Abstract
At the request of the National Statistics and Census Institute (INDEC), a technical assistance mission on external sector statistics (ESS) visited Buenos Aires during April 17–28, 2017. This was a follow up to the November 2016 mission that evaluated the ESS methodology, information sources, and dissemination policy and made recommendations to improve quality, adapt the production of ESS to the methodology provided by the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6), and support the quarterly compilation and dissemination of the International Investment Position (IIP) in accordance with the Special Data Dissemination Standards (SDDS). The mission reviewed the implementation status of the tasks identified in the action plan prepared by the November 2016 mission; assisted compilers in preparing quarterly ESS in accordance with BPM6 guidelines for the next quarterly publication; and provided practical advice on the methodology to be used.
I. Introduction
1. At the request of the National Statistics and Census Institute (INDEC), a technical assistance mission on external sector statistics (ESS) visited Buenos Aires during April 17–28, 2017. The mission reviewed the implementation status of the action plan prepared by the November 2016 mission (Appendix I presents the action plan and status of the proposed actions); assisted compilers in preparing quarterly ESS data in accordance with the guidelines prescribed by the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6) in preparation for the forthcoming dissemination of ESS; and provided practical advice on the methodology to be used.
2. The mission worked with compilers from the INDEC National Directorate of International Accounts (DNCI) and met with staff members from the Central Bank of Argentina (BCRA) and the Argentine federal tax administration (AFIP) (see Appendix II).
3. Section II of this report reviews progress and pending issues and presents the mission’s recommendations for the preparation and release of ESS in Argentina in accordance with the BPM6 methodology, and for the quarterly compilation and dissemination of the International Investment Position (IIP) in accordance with the Special Data Dissemination Standards (SDDS).1 Section III addresses the ESS dissemination and revision policy and other aspects of the compilation of ESS in Argentina.
II. Progress, Pending Issues, and Recommendations Concerning the Compilation of ESS
A. Current Account and Capital Account
4. The DNCI has compiled the historical series for the balance of payments current and capital accounts in accordance with the BPM6 for the years 1990–2016. However, the BPM6-compliant balance of payments series data to be published in July 2017 will begin with data from 2006, because the information on financial liabilities and rents has yet to be validated by the National Public Credit Office for the years prior to 2006.
5. The changes made to the current and capital accounts in migrating to the BPM6 methodology, which are discussed below, do not entail differences in the combined result of those accounts (see Appendix III), although the data to be published in July 2017 may include revisions of several items independent of the adaptation to the BPM6, such as the revision of travel data discussed in paragraph 11.
Goods
6. In the BPM6-compliant data, this account includes goods purchases and sales using information from the unified foreign exchange market (MULC). Also, data for manufacturing services on physical inputs owned by others and maintenance and repair services were reclassified in the corresponding services headings.
7. The customs information allows migrants’ personal effects to be identified. Under the BPM6 methodology, these items should be excluded in the balance of payments goods account, as recommended by the November 2016 mission.
8. In late 2016, the DNCI began receiving data on transactions related to trade in goods broken down by taxpayer identification number (CUIT), which facilitates more detailed analysis of import and export operations to ensure data quality.
Services
9. In addition to the reclassification of goods purchases and sales, manufacturing services on physical inputs owned by others, and maintenance and repair services, as mentioned above, the migration to the BPM6 entailed reclassification of the expense of use of intellectual property; insurance services were calculated as premiums less claims paid; and financial intermediation services indirectly measured (FISIM) were included in services, offsetting the amount against investment income. Also, as recommended by the November 2016 mission, estimated income tax (impuesto a las ganancias) is no longer included in services payments, which reduces service debits and credits in the secondary income account with no net effect on the combined balance of the current and capital accounts.
10. The November 2016 mission recommended including passenger sea and land transport companies in the survey of transportation companies in order to improve the quality of transportation services estimates and, naturally, to improve coverage. The National Directorate of External Sector Statistics (DNSE) prepared a form for this purpose, and a pilot survey of those companies will be conducted. The final decision on including those companies in the survey will depend on the results of the pilot survey and the necessary budget appropriation.
Recommendation:
Include passenger sea and land transport companies in the survey of transport companies (December 2017).
11. With respect to travel, the November 2016 mission recommended improving the estimate of spending by Argentines traveling abroad and exploring the availability of information from counterparty countries for this purpose. The DCNI worked on this issue, although recently the procedure of imputing expenses from the International Tourism Survey (ETI) was revised to produce more robust results. Accordingly, this recommendation is considered unnecessary. The new procedure results in increased estimates of travel-related income and expenditure, with the larger increase seen in expenditure (roughly US$350 million in 2016). The procedure for imputing survey data was revised only for the 2016 results, and therefore the historical series for the prior years will need to be chained.
Recommendation:
Include information on travel income and expenditure, calculated under the new procedure for imputation of expenses from the International Tourism Survey (ETI), and chain the historical series (July 2017).
Primary income
12. As noted previously, the DNCI has calculated the amount of FISIM, which will be included in the data aligned with the BPM6. The result will reduce net investment income and increase net income from services by approximately US$16 million.
13. In addition to enhancing information on transportation services, the possible inclusion of passenger land and sea transport companies in the transport companies survey (see paragraph 10 above) will provide for updated information on wages and salaries paid by those companies to temporary employees, which is now estimated based on the data for other transportation companies.
Secondary income
14. In accordance with the November 2016 mission recommendations, estimated income tax withheld from payments for services is no longer included in the balance of payments data (as noted in paragraph 9 above, the effect of this change with respect to services is neutralized in both accounts).
B. Financial Account and IIP
15. Since November 2016, the DNCI has been working to implement the most important recommendations concerning the migration of ESS to the BPM6, and has begun publishing the IIP quarterly. The mission met with the compilers to review the quarterly data for the financial account, investment income, and the IIP prepared using the new methodology, and analyzed the consistency of transactions and balances.
16. The November 2016 mission recommended adjusting the information used to compile estimates of nonfinancial private sector financial assets. The difficulty in measuring those assets lies in the lack of appropriate sources of the information, which led to the use of assumptions based on information previously obtained, which dates back decades in some cases. A tax amnesty process in which unreported foreign assets were declared concluded in March 2017, and the main findings were published in April 2017. A total of US$116.8 billion was declared under the process (of which US$93.3 billion in assets held abroad).
17. The foreign assets reported by Argentine private sector residents to the AFIP under that process (i.e., the amounts previously declared on regular tax returns plus assets disclosed in the amnesty process) were generally in line with current IIP estimates except for holdings of foreign banknotes (US$7 billion according to AFIP data and US$115 billion reflected in the IIP), although in this case the amount disclosed in the amnesty process is assumed to be well below the actual amount. For foreign real property holdings, the AFIP figure is slightly less than the IIP figure (roughly US$11 billion and US$11.5 billion, respectively), and therefore, assuming that not all assets were disclosed, the amount reflected in the IIP should be adjusted upward. For foreign accounts and deposits, the amount reported to the AFIP (US$31 billion) is slightly below the IIP estimate (US$35.5 billion). Finally, the AFIP results for investments (US$66 billion) are higher than the investment portfolio estimated in the IIP (US$48 billion), although there is uncertainty as to whether the investments reported to the AFIP include investments classified as ID in the IIP. Any decision concerning revision of the estimates currently included in the ESS would require additional details of the foreign assets reported to the AFIP.
18. The mission and the compilers met with AFIP staff to explore the possibility of obtaining data in addition to the data released to the public (i.e., data by counterparty country, additional characteristics needed to properly classify investments, and information on a group of companies identified as ID) to support a decision on revising the current estimates of private sector foreign assets. While the data reported in the amnesty process is strictly confidential and no additional details can be provided, the AFIP expressed a willingness to provide those details for data reported on regular tax returns (which will foreseeably include all assets, i.e., assets previously reported and assets disclosed under the amnesty process). The data for December 20016 (the first data to include the disclosed assets) will be available in June 2017, at which point the requested details could be provided. With respect to corporations, the foreign assets declared in the amnesty process were not significant (only 4 percent of declarations were filed by corporations), and therefore the analysis of data previously reported on the 2015 tax returns can begin. Accordingly, the DNCI will request detailed data for corporations immediately, without waiting until June 2017.
Recommendation:
Obtain data from the AFIP on resident corporations and individuals’ foreign investment at the greatest available level of detail (June 2017).
19. The INDEC and the BCRA have begun exchanging detailed information on foreign asset and liability transactions and balances pursuant to an agreement concluded in November 2016. They have also begun work on reconciling their respective ID results and private liabilities and debt. The mission and the DNCI met with the BCRA to reach agreement on a detailed reconciliation procedure. A detailed timetable was agreed for the exchange and revision of detailed ID and private external debt data and for the reconciliation, release, and revision of aggregates compiled (the agreement was drawn up and ratified during the mission, see Appendix IV). Under the timetable, the first version of quarterly debt and ID data released by the BCRA may diverge, but following the first revision of the data, during the subsequent quarter, the information will be consistent. Successive revisions of the statistics will be coordinated and will therefore continue to be consistent. With the implementation of the agreement, Argentina’s contribution to the CDIS will be consistent with the IIP data for the first time with the submission of December 2016 data in the fall of 2017.
20. The BCRA is currently revising the questionnaires on ID (foreign assets and liabilities) and private external debt to adapt them to the BPM6 requirements, as recommended by the November 2016 mission. The mission and the compilers reviewed the current versions of the ID questionnaires and provided additional suggestions to the BCRA, which were incorporated (the quarterly form is reproduced in Appendix V). Also, the BCRA advised the mission that as recommended by the November 2016 mission, it planned to collect ID information quarterly (the current ID survey collects semiannual data). The quarterly data collection will begin in first quarter 2018 for December 2017 data. With this change, companies with ID holdings in excess of US$100 million would submit information quarterly, and those with ID holdings between US$50 million and US$100 would report annually. This change would result in more accurate quarterly balance of payments and IIP estimates.
Recommendation:
Establish a quarterly procedure to obtain DI data as part of the BCRA survey (December 2017).
21. The mission, the BCRA, and the DNCI reviewed the current procedure for collecting information for the financial account and IIP for nonfinancial corporations (NFCs) and households. The BCRA has been collecting private external debt and ID using the same procedure applied during the period when exchange restrictions were in place and DTCs served as the NFCs’ intermediaries in the collection of data. With the elimination of exchange controls, the procedure is less reliable. Moreover, channeling information on corporate assets and liabilities through DTCs could raise problems as to continuity of information. Accordingly, it can be expected that information collected in this manner will tend to gradually deteriorate, which will also affect MULC data.
22. The mission recommends that a procedure be defined to collect information on private sector financial asset and liability transactions and balances whereby the information would be obtained directly from companies and include all financial assets and liabilities (the current surveys only pertain to private debt and ID). To implement such a procedure, the BCRA must be authorized to collect this information directly from companies (it currently relies on its regulatory authority with respect to DTCs, which act as intermediaries). This could be accomplished through a delegation of INDEC authorities or by formally conducting a joint survey pursuant to statistics regulations.
Recommendation:
In cooperation with the BCRA, begin defining a new procedure for compiling information on foreign assets and liabilities of the private sector, to replace the current surveys of private debt, DI, and the MULC in the medium term (December 2017).
23. As recommended by the November 2016 mission, the DNCI has compiled the balance of payments financial account, the IIP, and rents in accordance with the BPM6 methodology. For the three items, it has prepared a consistent quarterly data series for the years 2006–2016. Although the IIP data were compiled quarterly for the entire period in question, the BPM6-compliant IIP data to be published in July 2017 will include annual information for the years 2006–2015 and quarterly information for 2016 and first quarter 2017 (see Appendix VII). The DNCI will address the dissemination of the complete quarterly series for 2006 and later years once the necessary testing has been completed.
24. The adaptation to BPM6 methodology did not entail substantial changes in the estimated transactions or the total value of Argentine residents’ foreign assets and liabilities, but rather an improved classification of assets and liabilities. The key changes introduced in the financial account and the IIP to adapt to the BPM6 concern the classification of foreign assets and liabilities by instrument and institutional sector. With respect to instruments, the principal changes related to foreign assets of ORSs, which had previously been included (as a combined total) in other investments and are now distributed between the investment portfolio (securities) and other investments (foreign currency and deposits).
25. With respect to the classification by institutional sector, the new data to be released in July and August 2017 will correctly delimit ORSs, and will also identify OFCs for which information on insurance companies’ foreign assets is available from the National Superintendency of Insurance (SSN) and the Mutual Fund Association (AFCI). The BCRA’s forthcoming modifications to the private external debt survey will improve this distinction for the corresponding liabilities.
Recommendations:
Identify the foreign assets of insurance companies (including technical reserves) and mutual funds separately from those of other ORSs.
Identify the financial liabilities (loans) of OFCs once the BCRA has completed and implemented the changes in progress to adapt the debt survey to the BPM6 (December 2017).
Direct investment
26. As indicated above, the BCRA is modifying the forms used and the frequency of the ID and private debt survey. The implementation of the changes, in 2018, will result in closer adherence to the BPM6 recommendations and improved data quality. In addition, the procedure for reconciliation of results obtained by the BCRA and the INDEC will improve the consistency of data released by the two entities, beginning with the December 2016 data. The mission assisted the compilers in identifying the priority transactions for which the [reconciliation] process should be addressed on an urgent basis. The reconciliation process will also make it possible to begin submission of Argentina’s contribution to the CDIS for the first time in Fall 2017.
27. The mission and the compilers analyzed the consistency of DI transactions and balances. The comparison revealed substantial differences in values for the years 2010–2014 reflecting the devaluation of the peso with respect to the dollar (the currency in which ESS are disseminated). Since the devaluation coincided with periods of high inflation in Argentina, a possible correction of the companies’ values to take account of the change in prices of their assets would largely offset that effect. The mission recommends consideration, in consultation with the BCRA and the ESS users, of the potential use of alternative estimates of the stock of ID that could be of use to analysts in identifying the effect of the change in the companies’ values.
Recommendations:
Conclude the process of reconciling DI data (including rents) with the BCRA so that Argentina’s contribution to the CDIS, the balance of payments, and the IIP are consistent beginning with December 2016 data (July 2017).
In cooperation with the BCRA and the users of the information, consider the possibility of using and disseminating alternative estimates of the stock of DI liabilities that take into account the change in price of the companies’ assets and the capitalization of DI companies listed on the stock exchange (December 2017).
28. In accordance with the November 2016 mission’s recommendation, the BCRA has provided for the identification of loans from nonresident DI companies to their Argentine direct investors in the changes to the private external debt survey it plans to introduce in late 2017. In addition, the new ID survey questionnaires mentioned above will implement the recommendations concerning the identification of loans from resident DI companies to their nonresident parent companies and affiliates, equity interests of less than 10 percent that may be held by affiliates, indirect holdings, and clear identification of exceptional income and treatment of taxes.
Recommendation:
In the BCRA debt survey, identify loans by nonresident DI companies to their resident direct investors and loans by the largest resident DI companies to their nonresident direct investors (December 2017).
Portfolio investment
29. The November 2016 mission recommended the inclusion of information available from the Caja de Valores, S.A. (the central securities depository, CSD) on nonresidents’ holdings of securities issued locally by the private sector. The DNCI confirmed that this information is already included in the BCRA debt survey, and therefore no additional action is required.
30. The DNCI obtained data on arrears broken down by instrument for the purpose of reclassification in the information adapted to the BPM6. The balance of payments and IIP data to be released in July and August 2017, respectively, will correctly classify the arrears as memorandum items in the balance of payments and in positions.
31. External assets in the investment portfolio presented according to the BPM6 will include estimates of securities held by ORSs (which are currently included in other investments, together with currency and deposits). As noted above, the estimate may be revised in light of information provided by the AFIP in June 2017.
32. In portfolio investments, transactions in the secondary market between residents and nonresidents involving the purchase or sale of securities issued by Argentine residents (in other words, transactions in negotiable debt instruments) have been allocated to the sector that executes the transaction. In the data to be disseminated in June 2017, the transactions will be classified as changes in the amount of issuing sector liabilities, as provided by the BPM6.
Recommendation:
Classify transactions between residents and nonresidents involving the purchase or sale of securities issued by Argentine residents in the foreign liabilities of the securities issuing sector (June 2017).
Financial derivatives
33. The mission assisted the compilers in reviewing provisions of the BCRA chart of accounts pertaining to DTCs to identify relevant accounts for the purpose of estimating financial derivatives transactions and balances with nonresidents. It did not appear possible to obtain the necessary data directly from the chart of accounts, because the relevant accounts do not distinguish between resident and nonresident counterparties. However, the BCRA may have other information from which the data can be obtained. Also, the November 2016 mission recommended investigating the possibility that information on nonresidents’ derivatives transactions may be available from the Rosario derivatives market.
Recommendation:
Review available data from the BCRA and the Rosario derivatives market to identify any information on transactions with nonresidents involving financial derivatives (June 2017). This information should be obtained for all sectors in Argentina that execute transactions in financial derivatives with nonresidents.
Other investment
34. The information on private sector foreign assets in the form of banknotes, deposits, and trade credits and advances may be revised in view of information provided by the AFIP in June 2017. For trade credits and advances, the November 2016 mission recommended that the survey of companies include a question on average collection times for goods and services exports for use in estimating Argentine companies’ assets and liabilities with the rest of the world. In November 2016, the DNSE agreed to consider that proposal.
35. As noted above, the BCA confirmed that starting at the end of the year, the revised debt survey will include the modifications to the data compiled and the compilation procedures identified by the November 2016 mission.
Recommendation:
Continue discussions with the DNSE on the possible inclusion of information required to estimate average import and export collection and payment times (December 2017).
Reserves
36. The DNCI has been receiving information from the BCRA on the quarterly reserves position, as well as detailed information (by currency and instrument) used to obtain data relating to the corresponding transactions, with the exception of valuation differences. However, the data compiled on transactions by instrument using this information is not fully consistent with the positions. The mission assisted the compilers in preparing a spreadsheet (Appendix V) with which the BCRA will provide transaction information fully consistent with the positions by including price information in its analysis.
Recommendation:
In the balance of payments, include data on transactions in reserves, broken down by instrument and consistent with the IIP, using data provided by the BCRA (June 2017).
III. Dissemination of ESS and Other Aspects of ESS Preparation in Argentina
37. The November 2016 mission recommended discontinuing the practice of revising the entire published historical series every time new balance of payments and IIP information is released, and defining an ESS revision policy that considers aspects of the compilation process and the needs of users. The DNCI will propose a new ESS dissemination policy that takes account of information exchanges with the BCRA, the need to maintain consistency with the private external debt and ID statistics released by the institution, the revision of other statistics compiled by the INDEC, and the advantages of maintaining a degree of stability in the data released. Under the proposal, each quarterly release of data from June 2017 onward will include a revision of the previous quarter’s data. Also, when the data for a full year is released, the previous year will be revised as well (in other words, in addition to the four quarters of the current year, the [revised] four quarters for the preceding year).
Recommendation:
Redefine the ESS revision policy to adapt it to information sources and compilation procedures to be implemented this year. (June 2017).
38. Following the November 2016 mission recommendations, the DNCI subsequently added one staff member, and another is in the contracting process. In addition, a database expert has been contracted on a temporary basis to promote the use of microdata in preparing the ESS. The mission believes it is essential to maintain adequate staffing to perform the tasks delegated to the DNCI by consolidating the current staffing (i.e., the 12 employees who had been hired prior to November and the three additional staff members). Also, the DNCI has continued strengthening its personnel capacities through training activities and seminars on ESS methodology, statistical operations, and IT tools (since the previous mission, DNCI staff have attended six international courses, four national courses, and seven online courses).
39. The DNCI has begun using SAS and other IT tools to efficiently exploit the detailed information it has begun to receive from the BCRA and the DNSE in compiling the ESS. The level of effort should be maintained to build staff capacities in the use of those tools.
Recommendation:
Provide further training for staff in managing complex databases (December 2017).
40. During the mission, the DNCI launched the process of preparing metadata adapted to the changes to be introduced to migrate the ESS to the BPM6, with the intention of releasing the metadata on the INDEC website together with the revised data.
Recommendation:
Prepare and disseminate ESS metadata incorporating the changes introduced in order to adapt the ESS to the BPM6.
Appendix I. Action Plan from the November 2016 Mission with Implementation Status
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| II | A | Establish an efficient procedure for exchange of information and reconciliation of data on the exchange balance and debt and DI surveys (benchmark action) | MULC data and private sector debt and DI surveys are exchanged and the statistics disseminated by the two agencies are consistent. | March 2017 | The information exchange is completed. A new action is being included in the April 2017 mission’s plan. | Requires cooperation from the BCRA. During the mission, BCRA staff indicated their willingness to cooperate with the DNCI. |
| II | A | Compile the 2010–2016 balance of payments financial account and quarterly IIP using the BPM6 methodology, based on current information sources (benchmark action) | Quarterly IIP series data for 2010–2016 are available. | March 2017 | Completed. | Preliminary data for December 2014 and March 2015 were compiled during the mission. |
| II | A | Update the information used to compile estimated external assets of the nonfinancial private sector (benchmark action) | New basic data are available to run the estimate. | June 2017 | This activity is revised in the April 2017 mission plan. | |
| II | M | Exclude migrants’ personal effects from the goods account. | Migrants’ personal effects are excluded from the goods account. | June 2017 | Completed | Information is available in customs documents. |
| II | M | Include passenger sea and land transport companies in the survey of transport companies. | The companies are included in the external sector survey conducted by the National Directorate of External Sector Statistics (DNSE). | December 2017 | Requires budget appropriation. | |
| II | M | Research information on average spending by Argentines traveling abroad and determine whether it can be used to estimate debits under travel. | Data are collected from counterparty countries that have this information. | June 2017 | Completed (an alternative source of data was found). | |
| II | M | Revise the insurance services estimate using new information to be provided by the National Superintendency of Insurance (SSN) | The new estimates are included in the balance of payments. | March 2017 | Completed | During the mission, the SSN agreed to provide detailed information. |
| II | M | Calculate financial intermediation services indirectly measured (FISIM) | FISIM estimates have been provided. | December 2017 | Completed | |
| II | M | Discontinue the practice of imputing tax withholding to services exports. | The balance of payments does not include imputations. | March 2017 | Completed | |
| II | A | Redefine the ESS revision policy to adapt it to the planned information sources and procedures. | A new ESS revision policy is in place. | June 2017 | Outstanding | |
| II | A | Identify OFCs within ORSs in the financial account and IIP, and include information on insurance company foreign assets (including technical reserves) and mutual funds. | ORS data is detailed in the financial account and the IIP and technical reserves data are included. | June 2017 | Outstanding | |
| II | M | Identify loans from nonresident DI companies to their resident direct investors in the BCRA debt survey and any loans from the principal resident DI companies to their nonresident direct investors, and compare DI abroad with the information from the BCRA survey of DI through second-level holding. | Separate information for those loans is available. | December 2017 | Outstanding | Requires cooperation from the BCRA. The BCRA will include the information in the revision of the private external debt survey. |
| II | A | Establish a quarterly procedure to obtain foreign DI data either as part of the BCRA survey or, if this is not possible, through a separate process | A quarterly survey of data is available for the principal corporations. | December 2017 | Outstanding | The BCRA plans to collect quarterly information from the largest companies starting with December 2017 data. |
| II | M | Include the information available from the CSD on nonresidents’ holdings of securities issued locally by the private sector. | These holdings are included in portfolio investments in Argentina. | March 2017 | Completed | |
| II | M | Determine whether arrears information is available broken down by instrument to facilitate reclassification in accordance with the BPM6. | Information on arrears is available by instrument. | June 2017 | Completed | This information is particularly important for historical serives data. |
| II | M | Investigate potential information on financial derivatives transactions with nonresidents in the accounting data of other deposit-taking corporations (DTCs) (available from the BCRA) and the Rosario derivatives market. | Any relevant transactions in financial derivatives are identified. | June 2017 | Outstanding | |
| II | A | Continue discussions with the DNSE on the possible inclusion of information to obtain average import and export collection and payment times. | The possibility of collecting this information is being studied in the context of developing surveys of goods and services importers and exporters. | December 2017 | Outstanding | Requires budget appropriation. |
| III | A | Strengthen personnel training in the management of complex databases, and increase staffing by at least three persons. | The staffing is increased and training in database management is improved. | March 2017 | Completed, but the effort should continue | One new staff member has been hired, another is in the contracting process, and a data processing specialist has been hired on a temporary basis. |
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| II | A | Establish an efficient procedure for exchange of information and reconciliation of data on the exchange balance and debt and DI surveys (benchmark action) | MULC data and private sector debt and DI surveys are exchanged and the statistics disseminated by the two agencies are consistent. | March 2017 | The information exchange is completed. A new action is being included in the April 2017 mission’s plan. | Requires cooperation from the BCRA. During the mission, BCRA staff indicated their willingness to cooperate with the DNCI. |
| II | A | Compile the 2010–2016 balance of payments financial account and quarterly IIP using the BPM6 methodology, based on current information sources (benchmark action) | Quarterly IIP series data for 2010–2016 are available. | March 2017 | Completed. | Preliminary data for December 2014 and March 2015 were compiled during the mission. |
| II | A | Update the information used to compile estimated external assets of the nonfinancial private sector (benchmark action) | New basic data are available to run the estimate. | June 2017 | This activity is revised in the April 2017 mission plan. | |
| II | M | Exclude migrants’ personal effects from the goods account. | Migrants’ personal effects are excluded from the goods account. | June 2017 | Completed | Information is available in customs documents. |
| II | M | Include passenger sea and land transport companies in the survey of transport companies. | The companies are included in the external sector survey conducted by the National Directorate of External Sector Statistics (DNSE). | December 2017 | Requires budget appropriation. | |
| II | M | Research information on average spending by Argentines traveling abroad and determine whether it can be used to estimate debits under travel. | Data are collected from counterparty countries that have this information. | June 2017 | Completed (an alternative source of data was found). | |
| II | M | Revise the insurance services estimate using new information to be provided by the National Superintendency of Insurance (SSN) | The new estimates are included in the balance of payments. | March 2017 | Completed | During the mission, the SSN agreed to provide detailed information. |
| II | M | Calculate financial intermediation services indirectly measured (FISIM) | FISIM estimates have been provided. | December 2017 | Completed | |
| II | M | Discontinue the practice of imputing tax withholding to services exports. | The balance of payments does not include imputations. | March 2017 | Completed | |
| II | A | Redefine the ESS revision policy to adapt it to the planned information sources and procedures. | A new ESS revision policy is in place. | June 2017 | Outstanding | |
| II | A | Identify OFCs within ORSs in the financial account and IIP, and include information on insurance company foreign assets (including technical reserves) and mutual funds. | ORS data is detailed in the financial account and the IIP and technical reserves data are included. | June 2017 | Outstanding | |
| II | M | Identify loans from nonresident DI companies to their resident direct investors in the BCRA debt survey and any loans from the principal resident DI companies to their nonresident direct investors, and compare DI abroad with the information from the BCRA survey of DI through second-level holding. | Separate information for those loans is available. | December 2017 | Outstanding | Requires cooperation from the BCRA. The BCRA will include the information in the revision of the private external debt survey. |
| II | A | Establish a quarterly procedure to obtain foreign DI data either as part of the BCRA survey or, if this is not possible, through a separate process | A quarterly survey of data is available for the principal corporations. | December 2017 | Outstanding | The BCRA plans to collect quarterly information from the largest companies starting with December 2017 data. |
| II | M | Include the information available from the CSD on nonresidents’ holdings of securities issued locally by the private sector. | These holdings are included in portfolio investments in Argentina. | March 2017 | Completed | |
| II | M | Determine whether arrears information is available broken down by instrument to facilitate reclassification in accordance with the BPM6. | Information on arrears is available by instrument. | June 2017 | Completed | This information is particularly important for historical serives data. |
| II | M | Investigate potential information on financial derivatives transactions with nonresidents in the accounting data of other deposit-taking corporations (DTCs) (available from the BCRA) and the Rosario derivatives market. | Any relevant transactions in financial derivatives are identified. | June 2017 | Outstanding | |
| II | A | Continue discussions with the DNSE on the possible inclusion of information to obtain average import and export collection and payment times. | The possibility of collecting this information is being studied in the context of developing surveys of goods and services importers and exporters. | December 2017 | Outstanding | Requires budget appropriation. |
| III | A | Strengthen personnel training in the management of complex databases, and increase staffing by at least three persons. | The staffing is increased and training in database management is improved. | March 2017 | Completed, but the effort should continue | One new staff member has been hired, another is in the contracting process, and a data processing specialist has been hired on a temporary basis. |
Appendix II. Participants in Mission Meetings
INDEC
INDEC
| Date | Name | Position | Responsibility |
|---|---|---|---|
| April 17–28 | Pedro Ignacio Lines | National Director of International Accounts | Directorate |
| Mercedes Juaristi | Director of Real Goods and Services | Directorate (Goods and Services) | |
| Luis Giussani Sandrine Tateossian | Director of Records, Analysis, and Forecasts Analyst | Directorate (Financial Account and IIP) | |
| Eugenio Leon | Analyst | Services | |
| Eduardo Ignacio Almirón | Analyst | Goods | |
| Romina Carla Cerezoli | Analyst | Financial account (Government) | |
| Gastón Prieto | Analyst | Financial account (Government) | |
| Alejandra Miramón | Analyst | Financial account (Government) | |
| Ema Inés Espagne | Analyst | Financial account (financial sector and portfolio investment) | |
| Ignacio Rosenthal | Analyst | Direct investment | |
| Marina Volpedo | Analyst | Services |
INDEC
| Date | Name | Position | Responsibility |
|---|---|---|---|
| April 17–28 | Pedro Ignacio Lines | National Director of International Accounts | Directorate |
| Mercedes Juaristi | Director of Real Goods and Services | Directorate (Goods and Services) | |
| Luis Giussani Sandrine Tateossian | Director of Records, Analysis, and Forecasts Analyst | Directorate (Financial Account and IIP) | |
| Eugenio Leon | Analyst | Services | |
| Eduardo Ignacio Almirón | Analyst | Goods | |
| Romina Carla Cerezoli | Analyst | Financial account (Government) | |
| Gastón Prieto | Analyst | Financial account (Government) | |
| Alejandra Miramón | Analyst | Financial account (Government) | |
| Ema Inés Espagne | Analyst | Financial account (financial sector and portfolio investment) | |
| Ignacio Rosenthal | Analyst | Direct investment | |
| Marina Volpedo | Analyst | Services |
BCRA
BCRA
| Date | Name | Position | Responsibility |
|---|---|---|---|
| April 19 | Beatriz Biasone | Principal Manager (BCRA) | Monetary program |
| Martín Corvo | Manager, External and Foreign Exchange Statistics | Directorate | |
| Diego Piaggio | Deputy Manager, External Surveys | DI/External Debt Survey |
BCRA
| Date | Name | Position | Responsibility |
|---|---|---|---|
| April 19 | Beatriz Biasone | Principal Manager (BCRA) | Monetary program |
| Martín Corvo | Manager, External and Foreign Exchange Statistics | Directorate | |
| Diego Piaggio | Deputy Manager, External Surveys | DI/External Debt Survey |
AFIP
AFIP
| Date | Name | Position | Responsibility |
|---|---|---|---|
| April 20 | José Salim | Director | Research Department, General Planning Branch, Directorate General of Taxes |
| April 20 | Analía L. Vassallo, | Department Head | Statistics Department, General Planning Branch, Directorate General of Taxes |
AFIP
| Date | Name | Position | Responsibility |
|---|---|---|---|
| April 20 | José Salim | Director | Research Department, General Planning Branch, Directorate General of Taxes |
| April 20 | Analía L. Vassallo, | Department Head | Statistics Department, General Planning Branch, Directorate General of Taxes |
Appendix III. Summary of the Current and Capital Accounts under MBP5 and MBP6 Methodologies
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BPM6 | Current account | 6474 | 5982 | 5353 | 7180 | -1703 | -5412 | -2156 | -13094 | -8461 | -16800 | -14753 |
| Goods | 14030 | 13552 | 15563 | 18645 | 14147 | 12351 | 15041 | 4635 | 6015 | -363 | 4540 | |
| Services | -788 | -1048 | -2291 | -2066 | -1884 | -3225 | -4115 | -5298 | -4397 | -5405 | -7946 | |
| Primary income | -7723 | -7595 | -9034 | -10319 | -14548 | -15073 | -13754 | -13165 | -11614 | -12115 | -12567 | |
| Secondary income | 955 | 1073 | 1114 | 920 | 581 | 534 | 672 | 734 | 1535 | 1083 | 1220 | |
| Capital account | 98 | 121 | 185 | 80 | 78 | 63 | 48 | 33 | 57 | 52 | 237 | |
| BPM5 | Current account | 6475 | 5982 | 5347 | 7172 | -1716 | -5412 | -2157 | -13101 | -8475 | -16817 | -14755 |
| Goods | 13958 | 13456 | 15423 | 18526 | 14016 | 12212 | 14940 | 4670 | 5979 | -388 | 4490 | |
| Services | -822 | -1099 | -2293 | -2072 | -1879 | -3249 | -3873 | -5070 | -4031 | -5320 | -7928 | |
| Income | -7697 | -7567 | -9009 | -10312 | -14534 | -15057 | -13735 | -13160 | -11614 | -12122 | -12551 | |
| Current transfers | 1036 | 1192 | 1226 | 1030 | 682 | 682 | 511 | 460 | 1191 | 1013 | 1234 | |
| Capital account | 97 | 121 | 181 | 74 | 89 | 62 | 48 | 33 | 59 | 51 | 237 | |
| Differences | Current account | -1 | -1 | 6 | 8 | 12 | 0 | 1 | 7 | 14 | 17 | 2 |
| Goods | 71 | 96 | 141 | 119 | 131 | 139 | 101 | -35 | 36 | 25 | 50 | |
| Services | 34 | 50 | 3 | 6 | -5 | 25 | -242 | -228 | -367 | -85 | -18 | |
| Primary income | -25 | -28 | -26 | -7 | -13 | -16 | -19 | -4 | 0 | 6 | -16 | |
| Secondary income | -81 | -119 | -112 | -110 | -101 | -147 | 161 | 275 | 344 | 71 | -14 | |
| Capital account | 1 | 0 | 4 | 6 | -11 | 0 | 0 | 0 | -2 | 1 | 0 | |
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BPM6 | Current account | 6474 | 5982 | 5353 | 7180 | -1703 | -5412 | -2156 | -13094 | -8461 | -16800 | -14753 |
| Goods | 14030 | 13552 | 15563 | 18645 | 14147 | 12351 | 15041 | 4635 | 6015 | -363 | 4540 | |
| Services | -788 | -1048 | -2291 | -2066 | -1884 | -3225 | -4115 | -5298 | -4397 | -5405 | -7946 | |
| Primary income | -7723 | -7595 | -9034 | -10319 | -14548 | -15073 | -13754 | -13165 | -11614 | -12115 | -12567 | |
| Secondary income | 955 | 1073 | 1114 | 920 | 581 | 534 | 672 | 734 | 1535 | 1083 | 1220 | |
| Capital account | 98 | 121 | 185 | 80 | 78 | 63 | 48 | 33 | 57 | 52 | 237 | |
| BPM5 | Current account | 6475 | 5982 | 5347 | 7172 | -1716 | -5412 | -2157 | -13101 | -8475 | -16817 | -14755 |
| Goods | 13958 | 13456 | 15423 | 18526 | 14016 | 12212 | 14940 | 4670 | 5979 | -388 | 4490 | |
| Services | -822 | -1099 | -2293 | -2072 | -1879 | -3249 | -3873 | -5070 | -4031 | -5320 | -7928 | |
| Income | -7697 | -7567 | -9009 | -10312 | -14534 | -15057 | -13735 | -13160 | -11614 | -12122 | -12551 | |
| Current transfers | 1036 | 1192 | 1226 | 1030 | 682 | 682 | 511 | 460 | 1191 | 1013 | 1234 | |
| Capital account | 97 | 121 | 181 | 74 | 89 | 62 | 48 | 33 | 59 | 51 | 237 | |
| Differences | Current account | -1 | -1 | 6 | 8 | 12 | 0 | 1 | 7 | 14 | 17 | 2 |
| Goods | 71 | 96 | 141 | 119 | 131 | 139 | 101 | -35 | 36 | 25 | 50 | |
| Services | 34 | 50 | 3 | 6 | -5 | 25 | -242 | -228 | -367 | -85 | -18 | |
| Primary income | -25 | -28 | -26 | -7 | -13 | -16 | -19 | -4 | 0 | 6 | -16 | |
| Secondary income | -81 | -119 | -112 | -110 | -101 | -147 | 161 | 275 | 344 | 71 | -14 | |
| Capital account | 1 | 0 | 4 | 6 | -11 | 0 | 0 | 0 | -2 | 1 | 0 | |
Appendix IV. Agreement Between the BCRA and the INDEC on the Exchange of Information and Release of Debt and DI Survey Data (April 19, 2017)
1. Debt survey data for quarter T1 [trimestre 1] (Excel file with timetable attached).
a) The INDEC closes the first version of the balance of payments and IIP (90 days after the reference date, T1+90) with estimated data based on its own information or preliminary data provided by the BCRA.
b) The BCRA closes the first version of T1 data approximately 120 days after the reference date, releases the debt report, and sends the results and the microdata to the INDEC. At this point, the data are not consistent with the data released by the INDEC in (a).
c) The INDEC reviews the information received from the BCRA. This is followed by a discussion period to clarify points of uncertainty and arrive at an agreed result before proceeding to the next step.
d) On T1+180 the INDEC releases initial information for T2 and revises the T1 data. The revised T1 data includes the results agreed in (c) in the balance of payments and IIP. At this point, the T1 data are not consistent, although the data included by the INDEC can be expected to be quite similar to the data released by the BCRA in (b).
e) On T1+210, the BCRA releases T2 information and revises T1 data. The data agreed in (c) are included in T1. The T1 information is consistent.
f) Each time the balance of payments transactions are to be estimated, an additional period prior to the period being revised will be required. Example: in December, updated data for the stock of T1 would be needed, even though only T2 and T3 are being updated.
g) To summarize: the estimate from the previous quarter is revised every quarter. To revise a year, the data from the annual DI survey are expected to be available, which would be in September of each year.
2. Direct investment (DI) survey:
a) The INDEC closes the first version of the balance of payments and IIP (90 days after the reference date, T1+90) with estimated data based on its own information and preliminary data provided by the BCRA.
b) The BCRA closes the first version of T1 data approximately 120 days after the reference date. This version includes only those companies that report quarterly. The BCRA sends INDEC the results and microdata, and releases the DI report as applicable. The data are not consistent with the data released by the INDEC in (a).
c) The INDEC reviews the information received from the BCRA. This is followed by a discussion period to clarify points of uncertainty and arrive at an agreed result before proceeding to the next step.
d) On T1+180, the INDEC adds the results agreed in (c) to the balance of payments and IIP. While the information includes the quarterly data released by the BCRA in (b), the results are not consistent because the INDEC will have included the revisions resulting from (c) and the INDEC provides the quarterly corporate data to calculate data for the total population.
e) On T1+210, the BCRA releases the T2 information and revises the T1 information. The data agreed in (c) are included in T1. The information for T1 is consistent for companies reporting quarterly, but the totals reported in the balance of payments and IIP do not agree with the BCRA’s DI report because the INDEC provides the information from the companies reporting quarterly to calculate data for the total population.
f) On A1+180, the BCRA closes the information from the annual DI survey, revises the data, and forwards the results and the microdata to the INDEC. The INDEC revises the information received from the BCRA. This is followed by a discussion period to clarify points of uncertainty and arrive at an agreed result before proceeding to the next step.
g) On A1+270, the BCRA releases the DI report and transmits the data from the Coordinated Direct Investment Survey (CDIS). The INDEC revises the balance of payments and IIP data for the four quarters of A1. The end-year IIP data, the BCRA report, the annual balance of payments data, and the investment transactions and rents in the BCRA report are all in agreement. The remaining question is whether the BCRA will include quarterly data in its report, or only the annual data. If it includes quarterly data consistent with the annual data, this should be agreed with the INDEC.
3. Other issues:
a) The schedule of DI tasks refers to information the BCRA will begin to collect with the new quarterly and annual DI surveys. The BCRA is still revising the questionnaires. The final version will be agreed with the INDEC, and the BCRA plans to begin collecting the new information during the first quarter 2018, for data relating to December 2017. Until now, for data from 2016, 2015, and prior years, the BCRA and INDEC will work to resolve differences in the data and agree on a result for the annual data, which will be the data reflected in the BCRA’s DI report, the balance of payments and IIP, and Argentina’s contribution to the CDIS.
b) The debt survey will include the improvements the BCRA is making pursuant to the November 2016 meetings:
Calculation of accrued rents.
Application of BPM6 sectorization criteria (separation of subsectors included in other resident sectors).
Improvements in imputation and no-response procedures.
More detailed identification of liabilities that should be classified as DI.
Incorporation of ClaNAE 2010 codification.
| Schedule | Year 1 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter I | Quarter II | Quarter III | Quarter IV | |||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
| Publication of BOP and IIP | T1 V1 | T2 V1 | T3 V1 | |||||||||
| T1 V2 | T2 V2 | |||||||||||
| T1 V2 | ||||||||||||
| Debt survey | T1 V1 | T2 V1 | ||||||||||
| T1 V2 | ||||||||||||
| FDI survey | T1 V1 | T2 V1 | ||||||||||
| T1 V2 | ||||||||||||
| Notes: | ||||||||||||
| The 1 (V1) versions are different. | ||||||||||||
| The 2 (V2) versions are consistent. | ||||||||||||
| The 3 (V3) versions are consistent and include the annual FDI data. | ||||||||||||
| Each quarter the estimate for the previous quarter is revised. It is expected that data from the annual FDI survey will be available for revising the year. | ||||||||||||
| In order to perform estimates of balance of payments transactions, it is necessary to have an additional period previous to the first period being revised at any point. | ||||||||||||
| Example: For month 12 one would need to have the updated figure of the T1 stock, even though it is not published. | ||||||||||||
| Schedule | Year 1 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter I | Quarter II | Quarter III | Quarter IV | |||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
| Publication of BOP and IIP | T1 V1 | T2 V1 | T3 V1 | |||||||||
| T1 V2 | T2 V2 | |||||||||||
| T1 V2 | ||||||||||||
| Debt survey | T1 V1 | T2 V1 | ||||||||||
| T1 V2 | ||||||||||||
| FDI survey | T1 V1 | T2 V1 | ||||||||||
| T1 V2 | ||||||||||||
| Notes: | ||||||||||||
| The 1 (V1) versions are different. | ||||||||||||
| The 2 (V2) versions are consistent. | ||||||||||||
| The 3 (V3) versions are consistent and include the annual FDI data. | ||||||||||||
| Each quarter the estimate for the previous quarter is revised. It is expected that data from the annual FDI survey will be available for revising the year. | ||||||||||||
| In order to perform estimates of balance of payments transactions, it is necessary to have an additional period previous to the first period being revised at any point. | ||||||||||||
| Example: For month 12 one would need to have the updated figure of the T1 stock, even though it is not published. | ||||||||||||
| Schedule | Year 2 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter V | Quarter VI | Quarter VII | Quarter VIII | ||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Publication of BOP and IIP | T4 V1 | T5 V1 | T6 V1 | ||||||||||
| T3 V2 | T4 V2 | T5 V2 | |||||||||||
| T2 V2 | T3 V2 | T4 V3 | |||||||||||
| T1 V2 | T2 V2 | T3 V3 | |||||||||||
| T1 V2 | T2 V3 | ||||||||||||
| T1 V3 | |||||||||||||
| Debt survey | T3 V1 | T4 V1 | T5 V1 | T6 V1 | |||||||||
| T2 V2 | T3 V2 | T4 V2 | T5 V2 | ||||||||||
| T1 V2 | T2 V2 | T3 V2 | T4 V3 | ||||||||||
| T1 V2 | T2 V2 | T3 V3 | |||||||||||
| T1 V2 | T2 V3 | ||||||||||||
| T1 V3 | |||||||||||||
| FDI survey | T3 V1 | T4 V1 | T5 V1 | T6 V1 | |||||||||
| T2 V2 | T3 V2 | T4 V2 | T5 V2 | ||||||||||
| T1 V2 | T2 V2 | T3 V2 | T4 V3 | ||||||||||
| T1 V2 | T2 V2 | T3 V3 | |||||||||||
| Notes: | T1 V2 | T2 V3 | |||||||||||
| The 1 (V1) versions are different. | T1 V3 | ||||||||||||
| The 2 (V2) versions are consistent. | |||||||||||||
| The 3 (V3) versions are consistent and include the annual FDI data. | |||||||||||||
| Each quarter the estimate for the previous quarter is revised. It is expected that data from the annual FDI survey will be available for revising the year. | |||||||||||||
| In order to perform estimates of balance of payments transactions, it is necessary to have an additional period previous to the first period being revised at any point. | |||||||||||||
| Example: For month 12 one would need to have the updated figure of the T1 stock, even though it is not published. | |||||||||||||
| Schedule | Year 2 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter V | Quarter VI | Quarter VII | Quarter VIII | ||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Publication of BOP and IIP | T4 V1 | T5 V1 | T6 V1 | ||||||||||
| T3 V2 | T4 V2 | T5 V2 | |||||||||||
| T2 V2 | T3 V2 | T4 V3 | |||||||||||
| T1 V2 | T2 V2 | T3 V3 | |||||||||||
| T1 V2 | T2 V3 | ||||||||||||
| T1 V3 | |||||||||||||
| Debt survey | T3 V1 | T4 V1 | T5 V1 | T6 V1 | |||||||||
| T2 V2 | T3 V2 | T4 V2 | T5 V2 | ||||||||||
| T1 V2 | T2 V2 | T3 V2 | T4 V3 | ||||||||||
| T1 V2 | T2 V2 | T3 V3 | |||||||||||
| T1 V2 | T2 V3 | ||||||||||||
| T1 V3 | |||||||||||||
| FDI survey | T3 V1 | T4 V1 | T5 V1 | T6 V1 | |||||||||
| T2 V2 | T3 V2 | T4 V2 | T5 V2 | ||||||||||
| T1 V2 | T2 V2 | T3 V2 | T4 V3 | ||||||||||
| T1 V2 | T2 V2 | T3 V3 | |||||||||||
| Notes: | T1 V2 | T2 V3 | |||||||||||
| The 1 (V1) versions are different. | T1 V3 | ||||||||||||
| The 2 (V2) versions are consistent. | |||||||||||||
| The 3 (V3) versions are consistent and include the annual FDI data. | |||||||||||||
| Each quarter the estimate for the previous quarter is revised. It is expected that data from the annual FDI survey will be available for revising the year. | |||||||||||||
| In order to perform estimates of balance of payments transactions, it is necessary to have an additional period previous to the first period being revised at any point. | |||||||||||||
| Example: For month 12 one would need to have the updated figure of the T1 stock, even though it is not published. | |||||||||||||
Appendix V. Quarterly Direct Investment Transactions and Holdings Reporting Form (subject to change; to be instituted in December 2017)
Information about the direct investment declaration – quarterly module
Please read the instructions before completing the questionnaire. If you have any questions or queries, contact the institution through which you are filing the information, which should be submitted to the Central Bank of Argentina on a quarterly basis, within 45 days of the end of the calendar quarter.
In addition, you may consult the archive of frequently asked questions published on the BCRA website.
Purpose
Foreign direct investment (FDI) is a key element of international economic integration and it is a means of establishing direct, stable, and long-term connections among economies. It can serve as an important vehicle for the development of local businesses and it can help to boost the competitiveness of both the host economy and the investing economy through the transfer of technology and knowledge between these economies. It also gives the host economy an opportunity to promote its products more broadly in international markets, with a positive impact on the development of international trade. In addition, FDI is an important source of capital for economies.
Having reliable FDI statistics that are readily available and harmonized at the international level is an essential element for policymakers who are faced with the challenge of attracting and taking maximum advantage of international investment.
Authority (Subject to legal advice)
Law No. 17.622 authorizes the Central Bank of Argentina, as part of the National Statistical System, to request information for the purposes of carrying out tasks that are part of the system’s statistical plans. Article 11 of the law states that: “All national, provincial, and municipal agencies and units, individuals and legal entities, public or private, that are located in the country are required to provide to entities that are part of the National Statistical System data and information of statistical interest that may be requested from them.”
Penalties (Subject to legal advice)
Article 15 of Law No. 17.622, as amended by Article 2 of INDEC Regulation No. 278/2012, establishes penalties for a failure to provide information in a timely manner, for falsification of information, or for the deliberate omission of data.
Confidentiality (Subject to legal advice)
Article 10 of Law No. 17.622 states that: “Information that is provided to entities that are part of the National Statistical System in accordance with this law shall be strictly confidential and shall be used only for statistical purposes. The data must be provided and published exclusively in aggregate compilations in such a way that trade or proprietary secrets cannot be violated, and individual persons or entities referred to in the data cannot be identified.”
Article 13 of Law No. 17.622. All persons who have knowledge of statistical or census data as a result of their positions or functions shall be required to treat these data with the strictest confidence.
Article 17 of Law No. 17.622. Officials or employees who disclose to third parties or use for personal gain any individual information of a statistical or census nature to which they have gained access as a result of their functions, or who willfully engage in the misrepresentation, omission, or falsification of census or statistical data, shall be subject to dismissal and shall also be subject to the relevant penalties in accordance with the Criminal Code (Vol. II, Title V, Chapter III).
Burden on the respondent
The burden on the respondent is estimated at
Accounting methods
Generally accepted principles normally used for the compilation of accounting statements should be followed for the recording of data.
Basic definitions
This survey is based on the guidelines, definitions, and recommendations provided in the International Monetary Fund’s Balance of Payments and International Investment Position Manual, Sixth Edition, the purpose of which is the formulation and adoption of guidelines for the compilation of consistent, reliable, and timely balance of payments statistics. It is in line with the 2008 Benchmark Definition of Foreign Direct Investment of the Organisation for Economic Co-operation and Development (OECD). In addition, in some cases Technical Resolutions that are part of the Professional Accounting Standards of the Argentine Federation of Professional Councils of Economic Sciences are taken into consideration.
| 1 Residence | Any individual, corporation, or other institutional units whose center of predominant economic interest or activity is located within the borders of a given country are considered resident in that country. An individual is presumed to be resident in a country if he remains or intends to remain in the country for one year or more. In the case of corporations and other institutional units, they are considered to be resident when they have performed economic activities and transactions in the country on a significant scale for one year or more, or have the intention of doing so. |
| 2 Control | Control is understood to be exercised when: a) An investor enterprise holds an interest through any kind of ownership that provides the votes necessary to determine the corporate will at corporate meetings or ordinary general assemblies. Having the votes necessary to determine the corporate will means holding more than 50% of the possible votes, directly or indirectly through other entities under one’s control. b) An investor enterprise holds half or fewer of the votes necessary to determine the corporate will, but in accordance with written agreements with other shareholders, has the power to control the majority of the voting rights associated with shares in order to: 1) define and direct the issuer’s operational and financial policies; and 2) appoint and remove the majority of members of the board of directors. |
| 3 Significant influence | According to the Balance of Payments Manual, Sixth Edition, a significant degree of influence is determined to exist if the direct investor owns from 10 to 50 percent of the voting power in the direct investment enterprise. |
| 4 Direct investment relationships | According to the Balance of Payments Manual, Sixth Edition, direct investment reflects the objective of establishing a lasting interest by an enterprise resident in one economy (direct investor) in an enterprise (direct investment enterprise) that is resident in an economy other than that of the direct investor. It is internationally accepted that a stake in an enterprise’s voting power of at least 10% is indicative of the direct investment category, whether this voting power is obtained directly through equity participation in the enterprise or indirectly through equity participation in other enterprises. Thus, a direct investment relationship arises when an investor that is resident in one economy makes an investment that gives control or a significant degree of influence over the management of an enterprise that is resident in another economy. In some cases, a single entity may be, at the same time, a direct investor, a direct investment enterprise, and a fellow enterprise, in its relationships to other enterprises. Direct investment includes the initial equity transaction that meets the 10% threshold and all subsequent financial transactions and positions between the direct investor and the direct investment enterprise, as well as the FDI transactions and positions between other affiliates or fellow enterprises, which may be incorporated or unincorporated. Direct investment is not limited to investment in shares and other equity participation; it also includes reinvested earnings and intercompany debt. |
| 6 [sic] Direct investor | A direct investor is an entity or group of related entities that is able to exercise control or a significant degree of influence over another entity that is resident in a different economy. A significant degree of influence is determined to exist if 10% or more of the voting power in the direct investment enterprise is held, directly or indirectly (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company). |
| 7 Direct investment enterprise | A direct investment enterprise is an entity subject to control or a significant degree of influence by a direct investor. A significant degree of influence is determined to exist if the direct investor owns, directly or indirectly, at least 10% of the voting power in the direct investment enterprise (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company). |
| 8 Fellow enterprise | Fellow enterprises are those enterprises that are under the control or influence of the same immediate or indirect investor, but neither fellow enterprise controls or influences the other fellow enterprise, that is, one holds a stake in the other that gives it less than 10% of the votes (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company). This includes situations in which there is no participation in votes between the fellow enterprises. |
| 9 Reverse investment | Reverse investment arises when a direct investment enterprise lends funds to or acquires equity in its immediate or indirect direct investor, provided it does not own equity comprising 10 percent or more of the voting power in that direct investor. |
| 10 Purchase/sale/transfers of shares or equity | A purchase, sale, or transfer of shares or equity of one enterprise between investors is determined to exist when there is a change in the stake held by more than one of the investors as a result of the purchase, sale, or transfer of shares, participation, or stakes in the enterprise’s equity. |
| 1 Residence | Any individual, corporation, or other institutional units whose center of predominant economic interest or activity is located within the borders of a given country are considered resident in that country. An individual is presumed to be resident in a country if he remains or intends to remain in the country for one year or more. In the case of corporations and other institutional units, they are considered to be resident when they have performed economic activities and transactions in the country on a significant scale for one year or more, or have the intention of doing so. |
| 2 Control | Control is understood to be exercised when: a) An investor enterprise holds an interest through any kind of ownership that provides the votes necessary to determine the corporate will at corporate meetings or ordinary general assemblies. Having the votes necessary to determine the corporate will means holding more than 50% of the possible votes, directly or indirectly through other entities under one’s control. b) An investor enterprise holds half or fewer of the votes necessary to determine the corporate will, but in accordance with written agreements with other shareholders, has the power to control the majority of the voting rights associated with shares in order to: 1) define and direct the issuer’s operational and financial policies; and 2) appoint and remove the majority of members of the board of directors. |
| 3 Significant influence | According to the Balance of Payments Manual, Sixth Edition, a significant degree of influence is determined to exist if the direct investor owns from 10 to 50 percent of the voting power in the direct investment enterprise. |
| 4 Direct investment relationships | According to the Balance of Payments Manual, Sixth Edition, direct investment reflects the objective of establishing a lasting interest by an enterprise resident in one economy (direct investor) in an enterprise (direct investment enterprise) that is resident in an economy other than that of the direct investor. It is internationally accepted that a stake in an enterprise’s voting power of at least 10% is indicative of the direct investment category, whether this voting power is obtained directly through equity participation in the enterprise or indirectly through equity participation in other enterprises. Thus, a direct investment relationship arises when an investor that is resident in one economy makes an investment that gives control or a significant degree of influence over the management of an enterprise that is resident in another economy. In some cases, a single entity may be, at the same time, a direct investor, a direct investment enterprise, and a fellow enterprise, in its relationships to other enterprises. Direct investment includes the initial equity transaction that meets the 10% threshold and all subsequent financial transactions and positions between the direct investor and the direct investment enterprise, as well as the FDI transactions and positions between other affiliates or fellow enterprises, which may be incorporated or unincorporated. Direct investment is not limited to investment in shares and other equity participation; it also includes reinvested earnings and intercompany debt. |
| 6 [sic] Direct investor | A direct investor is an entity or group of related entities that is able to exercise control or a significant degree of influence over another entity that is resident in a different economy. A significant degree of influence is determined to exist if 10% or more of the voting power in the direct investment enterprise is held, directly or indirectly (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company). |
| 7 Direct investment enterprise | A direct investment enterprise is an entity subject to control or a significant degree of influence by a direct investor. A significant degree of influence is determined to exist if the direct investor owns, directly or indirectly, at least 10% of the voting power in the direct investment enterprise (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company). |
| 8 Fellow enterprise | Fellow enterprises are those enterprises that are under the control or influence of the same immediate or indirect investor, but neither fellow enterprise controls or influences the other fellow enterprise, that is, one holds a stake in the other that gives it less than 10% of the votes (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company). This includes situations in which there is no participation in votes between the fellow enterprises. |
| 9 Reverse investment | Reverse investment arises when a direct investment enterprise lends funds to or acquires equity in its immediate or indirect direct investor, provided it does not own equity comprising 10 percent or more of the voting power in that direct investor. |
| 10 Purchase/sale/transfers of shares or equity | A purchase, sale, or transfer of shares or equity of one enterprise between investors is determined to exist when there is a change in the stake held by more than one of the investors as a result of the purchase, sale, or transfer of shares, participation, or stakes in the enterprise’s equity. |
General instructions
A) The survey is mandatory for resident individuals, corporations, and other institutional units in the private sector, with the exception of financial entities, that have a direct investment relationship with a nonresident. This must be reported even if the direct investment relationship begins or ends during the reporting period. Any respondent with direct investment holdings that do not exceed the equivalent of US$50,000,000 at any point in the reporting period is exempt from the requirement to complete the survey.
B) Periodicity: quarterly, to be submitted within 45 days from the end of a calendar quarter.
C) Starting with the recognition of a direct investment relationship between a resident and a nonresident, in order to estimate the foreign direct investment one must take into account all subsequent financial transactions and positions between the direct investor and the direct investment enterprise, as well as the transactions and positions between other fellow enterprises, including reinvested earnings and intercompany debt.
The different types of direct investment relationships captured in this survey are those shown in the following examples. (The direct investment relationship described under each item is highlighted in
1. The respondent has at least one nonresident investor (Affiliate A) with equity participation that gives it control equal to or greater than 10% of the voting rights associated with the local corporation’s shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Direct investments by nonresidents in resident enterprises. Branches of nonresident enterprises in the country are included in this case.
1.i. This case could give rise to an additional direct investment relationship, which occurs when the respondent owns a stake in the votes of a nonresident enterprise (Affiliate A) that is equal to less than 10%, but this enterprise is a nonresident investor with a stake that gives it control over at least 10% of the voting rights associated with shares in the respondent local corporation (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Reverse investment in nonresident enterprises.
2. The respondent has at least one nonresident investor (Affiliate B in the first case and Affiliate D in the second) with a voting stake of less than 10%, but this investor is directly or indirectly under the influence or control of an investor in common with the resident respondent (Affiliate A) – Investments of nonresident fellow enterprises.
3. The respondent owns a stake that grants control equal to or greater than 10% of the voting rights associated with the shares of at least one nonresident enterprise (Affiliate A) (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Direct investments in nonresident enterprises.
3.i. This case could give rise to an additional direct investment relationship, which occurs when the respondent has a nonresident investor (Affiliate A) with a stake in the votes equal to less than 10%, but this investor is one of the nonresident enterprises in which the respondent resident enterprise owns a stake that gives it control over at least 10% of the voting rights associated with shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Reverse investment in resident enterprises.
4. The respondent owns a stake in the votes of at least one nonresident enterprise that is equal to less than 10% (Affiliate B in the first case and Affiliate D in the second), but this enterprise is directly or indirectly under the influence or control of an investor in common with the respondent – Investments in nonresident fellow enterprises.
5. The respondent is any class of creditor under loans made to a nonresident enterprise (debt securities, trade credit and advances, and financial loans), provided that: the respondent owns a stake that grants it control of at least 10% of the voting rights associated with shares in the enterprise; or, if it owns a stake of less than 10% of the voting rights in the enterprise, that enterprise is a direct investor in the respondent resident enterprise or it is directly or indirectly under the influence or control of an investor in common with the resident respondent – Credits to related enterprises – directly through direct investment or fellow enterprises.
These cases are identified in the previous examples with dotted red arrows. The cases of credits to fellow enterprises in which there is no participation in the votes between the local enterprise and the nonresident fellow enterprise are also shown (Affiliate B in the first case and Affiliate D in the second).
6. The respondent has real estate investments abroad.
It is also required for nonresident individuals, corporations, and other institutional units that:
7. Hold real estate investments in the country.
The same respondent may have more than one type of direct investment relationship with nonresidents, and in this case the respondent must complete separate reporting forms according to the type of relationship.
D) Calculation of direct investment holdings at the end of the year: In cases 1 and 2 the value of the holdings is calculated as the proportional equity value of the nonresident investors, that is, the amount of the stake held by each of them in the net book equity of the resident enterprise. In cases 3 and 4 the value of the holdings is calculated as the proportional equity value in the nonresident enterprises. In case 5, it is calculated as outstanding credits to nonresidents.
The exchange rate for the conversion of holdings into pesos is the reference exchange rate of the Central Bank of Argentina (Communication A 3500) for the last business day of the reporting quarter, and for the rest of the currencies the cross-rate published by the Central Bank on its website for this same date is used.
E) In the event that a declaration needs to be filed because the threshold has been exceeded for any type of direct investment relationship, the appropriate forms must be completed for the purposes of declaring all of the direct investment relationships that the respondent has with a nonresident.
The package consists of the following forms:
| Form | Contents | To be completed in |
|---|---|---|
| Initial data | Cases 1 through 7 | |
| I | General information and contact details | Cases 1 through 7 |
| II | Information about investors in the respondent enterprise | Cases 1, 2, and 3.i |
| III | Balance sheet of the respondent enterprise | Cases 1, 2, and 3.i |
| IV | Profit and loss statement of the respondent enterprise | Cases 1, 2, and 3.i |
| V | Statement of changes in net equity of the respondent enterprise | Cases 1, 2, and 3.i |
| VI | Direct investments abroad by residents | Cases 3, 4, 5, and 1.i |
| VII | Real estate investments | Cases 6 and 7 |
| VIII | Investment plan | Cases 1, 2, and 3.i |
| Form | Contents | To be completed in |
|---|---|---|
| Initial data | Cases 1 through 7 | |
| I | General information and contact details | Cases 1 through 7 |
| II | Information about investors in the respondent enterprise | Cases 1, 2, and 3.i |
| III | Balance sheet of the respondent enterprise | Cases 1, 2, and 3.i |
| IV | Profit and loss statement of the respondent enterprise | Cases 1, 2, and 3.i |
| V | Statement of changes in net equity of the respondent enterprise | Cases 1, 2, and 3.i |
| VI | Direct investments abroad by residents | Cases 3, 4, 5, and 1.i |
| VII | Real estate investments | Cases 6 and 7 |
| VIII | Investment plan | Cases 1, 2, and 3.i |
Initial data
According to the objectives, basic definitions, and general instructions:
| APPLICABLE | |
|---|---|
| 1. The respondent has at least one nonresident investor with equity participation that gives it control equal to or greater than 10% of the voting rights associated with the local corporation’s shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Direct investments by nonresidents in resident enterprises. | Drop-down list: Yes or No |
| 1.i. The respondent owns a stake in the votes of a nonresident enterprise that is equal to less than 10%, but this enterprise is a nonresident investor with a stake that gives it control over at least 10% of the voting rights associated with shares in the respondent local corporation (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Reverse investment in nonresident enterprises. | Drop-down list: Yes or No |
| 2. The respondent has at least one nonresident investor with voting participation of less than 10%, but this investor is directly or indirectly under the influence or control of an investor in common with the resident respondent -Investments of nonresident fellow enterprises. | Drop-down list: Yes or No |
| 3. The respondent owns a stake that grants control equal to or greater than 10% of the voting rights associated with the shares of at least one nonresident enterprise (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Direct investments in nonresident enterprises. | Drop-down list: Yes or No |
| 3.i. The respondent has a nonresident investor with a stake in the votes equal to less than 10%, but this investor is one of the nonresident enterprises in which the respondent resident enterprise owns a stake that gives it control over at least 10% of the voting rights associated with shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Reverse investment in resident enterprises. | Drop-down list: Yes or No |
| 4. The respondent owns a stake in the votes of at least one nonresident enterprise that is equal to less than 10%, but this enterprise is directly or indirectly under the influence or control of an investor in common with the respondent – Investments in nonresident fellow enterprises. | Drop-down list: Yes or No |
| 5. The respondent is any class of creditor under loans made to a nonresident enterprise (debt securities, trade credit and advances, and financial loans), provided that: the respondent owns a stake that grants it control of at least 10% of the voting rights associated with shares in the enterprise; or, if it owns a stake of less than 10% of the voting rights in the enterprise, that enterprise is a direct investor in the respondent resident enterprise or it is directly or indirectly under the influence or control of an investor in common with the resident respondent – Credits to related enterprises – directly through direct investment or fellow enterprises. | Drop-down list: Yes or No |
| 6. The respondent has real estate investments abroad. | Drop-down list: Yes or No |
| 7. The respondent is a nonresident with real estate investments in the country. | Drop-down list: Yes or No |
| APPLICABLE | |
|---|---|
| 1. The respondent has at least one nonresident investor with equity participation that gives it control equal to or greater than 10% of the voting rights associated with the local corporation’s shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Direct investments by nonresidents in resident enterprises. | Drop-down list: Yes or No |
| 1.i. The respondent owns a stake in the votes of a nonresident enterprise that is equal to less than 10%, but this enterprise is a nonresident investor with a stake that gives it control over at least 10% of the voting rights associated with shares in the respondent local corporation (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Reverse investment in nonresident enterprises. | Drop-down list: Yes or No |
| 2. The respondent has at least one nonresident investor with voting participation of less than 10%, but this investor is directly or indirectly under the influence or control of an investor in common with the resident respondent -Investments of nonresident fellow enterprises. | Drop-down list: Yes or No |
| 3. The respondent owns a stake that grants control equal to or greater than 10% of the voting rights associated with the shares of at least one nonresident enterprise (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Direct investments in nonresident enterprises. | Drop-down list: Yes or No |
| 3.i. The respondent has a nonresident investor with a stake in the votes equal to less than 10%, but this investor is one of the nonresident enterprises in which the respondent resident enterprise owns a stake that gives it control over at least 10% of the voting rights associated with shares (or an equivalent percentage of equity participation if the enterprise is not a joint-stock company) – Reverse investment in resident enterprises. | Drop-down list: Yes or No |
| 4. The respondent owns a stake in the votes of at least one nonresident enterprise that is equal to less than 10%, but this enterprise is directly or indirectly under the influence or control of an investor in common with the respondent – Investments in nonresident fellow enterprises. | Drop-down list: Yes or No |
| 5. The respondent is any class of creditor under loans made to a nonresident enterprise (debt securities, trade credit and advances, and financial loans), provided that: the respondent owns a stake that grants it control of at least 10% of the voting rights associated with shares in the enterprise; or, if it owns a stake of less than 10% of the voting rights in the enterprise, that enterprise is a direct investor in the respondent resident enterprise or it is directly or indirectly under the influence or control of an investor in common with the resident respondent – Credits to related enterprises – directly through direct investment or fellow enterprises. | Drop-down list: Yes or No |
| 6. The respondent has real estate investments abroad. | Drop-down list: Yes or No |
| 7. The respondent is a nonresident with real estate investments in the country. | Drop-down list: Yes or No |
| Form | Contents | Declaring |
|---|---|---|
| I | General information and contact details | |
| II | Information about investors in the respondent enterprise | |
| III | Balance sheet of the respondent enterprise | |
| IV | Profit and loss statement of the respondent enterprise | |
| V | Statement of changes in net equity of the respondent enterprise | |
| VI | Direct investments abroad by residents | |
| VII | Real estate investments | |
| VIII | Investment plan |
| Form | Contents | Declaring |
|---|---|---|
| I | General information and contact details | |
| II | Information about investors in the respondent enterprise | |
| III | Balance sheet of the respondent enterprise | |
| IV | Profit and loss statement of the respondent enterprise | |
| V | Statement of changes in net equity of the respondent enterprise | |
| VI | Direct investments abroad by residents | |
| VII | Real estate investments | |
| VIII | Investment plan |
Validations
Depending on the responses provided on this page, the respondent is instructed and required to complete the different forms.
The status of the declaration is predetermined on the basis of our current records. In the event that this status changes during the period in question, it should be indicated here.
(2) The respondent’s identification number is the Unique Tax Identification Code/Unique Employment Identification Code (CUIT/CUIL).
(3) Section XV of the Law on Corporations considers a branch to be a decentralized unit of a parent company. A branch is governed by the laws of its parent company’s country of origin and is therefore authorized to perform all of the actions that the parent company is allowed to perform. As a result of the relationship established between the parent company and the branch, the former is indirectly responsible for the operations performed by the branch. While there are no restrictions on a branch with regard to owning its own assets, it is not required to maintain a specific amount of equity capital. It is required, however, to keep accounting records that are separate from the parent company and to present its financial statements annually to the Public Trade Registry.
(4) An enterprise should select from the National Classification of Economic Activities (CLANAE) the economic activity that best reflects the activity that generates most of its sales or most of its gross operating income.
Validations in the form
This form is always required.
Reference date: the end of each calendar quarter.
Status of declaration list:
1 – Initial report
2 – Report resumed
3 – The respondent, or its investments, underwent a merger or reorganization and this is the final declaration
4 – The respondent, or its investments, underwent a sale and this is the final declaration
5 – The respondent, or its investments, underwent liquidation and this is the final declaration
6 – The respondent is exempt because it fell below the declaration thresholds during the period in question
7 – The respondent did not have a change in status during the period in question
Identification number of respondent: in cases 1 through 6 this will be the CUIT/CUIL, and there needs to be a valid verification code
The field “Country of residence of nonresident respondent”, Field 5, is required in case 7.
The country of residence of investors is selected from a list of countries provided by the BCRA.
The sector of economic activity is selected from the CLANAE list of sectors of the economy provided by the BCRA.
All of the fields must contain data (valid e-mail formats)
Appendix VI. Form for Use in Reporting Information on Reserve Transactions
Appendix VII. International Investment Position for 2006–2016 Using the BPM6 Methodology (provisional data subject to revision)
| Q:2006: 4 | Q:2007: 4 | Q:2008: 4 | Q:2009: 4 | Q:2010: 4 | Q:2011: 4 | Q:2012: 4 | Q:2013: 4 | Q:2014: 4 | Q:2015: 1 | Q:2015: 2 | Q:2015: 3 | Q:2015: 4 | Q:2016: 1 | Q:2016: 2 | Q:2016: 3 | Q:2016: 4 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net international investment position | -27,529 | 11,631 | 31,897 | 27,175 | 29,548 | 39,607 | 46,917 | 49,716 | 55,982 | 48,272 | 47,560 | 41,637 | 46,359 | 40,042 | 27,125 | 24,334 | 29,012 | |||||
| Assets | 146,590 | 206,092 | 210,710 | 223,778 | 238,405 | 254,522 | 263,988 | 261,634 | 268,009 | 272,312 | 277,840 | 275,565 | 272,506 | 277,816 | 281,581 | 283,604 | 291,657 | |||||
| Direct investment | 25,897 | 27,543 | 28,789 | 29,536 | 30,328 | 31,891 | 32,919 | 34,517 | 36,180 | 37,168 | 37,384 | 37,636 | 37,843 | 38,107 | 38,334 | 38,545 | 38,814 | |||||
| Equity and investment fund shares | 25,897 | 27,543 | 28,789 | 29,536 | 30,328 | 31,891 | 32,919 | 34,517 | 36,180 | 37,168 | 37,384 | 37,636 | 37,843 | 38,107 | 38,334 | 38,545 | 38,814 | |||||
| Direct investor in direct investment enterprises | 25,897 | 27,543 | 28,789 | 29,536 | 30,328 | 31,891 | 32,919 | 34,517 | 36,180 | 37,168 | 37,384 | 37,636 | 37,843 | 38,107 | 38,334 | 38,545 | 38,814 | |||||
| Portfolio investment | 33,303 | 34,622 | 25,237 | 30,527 | 32,121 | 31,870 | 33,185 | 39,485 | 41,671 | 42,145 | 42,339 | 39,607 | 41,172 | 41,637 | 42,402 | 42,633 | 44,031 | |||||
| Equity and investment fund shares | 17,707 | 20,306 | 12,301 | 16,108 | 19,154 | 19,248 | 20,420 | 25,983 | 28,170 | 28,495 | 28,120 | 25,439 | 26,851 | 27,305 | 27,703 | 28,209 | 29,654 | |||||
| Deposit-taking corporations, except the central bank | 70 | 58 | 57 | 57 | 64 | 62 | 70 | 82 | 79 | 83 | 83 | 71 | 74 | 71 | 74 | 77 | 78 | |||||
| Other sectors | 17,637 | 20,248 | 12,244 | 16,051 | 19,090 | 19,186 | 20,350 | 25,901 | 28,090 | 28,411 | 28,038 | 25,368 | 26,777 | 27,234 | 27,629 | 28,132 | 29,575 | |||||
| Debt securities | 15,596 | 14,316 | 12,935 | 14,419 | 12,967 | 12,622 | 12,766 | 13,502 | 13,501 | 13,651 | 14,219 | 14,168 | 14,322 | 14,332 | 14,699 | 14,424 | 14,377 | |||||
| Deposit-taking corporations, except the central bank | 1 | 8 | 11 | 3 | 4 | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||
| General government | 121 | 129 | 1,364 | 1,625 | 354 | 159 | 166 | 174 | 181 | 183 | 185 | 187 | 189 | 191 | 192 | 195 | 195 | |||||
| Other sectors | 15,474 | 14,179 | 11,561 | 12,791 | 12,609 | 12,458 | 12,597 | 13,326 | 13,318 | 13,466 | 14,032 | 13,979 | 14,131 | 14,139 | 14,504 | 14,227 | 14,180 | |||||
| Financial derivatives (other than reserves) and employee stock options | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Other investment | 86,276 | 97,759 | 110,298 | 115,748 | 123,766 | 144,385 | 154,593 | 157,032 | 158,751 | 161,509 | 164,266 | 165,064 | 167,928 | 168,500 | 170,338 | 172,524 | 170,040 | |||||
| Other equity | 1,745 | 1,877 | 2,011 | 2,098 | 2,388 | 2,471 | 2,547 | 2,569 | 2,656 | 2,692 | 2,720 | 2,815 | 2,752 | 2,731 | 2,815 | 2,904 | 2,905 | |||||
| Currency and deposits | 74,282 | 83,387 | 95,242 | 103,238 | 109,835 | 128,091 | 139,055 | 140,111 | 144,174 | 146,695 | 148,303 | 149,883 | 153,309 | 154,678 | 156,884 | 158,636 | 156,176 | |||||
| Deposit-taking corporations, except the central bank | 1,436 | 1,898 | 1,900 | 1,944 | 1,757 | 1,794 | 1,891 | 1,958 | 2,130 | 1,808 | 2,525 | 2,031 | 2,735 | 1,729 | 1,994 | 1,913 | 5,193 | |||||
| General government | 82 | 184 | 4 | 14 | 6 | 6 | 123 | 123 | 123 | 123 | 123 | 21 | 21 | 21 | 21 | 21 | 21 | |||||
| Other sectors | 72,764 | 81,305 | 93,339 | 101,280 | 108,073 | 126,292 | 137,041 | 138,030 | 141,921 | 144,763 | 145,655 | 147,831 | 150,553 | 152,928 | 154,869 | 156,702 | 150,962 | |||||
| Loans | 7,009 | 8,305 | 9,199 | 7,031 | 7,199 | 7,888 | 8,230 | 7,997 | 8,030 | 8,107 | 8,345 | 8,120 | 7,948 | 8,093 | 7,929 | 8,275 | 8,249 | |||||
| Deposit-taking corporations, except the central bank | 1,639 | 2,449 | 2,314 | 645 | 607 | 444 | 723 | 369 | 243 | 348 | 612 | 414 | 269 | 442 | 305 | 677 | 678 | |||||
| General government | 5,370 | 5,856 | 6,885 | 6,386 | 6,592 | 7,444 | 7,506 | 7,628 | 7,787 | 7,760 | 7,733 | 7,706 | 7,679 | 7,652 | 7,625 | 7,598 | 7,571 | |||||
| Trade credit and advances | 3,239 | 4,190 | 3,846 | 3,382 | 4,345 | 5,934 | 4,761 | 6,355 | 3,891 | 4,015 | 4,897 | 4,246 | 3,919 | 2,998 | 2,709 | 2,709 | 2,709 | |||||
| Other sectors | 3,239 | 4,190 | 3,846 | 3,382 | 4,345 | 5,934 | 4,761 | 6,355 | 3,891 | 4,015 | 4,897 | 4,246 | 3,919 | 2,998 | 2,709 | 2,709 | 2,709 | |||||
| Other accounts receivable (+) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Reserve assets | 1,115 | 46,168 | 46,386 | 47,967 | 52,190 | 46,376 | 43,290 | 30,600 | 31,408 | 31,490 | 33,851 | 33,257 | 25,563 | 29,572 | 30,507 | 29,902 | 38,772 | |||||
| Monetary gold | 1,115 | 1,468 | 1,524 | 1,932 | 2,497 | 3,127 | 3,326 | 2,389 | 2,355 | 2,346 | 2,326 | 2,214 | 2,107 | 2,444 | 2,617 | 2,608 | 2,102 | |||||
| Special drawing rights | 0 | 509 | 495 | 3,172 | 3,116 | 3,153 | 3,156 | 3,162 | 2,975 | 2,832 | 2,888 | 2,882 | 2,845 | 2,893 | 2,872 | 2,492 | 2,401 | |||||
| Reserve position in the IMF | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 374 | 360 | |||||
| Other reserve assets | 0 | 44,191 | 44,367 | 42,863 | 46,577 | 40,096 | 36,808 | 25,048 | 26,078 | 26,311 | 28,637 | 28,160 | 20,611 | 24,234 | 25,018 | 24,428 | 33,909 | |||||
| Currency and deposits | 0 | 24,520 | 34,423 | 40,643 | 44,832 | 39,047 | 35,685 | 23,923 | 25,073 | 25,001 | 27,427 | 26,935 | 20,421 | 22,743 | 23,148 | 23,182 | 28,991 | |||||
| Securities | 0 | 19,502 | 9,758 | 2,174 | 1,486 | 878 | 932 | 908 | 865 | 1,180 | 1,087 | 1,106 | 0 | 1,304 | 1,357 | 1,223 | 3,890 | |||||
| Other claims | 0 | 169 | 185 | 46 | 259 | 172 | 191 | 217 | 139 | 130 | 123 | 119 | 190 | 187 | 513 | 23 | 1,028 | |||||
| Liabilities | 174,119 | 194,461 | 178,812 | 196,603 | 208,857 | 214,915 | 217,071 | 211,918 | 212,027 | 224,040 | 230,280 | 233,928 | 226,148 | 237,774 | 254,456 | 259,270 | 262,645 | |||||
| Direct investment | 60,253 | 67,574 | 77,066 | 79,871 | 88,455 | 93,199 | 100,821 | 91,557 | 82,399 | 86,165 | 89,653 | 92,321 | 85,128 | 77,640 | 86,986 | 86,349 | 88,222 | |||||
| Equity and investment fund shares | 46,276 | 50,922 | 55,586 | 60,461 | 65,651 | 67,663 | 71,381 | 63,034 | 53,905 | 56,843 | 59,293 | 61,518 | 56,286 | 49,174 | 58,889 | 59,930 | 62,262 | |||||
| Direct investor in direct investment enterprises | 46,276 | 50,922 | 55,586 | 60,461 | 65,651 | 67,663 | 71,381 | 63,034 | 53,905 | 56,843 | 59,293 | 61,518 | 56,286 | 49,174 | 58,889 | 59,930 | 62,262 | |||||
| Debt instruments | 13,977 | 16,652 | 21,481 | 19,410 | 22,804 | 25,535 | 29,440 | 28,523 | 28,494 | 29,322 | 30,361 | 30,803 | 28,841 | 28,467 | 28,097 | 26,419 | 25,960 | |||||
| Direct investor in direct investment enterprises | 13,977 | 16,652 | 21,481 | 19,410 | 22,804 | 25,535 | 29,440 | 28,523 | 28,494 | 29,322 | 30,361 | 30,803 | 28,841 | 28,467 | 28,097 | 26,419 | 25,960 | |||||
| Portfolio investment | 46,410 | 49,018 | 18,005 | 29,497 | 43,161 | 34,043 | 32,167 | 37,034 | 47,819 | 52,778 | 51,994 | 49,518 | 47,963 | 63,533 | 82,074 | 89,746 | 95,858 | |||||
| Equity and investment fund shares | 4,843 | 6,786 | 2,510 | 3,494 | 6,452 | 4,049 | 3,574 | 5,319 | 9,670 | 11,753 | 10,711 | 7,785 | 9,353 | 8,252 | 9,314 | 9,589 | 10,134 | |||||
| Deposit-taking corporations, except the central bank | 1,616 | 1,377 | 426 | 927 | 2,029 | 914 | 814 | 1,211 | 1,737 | 2,501 | 2,035 | 1,806 | 2,657 | 2,795 | 3,122 | 3,180 | 2,702 | |||||
| Other sectors | 3,227 | 5,409 | 2,084 | 2,567 | 4,423 | 3,135 | 2,760 | 4,108 | 7,933 | 9,252 | 8,676 | 5,979 | 6,696 | 5,457 | 6,192 | 6,409 | 7,432 | |||||
| Debt securities | 41,567 | 42,233 | 15,495 | 26,003 | 36,708 | 29,994 | 28,593 | 31,715 | 38,148 | 41,026 | 41,284 | 41,733 | 38,610 | 55,280 | 72,760 | 80,157 | 85,724 | |||||
| Central bank | 872 | 2,239 | 254 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 497 | 2,130 | 1,984 | 703 | |||||
| Deposit-taking corporations, except the central bank | 2,532 | 1,859 | 692 | 1,259 | 845 | 1,155 | 1,073 | 1,190 | 1,146 | 1,178 | 1,186 | 1,168 | 1,236 | 1,219 | 1,297 | 1,338 | 1,562 | |||||
| General government | 28,902 | 29,804 | 9,689 | 19,106 | 30,547 | 23,643 | 23,376 | 25,264 | 31,035 | 33,288 | 31,974 | 32,802 | 29,616 | 44,598 | 60,447 | 66,300 | 72,783 | |||||
| Other sectors | 9,261 | 8,332 | 4,861 | 5,637 | 5,317 | 5,195 | 4,144 | 5,261 | 5,967 | 6,559 | 8,124 | 7,763 | 7,758 | 8,966 | 8,886 | 10,535 | 10,675 | |||||
| Financial derivatives (other than reserves) and employee stock options | 5,323 | 4,641 | 1,178 | 2,283 | 6,669 | 4,806 | 2,687 | 3,589 | 2,771 | 3,426 | 3,237 | 3,066 | 3,592 | 3,311 | 3,123 | 3,034 | 2,981 | |||||
| General government | 5,323 | 4,641 | 1,178 | 2,283 | 6,669 | 4,806 | 2,687 | 3,589 | 2,771 | 3,426 | 3,237 | 3,066 | 3,592 | 3,311 | 3,123 | 3,034 | 2,981 | |||||
| Other investment | 62,133 | 73,228 | 82,563 | 84,952 | 70,572 | 82,868 | 81,396 | 79,739 | 79,038 | 81,672 | 85,395 | 89,022 | 89,465 | 93,290 | 82,273 | 80,140 | 75,584 | |||||
| Currency and deposits | 495 | 689 | 521 | 376 | 255 | 485 | 489 | 239 | 162 | 194 | 233 | 167 | 165 | 144 | 172 | 243 | 219 | |||||
| Deposit-taking corporations, except the central bank | 495 | 689 | 521 | 376 | 255 | 485 | 489 | 239 | 162 | 194 | 233 | 167 | 165 | 144 | 172 | 243 | 219 | |||||
| Loans | 52,125 | 59,917 | 67,797 | 68,723 | 52,303 | 59,871 | 58,020 | 55,969 | 58,427 | 60,130 | 62,468 | 66,148 | 67,522 | 72,312 | 62,207 | 60,629 | 56,702 | |||||
| Deposit-taking corporations, except the central bank | 1,385 | 1,231 | 1,327 | 885 | 979 | 1,508 | 1,039 | 1,046 | 1,187 | 1,330 | 1,738 | 1,658 | 1,638 | 1,368 | 1,488 | 1,638 | 1,659 | |||||
| General government | 40,378 | 45,581 | 48,718 | 53,080 | 38,764 | 40,859 | 42,462 | 44,693 | 44,437 | 44,030 | 44,123 | 44,512 | 45,045 | 50,698 | 41,825 | 37,793 | 36,929 | |||||
| Other sectors | 10,361 | 11,585 | 13,455 | 11,848 | 12,559 | 12,504 | 11,519 | 9,230 | 8,604 | 8,250 | 8,667 | 8,579 | 9,220 | 8,760 | 8,365 | 8,206 | 8,036 | |||||
| Insurance, pension, and standardized guarantee schemes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade credit and advances | 8,447 | 10,643 | 12,619 | 12,402 | 14,612 | 19,231 | 19,975 | 20,729 | 17,847 | 18,844 | 20,014 | 20,001 | 19,063 | 18,034 | 17,322 | 16,609 | 15,831 | |||||
| Other sectors | 8,447 | 10,643 | 12,619 | 12,402 | 14,612 | 19,231 | 19,975 | 20,729 | 17,847 | 18,844 | 20,014 | 20,001 | 19,063 | 18,034 | 17,322 | 16,609 | 15,831 | |||||
| Miscellaneous liabilities | 1,065 | 1,978 | 1,626 | 3,451 | 3,402 | 3,281 | 2,912 | 2,801 | 2,602 | 2,504 | 2,681 | 2,706 | 2,715 | 2,801 | 2,573 | 2,659 | 2,832 | |||||
| Central bank | 0 | 0 | 0 | 2,645 | 2,599 | 2,590 | 2,601 | 2,598 | 2,445 | 2,328 | 2,373 | 2,369 | 2,338 | 2,377 | 2,360 | 2,355 | 2,268 | |||||
| Deposit-taking corporations, except the central bank | 1,065 | 1,978 | 1,626 | 806 | 803 | 691 | 310 | 203 | 157 | 176 | 307 | 337 | 377 | 423 | 212 | 304 | 563 | |||||
| Q:2006: 4 | Q:2007: 4 | Q:2008: 4 | Q:2009: 4 | Q:2010: 4 | Q:2011: 4 | Q:2012: 4 | Q:2013: 4 | Q:2014: 4 | Q:2015: 1 | Q:2015: 2 | Q:2015: 3 | Q:2015: 4 | Q:2016: 1 | Q:2016: 2 | Q:2016: 3 | Q:2016: 4 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net international investment position | -27,529 | 11,631 | 31,897 | 27,175 | 29,548 | 39,607 | 46,917 | 49,716 | 55,982 | 48,272 | 47,560 | 41,637 | 46,359 | 40,042 | 27,125 | 24,334 | 29,012 | |||||
| Assets | 146,590 | 206,092 | 210,710 | 223,778 | 238,405 | 254,522 | 263,988 | 261,634 | 268,009 | 272,312 | 277,840 | 275,565 | 272,506 | 277,816 | 281,581 | 283,604 | 291,657 | |||||
| Direct investment | 25,897 | 27,543 | 28,789 | 29,536 | 30,328 | 31,891 | 32,919 | 34,517 | 36,180 | 37,168 | 37,384 | 37,636 | 37,843 | 38,107 | 38,334 | 38,545 | 38,814 | |||||
| Equity and investment fund shares | 25,897 | 27,543 | 28,789 | 29,536 | 30,328 | 31,891 | 32,919 | 34,517 | 36,180 | 37,168 | 37,384 | 37,636 | 37,843 | 38,107 | 38,334 | 38,545 | 38,814 | |||||
| Direct investor in direct investment enterprises | 25,897 | 27,543 | 28,789 | 29,536 | 30,328 | 31,891 | 32,919 | 34,517 | 36,180 | 37,168 | 37,384 | 37,636 | 37,843 | 38,107 | 38,334 | 38,545 | 38,814 | |||||
| Portfolio investment | 33,303 | 34,622 | 25,237 | 30,527 | 32,121 | 31,870 | 33,185 | 39,485 | 41,671 | 42,145 | 42,339 | 39,607 | 41,172 | 41,637 | 42,402 | 42,633 | 44,031 | |||||
| Equity and investment fund shares | 17,707 | 20,306 | 12,301 | 16,108 | 19,154 | 19,248 | 20,420 | 25,983 | 28,170 | 28,495 | 28,120 | 25,439 | 26,851 | 27,305 | 27,703 | 28,209 | 29,654 | |||||
| Deposit-taking corporations, except the central bank | 70 | 58 | 57 | 57 | 64 | 62 | 70 | 82 | 79 | 83 | 83 | 71 | 74 | 71 | 74 | 77 | 78 | |||||
| Other sectors | 17,637 | 20,248 | 12,244 | 16,051 | 19,090 | 19,186 | 20,350 | 25,901 | 28,090 | 28,411 | 28,038 | 25,368 | 26,777 | 27,234 | 27,629 | 28,132 | 29,575 | |||||
| Debt securities | 15,596 | 14,316 | 12,935 | 14,419 | 12,967 | 12,622 | 12,766 | 13,502 | 13,501 | 13,651 | 14,219 | 14,168 | 14,322 | 14,332 | 14,699 | 14,424 | 14,377 | |||||
| Deposit-taking corporations, except the central bank | 1 | 8 | 11 | 3 | 4 | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |||||
| General government | 121 | 129 | 1,364 | 1,625 | 354 | 159 | 166 | 174 | 181 | 183 | 185 | 187 | 189 | 191 | 192 | 195 | 195 | |||||
| Other sectors | 15,474 | 14,179 | 11,561 | 12,791 | 12,609 | 12,458 | 12,597 | 13,326 | 13,318 | 13,466 | 14,032 | 13,979 | 14,131 | 14,139 | 14,504 | 14,227 | 14,180 | |||||
| Financial derivatives (other than reserves) and employee stock options | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Other investment | 86,276 | 97,759 | 110,298 | 115,748 | 123,766 | 144,385 | 154,593 | 157,032 | 158,751 | 161,509 | 164,266 | 165,064 | 167,928 | 168,500 | 170,338 | 172,524 | 170,040 | |||||
| Other equity | 1,745 | 1,877 | 2,011 | 2,098 | 2,388 | 2,471 | 2,547 | 2,569 | 2,656 | 2,692 | 2,720 | 2,815 | 2,752 | 2,731 | 2,815 | 2,904 | 2,905 | |||||
| Currency and deposits | 74,282 | 83,387 | 95,242 | 103,238 | 109,835 | 128,091 | 139,055 | 140,111 | 144,174 | 146,695 | 148,303 | 149,883 | 153,309 | 154,678 | 156,884 | 158,636 | 156,176 | |||||
| Deposit-taking corporations, except the central bank | 1,436 | 1,898 | 1,900 | 1,944 | 1,757 | 1,794 | 1,891 | 1,958 | 2,130 | 1,808 | 2,525 | 2,031 | 2,735 | 1,729 | 1,994 | 1,913 | 5,193 | |||||
| General government | 82 | 184 | 4 | 14 | 6 | 6 | 123 | 123 | 123 | 123 | 123 | 21 | 21 | 21 | 21 | 21 | 21 | |||||
| Other sectors | 72,764 | 81,305 | 93,339 | 101,280 | 108,073 | 126,292 | 137,041 | 138,030 | 141,921 | 144,763 | 145,655 | 147,831 | 150,553 | 152,928 | 154,869 | 156,702 | 150,962 | |||||
| Loans | 7,009 | 8,305 | 9,199 | 7,031 | 7,199 | 7,888 | 8,230 | 7,997 | 8,030 | 8,107 | 8,345 | 8,120 | 7,948 | 8,093 | 7,929 | 8,275 | 8,249 | |||||
| Deposit-taking corporations, except the central bank | 1,639 | 2,449 | 2,314 | 645 | 607 | 444 | 723 | 369 | 243 | 348 | 612 | 414 | 269 | 442 | 305 | 677 | 678 | |||||
| General government | 5,370 | 5,856 | 6,885 | 6,386 | 6,592 | 7,444 | 7,506 | 7,628 | 7,787 | 7,760 | 7,733 | 7,706 | 7,679 | 7,652 | 7,625 | 7,598 | 7,571 | |||||
| Trade credit and advances | 3,239 | 4,190 | 3,846 | 3,382 | 4,345 | 5,934 | 4,761 | 6,355 | 3,891 | 4,015 | 4,897 | 4,246 | 3,919 | 2,998 | 2,709 | 2,709 | 2,709 | |||||
| Other sectors | 3,239 | 4,190 | 3,846 | 3,382 | 4,345 | 5,934 | 4,761 | 6,355 | 3,891 | 4,015 | 4,897 | 4,246 | 3,919 | 2,998 | 2,709 | 2,709 | 2,709 | |||||
| Other accounts receivable (+) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Reserve assets | 1,115 | 46,168 | 46,386 | 47,967 | 52,190 | 46,376 | 43,290 | 30,600 | 31,408 | 31,490 | 33,851 | 33,257 | 25,563 | 29,572 | 30,507 | 29,902 | 38,772 | |||||
| Monetary gold | 1,115 | 1,468 | 1,524 | 1,932 | 2,497 | 3,127 | 3,326 | 2,389 | 2,355 | 2,346 | 2,326 | 2,214 | 2,107 | 2,444 | 2,617 | 2,608 | 2,102 | |||||
| Special drawing rights | 0 | 509 | 495 | 3,172 | 3,116 | 3,153 | 3,156 | 3,162 | 2,975 | 2,832 | 2,888 | 2,882 | 2,845 | 2,893 | 2,872 | 2,492 | 2,401 | |||||
| Reserve position in the IMF | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 374 | 360 | |||||
| Other reserve assets | 0 | 44,191 | 44,367 | 42,863 | 46,577 | 40,096 | 36,808 | 25,048 | 26,078 | 26,311 | 28,637 | 28,160 | 20,611 | 24,234 | 25,018 | 24,428 | 33,909 | |||||
| Currency and deposits | 0 | 24,520 | 34,423 | 40,643 | 44,832 | 39,047 | 35,685 | 23,923 | 25,073 | 25,001 | 27,427 | 26,935 | 20,421 | 22,743 | 23,148 | 23,182 | 28,991 | |||||
| Securities | 0 | 19,502 | 9,758 | 2,174 | 1,486 | 878 | 932 | 908 | 865 | 1,180 | 1,087 | 1,106 | 0 | 1,304 | 1,357 | 1,223 | 3,890 | |||||
| Other claims | 0 | 169 | 185 | 46 | 259 | 172 | 191 | 217 | 139 | 130 | 123 | 119 | 190 | 187 | 513 | 23 | 1,028 | |||||
| Liabilities | 174,119 | 194,461 | 178,812 | 196,603 | 208,857 | 214,915 | 217,071 | 211,918 | 212,027 | 224,040 | 230,280 | 233,928 | 226,148 | 237,774 | 254,456 | 259,270 | 262,645 | |||||
| Direct investment | 60,253 | 67,574 | 77,066 | 79,871 | 88,455 | 93,199 | 100,821 | 91,557 | 82,399 | 86,165 | 89,653 | 92,321 | 85,128 | 77,640 | 86,986 | 86,349 | 88,222 | |||||
| Equity and investment fund shares | 46,276 | 50,922 | 55,586 | 60,461 | 65,651 | 67,663 | 71,381 | 63,034 | 53,905 | 56,843 | 59,293 | 61,518 | 56,286 | 49,174 | 58,889 | 59,930 | 62,262 | |||||
| Direct investor in direct investment enterprises | 46,276 | 50,922 | 55,586 | 60,461 | 65,651 | 67,663 | 71,381 | 63,034 | 53,905 | 56,843 | 59,293 | 61,518 | 56,286 | 49,174 | 58,889 | 59,930 | 62,262 | |||||
| Debt instruments | 13,977 | 16,652 | 21,481 | 19,410 | 22,804 | 25,535 | 29,440 | 28,523 | 28,494 | 29,322 | 30,361 | 30,803 | 28,841 | 28,467 | 28,097 | 26,419 | 25,960 | |||||
| Direct investor in direct investment enterprises | 13,977 | 16,652 | 21,481 | 19,410 | 22,804 | 25,535 | 29,440 | 28,523 | 28,494 | 29,322 | 30,361 | 30,803 | 28,841 | 28,467 | 28,097 | 26,419 | 25,960 | |||||
| Portfolio investment | 46,410 | 49,018 | 18,005 | 29,497 | 43,161 | 34,043 | 32,167 | 37,034 | 47,819 | 52,778 | 51,994 | 49,518 | 47,963 | 63,533 | 82,074 | 89,746 | 95,858 | |||||
| Equity and investment fund shares | 4,843 | 6,786 | 2,510 | 3,494 | 6,452 | 4,049 | 3,574 | 5,319 | 9,670 | 11,753 | 10,711 | 7,785 | 9,353 | 8,252 | 9,314 | 9,589 | 10,134 | |||||
| Deposit-taking corporations, except the central bank | 1,616 | 1,377 | 426 | 927 | 2,029 | 914 | 814 | 1,211 | 1,737 | 2,501 | 2,035 | 1,806 | 2,657 | 2,795 | 3,122 | 3,180 | 2,702 | |||||
| Other sectors | 3,227 | 5,409 | 2,084 | 2,567 | 4,423 | 3,135 | 2,760 | 4,108 | 7,933 | 9,252 | 8,676 | 5,979 | 6,696 | 5,457 | 6,192 | 6,409 | 7,432 | |||||
| Debt securities | 41,567 | 42,233 | 15,495 | 26,003 | 36,708 | 29,994 | 28,593 | 31,715 | 38,148 | 41,026 | 41,284 | 41,733 | 38,610 | 55,280 | 72,760 | 80,157 | 85,724 | |||||
| Central bank | 872 | 2,239 | 254 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 497 | 2,130 | 1,984 | 703 | |||||
| Deposit-taking corporations, except the central bank | 2,532 | 1,859 | 692 | 1,259 | 845 | 1,155 | 1,073 | 1,190 | 1,146 | 1,178 | 1,186 | 1,168 | 1,236 | 1,219 | 1,297 | 1,338 | 1,562 | |||||
| General government | 28,902 | 29,804 | 9,689 | 19,106 | 30,547 | 23,643 | 23,376 | 25,264 | 31,035 | 33,288 | 31,974 | 32,802 | 29,616 | 44,598 | 60,447 | 66,300 | 72,783 | |||||
| Other sectors | 9,261 | 8,332 | 4,861 | 5,637 | 5,317 | 5,195 | 4,144 | 5,261 | 5,967 | 6,559 | 8,124 | 7,763 | 7,758 | 8,966 | 8,886 | 10,535 | 10,675 | |||||
| Financial derivatives (other than reserves) and employee stock options | 5,323 | 4,641 | 1,178 | 2,283 | 6,669 | 4,806 | 2,687 | 3,589 | 2,771 | 3,426 | 3,237 | 3,066 | 3,592 | 3,311 | 3,123 | 3,034 | 2,981 | |||||
| General government | 5,323 | 4,641 | 1,178 | 2,283 | 6,669 | 4,806 | 2,687 | 3,589 | 2,771 | 3,426 | 3,237 | 3,066 | 3,592 | 3,311 | 3,123 | 3,034 | 2,981 | |||||
| Other investment | 62,133 | 73,228 | 82,563 | 84,952 | 70,572 | 82,868 | 81,396 | 79,739 | 79,038 | 81,672 | 85,395 | 89,022 | 89,465 | 93,290 | 82,273 | 80,140 | 75,584 | |||||
| Currency and deposits | 495 | 689 | 521 | 376 | 255 | 485 | 489 | 239 | 162 | 194 | 233 | 167 | 165 | 144 | 172 | 243 | 219 | |||||
| Deposit-taking corporations, except the central bank | 495 | 689 | 521 | 376 | 255 | 485 | 489 | 239 | 162 | 194 | 233 | 167 | 165 | 144 | 172 | 243 | 219 | |||||
| Loans | 52,125 | 59,917 | 67,797 | 68,723 | 52,303 | 59,871 | 58,020 | 55,969 | 58,427 | 60,130 | 62,468 | 66,148 | 67,522 | 72,312 | 62,207 | 60,629 | 56,702 | |||||
| Deposit-taking corporations, except the central bank | 1,385 | 1,231 | 1,327 | 885 | 979 | 1,508 | 1,039 | 1,046 | 1,187 | 1,330 | 1,738 | 1,658 | 1,638 | 1,368 | 1,488 | 1,638 | 1,659 | |||||
| General government | 40,378 | 45,581 | 48,718 | 53,080 | 38,764 | 40,859 | 42,462 | 44,693 | 44,437 | 44,030 | 44,123 | 44,512 | 45,045 | 50,698 | 41,825 | 37,793 | 36,929 | |||||
| Other sectors | 10,361 | 11,585 | 13,455 | 11,848 | 12,559 | 12,504 | 11,519 | 9,230 | 8,604 | 8,250 | 8,667 | 8,579 | 9,220 | 8,760 | 8,365 | 8,206 | 8,036 | |||||
| Insurance, pension, and standardized guarantee schemes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Trade credit and advances | 8,447 | 10,643 | 12,619 | 12,402 | 14,612 | 19,231 | 19,975 | 20,729 | 17,847 | 18,844 | 20,014 | 20,001 | 19,063 | 18,034 | 17,322 | 16,609 | 15,831 | |||||
| Other sectors | 8,447 | 10,643 | 12,619 | 12,402 | 14,612 | 19,231 | 19,975 | 20,729 | 17,847 | 18,844 | 20,014 | 20,001 | 19,063 | 18,034 | 17,322 | 16,609 | 15,831 | |||||
| Miscellaneous liabilities | 1,065 | 1,978 | 1,626 | 3,451 | 3,402 | 3,281 | 2,912 | 2,801 | 2,602 | 2,504 | 2,681 | 2,706 | 2,715 | 2,801 | 2,573 | 2,659 | 2,832 | |||||
| Central bank | 0 | 0 | 0 | 2,645 | 2,599 | 2,590 | 2,601 | 2,598 | 2,445 | 2,328 | 2,373 | 2,369 | 2,338 | 2,377 | 2,360 | 2,355 | 2,268 | |||||
| Deposit-taking corporations, except the central bank | 1,065 | 1,978 | 1,626 | 806 | 803 | 691 | 310 | 203 | 157 | 176 | 307 | 337 | 377 | 423 | 212 | 304 | 563 | |||||
The November 2016 mission report provides a full description of Argentina’s ESS methodology.
