National Bank of Georgia started compiling Balance of Payments statistics according to new methodology
National Bank of Georgia has switched to new methodology in compilation of external sector statistics since 2014. Started from the first quarter of 2014 BOP and IIP statistics are compiled according to the IMF's "Balance of Payments and International Investment Position Manual" sixth edition (BPM6) that was released in 2009. The data of year 2014 will be presented both according to the fifth ("Balance of Payments manual", 1993) and the sixth ("Balance of Payments and International Investment Position Manual", 2009) editions of BOP manual. Since 2015 data will be presented only in BPM6 format. Historical data starting from year 2000 was also recalculated according to new methodology and during 2014 it will also be presented in two formats.
In line with global economic and financial development, also considering analytical needs and experience accumulated by the people working on BOP methodology IMF made some changes in BOP manual fifth edition and released "Balance of Payments and International Investment Position" manual in 2009. Furthermore, BOP manual was simultaneously reviewed by UN statistical commission to obtain high correspondence with SNA (last release in 2008).
Since August 2012, IMF presents BOP and IIP statistics only according to the sixth edition in the IFS database and in the yearbook.
Preliminary works on the process of switching to the new methodology in Georgia started in 2009. The conceptual basis in the sixth edition stayed unchanged, only some titles, presentation and formatting revised.
Changes made in BOP manual fifth to sixth edition, short review:
1. Accounting principles
2. Institutional sectors
3. Classification of financial assets and liabilities
4. Current account