Meth.notes

Statistics

Meth.notes

1993-1995

brief version

1996-1998

according BPM-5 standart components

1999-ից

new - enlarged version

2004-ից

using revised data sources

sign, means that there were no transactions in a component or not applicable or statistical data are not aveilable (not collected)

According to the revisions implemented in the Balance of Payments of RA since 2004, the comparability with some indicators for the previous years decreased (1996-2003). Specially revisions are made in Services, Income and Current transfers. Since 2010 some changes are implemented in Compensation of employees and Current transfers according to survey results. Such kind of revisions are acceptable in international statistics practice.

From 1993 to 2011 Balance of Payments was compiled by NSS of RA, since 2011 it is compiled by the Central bank of RA.

The balance of payments time series are revised due to IMF BPM6 manual methodology, as well as for the purposes of calculation methods unification and error correction. Taking into account, that some items needs further improvement it is intended that revision of selected items will continue in 2014-2017.

Travel item in services for 2006-2014 has been revised and is consistent with current period data.

Attention: Starting from June 30 2014 the balance of payments is published only on BPM6 basis.

For more detailed methodological notes about the compilation of balance of payments in Armenia see:

http://www.armstat.am/Metadata/Pages_Armenian/SM/ArmSMBalanceofPayments.htm

or:

http://dsbb.imf.org/Pages/SDDS/BaseSMReport.aspx?ctycode=ARM&catcode=BOP00&ctyType=SDDS

In 2016 the import price of natural gas has been revised, moreover there was a retrospective revision of 2015 prices. According to international methodology over or under pricing between affiliated companies is considered to be transfer pricing. According to the IMF’s Balance of payments and international investment position Manual 6th edition (BPM6) trade between affiliated companies (in this case the direct investor and subsidiary) should be recorded at market price, meaning that imports should be registered at unaltered high cost, at the same time the difference between the prices should be regarded as direct investment in subsidiary. It is also necessary to take into account that this kind of deal increases the company's profits, which should be duly reflected in the article "reinvested earnings" in balance of payments (see BPM6, para 11.101-11.102, https://www.imf.org/external/pubs/ft/bop/2007/pdf/bpm6.pdf). Following the international methodology of balance of payments compilation import was revalued in 2015, equaling them to their original size, and the corresponding amount was recorded in the financial account, direct investment in the capital under "Direct investments" article. "Reinvested earnings" are adjusted both in current and financial accounts. A similar adjustment is also implemented in the balance of payments for 2013, taking into account the result of supplementary agreement of contract between “HayRusazard” LLC and “GazPromExport” LLC, approved in early 2014 for a retrospective review of gas prices for 2013.

It should be noted that these revisions are not related to the methodology of Trade in goods statistics.

Taking into account the results of the monitoring and research carried out in 2018-2019, as well as the work, done with the state governmental bodies to clarify the data, the Central Bank of Armenia implemented review of some data in 2016-2019 Balance of payments of the Republic of Armenia,which mainly refer to goods and services.
In particular, the revision in goods account has been done for automobiles, that is:
• According to the legal regulations of EAEU natural persons trading within the borders of the union are released from reporting obligation to the customs authorities (instead of cargo declaration). Therefore, their imports to the RA and their exports to the member countries of the union are not registered in an appropriate form by RA customs authorities. Due to this, as a result of various studies and discussions the Central bank has implemented adjustments of the volume of cars and other goods imported and exported․ Further adjustments to the volume of cars exported in 2018 and 2019 was done in 2021 due to new data sources and improvement of methodology.
• According to the customs legislation of EAEU, starting from 2018 cars imported by natural persons are cleared without shipping costs. Thus, the customs value of the cars have been declared excluding shipping cost, which is contradicting international methodology of incorporation of all costs implemented during import, including shipping costs.
In relation to services the following revisions were implemented
• The processing value of manufacturing services in textile production implemented on raw materials owned by customer should be reflected in the services account and the value of raw material should not be included in import and export accounts.
• Based on the results of one-time monitoring of transportation, implemented on the border crossing points, the data for “Goods procured in ports by carriers” and “Maintenance and repair services” were reviewed for 2016-2019.
• «Tourism» account was reviewed due to unprecedented growth in inbound tourism during last years, especially in 2019, related to both expansion of geography and aims of visit, as well as growth in expenditure. Based on above mentioned, the ratio of tourists in total arrivals and departures, the spending structure and the aims of visit were reviewed and “Tourism” account data was revised for 2016-2019.
Some revisions for 2016-2019 were also implemented in primary and secondary income accounts, as well as financial account items. In 2021 adjustments were made to primary income account and financial account for 2019 due to new information on reinvested earnings. In 2022 some adjustments were made in balance of payments for 2015-2021years. These adjustments were due to revision of compilation methodology of some accounts of the balance of payments and due to review of some collected data. In 2022 the Central bank has again initiated the revision of cars export (see the comment above for details). As a result of various studies and discussions the Central bank has implemented adjustments of the volume of cars exported to EAEU for 2021 and 2022. In 2022 both credit and debit of «Tourism» account was reviewed due to unprecedented growth of visitors from Russian Federation starting from march, both based on increase in quantity of visitors and relocants as well as taking into account the increase in their expenses.

Revisions were made to the Balance of Payments (BOP) for the years 2017-2022 in 2023. Specifically, a survey was conducted among non-trade organizations, leading to updates and revisions in current and capital transfers` inflow. The export figures for goods and financial services in 2022 were also adjusted based on newly available information.

In 2023 revisions were made to inflow of Compensations of employees and inflow of Personal transfers according ratios from new survey.

*In 2024 Financial Intermediation Services Indirectly Measured (FISIM) were calculated and published. The data series were revised starting from the 2019Q1. The methodological Note on the FISIM calculation is published at the CBA site (available only in Armenian).

In 2025, revisions were made to the Balance of Payments (BOP) for the years 2019–2024 . Specifically, based on the results of a survey conducted in 2025 among organizations engaged in diamond processing, the accounts “Manufacturing services on physical inputs owned by others” and “General merchandise on a balance of payments basis” for the years 2022–2024 were revised. Based on the “International Visitor Survey(IVS)” implemented in 2023 by the initiative of the Tourism Committee in collaboration with the Statistical Committee and the Central Bank of Armenia, as part of the World Bank's Local Economy and Infrastructure Development (LEID) Project, the accounts “Travel” and “Passenger transport” for the years 2022–2024 were revised. Based on survey results, certain adjustments were also made in the items “Compensation of employees” and “Other current transfers”. Due to adjustments in real sector data, the account “Trade credit and advances ” for the years 2023–2024 was also revised .

Revisions were made to the Balance of Payments (BOP) for the years 2022-2025 in 2026, particularly *Break in data series: Based on a 2025 study incorporating customs data analysis, surveys of transport operators, and methodological refinements, the CIF-FOB adjustment coefficients used for estimating transport and insurance services in the balance of payments were updated. Consequently, the 2022–2025 data for 'Goods' (imports/debit), 'Insurance Services,' and freight services across all transport modes (air, sea, rail, and road) were revised.

The export/credit data for the "Telecommunications, Computer, and Information Services" item for 2022–2025 have been revised based on data refinements carried out jointly with the State Revenue Committee and the Ministry of High-Tech Industry. "In 2026, the items 'Compensation of Employees' and 'Personal Transfers' received from abroad were revised for 2024-2025 years, driven by the new weights obtained from the sample survey 'On Money Transfers Received from Abroad by Households of the Republic of Armenia', conducted by the Central Bank of the Republic of Armenia."