Monthly Balance of Payments - Preliminary Information

On 18 March the Bank of Estonia will publish the balance of payments for January 2002, the first in the new series of monthly balance of payment figures. So far, the Bank of Estonia has published only quarterly and annual balance of payments. The preliminary annual balance of payments for 2001 will also be published on March 18.

"Monthly balance of payments should be regarded as an estimate. Extensive adjustments are possible if significant new information should be received later on. The information sources used for monthly balance of payments need not necessarily cover every single large transaction. That may have a certain impact as well. The compilation methods of monthly and quarterly balance of payments are different. In case of the monthly balance of payments no such detailed information is available as in case of the quarterly one," Reet Kirt, Head of Statistics Department of the Bank of Estonia said.

The monthly balance of payments is compiled on the basis of international payments declared by the credit institutions. But some additional information from various administrative sources is used as well - foreign trade data by the Statistical Office of Estonia, balance sheet data of the Bank of Estonia and credit institutions, Estonian Central Depository for Securities figures on changes in the balances of companies' equity and debt securities as well as many other sources, to list a few.

It is highly possible that the preliminary information available on private sector is not comprehensive enough. Therefore, for the monthly estimate of those items, statistical modelling based on indirect economic indicators is used in addition to the sources listed above.

The monthly balance of payments presents only the most important indicators and is published within 30 workdays (six weeks) after the end of reporting period. The estimates included in the monthly balance of payments are revised according to the data received from the detailed quarterly and annual questionnaires, the companies have to fill. The adjustments guarantee that monthly, quarterly and annual balance of payments are harmonised.

Monthly balance of payments is published by central banks of many countries, including EU member countries.

The first monthly balance of payments, for January 2002 will be published at 12.00 a.m. on 18 March at the Bank of Estonia's website. The advance release calendar of monthly balance of payments can be found at the same page.

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