EU statistics — balance of payments, trade in services and foreign direct investment

KEY POINTS

• EU countries must:
  • submit the 3 sets of economic data to the European Commission statistical department (Eurostat) according to established deadlines and quality controls;
  • collect the information required using all sources, including administrative data sources such as business registers, that they consider relevant and appropriate;
  • inform Eurostat of any major methodological or other type of changes that could affect the data transmitted within 3 months of these taking place.
• Eurostat:
  • assesses the quality of the data it receives on the basis of national quality reports;
  • prepares and publishes a report on the quality of European statistics covered by this regulation;
  • submits this report to the European Parliament and to the Council for information purposes;
  • with its international partners, develops appropriate methodology for compiling FDI statistics;
  • institutes FDI pilot studies by 20 July 2018, which national authorities will carry out;
  • prepares a report by 20 July 2019 on the findings of the above studies, identifying any issues that need to be addressed;
  • proposes amendments to the regulation in order to define the methodological and data requirements for annual FDI statistics on the ultimate ownership concept as well as those distinguishing greenfield FDI transactions (i.e. new ventures) from takeovers (i.e. existing ventures), if appropriate;
  • exchanges with the European Central Bank data related to EU-28 aggregates in order to establish a balance of payments figures;
  • publishes national data and EU aggregates based on data transmitted by EU countries on the Commission’s website.
• The data flows Eurostat receives on the basis of Regulation (EC) No 184/2005 are:
  • monthly and quarterly balance of payments statistics;
  • international trade in services;
  • FDI flows and positions.
• By 28 February 2018, and every 5 years thereafter, the Commission must publish a report on the implementation of Regulation (EU) 2016/1013 (which amends Regulation (EC) No 184/2005) to:
  • evaluate the quality of the data it has received;
  • assess the benefits and costs of the statistical information;
  • identify areas for potential improvement.