Statistics

The collection of data for compilation of the Danish balance of payments and Denmark's external debt has been improved as from January 2005. At the same time the division of labour between Statistics Denmark and Danmarks Nationalbank has been adjusted so that the latter now only compiles the financial account of the balance of payments and the external debt, as well as interest and dividends hereon.

Since April 2004 Danmarks Nationalbank has published quarterly financial accounts for Denmark.

Until the turn of the year 2004/05, the compilation of Denmark's balance of payments^[1] and external debt was predominantly based on payment statistics from Danmarks Nationalbank. The data was mainly sourced from Danish banks that on a current basis reported their own and their customers' payments to and from abroad to Danmarks Nationalbank.

This collection method was expensive to administer and burdensome for banks and the business community. In addition, the payment statistics were not geared to cope with the integration of the financial markets. This blurred the key distinction between resident and non-resident and impeded the registration of securities trading with abroad. The increasing number of external payments transacted from banks abroad also made it difficult to obtain the necessary information on other external payments.

Against this background, the payment statistics have been replaced by a fundamentally different collection method from January 2005. The new method is the result of 2½ years' preparatory work by Danmarks Nationalbank and Statistics Denmark. The statistics are now compiled on an improved basis, while the reporting burden on the business community has been reduced. Based on similar experience, other European countries, including the other Nordic countries, have abandoned the payments-based collection methods.

The balance of payments and external debt are now based on data from a survey of enterprises with considerable external relations. Data is reported to Danmarks Nationalbank and Statistics Denmark on a monthly or quarterly basis. The statistics are based on reports from approximately 2,500 enterprises in total. In comparison, approximately 25,000 enterprises previously reported data on their external payments via the banks to Danmarks Nationalbank.

The new collection method has therefore considerably reduced the administrative burden on the business community in general. This is particularly the case for the many small and medium-sized enterprises, which no longer have to report data for compilation of the balance of payments and the external debt. The banks also save costs by no longer having to report data on their customers' external payments.

On the other hand, large enterprises typically report more data than previously. However, in connection with the transition to the new collection method it was emphasised that the reports should as far as possible be based on approved accounting policies and thus on information already available in the enterprises' accounting systems.

It is easier for the enterprises to report accounting data, while the new method also gives a better picture of economic relations with abroad than the previous data on individual external payments. The electronic reporting methods that have been developed also enable enterprises to automate their reporting.

A similar division of labour between the national statistical agency and the central bank is seen in other countries and also applies to the cooperation between the EU statistical office, Eurostat, and the ECB.