Balance of payments, Q1 2003

The Riksbank today presents the first quarterly results of the balance of payments statistics, which are collected using new methods with effect from January 2003.

The statistics show that the balance on the current account was a surplus of SEK 33.2 billion for Q1, which is an increase of SEK 1.6 billion compared with the same period in 2002. It can be noted in the financial account that external investors sold Swedish equity securities during Q1 while they purchased Swedish debt securities. A more detailed account of the results can be found at the Riksbank's website.

The new balance of payments statistics are collected almost completely by means of surveys aimed at companies and others with cross-border transactions. With regard to the statistics collected up to the end of 2002, payments between Sweden and other countries provided an important source. As of 1 January this year, all payment reporting for statistical purposes ceased. In connection with the changeover to surveys, part of the responsibility for collecting statistics was transferred to Statistics Sweden. This mainly comprises data on trade in services and transfers.

One motive for the changeover is to safeguard the quality of the balance of payments statistics. The earlier use of cross-border payments meant that the statistics became increasingly affected by changes in payment patterns, etc., which undermined their quality. The changeover to survey-based collection means that this can be avoided.

The change of method for collecting balance of payments statistics may temporarily lead to differences in levels in the series for the balance of payments at the end of 2002/beginning of 2003, which could affect data for trade in services and cross-border transfers. The Riksbank and Statistics Sweden will together work on further development of methods for the new form of collection. When the survey has stabilised, the Riksbank intends to make adjustments for any break in time series, to achieve the best possible comparability over time in balance of payments statistics.

Statistics Sweden has already adjusted parts of the data from the balance of payments statistics for its calculation of the National Accounts for Q1 this year. For instance, the National Accounts are based on a net figure for trade in services which is SEK 3.5 billion lower than the corresponding figure in the balance of payments statistics.

The Riksbank and Statistics Sweden aim to harmonise the balance of payments statistics and the National Accounts when the above-mentioned adjustments for any breaks in time series are made.

CONTACT Anders Lindström, tel. +46-8-787 05 60, Victoria Ericsson, tel. +46-8-787 01 81