Note on a brief preview of the forthcoming revision of South Africa's national accounts and balance-of-payments statistics
L Motsumi, P H Swart, Z B Jansen, M J Steenkamp and M L Chiloane
Last Modified Date:
2020-10-01, 09:31 PM
Quarterly Bulletins > Articles and Notes
In order to keep abreast of international best practice in the compilation and dissemination of balance-of-payments statistics, the South African Reserve Bank (the Bank) has aligned South Africa’s balance-of-payments statistics with the guidelines provided in the Sixth Edition of the Balance of Payments and International Investment Position Manual (BPM6) of the International Monetary Fund (IMF). The revised statistics, including a change in the analytical presentation of the balance of payments, are disseminated in this edition of the Quarterly Bulletin.Consistent with previous balance-of-payments manuals, BPM6 provides guidance to member countries of the IMF on the principles, concepts and methodological practices underlying the compilation of balance-of-payments statistics. By adhering to these guidelines, transactions between residents of different economies are recorded in accordance with internationally agreed standards.BPM6 largely reflects changes that have occurred in the global economy since the release of BPM5 in 1993. Over the period, globalisation gave rise to a further increase in cross-border activity, ongoing financial innovation and increased financial flows. The basic framework for balance-of-payments data developed in BPM5 was maintained in BPM6. Changes proposed in BPM6 were, however, harmonised with the 2008 System of National Accounts (2008 SNA) and various other manuals, thereby enhancing the consistency between major macroeconomic statistical frameworks and data sets.The revision and reclassification of balance-of-payments statistics will enable data users to compare balance-of-payments statistics internationally. To allow for consistency between balance-of-payments and national accounts statistics, the conversion to BPM6 and the partial implementation of the 2008 SNA were scheduled to coincide with the benchmarking and rebasing of the national accounts statistics at the end of 2014. The revised balance-of-payments statistics as published in this edition of the Quarterly Bulletin reflect the impact of the implementation of BPM6, the incorporation of new data sources as well as general revisions that are usually undertaken on an annual basis.