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Geographical breakdown of income in the balance of payments
Background of the causes of the revisions and an outline of further work being carried out to improve the geographical breakdown, in line with the headline global balance of payments estimates.
A country breakdown of the United Kingdom balance of payments current account was published in the 1999 Pink Book. This showed revised estimates, especially for income, compared with those previously published in Economic Trends, December 1998. That article re-presented a geographic breakdown of the PB98 data, on the new basis consistent with the 5th edition of the International Monetary Fund’s (IMF) Balance of Payments Manual (BPM5).
The latest geographical breakdown benefits from some further methodological improvements. In particular the vast majority of the latest revisions are due to the country allocation of portfolio investment income. The method for this part has been improved to incorporate two new data sources, namely the UK’s contribution to the IMF Co-ordinated Portfolio Investment Survey (CPIS), which has improved the allocation of credits, and the ONS Share Register Survey (SRS), similarly for debits.
This article gives further background of the causes of the revisions and gives an outline of further work currently being carried out to improve the geographical breakdown, in line with the headline global balance of payments estimates.
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