2026 Joint ECB-Eurostat annual report on the consistency of National Accounts and Balance of Payments concerning quarterly financial and non-financial accounts

The methodological standards for compiling European Balance of Payments statistics (BOP) and National Accounts (NA)[1] were harmonised with the implementation of the 6th edition of the Balance of Payments and International Investment Position Manual (BPM6) and the European System of Accounts 2010 (ESA2010). Following BPM6 paragraph 1.6 and ESA2010 paragraph 18.05 the two manuals aim for conceptual consistency regarding the recording of transactions of an economy with the rest of the world.[2]

However, in practice there are still observed differences in the published figures, for reasons such as, no fully harmonised revision policies between the institutions responsible for the compilation of BOP and NA, use of different data sources, different compilation methods, and different interpretations of the manuals.

Eurostat and the ECB started measuring the degree of actual consistency between BOP and NA data in September 2015, for reference year 2014, when countries were legally obliged to compile data according to BPM6 and the ESA2010. Since then, this comparison has been carried out on a regular basis. Since January 2022 a single annual report covers both the financial accounts and the non-financial accounts, using a homogeneous set of indicators and referring to the same time span.[3]

As already highlighted in previous reports, substantial differences remain for a number of countries, resulting in considerable inconsistencies at the EU level. This picture holds despite the implementation of the benchmark revisions in September 2024 by the vast majority of EU countries[4] which should have solved (at least the large majority of) such discrepancies. Therefore, it is relevant to continue the regular analysis of the consistency between both domains as well as to strongly encourage countries, especially those contributing the most, to work on the remaining inconsistencies – including for back data – so that they are eliminated or at least significantly reduced.

However, based on the most recent analysis carried out in autumn 2025, several countries already exhibited significant relative consistency between the two domains, namely:

·   For the current account, four countries (ES, FI, LV and NL) currently display fully harmonised BOP and RoW figures, where average discrepancies for the observed period from 2022Q3 until 2025Q2 are below 0.05% of GDP and another 12 countries (AT, CY, DE, DK, HR, HU, IT, LT, PL, PT, RO and SI) achieved a good harmonisation where discrepancies are between 0.05% and 0.5% of GDP;

·       On the financial account side and for transactions, 16 countries observe a consistent picture (i.e. discrepancies below 1% of GDP): AT, CY, EE, ES, FI, HR, HU, IT, LT, LV, NL, PL, PT, RO, SI and SK; and,

·       On the financial account side and for positions, 21 countries observe a consistent picture (i.e. discrepancies below 2% of GDP): AT, BE, BG, CY, CZ, DK, EE, ES, FI, HR, HU, IT, LT, LV, NL (liabilities), PL, PT, SE, SI and SK.

Nonetheless, substantial absolute differences remain for the following countries and for selected items of the non-financial and financial accounts that generate the large absolute inconsistencies at EU level:

·       On the current and capital account side, FR (goods, services and primary income), DE (secondary income and capital account), CZ (services), SE (services), BE (goods), LU (primary income), MT (primary income) and SK (capital account);

·       On the financial account side and for transactions, DE (“other”)[5], FR (“other”) and IE (equity and “other”); and,

·       On the financial account side and for positions, DE (equity and “other”) and FR (equity and “other”).

This document analyses the current differences between quarterly national BOP and NA financial and non-financial accounts figures and their evolution as compared to those observed one year ago.[6] Section II elaborates on the differences currently observed at the EU and national levels regarding non-financial accounts, while Section III analyses those referring to the financial accounts. The detected differences between the statistical discrepancy in BOP (net errors and omissions, NEO) and the Rest of the World (vertical discrepancy, VD) in NA are studied in Section IV. Finally, Section V concludes.

[1] The term NA in the context of this note means national (sectoral) quarterly financial and non-financial accounts.

[2] Some methodological differences between the BPM6 and ESA2010 were detected and are discussed in the joint ECB-Eurostat methodological advice on consistency between BOP and ROW (NA). Annex I includes a list of the topics covered. The consistency between BOP and NA is one of the overall priorities in the implementation of the updated BPM and SNA/ESA Manuals.

[3] The ECB and Eurostat share the outcomes of this report with their respective working groups (WG ES, WG FGS, BOPWG and NAWG) and also assess inconsistencies between BOP and NA in the context of MIP visits.

[4] The only exceptions concern Romania and Luxembourg, who plan to implement them in 2025 and 2027, respectively.

[5] The “other”/residual item also includes debt securities, loans as well as other items (such as deposits and trade credits) which cannot be singled out in the analysis.

[6] The data vintages used in this analysis are those up to 2024Q2 (reference period of last year) and for the most recent vintage up to 2025Q2. For each vintage, the last twelve quarters were considered.

Table 1 indicates how average quarterly absolute inconsistencies between BOP and RoW at EU level for the current and capital account have changed between the two vintages analysed. Overall inconsistencies increased for the credit side of the current account by EUR 6.7 bn and decreased by EUR 2.3bn for the debit side. Observed inconsistencies decreased on the credit and debit sides for transactions of goods, services and secondary income, but increased for primary income and the capital account (balance).   

The following developments are observed for the main non-financial accounts items:

·   Primary income is the largest contributor to the absolute differences on the credit and debit side regarding data based on the 2025Q2 vintage. Compared to the 2024Q2 vintage these differences increased significantly by EUR 10.7bn for the credit side and EUR 4.5bn for the debit side.

·       Services exhibit the second largest inconsistency between BOP and RoW for data based on the 2025Q2 vintage for the credit side and the third highest inconsistency for the debit side. Average differences decreased considerably compared to the 2024Q2 vintage for both credits (by EUR 3.5bn) and debits (by EUR 4.1bn).

·       Average differences concerning transactions for goods also slightly decreased on both sides (by EUR 0.4bn for credits and EUR 0.5bn for debits) when compared to the corresponding values for the 2024Q2 vintage. They represent the third highest absolute difference on the credit side and the second largest for the debit side of the current account for the 2025Q2 vintage.

·       Secondary income remains the current account item that contributes the least to the differences between BOP and RoW and observed differences further decreased for this sub-account for both credits and debits (by EUR 1.2bn and EUR 1.4bn, respectively).

·       Finally, average differences for the capital account balance[7] worsened by EUR 0.8bn to EUR 7.0 bn in the 2025Q2 vintage.

[7] In contrast to BOP, gross values for all sub-items of the capital account are not available in NA and therefore only the balance can be used for the analysis.

Relative average differences (BOP - RoW) of the sum of credits. 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of the GDP

Source: Eurostat.

Note: * For 2021Q3-2024Q2 RoW data was not fully available for CZ, EE, GR, PL and RO and for 2022Q3-2025Q2 not for GR and IE.    

Chart 1.1 displays average inconsistencies for the credit side and Chart 1.2 for the debit side of the current account for each Member State in % of GDP, while Annexes 2 and 3 provide the details of these differences in absolute terms and broken down by item. The following developments are observed:

·   In relative terms and when comparing BOP and RoW data based on the 2025Q2 and the 2024Q2 vintages, the average differences in the current account improved for 8 countries on both the credit and debit sides. The differences however worsened for 9 countries on the credit side and for 7 on the debit side.

·       For the 2025Q2 vintage, 4 countries (ES, FI, LV and NL) exhibit fully harmonised[8]  BOP and RoW figures for the current account, compared to 5 countries (DK, ES, FI, LV and NL) in the previous vintage. In addition, another 12 countries (AT, CY, DE, DK, HR, HU, IT, LT, PL, PT, RO and SI) achieved a good harmonisation[9] of their BOP and RoW values for the current account concerning the most recent vintage in comparison to 9 (AT, CY, DE, HR, HU, IT, LT, PT and SI) based on the 2024Q2 vintage. Full 2025Q2 vintage data was unavailable for GR and IE, but a full data set became available for CZ, EE, PL and RO in comparison with the situation in the previous analysis.     

·       For the 2025Q2 vintage, MT is showing the highest relative average inconsistencies for the current account and a significant increase compared to the 2024Q2 vintage is visible.

·       In absolute terms, the largest BOP-RoW differences are displayed by FR in particular for primary income, goods and services, followed by DE, that exhibits the highest observed differences for secondary income and the capital account and by LU with considerable inconsistencies for primary income and services. These three countries represent almost 80% of the EU total current and capital account differences in the 2025Q2 vintage.

[8] BOP and RoW figures are considered to be fully harmonised if the relative difference is below 0.05% of GDP.

[9] A good harmonization of BOP RoW figures is achieved if the relative difference is between 0.05% and 0.5% of GDP.

Relative average differences (BOP - RoW) of the sum of debits. 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of the GDP

Source: Eurostat.

Note: * For 2021Q3-2024Q2 RoW data was not fully available for CZ, EE, GR, PL and RO and for 2022Q3-2025Q2 not for and IE.

Sum across countries of the average quarterly absolute differences (BOP - RoW) of transactions and positions. EUR billion 

Source: ECB.

Notes: a. There are certain constraints on the BOP data availability for some countries regarding foreign direct investment (FDI) debt securities and loans data, affecting both transactions and positions. For FDI debt securities, it is assumed that missing data are zero. The missing data and partial coverage for FDI loans is considered for the compilation of the average quarterly absolute differences either by excluding the country from the analysis (missing data) or adjusting the time span for which data are available (partial coverage). This limitation in the 2021Q3-2024Q2 vintage applies only to BG (missing data). b. Financial derivatives are reported in net terms for transactions in assets. c. As the indicators are defined using absolute values, the sum of the subcomponents might be different than the total assets (liabilities) transactions (positions). This applies to the "other" aggregate item that is compiled residually.

Charts 2.1 (assets) and 2.2 (liabilities) summarise the analysis of the overall BOP-RoW differences at the country level for transactions in relative average terms (as % of GDP). This analysis is supplemented with more detailed information broken down by item in absolute average terms in Annex 4 (2025Q2-2024Q2 vintage changes), Annex 5 (2025Q2 vintage) and Annex 6 (2024Q2 vintage). The main observations are as follows:

·       In relative terms (see Charts 2.1 and 2.2), IE, MT and LU show the largest inconsistencies for both assets and liabilities transactions in the 2025Q2 vintage.[10] For IE, inconsistencies increased sharply in the latest vintage, while LU recorded the strongest improvement. For 17 countries the consistency remained at a good level for assets (16 for liabilities), with average relative differences not exceeding 1% of GDP. 

·       In absolute terms (see Annexes 4 to 6), DE, IE and FR record the largest outstanding BOP-RoW differences for both assets and liabilities transactions (accounting for around 75% of total EU inconsistencies).

·       The main contributors to the observed worsening in absolute terms for assets were IE (EUR 21bn), reflecting a worsening notably for equity. The largest improvement was observed for BE (EUR 2bn), mostly due to the “other” category. On the liability side, the main contributor to deterioration in absolute terms was IE (EUR 14bn), mostly linked to the “other” category. There were no relevant decreases worth highlighting.

[10] To facilitate the comparison in relative terms between countries and statistical domains the BOP-RoW differences are presented as percentages of GDP throughout this report. For countries with very large financial sectors relative to GDP such as LU (and to a lesser extent MT, IE and CY) the financial accounts related differences might be affected by this presentation and an alternative comparison with total RoW assets would show lower relative discrepancies.

Relative average differences (BOP - RoW) of the sum of assets transactions. 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of the GDP

Relative average differences (BOP - RoW) of the sum of liabilities transactions. 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2.  Percentages of the GDP

Charts 2.3 (assets) and 2.4 (liabilities) summarise the analysis of the overall BOP-RoW differences at the country level for positions in relative average terms (as % of GDP). This analysis is supplemented with more detailed information broken down by item in absolute average terms in Annex 4 (2025Q2-2024Q2 vintage changes), Annex 5 (2025Q2 vintage) and Annex 6 (2024Q2 vintage). The main observations are:

·       In relative terms (see Charts 2.3 and 2.4), FR and MT show the largest inconsistencies for asset positions, and FR, LU and IE for liability positions in the 2025Q2 vintage. For IE, inconsistencies decreased sharply in the latest vintage, while MT and NL (assets) recorded the largest deteriorations. For 20 countries the consistency remained at a good level on the asset side (21 countries on the liabilities side), with average relative differences not exceeding 2% of GDP. 

·       In absolute terms (see Annexes 4 to 6), FR,[11] DE and IE recorded the largest BOP-RoW differences for both assets and liabilities positions (accounting for 93% of total EU inconsistencies).

·       The main contributors to the observed improvement at the EU level in absolute terms for assets were IE (EUR 144bn) and, to a lesser extent, FR (EUR 40bn). This development reflects mainly a better consistency for the “other” category. The largest deterioration was observed for NL (EUR 42bn; due to the exclusion of gold bullion in the RoW total assets – see footnote 11).

On the liability side, the main contributors to the improvement in absolute terms were IE (EUR 134bn) and, to a lesser extent, GR (EUR 12bn). In both cases this positive development was mostly due to the “other” category. The largest deterioration was observed for FR (EUR 31bn and driven by equity).

[11] The discrepancies regarding equity instruments reflect different valuation practices for unlisted equity: own funds at book value in BOP and market capitalization in RoW.

Relative average differences (BOP - RoW) of the sum of assets positions. 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of the GDP

 Source: ECB.

[12] The BOP positions for assets, and the financial accounts positions for assets of most countries include gold bullion. The WG FGS and the EG AFA agreed in September 2025 to include gold bullion in assets with rest of the world counterpart in line with a similar BOP reporting convention. This new convention was not implemented by CZ and MT. In the case of SK it was implemented for 2025Q2 only. In NL the convention was implemented for monetary gold (F11) but not for monetary gold and SDRs (F1). 

Relative average differences (BOP - RoW) of the sum of liabilities positions. 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of the GDP

Source: ECB.

Sum across countries of the average quarterly NEOs and RoW vertical differences and the differences (BOP-RoW) between these vertical differences. EUR billion

Source: ECB and Eurostat.

Notes: For 2021Q3-2024Q2 RoW data was not fully available for CZ, EE, GR, PL and PT, and for 2022Q3-2025Q2 not for GR and IE; BOP data was used instead to build EU 27 aggregates.

1) Capital and current account net transactions minus RoW net lending/net borrowing (B.9).

2) BOP net financial transactions minus RoW net lending/net borrowing (B.9F).

The average vertical consistency measures for the EU aggregates are below 0.1% of GDP, however developments at country level are more pronounced. The vertical discrepancy measures are presented on a four-quarter sum basis in line with the European guidance on vertical consistency.[13] The four-quarter sum basis allows the offsetting of short-term discrepancies and facilitates the comparison with annual financial accounts.

[13] Compilers are recommended to keep in each compilation round the four-quarter sum/annual vertical discrepancy for each sector (and sub-sector) below 1% of the four-quarter sum/annual GDP (‘target’). See: “Report on developing a common approach to improve vertical consistency” published by ECB and Eurostat. Several countries implemented elements of the recommendations at the time of the 2024 benchmark revision.

Relative average absolute differences (BOP – RoW) between NEO and RoW VDs (four-quarter sums) 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of GDP (four-quarter sums).

Source: ECB and Eurostat.

Note: For 2021Q3-2024Q2 RoW data was not fully available for CZ, EE, GR, PL and RO and for 2022Q3-2025Q2 not for GR and IE.

Chart 3.1 presents the country developments of the vertical consistency measure differences relative to country GDP. The main observations are:

·   The differences between NEOs and VDs do not exceed 1% of GDP in 20 countries (AT, BE, CY, DK, EE, FI, ES, FI, FR, HR, HU, IT, LT, LU, LV, NL, PL, RO, SI, SK), with the largest improvements in FI, FR and SK.

·       Of the countries with differences still above 1% of GDP (DE, CZ, BG, MT, SE), an improvement is observed for DE (CZ reported a full data set for the first time), while

·       BG, MT and SE exhibited increased differences (data for GR and IE was not fully available).

The increase in the vertical consistency differences may be due to changes in the NEOs and changes in VDs. The country developments are presented below.

Relative absolute NEOs (four-quarter sums). 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of GDP (four-quarter sums).  

Source: ECB and Eurostat.

Chart 3.2 presents the country developments of the NEOs relative to country GDP. The main observations are:

·       NEOs do not exceed 1% of GDP in 17 countries (AT, BE, BG, CZ, EE, ES, FR, GR, HR, IT, LU, MT, NL, PL, PT, RO, SK).

·       Of the countries with NEOs still above 1% of GDP, large improvements were observed for HU (to 1.1% from 2.0%), and smaller improvements for FI, IE,  LV, SE and SI, while

·       NEOs worsened for CY, DE, DK, and LT.

Relative absolute vertical differences (four-quarter sums). 2021Q3-2024Q2 vis-à-vis 2022Q3-2025Q2. Percentages of GDP (four-quarter sums)

Source: ECB and Eurostat

Note: For 2021Q3-2024Q2 RoW data was not fully available for CZ, EE, GR, PL and RO and for 2022Q3-2025Q2 not for GR and IE.

Chart 3.3 presents the country developments of the VDs relative to country GDP. The main observations are:

·       RoW VDs do not exceed 1% of GDP in twelve countries (AT, BE, ES, FR, HR, IT, LU, NL, PO, PT, SI, and SK).

·      Of the countries with VDs still above this goal for vertical discrepancies, larger improvements were observed for BG (to 1,5% from 2.0%), DE (to 1.1% from 1.7%), HU (to 1.2% from 2.1%), and smaller improvements for  CY, FI, and LV (CZ and RO reported the full data for the first time), while

·      VDs worsened for DK, MT and SE (data for GR and IE was not fully available).

This document clearly illustrates that substantial discrepancies in the EU for the non-financial and financial accounts still exist between BOP and RoW data in the 2025Q2 vintage. At the level of EU countries, relative inconsistencies even increased compared to the 2024Q2 vintage in the non-financial accounts for 9 countries on the credit side and for 7 countries on the debit side. Regarding the financial accounts (transactions), inconsistencies for transactions widened for 8 countries in assets and for 12 countries in liabilities. For financial accounts (positions) it widened for 5 countries in assets and for 13 countries in liabilities. The NEOs in BOP are still above 1% of GDP in ten countries, of which 4 exhibited worsening discrepancies; similarly, the RoW VDs are still above 1% of GDP in 13 countries of which 3 exhibited worsening discrepancies. Moreover, comparing the vertical discrepancies in the RoW and NEOs in BoP, differences of more than 1% of GDP are observed in 5 countries. 

ECB and Eurostat will continue to provide methodological guidance for relevant topics[14] and the respective groups regularly discuss issues of common relevance.[15],[16] Countries are reminded to implement the recommendation of the “Report on developing a common approach to improve vertical consistency” in the sector accounts as approved by the STC and DMES and published in March 2022. While the recommendations remain voluntary, national compilers are encouraged to take them into account in their compilation systems and in the context of the cooperation between financial and non-financial sector accountants. A summary table presenting the current reconciliation practices covering all EU countries and the euro area was published by the ECB and Eurostat in October 2023 and updated in October 2025.[17]

In the context of the Macroeconomics Imbalance Procedure (MIP), quality assurance framework issues related to the consistency of the two statistics are addressed as needed. For this purpose, the MIP visits include specific action points aimed to address the NA-BOP differences and vertical consistency.[18]

There are still certain structural issues remaining unsolved, being especially relevant for those countries contributing the most to the differences in absolute terms. Therefore, the ECB and Eurostat will continue analysing regularly the consistency between these two statistical domains. Institutions in charge of compiling NA and BOP statistics where differences remain high are strongly encouraged to continue or establish dedicated regular coordination touchpoints to progress towards the goal of greater consistency between the two domains, thereby ensuring the serviceability of these statistics.

[14] See the document entitled “Consistency between national b.o.p./i.i.p. and financial accounts: ECB/Eurostat methodological advice 2020 update” circulated in November 2020.

[15] Eurostat BOPWG, NAWG, ECB working groups FGS and ES, the EG AFA and the Eurostat Expert Group on Sector Accounts (EG SA).

[16] Moreover, the ECB and Eurostat are regularly monitoring national vertical discrepancies on an annual level and issues relevant recommendation in the context of the national accounts quality reports (see ECB and Eurostat).

[17] See ECB and Eurostat.

[18] The countries visited so far in the MIP quality assurance framework are the following: BE, BG, CY, DE, FI, FR, GR, HR, IE, LV, LU, MT NL, and PL. While the visits focus on the financial accounts and balance of payments data underlying the MIP indicators, the consistency between the financial account in the balance of payment and the financial account in the national accounts is also discussed and the recommendation on the best use of sources and methods often address both domains.

• Treatment of off-market swaps

• Net versus gross recording of financial derivatives

• The treatment of closed-end/unincorporated investment fund units

• Compilation of FDI income (reinvested earnings) 

• Treatment of listing/de-listing of equity shares

• Classification of deposits/loan positions of deposit-taking corporations

• Distinction between debt-securities and loans

• Classification of trade credits accepted by factoring companies

• Instrument treatment of cash pledged as collateral

• Recording of timing differences in securities trading between change in ownership and payment date

• Recording of subsidies

• Investment fund shares

• Other accounts receivable/payable

• Euro banknotes and euro coins

• Social benefits and contributions

• Vertical consistency in sector accounts