After a deeper pandemic-induced recession than the rest of the euro area in 2020, the Portuguese economy gained ground in 2021, and growth strengthened further in 2022:Q1. Employment reached pre-pandemic levels in 2021:H2 and GDP in 2022:Q1. Nonetheless output is expected to remain below pre-pandemic trend over the medium term. While growth in 2022:Q1 was supported by a strong bounce back in tourism and domestic demand, the recovery for the rest of the year is expected to be hampered by the war in Ukraine despite limited direct linkages with Russia and Ukraine, due to higher commodity prices, supply-side disruptions, and weaker confidence and external demand. The outlook is clouded by uncertainty relating to the war, new virus waves, and the ultimate effect of the pandemic on corporate, bank, and public sector balance sheets. While declining and with improved composition, public debt would remain high.
previous period and plausibility checks are carried out to detect/address any outliers that may represent errors. In aggregate, year-on-year changes are checked if they are reconciled with the combination of the following: transactions, relevant exchange rate, and price changes.
6.11 The CPIS data are collected as part of an integrated framework for compiling quarterly balance of payments, external debt, and IIP statistics. Malaysia is one of the earliest countries to develop an SBS portfolioinvestmentdatacollectionsystem. The custodian agencies
Organizing a portfolio investment survey requires informed choices by data compilers on the relative merits and demerits of a collection system. To ensure both consistency and quality of reporting across the participating economies in the Coordinated Portfolio Investment Survey, this chapter covers certain practical issues that go beyond those covered in the International Monetary Fund’s BPM6 Compilation Guide.
This Guide has been prepared to assist economies that participate or are preparing to participate in the Coordinated Portfolio Investment Survey (CPIS). For economies already participating in the CPIS, the Guide provides statistical guidelines that compilers may find useful for improving the quality of the data and for compiling additional items that were introduced in the aftermath of the 2007–2008 financial crisis. Additionally, this third edition updates the second edition of the CPIS Guide (2002) to reflect the adoption of the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) as the standard framework for compiling cross-border position statistics and to provide compilation guidance drawing on International Monetary Fund (IMF) staff and IMF members’ experience. This chapter covers the purpose and background of the CPIS and provides an overview of how the Guide is organized.
Although the procedures for conducting the national survey are shaped by the national compiling agency, the concepts and principles underlying the survey content should conform to the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). From this viewpoint, practical guidance on the following key topics that are relevant for undertaking a Coordinated Portfolio Investment Survey (CPIS) are discussed in this chapter: (i) nomenclature, (ii) residence and institutional sector attribution, (iii) valuation, (iv) distinction between direct and portfolio investment, and (vi) treatment of securities where there is potential for double counting. In addition, an appendix discusses the institutional sectors.
This chapter describes the preparatory steps and provides practical advice to compilers for conducting a portfolio investment survey for the first time. The chapter covers: (i) timetable; (ii) legal and confidentiality considerations; (iii) compiling, maintaining, and using a register of respondents; (iv) choosing and developing a computer package to process the survey results; and (v) quality control.
This chapter sets out the scope and modalities of the Coordinated Portfolio Investment Survey (CPIS), Securities Held as Foreign Exchange Reserves (SEFER), and Securities Held by International Organizations (SSIO).
This third edition of the Coordinated Portfolio Investment Survey Guide has been prepared to assist economies that participate or are preparing to participate in the Coordinated Portfolio Investment Survey (CPIS). It builds on and updates the second edition of the CPIS Guide (2002) to reflect the adoption of the Balance of Payments and International Investment Position Manual, sixth edition (BPM6) as the standard framework for compiling cross-border position statistics.
Investment Position Manual . The BP participates in the IMF’s surveys on direct and portfolio investments, and reports data template on international reserves and foreign currency liquidity regularly. The portfolioinvestmentdatacollectionsystem encompasses transactions of resident banks, domestic securities transactions undertaken by nonresidents (through the resident custodians), external securities transactions undertaken by residents (through the resident investor or custodian), as well as residents’ issuance of securities in foreign markets.
transition to the ESA 2010 , sizably altering revenue and expenditure and hampering comparisons across years. From 2001 onward, budgets have been presented in a manner consistent with recent changes in national and fiscal accounting methodology. Quarterly general government statistics on an accrual basis are available as derived from the national accounts statistics.
Trade and balance of payments . Data are provided according to the IMF’s sixth edition of the Balance of Payments Manual . The portfolioinvestmentdatacollectionsystem encompasses transactions of