Real GDP growth rate
Real GDP growth rate is the annual percentage change in real GDP for a given year.
Gross Domestic Product (GDP)
GDP measures the monetary value of final goods and services—that is, those bought by the final user—produced in a country in a given period (such as a quarter or a year). It includes all output generated within the country's borders.
Real GDP
Real GDP measures a country’s production of goods and services in a given period, adjusted for inflation.
Nominal GDP
Nominal GDP measures a country’s production of goods and services in a given period, using market prices or values.
GDP per capita
GDP per capita is calculated by dividing the total GDP by the midyear population for the respective year.
Tourist arrivals
The number of international visitors who arrive during a given period in a given country and who are staying at least one night.
Inflation
Inflation is the rate at which prices increase over a given period. It is typically a broad measure, such as the overall rise in prices or the cost of living in a country. However, it can also be more narrowly calculated—for specific goods, like food, or services, like haircuts.
Overall fiscal balance
Overall fiscal balance is the difference between a government's revenues and grants, and its expenditure. When the balance is negative, the government has a fiscal deficit. When the balance is positive, the government has a fiscal surplus.
Nonresidents
Nonresidents include all individuals and legal entities whose center of predominant economic interest is located outside the economic territory under consideration. A center of predominant economic interest is considered to be outside the territory when an entity engages, or intends to engage, in economic activities or transactions on a significant scale, either indefinitely or over a long period of time, in another economic territory. The accounts of nonresidents are recorded as part of foreign assets or foreign liabilities, regardless of the nationality of the account holder or the currency in which the accounts are denominated.
Currency in circulation
Currency in circulation is the amount of currency outside the central bank (and any other issuing unit) held by all other resident sectors and nonresidents. It represents the physical currency actively used for transactions between consumers, businesses, and other entities, rather than currency held in the vaults of banks, other financial institutions, or the central bank.
Boroad Money (M2)
Broad money (M2) refers to the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value. It includes narrow money (M1)—such as currency and demand deposits—as well as quasi-money, which comprises time deposits, savings deposits, and certain securities that are not immediately spendable but can be readily converted into cash.
Insurance technical reserves
Insurance policies are paid in advance, while claims are paid only after the insured events happen, sometimes much later. Insurance technical reserves represent the amounts identified by insurance companies to account for these prepayments of premiums and claims incurred but not yet paid.
Flow data
Flows reflect the creation, transformation, exchange, transfer, or extinction of economic value; they involve changes in the volume, composition, or value of an institutional unit’s assets and liabilities.
Stock data (positions)
Stock values or positions refer to the level of financial assets or liabilities at a point in time.
Creditor
An entity with a financial claim on another entity.
Debt Service
Refers to payments in respect of both principal and interest. Actual debt service is the set of payments actually made to satisfy a debt obligation, including principal, interest, and any late payment fees. Scheduled debt service is the set of payments, including principal and interest, which is required to be made through the life of the debt.
Debt-Service (-to-Exports) Ratio
The ratio of debt service (interest and principal payments due) during a year, expressed as a percentage of exports (typically of goods and services) for that year. Forward-looking debt-service ratios require some forecast of export earnings. This ratio is considered to be a key indicator of an economy’s debt burden.
Disbursements
The transactions of providing financial resources. The two counterparties must record the transaction simultaneously. In practice, disbursements are recorded at one of several stages: provision of goods and services (where trade credit is involved); placing of funds at the disposal of the recipient in an earmarked fund or account; withdrawal of funds by the recipient from an earmarked fund or account; or payment by the lender of invoices on behalf of the borrower. The term “utilized” may apply when the credit extended is in a form other than currency. Disbursements should be recorded gross—the actual amount disbursed.
External Debt (Gross External Debt)
Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of interest and/or principal by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy.
Gross Domestic Product (GDP)
Basically, GDP derives from the concept of value added. Gross value added is the difference between output and intermediate consumption. GDP is the sum of gross value added of all resident producer units plus that part (possibly the total) of taxes on products, less subsidies on products, that is not included in the valuation of output.
Nonperforming Loans
Defined as those loans for which (1) payments of principal and interest are past due by three months (90 days) or more, or (2) interest payments equal to three months (90 days) interest or more have been capitalized (reinvested into principal amount) or payment has been delayed by agreement, or (3) evidence exists to classify a loan as nonperforming even in the absence of a 90 day past due payment, such as when the debtor files for bankruptcy. Nonperforming loans are recorded at nominal value.
Broad money
The sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value.
Central bank
The central bank is the domestic financial institution that exercises control over key aspects of the financial system.
Central bank survey (CBS)
Analytical presentation of the accounts of the central bank.
Depository corporation (DC)
For monetary statistics purposes, a financial corporation that issues liabilities included in broad money
Depository corporations survey (DCS)
Analytical survey of the depository corporations sector that consolidates the central bank survey and the other DCS.
Financial corporation (FC)
Corporation principally engaged in providing financial services, including insurance and pension fund services, to other institutional units.
Financial corporations survey (FCS)
Analytical survey for the financial corporations sector that consolidates the depository corporations survey and the other financial corporations survey.
Household
Group of persons who share the same living accommodation, pool some, or all, of their income and wealth and consume certain types of goods and services collectively, mainly housing and food
Insurance corporation
Financial entity whose principal function is to provide life, accident, sickness, fire, or other forms of coverage to individual institutional units or groups of units, or reinsurance services to other insurance corporations.
Interest
Form of investment income that is receivable by the owners of certain kinds of financial assets for putting the financial assets at the disposal of another institutional unit. Income on Special Drawing Rights (SDR) holdings and allocations is also included in interest.
Interest rate
Amount charged, expressed as a percentage of the principal, by the owners of certain kinds of financial assets for putting the financial assets at the disposal of another institutional unit.
Liability
Established when one unit (the debtor) is obliged, under specific circumstances, to provide funds or other resources to another unit (the creditor).
Asset
Store of value, over which ownership rights are enforced and from which their owners may derive economic benefits by holding them over a period of time.
Loan
Financial asset that is (1) created when a creditor lends funds directly to a debtor, and (2) evidenced by documents that are not negotiable.
Nonfinancial corporation (NFC)
Corporation or a quasi-corporation whose principal activity is the production of market goods or nonfinancial services.
Public nonfinancial corporation (PNFC)
Resident nonfinancial corporation or quasi-corporation subject to control by government units, another public corporation, or some combination of government units and public corporations. To be classified as a PNFC, rather than as a government unit, a corporation must be a market producer of goods or nonfinancial services.
Other depository corporation (ODC)
For monetary statistics purposes, a financial corporation (other than the central bank) that incurs liabilities included in broad money.
Other depository corporations survey (ODCS)
Analytical presentation of the accounts of the other depository corporations.
Other financial corporation (OFC)
Financial corporation that does not issue liabilities included in broad money. It can perform financial intermediary or financial auxiliary functions.
Other financial corporations survey (OFCS)
Analytical presentation of the accounts of the other financial corporations.
Residence
The residence of an institutional unit is the economic territory with which it has the strongest connection, expressed as its center of predominant economic interest.
Special drawing rights (SDRs)
International reserve assets created by the International Monetary Fund (IMF) and allocated to its members that are SDR Department participants (currently all IMF member countries) to supplement existing official reserves
Memorandum Series
Series required to calculate the FSIs that are not directly available from the financial statements. They are included as memorandum items to the financial statements. These series fall into two categories: (1) supervisory-based series and (2) series that provide a further analysis of the balance sheet
Tier 1 Capital
Supervisory concept introduced in Basel I. It consists of equity capital and disclosed reserves that are considered freely available to meet claims against the bank. It comprises paid-up shares and common stock, and disclosed reserves created or increased by appropriation of retained earnings or other surplus. Goodwill is deducted from Tier 1 capital.
Tier 2 Capital
Supervisory concept introduced in Basel I including financial instruments and reserves that are available to absorb losses, but which might not be permanent or have uncertain value. It consists of (1) unsecured subordinated debt with a minimum original maturity of at least five years; (2) stock surplus resulting from the issuance of some instruments; (3) instruments issued by subsidiaries that are consolidated with the bank; (4) general provisions up to 1.25 percent of risk-weighted assets; and (5) regulatory adjustments. Tier 2 capital cannot exceed 100 percent of Tier 1 capital.
Base period
The base period is usually understood to mean the period with which all the other periods are compared. The term may, however, have different meanings in different contexts. Three types of base period may be distinguished: the price reference period, the weight reference period, and the index reference period.
Consumer price index (CPI)
A monthly or quarterly price index compiled and published by an official statistical agency that measures changes in the prices of consumption goods and services acquired or used by households.
Balance of Payments (BOP)
The balance of payments is a statistical statement that summarizes transactions between residents and nonresidents during a period. It consists of the goods and services account, the primary income account, the secondary income account, the capital account, and the financial account.
Current account (of Balance of Payments)
The current account shows flows of goods, services, primary income, and secondary income between residents and nonresidents.
Current account (of Balance of Payments)
The current account of the balance of payments covers all transactions of goods, services, primary income, and secondary income between residents and nonresidents. The current account balance shows the difference between the sum of exports and income receivable and the sum of imports and income payable (exports and imports refer to both goods and services, while income refers to both primary and secondary income). The value of the current account balance equals the saving-investment gap for the economy.
Capital account (of Balance of Payments)
The capital account shows credit and debit entries for nonproduced nonfinancial assets and capital transfers between residents and nonresidents.
Capital account (of Balance of Payments)
In the balance of payments, the capital account shows (1) capital transfers receivable and payable between residents and nonresidents and (2) the acquisition and disposal of nonproduced, nonfinancial assets between residents and nonresidents.
Financial account (of Balance of Payments)
The financial account shows net acquisition and disposal of financial assets and liabilities.
Financial account (of Balance of Payments)
The financial account of the balance of payments records transactions that involve foreign financial assets and liabilities and take place between residents and nonresidents. The primary basis for classification of the financial account is functional: direct, portfolio, and other investment, financial derivatives and employee stock options, and reserve assets.
Current account balance
The current account balance shows the difference between the sum of exports and income receivable and the sum of imports and income payable.
Net errors and omissions
Net errors and omissions refer to the imbalance in the balance of payments accounts that arises in practice from imperfections in source data and compilation. Although the accounts are, in principle, balanced, such imbalances are a usual feature of balance of payments data and should be identified separately in published data.
Residence
The residence of each institutional unit is the economic territory with which it has the strongest connection, expressed as its center of predominant economic interest.
Household
A household is defined as a group of persons who share the same living accommodation, who pool some or all of their income and wealth, and who consume certain types of goods and services collectively, mainly housing and food.
Financial assets
Financial assets consist of claims and the gold bullion component of monetary gold. Financial assets consist of equity and investment fund shares, debt instruments, financial derivatives and employee stock options, and monetary gold.
Special drawing rights (SDRs)
SDRs are international reserve assets created by the IMF and allocated to members to supplement existing official reserves.
Debt securities
Debt securities are negotiable instruments serving as evidence of a debt. They include bills, bonds, notes, negotiable certificates of deposit, commercial paper, debentures, asset-backed securities, money market instruments, and similar instruments normally traded in the financial markets.
Direct Investment
Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy.
Portfolio Investment
Portfolio investment is defined as crossborder transactions and positions involving debt or equity securities, other than those included in direct investment or reserve assets.
Other Investment
Other investment is a residual category that includes positions and transactions other than those included in direct investment, portfolio investment, financial derivatives and employee stock options, and reserve assets.
Reserve assets
Reserve assets are those external assets that are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in exchange markets to affect the currency exchange rate, and for other related purposes (such as maintaining confidence in the currency and the economy, and serving as a basis for foreign borrowing).
