geo
5 Geo
5 Geo
5
Government goods and services, n.i.e Geo
5 Geo
5 Geo
5
Embassies and consulates Geo
5 Geo
5 Geo
5
Military units and agencies Geo
5 Geo
5 Geo
5
Other government goods and services Geo
5 Geo
5 Geo
5

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/37
Table 4
Foreign direct investments transactions (including income)
Table 4.1 Direct Investment Financial Transactions
Deadline T+9 months
Periodicity annual
First reference period 2013
Net acquisition
Net
of financial Net incurrence
assets
of liabilities
ALL RESIDENT UNITS
Direct investment abroad (DIA) – Transactions Geo
6 Geo
5 Geo
5
DIA Equity other than reinvested earnings Geo
5 Geo
5 Geo
5
DIA Equity other than reinvested earnings (excluding equity between fellow
Geo 5 Geo
5 Geo
5
enterprises)
DIA Equity other than reinvested earnings between fellow enterprises (UCP
Geo 5 Geo
5 Geo
5
is resident in the reporting country)
DIA Reinvestment of earnings Geo
5 Geo
5
DIA Debt instruments Geo
5 Geo
5 Geo
5
DIA Debt instruments (excluding debt between fellow enterprises) Geo
5 Geo
5 Geo
5
DIA Debt instruments between fellows (UCP is resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Direct investment in the reporting economy (DIRE) – Transactions Geo
6 Geo
5 Geo
5
DIRE Equity other than reinvested earnings Geo
5 Geo
5 Geo
5
DIRE Equity other than reinvested earnings (excluding equity between fellow
Geo 5 Geo
5 Geo
5
enterprises)
DIRE Equity other than reinvested earnings between fellow enterprises (UCP
Geo 5 Geo
5 Geo
5
is not resident in the reporting country)
Of which: UCP is resident in other euro area country Geo
5
UCP is resident in the EU but outside euro area Geo
5
UCP is resident outside the EU Geo
5
DIRE Reinvestment of earnings Geo
5 Geo
5
DIRE Debt instruments Geo
5 Geo
5 Geo
5
DIRE Debt instruments (excluding debt between fellow enterprises) Geo
5 Geo
5 Geo
5
DIRE Debt instruments between fellows (UCP is not resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Of which: UCP is resident in other euro area country Geo
5
UCP is resident in the EU but outside euro area Geo
5
UCP is resident outside the EU Geo
5

---

L 166/38
EN
Official Journal of the European Union
27.6.2012
Net acquisition
Net
of financial Net incurrence
assets
of liabilities
RESIDENT SPECIAL PURPOSE ENTITIES
Direct investment abroad (DIA) - Transactions ( 1 ) Geo
5 Geo
5 Geo
5
Direct investment in the reporting economy (DIRE) – Transactions ( 1 ) Geo
5 Geo
5 Geo
5
( 1 ) Mandatory from reference year 2015 onwards
Table 4.2 Direct Investment Income
Deadline: T+9 months
Periodicity: annual
First reference period: 2013
Balance Credit Debit
ALL RESIDENT UNITS
Direct investment abroad (DIA) – Income Geo
6 Geo
5 Geo
5
DIA Dividends Geo
5 Geo
5 Geo
5
DIA Dividends (excluding dividends between fellow enterprises) Geo
5 Geo
5 Geo
5
DIA Dividends between fellow enterprises (UCP is resident in the reporting
Geo 5 Geo
5 Geo
5
country)
DIA Reinvested earnings Geo
5 Geo
5
DIA Income on debt Geo
5 Geo
5 Geo
5
DIA Income on debt (excluding income on debt between fellow enterprises) Geo
5 Geo
5 Geo
5
DIA Income on debt between fellows (UCP is resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Direct investment in the reporting economy (DIRE) - Income Geo
6 Geo
5 Geo
5
DIRE Dividends Geo
5 Geo
5 Geo
5
DIRE Dividends (excluding dividends between fellow enterprises) Geo
5 Geo
5 Geo
5
DIRE Dividends between fellow enterprises (UCP is not resident in the
Geo 5 Geo
5 Geo
5
reporting country)
Of which: UCP is resident in other euro area country Geo
5
UCP is resident in the EU but outside euro area Geo
5
UCP is resident outside the EU Geo
5
DIRE Reinvested earnings Geo
5 Geo
5
DIRE Income on debt Geo
5 Geo
5 Geo
5
DIRE Income on debt (excluding income on debt between fellow enterprises) Geo
5 Geo
5 Geo
5
DIRE Income on debt between fellows (UCP is not resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Of which: UCP is resident in other euro area country Geo
5
UCP is resident in the EU but outside euro area Geo
5
UCP is resident outside the EU Geo
5

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/39
Balance Credit Debit
RESIDENT SPECIAL PURPOSE ENTITIES
Direct investment abroad (DIA) - Income ( 1 ) Geo
5 Geo
5 Geo
5
Direct investment in the reporting economy (DIRE) - Income ( 1 ) Geo
5 Geo
5 Geo
5
( 1 ) Mandatory from reference year 2015 onwards.
Table 4.3 - Activity and geographical breakdown
Deadline: T+21 months
Periodicity: annual
First reference period: 2013
Activity
Data type
Geographical
breakdown
breakdown
NACE REV2
ALL RESIDENT UNITS
Direct investment abroad (DIA) Net Geo
5 Level
1
Geo 4 Level
2
Direct investment in the reporting economy (DIRE) Net Geo
5 Level
1
Geo 4 Level
2
Direct investment income Credit,
Geo 5 Level
1
Debit,
Balance
Geo 4 Level
2
RESIDENT SPECIAL PURPOSE ENTITIES
Direct investment abroad (DIA) ( 1 ) Net Geo
5 Level
1
Direct investment in the reporting economy (DIRE) ( 1 ) Net Geo
5 Level
1
Direct investment income ( 1 ) Credit,
Geo 5 Level
1
Debit,
Balance
( 1 ) Mandatory from reference year 2015 onwards.
Table 5
Foreign direct investments positions
Table 5.1 – Direct Investment Positions
Deadline: T+9 months
Periodicity: annual
First reference period: 2013
Net Assets Liabilities
ALL RESIDENT UNITS
Direct investment abroad (DIA) Geo
6 Geo
5 Geo
5
DIA Equity Geo
5 Geo
5 Geo
5
DIA Equity (excluding equity between fellow enterprises) Geo
5 Geo
5 Geo
5
DIA Equity between fellow enterprises (UCP is resident in the reporting
Geo 5 Geo
5 Geo
5
country)
DIA Debt instruments Geo
5 Geo
5 Geo
5
DIA Debt instruments (excluding debt between fellow enterprises) Geo
5 Geo
5 Geo
5

---

L 166/40
EN
Official Journal of the European Union
27.6.2012
Net Assets Liabilities
DIA Debt instruments between fellows (UCP is resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Direct investment in the reporting economy (DIRE) Geo
6 Geo
5 Geo
5
DIRE Equity Geo
5 Geo
5 Geo
5
DIRE Equity (excluding equity between fellow enterprises) Geo
5 Geo
5 Geo
5
DIRE Equity between fellow enterprises (UCP is not resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Of which: UCP is resident in other euro area country Geo
5
UCP is resident in the EU but outside euro area Geo
5
UCP is resident outside the EU Geo
5
DIRE Debt instruments Geo
5 Geo
5 Geo
5
DIRE Debt instruments (excluding debt between fellow enterprises) Geo
5 Geo
5 Geo
5
DIRE Debt instruments between fellows (UCP is not resident in the reporting
Geo 5 Geo
5 Geo
5
country)
Of which: UCP is resident in other euro area country Geo
5
UCP is resident in the EU but outside euro area Geo
5
UCP is resident outside the EU Geo
5
RESIDENT SPECIAL PURPOSE ENTITIES
Direct investment abroad (DIA) Geo
5 Geo
5 Geo
5
Direct investment in the reporting economy (DIRE) Geo
5 Geo
5 Geo
5
Table 5.2: Direct Investment Positions: Activity and geographical breakdown
Deadline: T+21 months
Periodicity: annual
First reference period: 2013
Activity
Data type
Geographical
breakdown
breakdown NACE
REV2
ALL RESIDENT UNITS
Direct investment abroad (DIA) Net
positions Geo
5 Level
1
Geo 4 Level
2
Direct investment in the reporting economy (DIRE) Net
positions Geo
5 Level
1
Geo 4 Level
2
RESIDENT SPECIAL PURPOSE ENTITIES
Direct investment abroad (DIA) Net
positions Geo
5 Level
1
Direct investment in the reporting economy (DIRE) Net
positions Geo
5 Level
1

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/41
Table 6
Geographical breakdown levels
GEO 1 GEO
2 GEO
3
REST OF THE WORLD REST
OF
THE
WORLD REST
OF
THE
WORLD
Intra euro area INTRA
UNION
Extra euro area EXTRA
UNION
Intra euro area
Extra euro area
GEO 4 GEO
5 GEO
6
REST OF THE WORLD REST
OF
THE
WORLD REST
OF
THE
WORLD
EUROPE EUROPE
Union Member States not in the euro area ( 1 ) Belgium Belgium
Bulgaria Bulgaria
Czech Republic Czech
Republic
Denmark Denmark
Germany Germany
Estonia Estonia
Ireland Ireland
Greece Greece
Spain Spain
France France
Italy Italy
Cyprus Cyprus
Latvia Latvia
Lithuania Lithuania
Luxembourg Luxembourg
Hungary Hungary
Malta Malta
Netherlands Netherlands
Austria Austria
Poland Poland
Portugal Portugal
Romania Romania
Slovenia Slovenia
Slovakia Slovakia
Finland Finland
Sweden Sweden
United Kingdom United
Kingdom
Iceland Iceland
Liechtenstein Liechtenstein
Norway Norway

---

L 166/42
EN
Official Journal of the European Union
27.6.2012
GEO 4 GEO
5 GEO
6
Switzerland Switzerland Switzerland
OTHER EUROPEAN
OTHER EUROPEAN
COUNTRIES
COUNTRIES
Albania
Andorra
Belarus
Bosnia and Herzegovina
Croatia Croatia
Faroe Islands
Gibraltar
Guernsey
Holy See (Vatican City State)
Isle of Man
Jersey
Macedonia, the Former
Yugoslav Republic of
Moldova
Montenegro
Russia Russia Russia
Serbia
San Marino
Turkey Turkey
Ukraine
AFRICA AFRICA
NORTH AFRICA NORTH
AFRICA
Algeria
Egypt Egypt
Libya
Morocco Morocco
Tunisia
OTHER AFRICAN
OTHER AFRICAN COUNTRIES
COUNTRIES
Angola
Benin
Botswana
British Indian Ocean Territory
Burkina Faso
Burundi
Cameroon
Cape Verde
Central African Republic
Chad
Comoros

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/43
GEO 4 GEO
5 GEO
6
Congo
Cte d’Ivoire
Congo, the Democratic
Republic of
Djibouti
Equatorial Guinea
Eritrea
Ethiopia
Gabon
Gambia
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho
Liberia
Madagascar
Malawi
Mali
Mauritania
Mauritius
Mozambique
Namibia
Niger
Nigeria Nigeria
South Africa South
Africa
Rwanda
St Helena, Ascension and
Tristan da Cunha
Sao Tome & Principe
Senegal
Seychelles
Sierra Leone
Somalia
Sudan
South Sudan
Swaziland
Tanzania
Togo
Uganda

---

L 166/44
EN
Official Journal of the European Union
27.6.2012
GEO 4 GEO
5 GEO
6
Zambia
Zimbabwe
AMERICA AMERICA
NORTH AMERICAN
NORTH AMERICAN
COUNTRIES
COUNTRIES
Canada Canada Canada
Greenland
United States United
States United
States
CENTRAL AMERICAN
CENTRAL AMERICAN
COUNTRIES
COUNTRIES
Anguilla
Antigua and Barbuda
Aruba
Bahamas
Barbados
Belize
Bermuda
Bonaire, St. Eustatius and Saba
Virgin Islands, British
Cayman Islands
Costa Rica
Cuba
Curaao
Dominica
Dominican Republic
El Salvador
Grenada
Guatemala
Haiti
Honduras
Jamaica
Mexico Mexico
Montserrat
Nicaragua
Panama
St Kitts and Nevis
Saint Lucia
St. Maarten
St Vincent and the Grenadines
Trinidad and Tobago
Turks & Caicos Islands
Virgin Islands, U.S.

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/45
GEO 4 GEO
5 GEO
6
SOUTH AMERICAN
SOUTH AMERICAN
COUNTRIES
COUNTRIES
Argentina Argentina
Bolivia
Brazil Brazil Brazil
Chile Chile
Colombia
Ecuador
Falkland Islands
Guyana
Paraguay
Peru
Suriname
Uruguay Uruguay
Venezuela Venezuela
ASIA ASIA
NEAR AND MIDDLE EAST
NEAR AND MIDDLE EAST
COUNTRIES
COUNTRIES
GULF ARABIAN COUNTRIES GULF
ARABIAN
COUNTRIES
Bahrain
Iraq
Kuwait
Oman
Qatar
Saudi Arabia
United Arab Emirates
Yemen
OTHER NEAR AND MIDDLE OTHER NEAR AND MIDDLE
EAST COUNTRIES
EAST COUNTRIES
Armenia
Azerbaijan
Georgia
Israel
Jordan
Lebanon
Palestinian Territory
Syria
OTHER ASIAN COUNTRIES OTHER
ASIAN
COUNTRIES
Afghanistan
Bangladesh
Bhutan
Brunei Darussalam

---

L 166/46
EN
Official Journal of the European Union
27.6.2012
GEO 4 GEO
5 GEO
6
Burma/Myanmar
Cambodia
China China China
Hong Kong Hong
Kong Hong
Kong
India India India
Indonesia Indonesia
Iran
Japan Japan Japan
Kazakhstan
Kyrgyzstan
Laos
Macao
Malaysia Malaysia
Maldives
Mongolia
Nepal
North Korea
Pakistan
Philippines Philippines
Singapore Singapore
South Korea South
Korea
Sri Lanka
Taiwan Taiwan
Tajikistan
Thailand Thailand
Timor-Leste
Turkmenistan
Uzbekistan
Viet Nam
OCEANIA & POLAR
OCEANIA & POLAR REGIONS
REGIONS
American Samoa
Guam
US Minor Outlying Islands
Australia Australia
Cocos (Keeling Islands)
Christmas Islands
Heard Island and McDonald
Islands
Norfolk Island
Fiji
French Polynesia
Kiribati

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/47
GEO 4 GEO
5 GEO
6
Marshall Islands
Micronesia
Nauru
New Caledonia
New Zealand New
Zealand
Cook Islands
Niue
Tokelau
Northern Mariana Islands
Palau
Papua New Guinea
Pitcairn
Antarctica
Bouvet Island
South Georgia and South
Sandwich Islands
French Southern and Antarctic
Lands
Solomon Islands
Tonga
Tuvalu
Vanuatu
Samoa
Wallis and Futuna
INTRA UNION INTRA
UNION INTRA
UNION
EXTRA UNION EXTRA
UNION EXTRA
UNION
Intra Euro Area Intra
Euro
Area Intra
Euro
Area
Extra Euro Area Extra
Euro
Area Extra
Euro
Area
Union Institutions (excluding ECB) Union
Institutions
(excluding
Union Institutions (excluding
ECB)
ECB)
European Investment Bank European
Investment
Bank European
Investment
Bank
European Central Bank (ECB) European
Central
Bank
(ECB)
INTRA UNION NOT
INTRA UNION NOT
ALLOCATED
ALLOCATED
EXTRA UNION NOT
EXTRA UNION NOT
ALLOCATED
ALLOCATED
Offshore financial centres Offshore
financial
centres Offshore
financial
centres

---

L 166/48
EN
Official Journal of the European Union
27.6.2012
GEO 4 GEO
5 GEO
6
International Organisations (excluding Union Institu International Organisations
International Organisations
tions)
(excluding Union Institutions) (excluding Union Institutions)
International Monetary Fund (IMF) International
Monetary
Fund
International Monetary Fund
(IMF)
(IMF)
( 1 ) Union Member States not in the euro area: individual breakdown by country
Table 7
Institutional sectors breakdown levels
Sec 1 Sec
2
Central bank (S.121) Central
bank
(S.121)
Other Monetary Financial Institutions (oMFIs) Other
Monetary
Financial
Institutions
(oMFIs)
Deposit-taking corporations except the central bank
Deposit-taking corporations except the central bank
(S.122)
(S.122)
Money market funds (S.123) Money
market
funds
(S.123)
General government (S.13) General
government
(S.13)
Other sectors Other
sectors
Financial corporations other than MFIs
(S.124+S.125+S.126+S.127+S.128+S.129)
Non-financial corporations, households and non-profit
institutions serving households (S.11+S.14+S.15)
Table 8
Economic activity breakdown level
Level 1 Level
2 NACE
rev.
2
AGRICULTURE, FORESTRY AND FISHING sec
A
MINING AND
MINING AND QUARRYING sec
B
QUARRYING
Extraction of crude petroleum, natural gas and mining div 06, 09
support service activities
MANUFACTURING MANUFACTURING sec
C
Food products, beverages and tobacco products div
10,
11,
12
TOTAL textiles & wood activities
div 13, 14, 16, 17, 18
Textiles and wearing apparel div
13,
14
Wood, paper, printing and reproduction div
16,
17,
18
Petroleum, chemicals,
TOTAL petroleum, chemicals, pharmaceutical products, div 19, 20, 21, 22
pharmaceutical products,
rubber & plastic products
rubber & plastic products
Coke and refined petroleum products div
19
Chemicals and chemical products div
20
Rubber and plastic products div
22
Computer, electronic and
TOTAL metal & machinery products
div 24, 25, 26, 28
optical products

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/49
Level 1 Level
2 NACE
rev.
2
Basic metals and fabricated metal products div
24,
25
Computer, electronic and optical products div
26
Machinery and equipment n.e.c. div
28
Vehicles, other transport
TOTAL vehicles & other transport equipment div
29,
30
equipment
Motor vehicles, trailers and semi trailers div
29
Other transport equipment div
30
TOTAL of other manufacturing
div 15, 23, 27, 31, 32, 33
ELECTRICITY, GAS,
ELECTRICITY, GAS, STEAM AND AIR
sec D
STEAM & AIR
CONDITIONING SUPPLY
CONDITIONING SUPPLY
WATER SUPPLY;
WATER SUPPLY; SEWERAGE, WASTE
sec E
SEWERAGE, WASTE
MANAGEMENT AND REMEDIATION ACTIVITIES
MANAGEMENT AND
REMEDIATION
ACTIVITIES
Water collection, treatment and supply div
36
Sewerage, waste management, remediation activities div
37,
38,
39
CONSTRUCTION CONSTRUCTION sec
F
TOTAL SERVICES TOTAL
SERVICES sec
G,
H,
I,
J,
K,
L,
M,
N
O, P, Q, R, S, T, U
WHOLESALE AND RETAIL WHOLESALE AND RETAIL TRADE; REPAIR OF sec G
TRADE; REPAIR OF
MOTOR VEHICLES AND MOTORCYCLES
MOTOR VEHICLES AND
MOTORCYCLES
Wholesale and retail trade and repair of motor vehicles and div 45
motorcycles
Wholesale trade, except of motor vehicles and motorcycles div
46
Retail trade, except of motor vehicles and motorcycles div
47
TRANSPORTATION AND
TRANSPORTATION AND STORAGE sec
H
STORAGE
TOTAL transport and storage
div 49, 50, 51, 52
Land transport and transport via pipelines div
49
Water transport div
50
Air transport div
51
Warehousing and support activities for transpor div 52
tation
Postal and courier activities div
53
ACCOMMODATION AND ACCOMMODATION AND FOOD SERVICE ACTIV sec I
FOOD SERVICE
ITIES
ACTIVITIES

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L 166/50
EN
Official Journal of the European Union
27.6.2012
Level 1 Level
2 NACE
rev.
2
INFORMATION AND
INFORMATION AND COMMUNICATION sec
J
COMMUNICATION
Motion picture, video, television programme production, div 59, 60
other entertainment activities
Telecommunications div
61
Other information and communication activities div
58,
62,
63
FINANCIAL AND
FINANCIAL AND INSURANCE ACTIVITIES sec
K
INSURANCE ACTIVITIES
Financial intermediation, except insurance and pension div 64
funding
Activities of holding companies group
64,2
Insurance, reinsurance and pension funding, except div 65
compulsory social security
Other financial activities div
66
REAL ESTATE ACTIVITIES sec
L
PROFESSIONAL,
PROFESSIONAL, SCIENTIFIC AND TECHNICAL sec M
SCIENTIFIC AND
ACTIVITIES
TECHNICAL ACTIVITIES
Legal and accounting activities div
69
Legal activities group
69,1
Accounting, bookkeeping and auditing activities; group 69,2
tax consultancy
Activities of head offices; management consultancy activ div 70
ities
Activities of head offices group
70,1
Management consultancy activities group
70,2
Architecture and engineering activities; technical testing div 71
and analysis
Scientific Research and
Scientific Research and development div
72
development
Advertising and market research div
73
Advertising group
73,1
Market research and public opinion polling group
73,2
Other professional, scientific and technical activities, div 74, 75
veterinary activities
ADMINISTRATIVE AND SUPPORT SERVICE ACTIV sec N
ITIES
Rental and leasing activities div
77

---

EN
27.6.2012 Official
Journal
of
the
European
Union L
166/51
Level 1 Level
2 NACE
rev.
2
Other administrative and support service activities
div 78, 79, 80, 81, 82
EDUCATION sec
P
HUMAN HEALTH AND SOCIAL WORK ACTIVITIES sec
Q
ARTS, ENTERTAINMENT
ARTS, ENTERTAINMENT AND RECREATION sec
R
AND RECREATION
Creative, arts and entertainment activities div
90
Libraries, archives, museums and other cultural activities div
91
Sporting and other recreational activities; gambling and div 92, 93
betting activities
OTHER SERVICE ACTIVITIES sec
S
Activities of membership organisations div
94
Repair of computers and personal and household goods, div 95, 96
other personal service activities
Not allocated
Private purchases and sales of real estate
TOTAL ACTIVITY TOTAL
ACTIVITY

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L 166/52
EN
Official Journal of the European Union
27.6.2012
ANNEX II
DEFINITIONS referred to in Article 10
The following definitions are based on the IMF Balance of Payments and International Investment Positions Manual, Sixth
Edition. (BPM6), the European System of Accounts, the Manual on Statistics on International Trade in Services 2010, the OECD
Benchmark Definition of Foreign Direct Investment (BD4).
A. CURRENT ACCOUNT
The current account shows flows of goods, services, primary and secondary income between residents and non-residents.
1. GOODS
This component covers moveable goods for which a change of ownership occurs between residents and non-residents.
1.1. General merchandise on a balance of payments basis
General merchandise on a balance of payments (BOP) basis covers goods for which a change of economic ownership
occurs between a resident and a non-resident and that are not included in other specific categories, such as goods under
merchanting (see 1.2) and nonmonetary gold (see 1.3), or as part of a service. General merchandise should be measured
at market value on a free on board (FOB) basis. In the countries’ contribution to the compilation of Union aggregates,
imports and exports of goods in quasi-transit trade have to be included and, for intra-Union trade, the partner country
should be defined according to the consignment principle.
1.2. Net exports of goods under merchanting
Merchanting is defined as the purchase of goods by a resident (of the compiling economy) from a non-resident, combined
with the subsequent resale of the same goods to another non-resident without the goods being present in the compiling
economy. Net exports of goods under merchanting represent the difference between sales over purchases of goods for
merchanting. This item includes merchants’ margins, holding gains and losses, and changes in inventories of goods under
merchanting.
1.2.1. The goods acquired under merchanting are shown as a negative export/credit of the economy of the merchant.
1.2.2. The sale of goods is shown under goods sold under merchanting as a positive export/credit of the economy of
the merchant.
1.3. Nonmonetary gold
Nonmonetary gold covers all gold other than monetary gold. Monetary gold is owned by monetary authorities and held
as a Reserve asset (see 6.5.1). Nonmonetary gold can be in the form of bullion (i.e. coins, ingots, or bars with a purity of at
least 995 parts per 1 000, including such gold held in allocated gold accounts), gold powder, and gold in other
unwrought or semi-manufactured forms.
1.4. Branding - Quasi-transit trade adjustment
Quasi-transit trade is a term used to define goods imported into a Member State, cleared through customs for free
circulation within the Union (and submitted to import duties) by an entity that is not considered as a resident institu
tional unit, and are then dispatched to another Member State. Branding must be recorded by the Member States affected
by the ‘quasi-transit trade’ to report the gap between the value of General merchandise declared when the goods are initially
imported from a third country and their value when dispatched to another Member State. The geographical breakdown
should be compiled on the basis of the country of residence of the parent enterprise controlling the company that
manages the customs procedure related to these goods in the reporting economy.
2. SERVICES
Services are the result of a production activity that changes the conditions of the consuming units, or facilitates the
exchange of products or financial assets. Services are not generally separate items over which ownership rights can be
established and cannot generally be separated from their production.
2.1. Manufacturing services on physical inputs owned by others
Manufacturing services on physical inputs owned by others covers processing, assembly, labelling, packing, and so forth
undertaken by enterprises that do not own the goods concerned. The manufacturing is undertaken by an entity that
receives a fee from the owner. Since the ownership of the goods does not change, no general merchandise transaction is
recorded between the processor and the owner. The value of fees charged for manufacturing on physical inputs owned by

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others is not necessarily the same as the difference between the value of goods sent for processing and the value of goods
after processing. Excluded are the assembly of prefabricated construction (included in Construction) and labelling and
packaging incidental to transport (included in Transport).
2.2. Maintenance and repair services not included elsewhere
Maintenance and repair services not included elsewhere cover maintenance and repair work by residents on goods that
are owned by non-residents (and vice versa). The repairs may be performed at the site of the repairer or elsewhere. The
value of maintenance and repairs includes any parts or materials supplied by the repairer and included in the charges.
Parts and materials charged separately should be included in general merchandise. Repairs and maintenance on ships,
aircraft, and other transport equipment are included in this item. Cleaning of transport equipment is excluded as it is
included in Transport services. Construction maintenance and repairs are excluded as they are included under Construction.
Maintenance and repairs of computers are excluded as they are included under Computer services.
2.3. Transport
Transport is the process of carriage of people and objects from one location to another as well as related supporting and
auxiliary services. Transport also includes postal and courier services. Transport services are recorded in balance of
payments when provided by residents of one economy for the benefit of those of another. Transport can be classified
according to:
(a) mode of transport, namely sea, air, or other. ‘Other’ may be further broken down into rail, road, internal waterway,
pipeline, and space transport, as well as electricity transmission;
(b) what is carried, namely passengers or freight or other (which covers supporting and auxiliary services like loading and
unloading of containers, storage and warehousing, packing and repackaging, cleaning of transport equipment
performed in ports and airports).
2.3.1. Sea transport
Cover all transportation services by sea. A breakdown is required for Passenger sea transport, Freight sea transport and Other
sea transport.
2.3.2. Air transport
Cover all transportation services provided by air. A breakdown is required for Passenger air transport, Freight air transport
and Other air transport.
2.3.3. Other modes of transport
Cover all transportation services not provided by sea or air. A breakdown is required for Passenger, Freight and Other. An
extended classification for Other transport is required as follows:
2.3.3.1. Space transport includes satellite launches undertaken by commercial enterprises for the owners of the satellites
(such as telecommunication enterprises) and other operations performed by operators of space equipment, such as
transport of goods and people for scientific experiments. Also included is space passenger transport and payments
made by an economy in order to have its residents included on the space vehicles of another economy.
2.3.3.2. Rail transport covers transport by trains. A further sub-division between Passenger rail, Freight rail and Other is
required.
2.3.3.3. Road transport covers transport by lorries, trucks, buses and coaches. A further sub-division between Passenger
road transport, Freight road transport and Other road transport is required.
2.3.3.4. Inland waterway transport relates to international transportation on rivers, canals and lakes. Included are
waterways that are internal to one country and those that are shared among two or more countries. A further sub-
division between Passenger inland waterway Transport, Freight inland waterway transport and Other inland waterway transport is
required.
2.3.3.5. Pipeline transport covers international transport of goods in pipelines, such as the transport of petroleum and
related products, water and gas. Excluded are distribution services, typically from substations to the consumer (included in
Other business services n.i.e.) and the value of the products transported (included in General merchandise).
2.3.3.6. Electricity transmission comprises services for transmission of electric energy at high voltage over an inter
connected group of lines and associated equipment between points of supply and the points at which it is transformed to
low voltage for delivery to consumers or delivery to other electric systems. Included are charges for the transmission of
electricity when this is separate from the production and distribution process. The provision of electricity itself is
excluded. Also excluded are distribution services of electricity (included in Other business services, Other business services
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2.3.3.7. Other supporting and auxiliary transport services cover all other transportation services that cannot be
allocated to any of the components of transportation services described above.
2.3.4. Postal and courier services
Postal and courier services cover the pick-up, transport, and delivery of letters, newspapers, periodicals, brochures, other
printed matter, parcels, and packages, including post office counter and mailbox rental services.
2.4. Travel
Travel credits cover goods and services for own use or to give away, acquired from an economy by non-residents during
visits to that economy. Travel debits cover goods and services for own use or to give away, acquired from other
economies by residents during visits to these other economies. Travel includes local transport (i.e. transport within the
economy being visited and provided by a resident of that economy), but excludes international transport (which is
included in Passenger transport). Also excluded are goods purchased by a traveller for resale in the traveller’s own economy
or in any other economy. Travel is divided in two main sub-components: Business travel and Personal travel.
2.4.1. Business travel
Business travel covers the acquisition of goods and services by business travellers. Also includes the acquisition of goods
and services for personal use by seasonal, border and other workers who are not resident in the economy in which they
are employed. Business travel is further disaggregated into Acquisition of goods and services by border and seasonal or other
short-term workers and Other business travel.
2.4.1.1. Acquisition of goods and services by border, seasonal, and other short-term workers includes the
acquisition of goods and services for personal use by seasonal, border and other workers, who are not resident in the
economy in which they are employed and whose employer is resident in that economy.
2.4.1.2. Other business travel covers all Business travel expenditure not made by border workers and seasonal or other
short-term workers.
2.4.2. Personal travel
Personal travel covers goods and services acquired by travellers going abroad for purposes other than business, such as
holidays, participation in recreational and cultural activities, visits with friends and relations, pilgrimage, and education-
and health-related purposes. Personal travel is divided in three sub-components: Health-related expenditure, Education-related
expenditure and Other personal travel).
2.4.2.1. Health-related expenditure is defined as the total expenditure by those travelling for medical reasons.
2.4.2.2. Education-related expenditure is defined as the total expenditure by students.
2.4.2.3. Other personal travel covers all Personal travel not included in Health-related expenditure or Education-related
expenditure.
2.5. Construction
Construction covers the creation, renovation, repair, or extension of fixed assets in the form of buildings, land
improvements of an engineering nature, and other engineering constructions (including roads, bridges, dams, etc). It
includes related installation and assembly work, site preparation and general construction, specialised services such as
painting, plumbing, and demolition, and management of construction projects. The construction contracts covered in
international trade in services are generally of a short-term nature. A large-scale construction project contracted by a non-
resident enterprise that takes a year or more to be completed will usually give rise to a resident branch.
Construction can be disaggregated into Construction abroad and Construction in the compiling economy.
2.5.1. Construction abroad
Construction abroad comprises the construction services provided to non-residents by enterprises resident in the
compiling economy (credit/exports) and the goods and services purchased in the host economy by these enterprises
(debit/imports).
2.5.2. Construction in the compiling economy
Construction in the compiling economy comprises construction services provided to residents of the compiling economy
by non-resident construction enterprises (debit) and the goods and services purchased in the compiling economy by these
non-resident enterprises (credit).

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2.6. Insurance and pension services
Insurance and pension services comprises: Direct insurance, Reinsurance, Auxiliary insurance services, Pension and standardised
guarantee services. Direct insurance is further broken down in Life, Freight and Other direct insurance. Pension and stan
dardised guarantees are further broken down into pension services and standardised guarantee services. These services are
estimated or valued by the charges included in total premiums rather than by the total value of the premiums.
2.6.1. Life insurance
Holders of life insurance policies make regular payments to an insurer (there may be just a single payment), in return for
which the insurer guarantees to pay the policy holder an agreed minimum sum or an annuity, at a given date or at the
death of the policy holder, if this occurs earlier. Term life insurance, where benefits are provided in the case of death but
in no other circumstances, is excluded here and included in Other direct insurance.
2.6.2. Freight insurance
Freight insurance services relate to insurance provided on goods that are in the process of being exported or imported, on
a basis that is consistent with the measurement of goods f.o.b. and freight transportation.
2.6.3. Other direct insurance
Other direct insurance covers all other forms of casualty insurance. Included are term life insurance; accident and health
insurance (unless these are provided as part of government social security schemes); marine, aviation and other transport
insurance; fire and other property damage; pecuniary loss insurance; general liability insurance; and other insurance, such
as travel insurance and insurance related to loans and credit cards.
2.6.4. Reinsurance
Reinsurance is the process of subcontracting parts of the insurance risk, often to specialised operators, in return for a
proportionate share of the premium income. Reinsurance transactions may relate to packages that mix several types of
risks.
2.6.5. Auxiliary insurance services
Comprise transactions that are closely related to insurance and pension fund operations. Included are agents’ commis
sions, insurance brokering and agency services, insurance and pension consultancy services, evaluation and adjustment
services, actuarial services, salvage administration services, and regulatory and monitoring services on indemnities and
recovery services.
2.6.6. Pension services
Pension services cover the services provided by funds established to provide income on retirement and benefits for death
or disability, for specific groups of employees by the government or by insurance corporations on behalf of employees.
2.6.7. Standardised guarantee services
Standardised guarantee services are services related to standardised guarantee schemes. They are arrangements where one
party (the guarantor) undertakes to cover the losses of the lender in the event that the borrower defaults. Examples
include export credit and student loan guarantees.
2.7. Financial services
Financial services cover intermediary and auxiliary services, except insurance and pension fund services, usually provided
by banks or other financial corporations.
2.7.1. Explicitly charged and other financial services
Services are charged for by explicit charges in the case of many financial services and require no special calculation. They
include fees for deposit-taking and lending, fees for one-off guarantees, early or late repayment fees or penalties, account
charges, fees related to letters of credit, credit card services, commissions and charges related to financial leasing, factoring,
underwriting, and clearing of payments. Also included are financial advisory services, custody of financial assets or
bullion, financial asset management, monitoring services, liquidity provision services, risk assumption services other
than insurance, merger and acquisition services, credit rating services, stock exchange services and trust services.
Dealers in financial instruments may charge, in full or part, for their services by having a spread between their
buying and selling prices. Margins on buying and selling transactions are included in explicitly charged and other
financial services.
2.7.2. Financial intermediation services indirectly measured (FISIM)
Actual interest can be considered as including both an income element and a charge for a service. Lenders and deposit-
takers operate by providing rates of interest to their depositors that are lower than the rates that they charge to their

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borrowers. The resulting interest margins are used by the financial corporations to defray their expenses and to provide
an operating surplus. By convention, these indirect charges in respect of interest apply only to loans and deposits and
only when those loans and deposits are provided by, or deposited with, financial corporations.
2.8. Charges for the use of intellectual property not included elsewhere
Charges for the use of intellectual property not included elsewhere include:
(a) Charges for the use of proprietary rights (such as patents, trademarks, copyrights, industrial processes and designs
including trade secrets and franchises). These rights can arise from research and development, as well as from
marketing; and
(b) Charges for licences to reproduce or distribute intellectual property embodied in produced originals or prototypes
(such as copyrights on books and manuscripts, computer software, cinematographic works and sound recordings) and
related rights (such as for live performances and television, cable, or satellite broadcast).
2.9. Telecommunication, computer and information services
Computer and telecommunication services are defined in terms of the nature of the service, not the method of delivery.
2.9.1. Telecommunications services
Telecommunications services encompass the transmission of sound, images or other information by telephone, telex,
telegram, radio and television cable and broadcasting, satellite, electronic mail, facsimile services etc., including business
network services, teleconferencing and support services. They do not include the value of the information transported.
Also included are mobile telecommunication services, Internet backbone services and on-line access services, including
provision of access to the Internet. Excluded are installation services for telephone network equipment as they are
included in Construction and database services (included in Information services).
2.9.2. Computer services
Consist of hardware and/or software-related services and data-processing services. Also included are hardware and
software consultancy and implementation services; maintenance and repair of computers and peripheral equipment;
disaster recovery services, provision of advice and assistance on matters related to the management of computer
resources; analysis, design and programming of systems ready to use (including web page development and design),
and technical consultancy related to software; licences to use non-customised software; development, production, supply
and documentation of customised software, including operating systems made on order for specific users; systems
maintenance and other support services, such as training provided as part of consultancy; data-processing services,
such as data entry, tabulation and processing on a time-sharing basis; web page hosting services (i.e., the provision of
server space on the Internet to host clients’ web pages); and computer facilities management. Excluded are charges for
licences to reproduce and/or distribute software which are included in Charges for the use of intellectual property. Leasing of
computers without an operator is included in Operating leasing.
2.9.3. Information services
Comprises: News agency services and Other information services.
2.9.3.1. News agency services include the provision of news, photographs, and feature articles to the media.
2.9.3.2. Other information services include database services (database conception, data storage and the dissemination
of data and databases, including directories and mailing lists), both online and through magnetic, optical or printed media;
and web search portals (search engine services that find internet addresses for clients who input keyword queries). Also
included are direct, non-bulk subscriptions to newspapers and periodicals, whether by mail, electronic transmission or
other means; other online content provision services; and library and archive services. Bulk newspapers and periodicals
are included under general merchandise. Downloaded content that is not software (included in Computer services) or audio
and video (included in Audiovisual and related services) is included in information services.
2.10. Other business services
This includes: Research and development services, Professional and management consulting services, Technical, trade-related, and
Other business services.

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2.10.1. Research and development services
Research and development services consist of services that are associated with basic research, applied research, and
experimental development of new products and processes. In principle, such activities in the physical sciences, social
sciences, and humanities are covered within this category, including the development of operating systems that represent
technological advances. Also included is commercial research related to electronics, pharmaceuticals, and biotechnology.
This comprises: 1) Work undertaken on a systematic basis to increase the stock of knowledge and 2) Other research and
development services.
2.10.1.1. Work undertaken on a systematic basis to increase the stock of knowledge comprise: a) Provision of
customised and non-customised research & development services and b) Sale of proprietary rights arising from research & development.
2.10.1.1.a. Provision of customised and non-customised research and development services covers the provision
of research and development services that are made-to order (customised) and development of non-customised research
and development, excluding sales of proprietary rights (included in 2.10.1.1.b), and sales related to licences to reproduce
or use (included in Charges for the use of intellectual property).
2.10.1.1.b. Sale of proprietary rights arising from research and development comprises Patents, Copyrights arising
from research and development, Industrial processes and designs (including trade secrets).
2.10.1.2. Other research and development services include other product/process development activities.
2.10.2. Professional and management consulting services
Professional and management consulting services include: 1) Legal services, accounting, management consulting, managerial
services, and public relations services; and 2) Advertising, market research, and public opinion polling services.
2.10.2.1. Legal, accounting, management consulting, and public relations comprises:
a) Legal services; b) Accounting, auditing, bookkeeping and tax consulting services; c) Business and management consulting and public
relations services.
2.10.2.1.a. Legal services cover legal advisory and representation services in any legal, judicial and statutory procedures;
drafting services of legal documentation and instruments; certification consultancy; and escrow and settlement services.
2.10.2.1.b. Accounting, auditing, bookkeeping and tax consultancy services covers the recording of commercial
transactions for businesses and others; examination services of accounting records and financial statements; business tax
planning and consulting; and preparation of tax documents.
2.10.2.1.c. Business and management consulting and public relations services covers advisory, guidance and oper
ational assistance services provided to businesses for business policy and strategy and the overall planning, structuring and
control of an organisation. Included are management fees, management auditing; market management, human resources,
production management and project management consulting; and advisory, guidance and operational services related to
improving the image of the clients and their relations with the general public and other institutions.
2.10.2.2. Advertising, market research and public opinion polling covers the design, creation and marketing of
advertisements by advertising agencies; media placement, including the purchase and sale of advertising space; exhibition
services provided by trade fairs; the promotion of products abroad; market research; telemarketing; and public opinion
polling on various issues.
2.10.3. Technical, trade-related, and other business services
These comprise: 1) Architectural, engineering, scientific and other technical services, 2) Waste treatment and de-pollution, agri
cultural and mining services, 3) Operating leasing services, 4) Trade-related services and 5) Other business services n.i.e.
2.10.3.1. Architectural, engineering, scientific and other technical services
Comprise: a) Architectural services, b) Engineering services, c) Scientific and other technical services.
2.10.3.1.a. Architectural services include transactions related to the design of buildings.

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2.10.3.1.b. Engineering services include the design, development and utilisation of machines, materials, instruments,
structures, processes and systems. Services of this type involve the provision of designs, plans and studies related to
engineering projects. Mining engineering is excluded (included in Services incidental to mining, and oil and gas extraction).
2.10.3.1.c. Scientific and other technical services include surveying; cartography; product testing and certification; and
technical inspection services.
2.10.3.2. Waste treatment and de-pollution, agricultural and mining services
Comprise: a) Waste treatment and de-pollution, b) Services incidental to agriculture, forestry and fishing, c) Services incidental to
mining, and oil and gas extraction
2.10.3.2.a. Waste treatment and de-pollution include waste collection and disposal, remediation, sanitation, and other
environmental protection services. They also include environmental services, such as production of carbon offsets or
carbon sequestration that are not classified under any more specific category.
2.10.3.2.b. Services incidental to agriculture, forestry and fishing include agricultural services that are incidental to
agriculture, such as the provision of agricultural machinery with crew, harvesting, treatment of crops, pest control, animal
boarding, animal care, and breeding services. Services in hunting, trapping, forestry and logging, and fishing are also
included here, as are veterinary services.
2.10.3.2.c. Services incidental to mining, and oil and gas extraction include mining services provided at oil and gas
fields, including drilling, derrick building, repair and dismantling services, and oil and gas well casing cementing. Services
incidental to mineral prospecting and exploration, as well as mining engineering and geological surveying, are also
included here.
2.10.3.3. Operating leasing services
Operating leasing is the activity of renting out produced assets under arrangements that provide use of a tangible asset to
the lessee, but do not involve the transfer of the bulk of risks and rewards of ownership to the lessee. Operating leasing
may be called rental in case of items such as buildings or equipment. Operating leasing services cover leasing (rental) and
charters, without crew, of ships, aircraft, and transport equipment. Also included are operating lease payments relating to
other types of equipment without an operator, including computers and telecommunications equipment. Licence
payments for the right to use intangible assets, such as software, intellectual property, and so forth are included
under specific headings (Computer services, Charges for the use of intellectual property n.i.e. etc.) rather than operating
leasing. Excluded from operating leasing services are leasing of telecommunications lines or capacity (included in Tele
communications services); rental of ships and aircraft with crew (included in Transport services); and rentals incidental to travel
(included in Travel).
2.10.3.4. Trade-related services
Trade-related services cover commissions on goods and service transactions payable to merchants, commodity brokers,
dealers, auctioneers, and commission agents. Excluded from trade-related services are franchising fees (included in Charges
for the use of intellectual property n.i.e.); brokerage on financial instruments (included in Financial services); insurance
brokerage (included in Auxiliary insurance services)and transport-related charges, such as agency commissions (included
in Transport).
2.10.3.5. Other business services not included elsewhere
Other business services include distribution services related to water, steam, gas or other petroleum products, and air-
conditioning supply, where these are identified separately from transmission services; placement of personnel, security,
and investigative services; translation and interpretation; photographic services; publishing; building cleaning; and real
estate services.
2.11. Personal, cultural and recreational services
These include Audiovisual and related services and Other personal, cultural and recreational service.
2.11.1. Audiovisual and related services
Can be further broken down in Audiovisual services and Artistic related services. Comprise services and associated fees related
to the production of motion pictures (on film or videotape), radio and television programmes (live or on tape) and
musical recordings. Included are rentals of audiovisual and related products and access to encrypted television channels
(such as cable or satellite services); mass-produced audio-visual products purchased or sold for perpetual use that are
delivered electronically (downloaded); fees received by performing artists (actors, musicians, dancers), authors, composers
etc. Excluded are charges or licences to reproduce and/or distribute audiovisual products (included in Charges for the use of
intellectual property n.i.e.).

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2.11.2. Other personal, cultural and recreational services
Comprise: a) Education services, b) Health services, c) Heritage and recreational services and d) Other personal services.
2.11.2.a. Education services comprises services supplied between residents and non-residents relating to education, such
as correspondence courses and education via television or the Internet, as well as by teachers etc. who supply services
directly in host economies.
2.11.2.b. Health services comprises services provided by doctors, nurses and paramedical and similar personnel, as well
as laboratory and similar services, whether rendered remotely or on-site. Excluded is all expenditure by travellers on
education and health (included in Travel).
2.11.2.c. Heritage and recreational services includes services associated with museums and other cultural, sporting,
gambling and recreational activities, except those involving persons outside their economy of residence (included in
Travel).
2.11.2.d. Other personal services includes social services, domestic services etc.
2.12. Government goods and services not included elsewhere
This is a residual category covering government transactions (including those of international organisations) in goods and
services that it is not possible to classify under other items. Included are all transactions (in both goods and services) by
enclaves such as embassies, consulates, military bases and international organisations with residents of economies in
which the enclaves are located. Excluded are transactions of the enclaves with residents of the home economies.
Depending on the government unit undertaking the transaction, this item can be further broken down into goods
and services transacted by Embassies and consulates, Military units and agencies and Other government goods and services not
included elsewhere.
3. PRIMARY INCOME
Primary income represents the return that accrues to institutional units for their contribution to the production process,
or for the provision of financial assets or from renting natural resources to other institutional units. It comprises
Compensation of employees, Investment income and Other primary income.
3.1. Compensation of employees (D1)
Compensation of employees is recorded when the employer (the producing unit) and the employee are resident in
different economies. For the economy where the producing units are resident, compensation of employees is the total
remuneration (including contributions paid by employers to social security schemes or to private insurance or pension
funds), in cash or in kind, payable by resident enterprises to non-resident employees in return for work done by the latter
during the accounting period. For the economy where the individuals are resident, compensation is the total remuner
ation, in cash or in kind, receivable by them from non-resident enterprises in return for work done during the accounting
period. It is important to establish whether an employer-employee relationship exists; if not, the payment constitutes a
purchase of services.
3.2. Investment income
Investment income is derived from a resident’s ownership of an external financial asset (credit) and symmetrically, income
derived from a non-resident’s ownership of a domestic financial asset (debit). Investment income includes income on
equity (Dividends, Withdrawals from income of quasi-corporations, Reinvested earnings) and on debt (Interest), and investment
income attributable to policyholders in insurance, pension schemes, and standardised guarantee schemes.
In balance of payments, investment income is also classified according to the function of the underlying investment, as
Direct investment, Portfolio investment, Other investment and Reserve assets, and further detailed according to the type of
investment. For the definitions of investment by function, see the financial account.
Where they are separately identifiable, gains and losses on (capital) holdings are not classified as income on investments,
but as changes in the value of investments due to market price developments. Net flows associated with interest rate
derivatives are recorded solely under financial derivatives in the financial account.
3.2.1. Interest (D41)
Interest is a form of investment income that is receivable by the owners of certain kinds of financial assets, namely
deposits (AF2), debt securities (AF3), loans (AF4), and other accounts receivable (AF8), for putting the financial assets at
the disposal of another institutional unit. Income on special drawing rights (SDR) holdings and SDR allocations is also
included in interest. The primary income account records ‘pure interest’ by eliminating the FISIM component from ‘actual
interest’. Interest income is recorded on an accrual basis.

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3.2.2. Distributed income of corporations (D42)
3.2.2.1. Dividends (D421)
Dividends are the distributed earnings allocated to the owners of equity shares (AF5) for placing funds at the disposal of
corporations. Dividends are recorded at the moment the shares go ex-dividend.
3.2.2.2. Withdrawals from income of quasi-corporations (D422)
Withdrawals from the income of quasi-corporations (unincorporated enterprises that behave as if they were corporations,
e.g. branches, notional resident units for land and other natural resources owned by non-residents, joint ventures, trusts,
etc.) are the amounts that owners of quasi-corporations withdraw for their own use from the profits earned by the quasi-
corporations that belong to them. Withdrawals from the income of quasi-corporations are recorded as occurring when
they actually took place.
3.2.3. Reinvested earnings on foreign direct investment (D43)
Reinvested earnings (RIE) represent the direct investors’ proportion, in terms of equity held, of the earnings that foreign
subsidiaries, associates and branches do not distribute as dividends. They are defined as the direct investor’s share of the
total consolidated profits earned by the direct investment enterprise in the reference period (after allowing for tax, interest
and depreciation), less dividends due for payment in the reference period, even if these dividends relate to profits earned
in previous periods.
Reinvested earnings are recorded in the period in which the retained earnings accrue.
3.2.4. Income of investment fund shares (D443)
Investment income attributable to collective investment fund shareholders, including mutual funds and unit trusts,
is composed of two separate items: Dividends (D4431), and Reinvested earnings (D4432).
Earnings from investment funds can be viewed as being passed on to their shareholders (or unit holders) as they are
earned in the form of investment income on their equity. Investment funds earn income by investing the money received
from shareholders. Shareholders’ income from investment funds is defined as the investment income earned on the fund’s
investment portfolio after deducting operating expenses. The net earnings of investment funds after deducting the
operating expenses belong to shareholders. Where only a part of the net earnings is distributed to shareholders as
dividends, the retained earnings should be treated as if they were distributed to the shareholders and then deemed
reinvested.
3.2.5. Investment income attributable to policyholders in insurance, pension schemes and standardised
guarantee schemes
To define this item, we look separately at its components, not part of the BoP data request.
3.2.5.1. Investment income attributable to insurance policy holders (D441) corresponds to the total primary
incomes received from the investment of insurance technical reserves. The reserves are those for which the insurance
corporation recognises a corresponding liability to the policyholders.
3.2.5.2. Investment income payable on Pension entitlements (D442)
Pension entitlements arise from either defined contribution schemes or defined benefit schemes.
3.3. Other primary income
Classified according to the institutional sector of the compiling economy (General government or Other sectors) and include
the following components: Taxes on production and imports, Subsidies and Rent.
3.3.1. Taxes on production and imports (D2)
Include the following components:
3.3.1.1. Taxes on products (D21) are payable per unit of some good or service produced or traded cross-border.
Examples include value-added tax, import duties, excise duties and consumption taxes.
3.3.1.2. Other taxes on production (D29) consist of all taxes that enterprises incur as a result of engaging in
production, and include taxes paid for business and professional licences.

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3.3.2. Subsidies (D3)
Include the following components:
3.3.2.1. Subsidies on products (D31) are payable per unit of a good or service produced.
3.3.2.2. Other subsidies on production (D39) consist of subsidies except subsidies on products that resident producer
units may receive as a consequence of engaging in production.
3.3.3. Rent (D45)
Rent covers income receivable for putting natural resources at the disposal of a non-resident institutional unit. Examples
of rent include amounts payable for the use of land extracting mineral deposits and other subsoil assets, and for fishing,
forestry, and grazing rights. The regular payments made by the lessees of natural resources, such as subsoil assets, are
often described as royalties, but they are classified as rents.
4. SECONDARY INCOME
The secondary income account shows current transfers between residents and non-residents. A transfer is an entry that
corresponds to the provision of a good, service, financial asset, or other non-produced asset by an institutional unit to
another institutional unit where there is no corresponding return of an item of economic value. Current transfers consist
of all transfers that are not capital transfers.
Current transfers are classified according to the institutional sector making or receiving the transfer in the compiling
economy (General government or Other sectors).
General government current transfers comprise Current taxes on income, wealth etc, Social contributions, Social benefits,
Current international cooperation, Miscellaneous current transfers, VAT and GNI-based Union own resources.
Other sectors current transfers comprise Current taxes on income, wealth etc, Social contributions, Social benefits, Miscel
laneous current transfers, Net non-life insurance premiums, Non-life insurance claims and Adjustments for the changes in pension
entitlements. Miscellaneous current transfers (D75) include Personal transfer between resident and non-resident households (Of
which: Workers’ remittances)
4.1. Current taxes on income, wealth etc (D5)
Current taxes on income, wealth etc., in the international accounts consists mainly of taxes levied on the income earned
by non-residents from the provision of their labour or financial assets. Taxes on capital gains arising from assets of non-
residents are also included. Taxes on income and capital gains from financial assets are generally payable by Other sectors
(individuals, corporations and non-profit institutions) and receivable by General government.
4.2. Social contributions (D61)
Social contributions are the actual or imputed contributions made by households to social insurance schemes to make
provision for social benefits to be paid.
4.3. Social benefits (D62+D63)
Social benefits include benefits payable under social security and pension schemes. They include pensions and non
pension benefits from events or circumstances such as sickness, unemployment, housing and education, and may be
in cash or in kind.
4.4. Net non-life insurance premiums (D71)
Non-life insurance premiums consist of both the gross premiums payable by policyholders to obtain insurance during the
accounting period (premiums earned) and the premium supplements payable out of the investment income attributable to
insurance policyholders, after deducting the service charges of insurance enterprises arranging the insurance. The service
charges constitute purchases of services by the policyholders and are recorded as insurance services. Net premiums on
standardised guarantees are included under this item.
4.5. Non-life insurance claims (D72)
Non-life insurance claims are the amounts payable in settlement of claims that become due during the current accounting
period. Claims become due at the moment when the eventuality occurs that gives rise to a valid claim. Claims payable
under standardised guarantees are recorded under this item.
4.6. Current international cooperation (D74)
Current international cooperation consists of current transfers in cash or in kind between the governments of different
countries or between governments and international organisations. Part of current international cooperation is vis-à-vis
the Union Institutions.

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4.7. Miscellaneous current transfers (D75)
Miscellaneous current transfers, in cash or in kind, include: Current transfers to Non profit institutions serving households
(D751), Current transfers between households (D752), Other miscellaneous current transfers (D759) including fines and penalties,
part of the payments for lottery tickets and gambling, payments of compensation and other.
4.7.1. Personal transfers between resident and non-resident households
Personal transfers between resident and non-resident households consist of all current transfers in cash or in kind made
or received by resident households to or from non-resident households. Personal transfers include as "of which" Workers’
remittances
4.7.1.1. Workers’ remittances
Workers’ remittances consist of personal transfers made by migrants resident and employed in new economies to non-
resident households. Persons who work for and stay in new economies for less than a year are considered non-residents
and their remuneration is recorded under compensation of employees.
4.8. VAT and GNI-based Union own resources (D76)
The VAT and GNI-based third and fourth Union own resources are current transfers paid by the general government of
each Member State to the Union Institutions.
4.9. Adjustment for change in pension entitlements (D8)
The adjustment for the change in pension entitlements is necessary to reconcile the treatment of pensions as current
transfers with the treatment of pension entitlements as financial assets. After the adjustment, the current account balance
is the same as it would have been if social contributions and pension receipts were not recorded as current transfers.
B. CAPITAL ACCOUNT
The capital account covers the Acquisition/disposal of non-produced non-financial assets and Capital transfers.
5.1. Gross acquisitions and disposals of non-produced non-financial assets
Non-produced, non-financial assets consist of: (a) natural resources, (b) contracts, leases, and licenses, and (c) marketing
assets (brand names, trademarks) and goodwill. Acquisition and disposals of non-produced, non-financial assets are
recorded separately on a gross basis, rather than netted. Only the purchase/sale of such assets, but not their use, is to
be recorded in this item of the capital account.
5.2. Capital transfers (D9)
Capital transfers consist of (i) transfers of ownership of fixed assets, (ii) transfers of funds linked to, or conditional upon,
the acquisition or disposal of fixed assets and (iii) the cancellation, without any consideration being received in return, of
liabilities by creditors. Capital transfers may be in cash or in kind (such as debt forgiveness). The distinction between
current and capital transfers, in practice, rests in the use of the transfer by the recipient country. Capital transfers are
classified according to the institutional sector making or receiving the transfer in the compiling economy (General
government or Other sectors).
Capital transfers include: Capital taxes, Investment grants and Other capital transfers.
5.2.1. Capital taxes (D91)
Capital taxes consist of taxes levied at irregular and infrequent intervals on the values of the assets or net worth owned by
institutional units or on the values of assets transferred between institutional units. These include inheritance taxes and
taxes on gifts between persons levied on the capital of the beneficiaries.
5.2.2. Investment grants (D92)
Investment grants consist of capital transfers, in cash or in kind, made to finance all or part of the costs of acquiring fixed
assets. The recipients are obliged to use investment grants received in cash for purposes of gross fixed capital formation,
and the grants are often tied to specific investment projects, such as large construction projects.
5.2.3. Other capital transfers (D99)
These include major non-recurrent payments in compensation for extensive damage or serious injuries not covered by
insurance policies, large gifts, legacies and donations, including those to non-profit institutions. This category includes
Debt forgiveness.

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5.2.3.1. Debt forgiveness
Debt forgiveness is the voluntary cancellation of all, or part, of a debt obligation within a contractual agreement between
a creditor and a debtor.
C. FINANCIAL ACCOUNT AND INTERNATIONAL INVESTMENT POSITION
In general, the Financial account records transactions that involve financial assets and liabilities that have taken place
between residents and non-residents. The financial account shows transactions in net terms: net acquisitions of financial
assets correspond to acquisitions of assets less reductions in assets.
The International investment position (IIP) shows, at the end of each quarter, the value of financial assets of residents of an
economy that are claims on non-residents, and the liabilities of residents of an economy to non-residents, plus gold
bullion held as reserve assets. The difference between the assets and liabilities is the net position in the IIP and represents
either a net claim on or a net liability to the rest of the world.
The value of the IIP at the end of a period results from positions at the end of the previous period, transactions in the
current period, and other changes that arise from reasons other than transactions between residents and non-residents,
that may be attributed to other changes in volume and revaluations (due to changes in exchange rates or prices).
According to the functional subdivision cross-border financial transactions and positions are classified as Direct investment,
Portfolio investment, Financial derivatives (other than reserves) and employee stock options, Other investment, and Reserve assets.
Cross-border financial transactions and positions are further classified by type of instrument and institutional sector, as
defined in Table 7.
Market prices are the basis for the valuation of transactions and positions. Nominal valuation is used for positions in
nonnegotiable instruments, namely loans, deposits, and other accounts receivable/payable. However, any transactions in
these instruments are valued at market prices. To account for the inconsistency between the market valuation of trans
actions and nominal valuation of positions, the seller records Revaluations due to other price changes during the period in
which the sale occurs, equal to the difference between the nominal and the transaction value, whilst the buyer records an
opposite amount as Revaluations due to other price changes.
The financial account of the balance of payments and the international investment position include offsetting entries for
accrued income on the instruments classified in the respective functional categories.
6.1. Direct investment
Direct investment is associated with a resident in one economy (direct investor) having control or a significant degree of
influence on the management of an enterprise that is resident in another economy (direct investment enterprise).
Following the international standards, the direct or indirect ownership of 10 % or more of the voting power of an
enterprise resident in one economy by an investor resident in another economy is evidence of such a relationship. Based
on this criterion, a direct investment relationship can exist between a number of related enterprises, regardless of whether
the linkage involves a single or a number of chains. It can extend to a direct investment enterprise’s subsidiaries, sub-
subsidiaries and associates. Once the direct investment is established, all subsequent financial flows/holdings between the
related entities are recorded as direct investment transactions/positions.
Equity capital comprises equity in branches as well as all shares in subsidiaries and associates. Reinvested earnings consist of
the offsetting entry to the direct investor’s share of earnings not distributed as dividends by subsidiaries or associates, and
earnings of branches not remitted to the direct investor and which are recorded under Investment income (see 3.2.3).
Direct investment equity and Debt are further disaggregated according to the type of relationship between entities and
according to the direction of the investment. Three types of direct investment relationships can be distinguished:
(a) Direct investors’ investment in direct investment enterprises. This category includes investment flows (and
stocks) from the direct investor to its direct investment enterprises (regardless of whether it is directly or indirectly
controlled or influenced);
(b) Reverse investment. This type of relationship covers investment flows (and stocks) from the direct investment
enterprises to the direct investor;
(c) Between fellow enterprises. This covers flows (and stocks) between enterprises that do not control or influence
each other, but that are both under the control or influence of the same direct investor.
6.2. Portfolio investment
Portfolio investment includes transactions and positions involving debt or equity securities, other than those included in
direct investment or reserve assets. Portfolio investment includes Equity securities, Investment fund shares and Debt securities,
unless they are categorised either as direct investment or as reserve assets. Transactions as repurchase agreements and
securities lending are excluded from portfolio investment.

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6.2.1. Equity securities (F51/AF51)
Equity consists of all instruments representing claims on the residual value of a corporation or quasi-corporation, after the
claims of all creditors have been met. In contrast to debt, equity does not generally provide the owner with a right to a
predetermined amount or an amount determined according to a fixed formula. Equity securities consist of Listed and
Unlisted shares.
Listed shares (F511/AF511) are equity securities listed on a recognised stock exchange or any other form of secondary
market. Unlisted shares (F512/AF512) are equity securities not listed on an exchange.
6.2.2. Investment fund shares (F52/AF52)
Investment fund shares are issued by investment funds. They are known as "units" if the fund is a trust. Investment funds
are collective investment undertakings through which the investors pool funds for investment in financial and/or non-
financial assets. Investment fund shares have a specialised role in financial intermediation as a kind of collective
investment in other assets, so they are identified separately from other equity shares. Additionally, the treatment of
their income differs, because reinvested earnings have to be imputed.
6.2.3. Debt securities (F3/AF3)
Debt securities are negotiable instruments serving as evidence of a debt. They include bills, bonds, notes, negotiable
certificates of deposit, commercial paper, debentures, asset-backed securities, money market instruments, and similar
instruments normally traded in the financial markets. Transactions and positions in debt securities are divided by
original maturity into Short-term and Long-term.
6.2.3.1. Short-term debt securities (F31/AF31)
Short-term debt securities are payable on demand or issued with an initial maturity of one year or less. They generally
give the holder the unconditional right to receive a stated, fixed sum of money on a specified date. These instruments are
usually traded, at a discount, in organised markets; the discount depends on the interest rate and the time remaining to
maturity.
6.2.3.2. Long-term debt securities (F32/AF32)
Long-term debt securities are issued with an initial maturity of more than one year or with no stated maturity (other than
on demand, which is included in short-term). They generally give the holder (a) the unconditional right to a fixed
monetary income or contractually-determined variable monetary income (payment of interest being independent from
the earnings of the debtor) and (b) the unconditional right to a fixed sum in repayment of principal on a specified date or
dates.
The recording of transactions in balance of payments takes place when the creditors or debtors enter the claim or liability
in their books. Transactions are recorded at the effective price received or paid, less commission and expenses. Thus, in
the case of securities with coupons, the interest accrued from the last payment of interest is included and, in the case of
securities issued at discount, the interest accumulated since the issue is included. Inclusion of interest accrued is required
for both the financial account of the balance of payments and for the international investment position; these recordings
need to have offsetting entries in their respective income accounts.
6.3. Financial derivatives (other than reserves) and employee stock options (F7/AF7)
A financial derivative contract is a financial instrument that is linked to another specific financial instrument or indicator
or commodity and through which specific financial risks (such as interest rate risk, foreign exchange risk, equity and
commodity price risks, credit risk, and so on) can be traded in their own right in financial markets. This category is
identified separately from other categories because it relates to risk transfer, rather than supply of funds or other
resources. Unlike other functional categories, no primary income accrues on financial derivatives. Net flows associated
with interest rate derivatives are recorded as financial derivatives, not as investment income. Transactions and positions in
financial derivatives are treated separately from the values of any underlying items to which they are linked. In the case of
options, the full premium (i.e. the purchase/sale price of the options and the implied service charge) is recorded.
Repayable margin payments consist of cash or other collateral deposited to protect counterparty against default risk.
They are classified as deposits under other investment (if the debtor’s liabilities are included in broad money) or in other
accounts receivable/payable. Non-repayable margin payments (also known as variation margin) reduce the financial
liability created through a derivative; therefore they are classified as transactions in financial derivatives.
Employee stock options are options to buy the equity of a company offered to employees of the company as a form of
remuneration. If a stock option granted to employees can be traded on financial markets without restriction, it is classified
as a financial derivative.

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6.4. Other investment
Other investment is a residual category that includes positions and transactions other than those included in direct
investment, portfolio investment, financial derivatives and employee stock options or reserve assets. To the extent that the
following classes of financial assets and liabilities are not included under direct investment or reserve assets, other
investment includes: (a) Other equity; (b) Currency and deposits; (c) Loans (including use of IMF credit and loans from the
IMF); (d) Insurance, pension and standardised guarantee schemes; (e) Trade credit and advances; (f) Other accounts receivable/payable;
and (g) SDR allocations (SDR holdings are included in reserve assets).
For loans, deposits, and other accounts receivable/payable sold at a discount, the transaction values recorded in the
financial account may differ from the nominal values recorded in the IIP. Such differences are recorded as Revaluations due
to other price changes.
6.4.1. Other equity (F519/AF519)
Other equity includes equity not in the form of securities, therefore not included in portfolio investment. Participation in
the capital of some international organisations is not in the form of securities and thus is classified as Other equity.
6.4.2. Currency and deposits (F2/AF2)
Currency and deposits include currency in circulation and deposits. Deposits are standardised, non-negotiable contracts
generally offered by deposit-taking institutions, allowing the placement and the later withdrawal of a variable amount of
money by the creditor. Deposits usually involve a guarantee by the debtor to return the principal amount to the investor.
The distinction between Loans and Currency and deposits depends on the nature of the borrower. This implies that, on the
assets side, money granted by the resident money-holding sector to non-resident banks is to be classified as Deposits and
money granted by the resident money-holding sector to non-resident non-banks (i.e. institutional units other than banks)
is to be classified as Loans. On the liabilities side, money taken by resident non-banks, i.e. non-monetary financial
institutions (non-MFIs) is always to be classified as Loans. Finally, this distinction implies that all transactions involving
resident MFIs and non-resident banks are to be classified as Deposits.
6.4.3. Loans (F4/AF4)
Loans are financial assets that are (a) created when a creditor lends funds directly to a debtor, and (b) evidenced by
documents that are not negotiable. This category includes all loans, including mortgages, financial leases and repo-type
operations. All repo-type operations, i.e. repurchase agreements, sell/buy-back operations and securities lending (with
exchange of cash as collateral), are treated as collateralised loans, not as outright purchases/sales of securities, and are
recorded under Other investment, within the resident sector that carries out the operation. This treatment, which is also in
line with the accounting practice of banks and other financial corporations, is intended to more accurately reflect the
economic rationale behind these financial instruments.
6.4.4. Insurance, pension schemes, and standardised guarantee schemes (F6/AF6)
This includes the following: (a) Non-life insurance technical reserves (F61); (b) Life insurance and annuity entitlements
(F62); (c) Pension entitlements, claims of pension funds on pension managers, and entitlements to non pension funds
(F63+F64+F65); and (d) Provisions for calls under standardised guarantees (F66).
6.4.5. Trade credit and advances (F81/AF81)
Trade credit and advances are financial claims arising from the direct extension of credit by the suppliers of goods and
services to their customers, and advances for work that is in progress or is yet to be undertaken, in the form of
prepayment by customers for goods and services not yet provided. Trade credit and advances arise when payment for
goods or services is not made at the same time as the change in ownership of a good or provision of a service.
6.4.6. Other accounts receivable/payable (F89/AF89)
This category consists of accounts receivable or payable other than those included in trade credit and advances or other
instruments. It comprises financial assets and liabilities created as counterparts to transactions where there is a timing
difference between these transactions and the corresponding payments. It includes liabilities for taxes, purchase and sale of
securities, securities lending fees, gold loan fees, wages and salaries, dividends, and social contributions that have accrued
but have not yet been paid.
6.4.7. Special drawing rights (SDR) allocations (F12/AF12)
The allocation of SDRs to IMF members is shown as a liability incurred by the recipient under SDRs in Other investment,
with a corresponding entry under SDRs in Reserve assets.

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6.5. Reserve assets
Reserve assets are those external assets that are readily available to and controlled by monetary authorities for meeting
balance of payments financing needs, for intervention in exchange markets to manage the currency exchange rate, and for
other related purposes (such as maintaining confidence in the currency and the economy, or serving as a basis for foreign
borrowing). Reserve assets must be foreign currency assets, claims vis-à-vis non-residents and assets that actually exist.
Potential assets are excluded. Underlying the concept of reserve assets are the notions of ‘control’ and ‘availability for use’
by the monetary authorities.
6.5.1. Monetary gold (F11/AF11)
Monetary gold is gold to which the monetary authorities (or others who are subject to the effective control of the
monetary authorities) have title and is held as reserve assets. It includes Gold bullion and Unallocated gold accounts with
non-residents that give title to claim the delivery of gold.
6.5.1.1. Gold bullion takes the form of coins, ingots, or bars with a purity of at least 995 parts per 1 000, including
such gold bullion held in allocated gold accounts.
6.5.1.2. Unallocated gold accounts represent a claim against the account operator to deliver gold. For these accounts,
the account provider holds title to a reserve base of physical (allocated) gold and issues claims to account holders
denominated in gold. Unallocated gold accounts not classified as monetary gold are included as Currency and deposits
in Other investment.
6.5.2. Special drawing rights (F12/AF12)
Special drawing rights (SDR) are international reserve assets created by the IMF and allocated to members to supplement
existing official reserves. SDRs are held only by the monetary authorities of IMF members and by a limited number of
international financial institutions that are authorised holders.
6.5.3. Reserve position in the IMF
This is the sum of (a) the ‘reserve tranche,’ that is, the foreign currency (including SDRs) amounts that a member country
may draw from the IMF at short notice; and (b) any indebtedness of the IMF (under a loan agreement) in the General
Resources Account that is readily available to the member country.
6.5.4. Other reserve assets
These comprise: Currency and deposits, Securities, Financial derivatives and Other claims. Deposits refer to those available on
demand. Securities include liquid and marketable equity and debt securities issued by non-residents, including investment
funds shares or units. Financial derivatives are recorded in reserve assets only if the derivatives pertaining to the
management of the reserve assets are integral to the valuation of such assets. Other claims include loans to non-
resident non-banks, long-term loans to an IMF Trust account and other financial assets not included previously but
that meet the reserve assets definition.’

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