Methodological changeover 2014 (BPM6, ESA2010)

Key information on the methodological changeover of 2014

This site showcases content on the methodological changeover affecting balance of payments statistics and financial accounts statistics scheduled for 2014. The transition consists of compiling (i) the balance of payments according to the Balance of Payments and International Investment Position Manual Sixth Edition (BPM6) and (ii) the financial accounts under the new System of National Accounts (SNA 2008) and the European System of Accounts (ESA 2010).

In countries of European Union, including in Hungary, implementation of the international methodological standards of the national accounts and balance of payment statistics revised in the recent years will uniformly commence from 2014. Accordingly, from 2014 Q1 onwards, the MNB’s main publications on the balance of payments and the financial accounts will be released with shorter lags and a content and level of detail set out by the new methodological requirements.

In the case of financial accounts data publications, comprehensive financial accounts will be released on the last working day of the third month following the reference period instead of on the first working day of the fourth month following the reference period. The data released will now cover economic sectors and financial instruments in a more detailed breakdown, and the contents of certain economic sectors will also change.

Balance of payments statistics based on the new methodology (BPM6) will first be published in June 2014. As another novelty following the changeover, the MNB will publish the monthly balance of payments statistics of the yet unpublished quarter in the period preceding the release of quarterly statistics. The MNB's objective with the introduction of the new monthly data publication is to provide flash information to users on the external economic and financial developments with the shortest lag possible following the reference period. The publication in July 2014 of the balance of payments for April and May 2014 will mark the first milestone. These monthly data will only remain posted on the website until publication of the relevant quarterly data, as considered to be flash estimates. The MNB will not routinely revise and publish monthly BoP time series.

The balance of payments publication on the international methodology and compilation practice in Hungary issued in 2012 will also be updated in the wake of the methodological changeover.

Key dates in the transition to the new methodologies