The balance of payments is in harmony with the system of national accounts (SNA'93), it follows the recommendations of the IMF methodology (Balance of Payments Manual, 5th Edition, Washington 1993). It employs the principle of double entry book-keeping (each transaction is accounted for both the assets and the liability side).
The international methodological rules – renewed in the past years – of balance of payments statistics (Balance of Payments and International Investment Position Manual 6th Edition -BPM6) were introduced in a co-ordinated way in member countries of the European Union, so in Hungary, too, in June 2014. The new methodological manual shows a high level of continuity with the previous version (BPM5), the framework laid down in that proved to be basically suitable for adopting changes according to new aspects that occurred in the meanwhile. Thus the comprehensive structure of balance of payments statistics and general definitions remained unchanged this time. A significant part of recent changes were related to refining conceptual frames and clarifying the different categories and the principles of accounting. All the same, the methodological revision also brought changes in content in certain areas, which was consistent basically with significantly accelerating trends of globalisation in the world economy since the issue of the first version of the methodological manual in the year 1993, and in connection with this the structures of production, financing and co-operation as well as inter-corporation relations were transformed, the financial sector underwent a substantial change, migration trends related to private individuals intensified, the role of the info-communication sector appreciated and the significance of intangible assets increased.
Balance of payments: Balance of payments: a statistical statement systematically summarising economic and financial transactions of residents and non-residents in a country during a specific time period.
Residents in a country: those natural persons or legal entities who have direct connection with the economic territory of a particular country through direct economic interest (permanent residence, local unit, production etc.)
In 2008, in cooperation with the Hungarian Central Statistical Office, the National Bank of Hungary (NBH) launched a new data collection system based on direct reports to compile Balance of Payments (BoP) statistics. While the former compilation of the BoP relied mainly on the use of transaction codes for payments reported by credit institutions, in the new regime the NBH obtains the necessary information directly from reporting agents.
Source of data: National Bank of Hungary.
The source of methodology is available at: http://english.mnb.hu/Statisztika/data-and-information/mnben_modszertanok
Central budget: a part of the balance of the general government, the itemised grouping of revenues and expenditures of the central budget in a closed system.
Source of data: Ministry for National Economy.