Business
Monthly Balance of Payments Experimental data for potential European requirements

Experimental monthly balance of payments (MBoP) statistics have been developed as part of UK statistical preparations for possible future membership of Economic and Monetary Union.

Monthly balance of payments statistics are required by the European Central Bank (ECB) for the purposes of monetary policy and foreign exchange operations within the euro area.

Whilst not a member, the UK has accepted the need to provide monthly balance of payments estimates to the ECB and the ONS manages a joint ONS/Bank of England programme of work to meet the ECB requirements. The data have been available to the public on request since the first delivery to the ECB in December 1999, and in June 2001 they became accessible through the National Statistics website.

The ECB requires the monthly data, not seasonally adjusted, six weeks after the relevant month. The UK aims to produce these monthly estimates without increasing burdens on business. Since the UK compiles its balance of payments estimates primarily from a quarterly survey based collection system, the monthly figures have been derived in a number of ways.

For components where monthly data are available, these have been incorporated directly. For other components where monthly data bearing a close relationship to the quarterly series are available, these have been used to approximate the actual monthly data. Where no monthly data or proxies have been identified, estimates have been derived using statistical modelling techniques.

The main customer for experimental MBoP statistics is the ECB, but the Bank of England and HM Treasury, as sponsors of the project, are both interested in the estimates.