Eurostat

The 3-months interest rate is a representative short-term interest rate series for the domestic money market. From January 1999, the euro area rate is the 3-month "EURo InterBank Offered Rate" (EURIBOR) EURIBOR is the benchmark rate of the large euro money market that has emerged since 1999. It is the rate at which euro InterBank term deposits are offered by one prime bank to another prime bank. The contributors to EURIBOR are the banks with the highest volume of business in the euro area money markets. The panel of banks consists of banks from EU countries participating in the euro from the outset, banks from EU countries not participating in the euro from the outset, and large international banks from non-EU countries but with important euro area operations. Monthly data are calculated as averages of daily values. Data are presented in raw form. Source: European Central Bank (ECB)

This data collection covers data on the steel industry, which is defined as group 27.1 of the Statistical classification of economic activities in the European Community (NACE Rev.1.1). For the first reference year 2003 the Commission will accept that the population covered refers to group 27.1 of NACE Rev.1. The statistics collected on the steel industry are: Annual statistics on the steel and cast iron scrap balance sheetAnnual statistics on the fuel and energy consumption broken down by type of plantAnnual statistics on the balance sheet for electrical energy in the steel industryAnnual statistics on investment expenditure in the iron and steel industryAnnual statistics on the maximum possible (and actual) production in the iron and steel industry The characteristics are defined in the Commission Regulation No 772/2005 of 20 May 2005 concerning the specifications for the coverage of the characteristics and the definition of the technical format for the production of annual Community statistics on steel for the reference years 2003 to 2009 (See annex at the bottom of the page). Member States of which the Steel industry (NACE Rev.1.1 27.1) represents less than 1% of the Community total need not to collect the characteristics of European Parliament and Council Regulation No 48/2004 (See annex at the bottom of the page). Steel Statistics data are collected by National Statistical Institutes (NSI) or by national federations of the Steel industry. Iron and steel data collection was discontinued from 2010 onwards.

Data are the result of the annual structure of government debt survey and cover the EU countries as well as Norway. The following series are available: Central government gross debt by initital maturity and sector of debt holder; State government gross debt by initital maturity and sector of debt holder; Local government gross debt by initital maturity and sector of debt holder; Social security funds gross debt by initital maturity and sector of debt holder; General government gross debt by initital maturity and sector of debt holder; Debt by currency of issuance; Government guarantees (contingent liabilities); Average remaining maturity of debt; Apparent cost of the debt; Market value of debt.

National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making. Eurostat publishes annual and quarterly national accounts, annual and quarterly sector accounts as well as supply, use and input-output tables, which are each presented with associated metadata. Annual national accounts are compiled in accordance with the European System of Accounts - ESA 2010 as defined in Annex B of the Council Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013.   The previous European System of Accounts, ESA95, was reviewed to bring national accounts in the European Union, in line with new economic environment, advances in methodological research and needs of users and the updated national accounts framework at the international level, the SNA 2008. The revisions are reflected in an updated Regulation of the European Parliament and of the Council on the European system of national and regional accounts in the European Union of 2010 (ESA 2010). The associated transmission programme is also updated and data transmissions in accordance with ESA 2010 are compulsory from September 2014 onwards. Further information on the transition from ESA 95 to ESA 2010 is presented on the Eurostat website. The domain consists of the following collections:   1. Main GDP aggregates: main components from the output, expenditure and income side, expenditure breakdowns by durability and exports and imports by origin. <

The Community Innovation Survey (CIS) is a survey of innovation activity in enterprises. The harmonised survey is designed to provide information on the innovativeness of sectors by type of enterprises, on the different types of innovation and on various aspects of the development of an innovation, such as the objectives, the sources of information, the public funding or the expenditures. The CIS provides statistics broke down by countries, type of innovators, economic activities and size classes. The survey is currently carried out every two years across the European Union, some EFTA countries and EU candidate countries. In order to ensure comparability across countries, Eurostat, in close cooperation with the countries, has developed a standard core questionnaire starting with the CIS3 data collection, along with an accompanying set of definitions and methodological recommendations. The concepts and underlying methodology of the CIS are also based on the Oslo Manual — second edition of 1997 and third edition of 2005 (see link at the bottom of the page). Up to CIS 2010, CIS results were collected under Commission Regulation (EC) No 1450/2004. A new Regulation will apply from CIS 2012 (EC No 995/2012). The data presented in these tables refer to enterprises with ‘10 employees or more’ active in the sectors to be covered under the Regulation (cf. NACE CORE). Further activities may be covered on a voluntary basis. Most statistics are based on a reference period of three years, but some use one calendar year. Since CIS 2008, the survey has included an ad-hoc module. It consists of a set of questions focusing on a special theme. The themes are different in each survey wave, allowing data to be obtained on specific issues beyond the data usually collected. Overview over time: Initially, the CIS data collection was carried out every four years. The first collection (CIS Light) was launched in 1993 as a pilot exercise and the second (CIS2) was carried out in 1997/1998 for most countries except Greece and Ireland, where it was launched in 1999. The third survey (CIS3) was conducted in 2000/2001 for most participating countries with the exception of Norway, Iceland, Luxembourg and Greece, where it was launched in 2002. As from 2004, the survey has been carried out every two years. CIS4 was conducted in the 25 EU Member States (as for 2004), Iceland, Norway, Bulgaria and Romania. The survey was launched in 2005 with a three-year reference period 2002 to 2004 for most indicators. The fifth survey CIS 2006 was carried out in all 25 EU Member States (as for 2006), Norway, Bulgaria, Romania, Croatia and Turkey. It was launched in 2007, mostly for the reference period 2004 to 2006. As regards CIS 2008, 26 Member States (all except Greece), Iceland, Norway, Croatia and Turkey took part in the survey. CIS 2008 was launched in 2009 with a three-year reference period 2006 to 2008 for most indicators. Changes were made to the CIS 2008 questionnaire to bring it into line with the third revision of the Oslo Manual, 2005 edition, by giving greater weight to organisational and marketing innovation. CIS 2008 was complemented by an ad-hoc module on innovation with environmental benefits. The seventh Community Innovation Survey, CIS 2010, had 31 participating countries (all the EU 27 Member States (except Greece), Iceland, Norway, Croatia, Serbia and Turkey) and reported most results for the reference period 2008-2010. CIS 2010 also follows the recommendations of the Oslo Manual and reports indicators on four types of innovation: product, process, organisational and marketing. However, despite implementation of the recommendations of the third edition of the Oslo Manual, the question on innovation expenditures is still limited to product and process innovation in order to maintain continuity with earlier versions of the CIS. Furthermore, generally fewer questions are asked about organisational and marketing innovation than about product and process innovation. While the European innovation statistics use the aggregated national data, the microdata sets can be accessed by researchers via the SAFE Centre of Eurostat in Luxembourg or via the microdata on CD-ROM releases in more anonymised form; some countries also provide access to their micro-data at similar safe centres.

The focus of this domain is on enlargement countries, in other words the following country groups: candidate countries — Albania (AL), the former Yugoslav Republic of Macedonia (MK), Montenegro (ME), Iceland (IS), Serbia (RS) and Turkey (TR)potential candidates — Bosnia and Herzegovina (BA), as well as Kosovo (XK) (*) An extensive range of indicators is presented in this domain, including indicators from almost every theme covered by European statistics. Only annual data are published in this domain. (*) This designation is without prejudice to positions on status and is in line with UNSCR 1244 and the ICJ Opinion on the Kosovo declaration of independence.

The data are central government bond yields which are no longer updated.

The data are central government bond yields which are no longer updated.

The data are central government bond yields which are no longer updated.

For the countries belonging to the euro area, these are factors for converting euro fixed series (NAC) into euro/ECU series, and vice-versa.

This variable consists of the sum of all items of the assets side or the sum of all items of the liabilities side. This indicator gives an idea of the economic importance of credit institutions.

Structural business statistics (SBS) describes the structure, conduct and performance of economic activities, down to the most detailed activity level (several hundred economic sectors). SBS are transmitted annually by the EU Member States on the basis of a legal obligation from 1995 onwards.   SBS covers all activities of the business economy with the exception of agricultural activities and personal services and the data are provided by all EU Member States, Norway and Switzerland, some candidate and potential candidate countries. The data are collected by domain of activity (annex) : Annex I - Services, Annex II - Industry, Annex III - Trade and Annex IV- Constructions and by datasets. Each annex contains several datasets as indicated in the SBS Regulation. The majority of the data is collected by National Statistical Institutes (NSIs) by means of statistical surveys, business registers or from various administrative sources. Regulatory or controlling national offices for financial institutions or central banks often provide the information required for the financial sector (NACE Rev 2 Section K / NACE Rev 1.1 Section J). Member States apply various statistical methods, according to the data source, such as grossing up, model based estimation or different forms of imputation, to ensure the quality of SBSs produced. Main characteristics (variables) of the SBS data category: Business Demographic variables (e.g. Number of enterprises)"Output related" variables (e.g. Turnover, Value added)"Input related" variables: labour input (e.g. Employment, Hours worked); goods and services input (e.g. Total of purchases); capital input (e.g. Material investments) All SBS characteristics are published on Eurostat’s website by tables and an example of the existent tables is presented below: Annual enterprise statistics: Characteristics collected are published by country and detailed on NACE Rev 2 and NACE Rev 1.1 class level (4-digits). Some classes or groups in 'services' section have been aggregated.Annual enterprise statistics broken down by size classes: Characteristics are published by country and detailed down to NACE Rev 2 and NACE Rev 1.1 group level (3-digits) and employment size class. For trade (NACE Rev 2 and NACE Rev 1.1 Section G) a supplementary breakdown by turnover size class is available.Annual regional statistics: Four characteristics are published by NUTS-2 country region and detailed on NACE Rev 2 and NACE Rev 1.1 division level (2-digits) (but to group level (3-digits) for the trade section). More information on the contents of different tables: the detail level and breakdowns required starting with the reference year 2008 is defined in Commission Regulation N° 251/2009. For previous reference years it is included in Commission Regulations (EC) N° 2701/98 and amended by Commission Regulation N°1614/2002 and Commission Regulation N°1669/2003. Several important derived indicators are generated in the form of ratios of certain monetary characteristics or per head values. A list with the available derived indicators is available below in the Annex.

All income received by credit institutions from assets such as loans and advances, treasury bills, fixed income securities. It also includes fees and commissions similar in nature to interest and calculated on a time basis or by reference to the amount of the claim or liability.

A count of the number of all credit institutions active during at least a part of the reference period. Credit institutions are undertakings whose business it is to receive deposits or other repayable funds from the public and to grant credit for their own account.

The number of persons employed is the total number of persons who work in the observation unit as well as persons who work outside the unit who belong to it and are paid by it (e.g. sales representatives, delivery personnel, repair and maintenance teams). Yet the number of persons employed excludes manpower supplied to the unit by other companies.

National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making. Eurostat publishes annual and quarterly national accounts, annual and quarterly sector accounts as well as supply, use and input-output tables, which are each presented with associated metadata. Annual national accounts are compiled in accordance with the European System of Accounts - ESA 1995 (Council Regulation 2223/96). Annex B of the Regulation consists of a comprehensive list of the variables to be transmitted for Community purposes within specified time limits. This transmission programme has been updated by Regulation (EC) N° 1392/2007 of the European Parliament and of the Council. Meanwhile, the ESA95 has been reviewed to bring national accounts in the European Union, in line with new economic environment, advances in methodological research and needs of users and the updated national accounts framework at the international level, the SNA 2008. The revisions are reflected in an updated Regulation of the European Parliament and of the Council on the European system of national and regional accounts in the European Union of 2010 (ESA 2010). The associated transmission programme is also updated and data transmissions in accordance with ESA 2010 are compulsory from September 2014 onwards. Please note, nama will contain the final ESA 95 data transmission from countries, up to 2014 Q2 and will be received until mid September 2014. After this date, ESA 95 data will remain on Eurobase for analytical purposes. ESA 2010 data will be published in a new dedicated database from September 2014 onwards, called nama10. As countries transmit their data throughout September 2014, nama10 will run parallel to the existing dataset published in ESA 95, called nama.

National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making. Eurostat publishes annual and quarterly national accounts, annual and quarterly sector accounts as well as supply, use and input-output tables, which are each presented with associated metadata. Annual national accounts are compiled in accordance with the European System of Accounts - ESA 1995 (Council Regulation 2223/96). Annex B of the Regulation consists of a comprehensive list of the variables to be transmitted for Community purposes within specified time limits. This transmission programme has been updated by Regulation (EC) N° 1392/2007 of the European Parliament and of the Council. Meanwhile, the ESA95 has been reviewed to bring national accounts in the European Union, in line with new economic environment, advances in methodological research and needs of users and the updated national accounts framework at the international level, the SNA 2008. The revisions are reflected in an updated Regulation of the European Parliament and of the Council on the European system of national and regional accounts in the European Union of 2010 (ESA 2010). The associated transmission programme is also updated and data transmissions in accordance with ESA 2010 are compulsory from September 2014 onwards. Please note, nama will contain the final ESA 95 data transmission from countries, up to 2014 Q2 and will be received until mid September 2014. After this date, ESA 95 data will remain on Eurobase for analytical purposes. ESA 2010 data will be published in a new dedicated database from September 2014 onwards, called nama10. As countries transmit their data throughout September 2014, nama10 will run parallel to the existing dataset published in ESA 95, called nama.

National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making. Eurostat publishes annual and quarterly national accounts, annual and quarterly sector accounts as well as supply, use and input-output tables, which are each presented with associated metadata. Annual national accounts are compiled in accordance with the European System of Accounts - ESA 1995 (Council Regulation 2223/96). Annex B of the Regulation consists of a comprehensive list of the variables to be transmitted for Community purposes within specified time limits. This transmission programme has been updated by Regulation (EC) N° 1392/2007 of the European Parliament and of the Council. Meanwhile, the ESA95 has been reviewed to bring national accounts in the European Union, in line with new economic environment, advances in methodological research and needs of users and the updated national accounts framework at the international level, the SNA 2008. The revisions are reflected in an updated Regulation of the European Parliament and of the Council on the European system of national and regional accounts in the European Union of 2010 (ESA 2010). The associated transmission programme is also updated and data transmissions in accordance with ESA 2010 are compulsory from September 2014 onwards. Please note, nama will contain the final ESA 95 data transmission from countries, up to 2014 Q2 and will be received until mid September 2014. After this date, ESA 95 data will remain on Eurobase for analytical purposes. ESA 2010 data will be published in a new dedicated database from September 2014 onwards, called nama10. As countries transmit their data throughout September 2014, nama10 will run parallel to the existing dataset published in ESA 95, called nama.

National accounts are a coherent and consistent set of macroeconomic indicators, which provide an overall picture of the economic situation and are widely used for economic analysis and forecasting, policy design and policy making. Eurostat publishes annual and quarterly national accounts, annual and quarterly sector accounts as well as supply, use and input-output tables, which are each presented with associated metadata. Annual national accounts are compiled in accordance with the European System of Accounts - ESA 1995 (Council Regulation 2223/96). Annex B of the Regulation consists of a comprehensive list of the variables to be transmitted for Community purposes within specified time limits. This transmission programme has been updated by Regulation (EC) N° 1392/2007 of the European Parliament and of the Council. Meanwhile, the ESA95 has been reviewed to bring national accounts in the European Union, in line with new economic environment, advances in methodological research and needs of users and the updated national accounts framework at the international level, the SNA 2008. The revisions are reflected in an updated Regulation of the European Parliament and of the Council on the European system of national and regional accounts in the European Union of 2010 (ESA 2010). The associated transmission programme is also updated and data transmissions in accordance with ESA 2010 are compulsory from September 2014 onwards. Please note, nama will contain the final ESA 95 data transmission from countries, up to 2014 Q2 and will be received until mid September 2014. After this date, ESA 95 data will remain on Eurobase for analytical purposes. ESA 2010 data will be published in a new dedicated database from September 2014 onwards, called nama10. As countries transmit their data throughout September 2014, nama10 will run parallel to the existing dataset published in ESA 95, called nama.

Euro-zone series: Until December 1998 it is an aggregate of interbank deposit bid rates weighted by country GDP (Gross Domestic Product). Thereafter the rate is the EONIA (Euro OverNight Index Average), the effective overnight reference rate for the euro, computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks. EONIA is computed with the help of the European Central Bank. EU15 series: Until December 1998, this is a theoretical rate based on an aggregation of day-to-day rates weighted by country GDP. Thereafter the rate is an average of the EONIA and the rates of the non-euro-zone countries, weighted by country GDP. National series: broadly speaking, these are day-to-day interbank rates. Source: European Central Bank.

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments. The data on direct investment are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments. The data on direct investment are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

Foreign direct investment (FDI) is a category of investment that reflects the objective of establishing a lasting interest by a resident enterprise in one economy (direct investor) in an enterprise (direct investment enterprise) that is resident in an economy other than that of the direct investor. The lasting interest implies the existence of a long-term relationship between the direct investor and the direct investment enterprise and a significant degree of influence on the management of the enterprise. The lasting interest is deemed to exist if the investor acquires at least 10% of the voting power of the direct investment enterprise. Data are expressed as % of GDP to remove the effect of differences in the size of the economies of the reporting countries. FDI comprises: - Equity capital comprises equity in branches as well as all shares in subsidiaries and associates. - Reinvested earnings consist of the offsetting entry to the direct investor’s share of earnings not distributed as dividends by subsidiaries or associates, and earnings of branches not remitted to the direct investor and which are recorded under Investment income. - debt instruments Direct investment is classified primarily on a directional basis: 1) Resident direct investment abroad (Outward direct investment) 2) Non-resident investment in the reporting economy (Inward direct investment). The Inward direct investment is investment by a non-resident direct investor in a direct investment enterprise resident in the host economy; the direction of the influence by the direct investor is inward for the reporting economy. Starting from October 2014 definitions are based on the IMF's Sixth Balance of Payments Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments. The data on direct investment are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Foreign direct investment (FDI) is a category of investment that reflects the objective of establishing a lasting interest by a resident enterprise in one economy (direct investor) in an enterprise (direct investment enterprise) that is resident in an economy other than that of the direct investor. The lasting interest implies the existence of a long-term relationship between the direct investor and the direct investment enterprise and a significant degree of influence on the management of the enterprise. The lasting interest is deemed to exist if the investor acquires at least 10% of the voting power of the direct investment enterprise. Data are expressed as % of GDP to remove the effect of differences in the size of the economies of the reporting countries. FDI comprises: - Equity capital comprises equity in branches as well as all shares in subsidiaries and associates. - Reinvested earnings consist of the offsetting entry to the direct investor’s share of earnings not distributed as dividends by subsidiaries or associates, and earnings of branches not remitted to the direct investor and which are recorded under Investment income. - Debt instruments Direct investment is classified primarily on a directional basis: 1) Resident direct investment abroad (Outward direct investment) 2) Non-resident investment in the reporting economy (Inward direct investment). The Inward direct investment is investment by a non-resident direct investor in a direct investment enterprise resident in the host economy; the direction of the influence by the direct investor is inward for the reporting economy. Starting from October 2014 definitions are based on the IMF's Sixth Balance of Payments Manual (BPM6).

Foreign direct investment (FDI) is the category of investment made by an entity resident in an economy (direct investor) to acquire a lasting interest in an entity operating in an economy other than that of the investor (direct investment enterprise). The lasting interest implies the existence of a long-term relationship between the direct investor and the direct investment enterprise and a significant degree of influence on the management of the enterprise. The lasting interest is deemed to exist if the investor acquires at least 10% of the voting power of the direct investment enterprise. FDI stocks comprise: - Equity capital including equity in branches as well as all shares in subsidiaries and associates. - Debt instruments Data are presented according to the asset/liability principle, compiled in the framework of international investment position and are consistent with the components of national accounts statistics. Inward FDI stocks are the value of FDI liabilities from all countries of the world in the reporting economy at the end of the reference period. Data are expressed as percentage of GDP to remove the effect of differences in the size of the economies of the reporting countries. Definitions are based on the IMF's Sixth Balance of Payments Manual (BPM6).

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments. The data on direct investment are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

The Economic Sentiment Indicator (ESI) is a composite indicator made up of five sectoral confidence indicators with different weights: Industrial confidence indicator, Services confidence indicator, Consumer confidence indicator, Construction confidence indicator Retail trade confidence indicator. Confidence indicators are arithmetic means of seasonally adjusted balances of answers to a selection of questions closely related to the reference variable they are supposed to track (e.g. industrial production for the industrial confidence indicator). Surveys are defined within the Joint Harmonised EU Programme of Business and Consumer Surveys. The economic sentiment indicator (ESI) is calculated as an index with mean value of 100 and standard deviation of 10 over a fixed standardised sample period. Data are compiled according to the Statistical classification of economic activities in the European Community, (NACE Rev. 2). Source: DG ECFIN

Maastricht criterion bond yields (mcby): definition used for the convergence criterion for EMU for long-term interest rates (central government bond yields on the secondary market, gross of tax, with around 10 years' residual maturity).

This is a one-off survey, not intended to be repeated.  Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of the survey is to:Examine where there may be constraints on the availability of finance, and how those may be changing.Provide evidence on the need for finance (loans, equity and other) in the future, for example to promote growth.Identify the sources from which businesses would wish to obtain this finance.  It is important to be able to compare businesses that have shown sharp growth in recent years with those that have not; and to separate more recently formed businesses from others. As a consequence, the survey will collect information separately for "gazelles" (defined at page 3 below); other high-growth businesses that have been established longer than gazelles; and other businesses. Only businesses with an employment of 10-249 in 2005 and at least 10 employees in 2010 are being covered.

This is a one-off survey, not intended to be repeated.  Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of the survey is to:Examine where there may be constraints on the availability of finance, and how those may be changing.Provide evidence on the need for finance (loans, equity and other) in the future, for example to promote growth.Identify the sources from which businesses would wish to obtain this finance.  It is important to be able to compare businesses that have shown sharp growth in recent years with those that have not; and to separate more recently formed businesses from others. As a consequence, the survey will collect information separately for "gazelles" (defined at page 3 below); other high-growth businesses that have been established longer than gazelles; and other businesses. Only businesses with an employment of 10-249 in 2005 and at least 10 employees in 2010 are being covered.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment:Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery.Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time.Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three:Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows.Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely:Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares.Reinvested earnings See definition under FDI flows.Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators:FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment:Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery.Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time.Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three:Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows.Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely:Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares.Reinvested earnings See definition under FDI flows.Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators:FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment:Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery.Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time.Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three:Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows.Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely:Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares.Reinvested earnings See definition under FDI flows.Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators:FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment:Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery.Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time.Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three:Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows.Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely:Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares.Reinvested earnings See definition under FDI flows.Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators:FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment:Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery.Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time.Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three:Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows.Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely:Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares.Reinvested earnings See definition under FDI flows.Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators:FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

 Foreign Direct Investment (FDI) encompasses all kind of cross-border investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). FDI is one of the five main functional categories of investment used in international accounts to classify either the Internal Investment Positions (IIP) or the Balance of Payment (BOP) statements of a given economy (vis-à-vis the rest of the world). Foreign Direct Investment positions show at a point in time (generally, end of a reference year) the value of financial direct investment assets of residents of an economy on non-residents, and financial direct investment liabilities of residents of an economy to non-resident. The net FDI position is the difference between assets and liabilities, which is also equivalent (under the directional principle presentation) to the difference between FDI positions abroad and in the reporting economy. The net FDI position represents either a net FDI claim or a net FDI liability to the rest of the world.        Foreign direct investment transactions summarize all economic direct investment interactions between the residents and the non-residents during a given period. Two types of FDI transactions can be identified (within the BOP framework) according to the economic meaning they convey: FDI income is a distributive transaction showing amounts payable and receivable between resident and non-resident entities in return for providing financial direct investment assets to the rest of the world, or incurring direct investment liabilities vis-à-vis the rest of the world.FDI flows refer to financial transactions showing the net acquisition or disposal of financial assets and liabilities involved in direct investment relationships.FDI positions, FDI income and FDI flows are disseminated by Eurostat together with estimated EU FDI aggregates (directly produced by Eurostat).  Other FDI changes that are not transaction changes, such as volume, value or prices changes, are not treated by Eurostat under the scope of annual FDI statistics. Annual FDI data are disseminated by Eurostat according to the directional principle (see sub section 3.4 below). The geographical allocation is made according to the economic residence of the immediate direct investor or immediate direct investment company (immediate counterparts). FDI data classified according to ultimate investor or host economy are not yet available at Eurostat (see 12.1).  International Guides recommend the classification of FDI data both according to the activity of the direct investor and the activity of the direct investment enterprise. In practice, it is very difficult for national compilers to have both classifications. In that case, the recommended classification by activity is that of the direct investment enterprise. On the outward side, national compilers are not always able to classify their FDI data according to the activity of the direct investment enterprise. In that case, the classification used as a proxy is the activity of the direct investor.  Alongside with International Trade in Services Statistics (ITSS) and Foreign Affiliates Trade Statistics (FATS), FDI data are relevant to monitor the overall effectiveness and competitiveness of different economies in the globalised world.

 Foreign Direct Investment (FDI) encompasses all kind of cross-border investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). FDI is one of the five main functional categories of investment used in international accounts to classify either the Internal Investment Positions (IIP) or the Balance of Payment (BOP) statements of a given economy (vis-à-vis the rest of the world). Foreign Direct Investment positions show at a point in time (generally, end of a reference year) the value of financial direct investment assets of residents of an economy on non-residents, and financial direct investment liabilities of residents of an economy to non-resident. The net FDI position is the difference between assets and liabilities, which is also equivalent (under the directional principle presentation) to the difference between FDI positions abroad and in the reporting economy. The net FDI position represents either a net FDI claim or a net FDI liability to the rest of the world.        Foreign direct investment transactions summarize all economic direct investment interactions between the residents and the non-residents during a given period. Two types of FDI transactions can be identified (within the BOP framework) according to the economic meaning they convey: FDI income is a distributive transaction showing amounts payable and receivable between resident and non-resident entities in return for providing financial direct investment assets to the rest of the world, or incurring direct investment liabilities vis-à-vis the rest of the world.FDI flows refer to financial transactions showing the net acquisition or disposal of financial assets and liabilities involved in direct investment relationships.FDI positions, FDI income and FDI flows are disseminated by Eurostat together with estimated EU FDI aggregates (directly produced by Eurostat).  Other FDI changes that are not transaction changes, such as volume, value or prices changes, are not treated by Eurostat under the scope of annual FDI statistics. Annual FDI data are disseminated by Eurostat according to the directional principle (see sub section 3.4 below). The geographical allocation is made according to the economic residence of the immediate direct investor or immediate direct investment company (immediate counterparts). FDI data classified according to ultimate investor or host economy are not yet available at Eurostat (see 12.1).  International Guides recommend the classification of FDI data both according to the activity of the direct investor and the activity of the direct investment enterprise. In practice, it is very difficult for national compilers to have both classifications. In that case, the recommended classification by activity is that of the direct investment enterprise. On the outward side, national compilers are not always able to classify their FDI data according to the activity of the direct investment enterprise. In that case, the classification used as a proxy is the activity of the direct investor.  Alongside with International Trade in Services Statistics (ITSS) and Foreign Affiliates Trade Statistics (FATS), FDI data are relevant to monitor the overall effectiveness and competitiveness of different economies in the globalised world.

20.1. Source data

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

A yield curve (which is known as the term structure of interest rates) represents the relationship between market remuneration (interest) rates and the remaining time to maturity of debt securities. The zero coupon yield curves and their corresponding time series are calculated using "AAA-rated" euro area central government bonds, i.e. debt securities with the most favourable credit risk assessment. They represent the yields to maturity of hypothetical zero coupon bonds. Source: European Central Bank.

 A yield curve, also known as term structure of interest rates, represents the relationship between market remuneration (interest) rates and the remaining time to maturity of debt securities. The information content of a yield curve reflects the asset pricing process on financial markets. When buying and selling bonds, investors include their expectations of  future inflation, real interest rates and their assessment of risks. An investor calculates the price of a bond by discounting the expected future cash flows (coupon payments and/or redemption). The European Central Bank estimates zero-coupon yield curves for the euro area and also derives forward and par yield curves. A zero coupon bond is a bond that pays no coupon and is sold at a discount from its face value. The zero coupon curve represents the yield to maturity of hypothetical zero coupon bonds, since they are not directly observable in the market for a wide range of maturities. They must therfore be estimated from existing zero coupon bonds and fixed coupon bond prices or yields.  The forward curve shows the short-term (instantaneous) interest rate for future periods implied in the yield curve. The par yield reflects hypothetical yields, namely the interest rates the bonds would have yielded had they been priced at par (i.e. at 100). An outlier removal mechanism is applied to bonds that have passed the selection criteria described in 11.1. Bonds are removed if their yields deviate by more than twice the standard deviation from the average yield in the same maturity bracket. Afterwards, the same procedure is repeated. 

 A yield curve, also known as term structure of interest rates, represents the relationship between market remuneration (interest) rates and the remaining time to maturity of debt securities. The information content of a yield curve reflects the asset pricing process on financial markets. When buying and selling bonds, investors include their expectations of  future inflation, real interest rates and their assessment of risks. An investor calculates the price of a bond by discounting the expected future cash flows (coupon payments and/or redemption). The European Central Bank estimates zero-coupon yield curves for the euro area and also derives forward and par yield curves. A zero coupon bond is a bond that pays no coupon and is sold at a discount from its face value. The zero coupon curve represents the yield to maturity of hypothetical zero coupon bonds, since they are not directly observable in the market for a wide range of maturities. They must therfore be estimated from existing zero coupon bonds and fixed coupon bond prices or yields.  The forward curve shows the short-term (instantaneous) interest rate for future periods implied in the yield curve. The par yield reflects hypothetical yields, namely the interest rates the bonds would have yielded had they been priced at par (i.e. at 100). An outlier removal mechanism is applied to bonds that have passed the selection criteria described in 11.1. Bonds are removed if their yields deviate by more than twice the standard deviation from the average yield in the same maturity bracket. Afterwards, the same procedure is repeated. 

The Balance of Payments (BoP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of a geographical region during a given period. The Balance of payments provides harmonized information on international transactions which are part of the current account (goods, services, income, current transfers), but also on transactions which fall in the capital and the financial account. BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit) towards the external world. Data on International Trade in Services, a component of BoP current account, and data on Foreign Direct Investment, a component of BoP financial account, are used to monitor the external commercial performance of different economies. Outward Foreign Affiliates Statistics (FATS) measure the commercial presence, as defined by the General Agreement on Trade in Services (GATS), through affiliates in foreign markets. Balance of Payments data are used for calculation of indicators needed for monitoring of macroenomic imbalances such as share of main BoP and International Investment Position (IIP) items in GDP and export market shares calculated as the EU Member States' shares in total world exports.  Out of BoP data, some indicators of EU market integration are also derived. Data are in millions of Euro/ECU or in millions of national currency. Balance of Payments data coverage varies according to the collection. Some collections refer only to Euro area or EU countries, while some others' coverage includes also EU partner countries.   Several statistical adjustments are applied to the original data provided by the Member States. These are described in the International Trade in Services EU 1992-2001 - Compilation guide 2003. The International Monetary Fund Balance of Payments Manual (BPM5) classification is used for the compilation of the BoP. The BoP data are collected through national surveys and administrative sources.    More information on BoP is available for each specific collection: Quarterly BoP, ITS, FDI, Outward FATS, BoP of EU Institutions.

This is a one-off survey, not intended to be repeated.  Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of the survey is to:Examine where there may be constraints on the availability of finance, and how those may be changing.Provide evidence on the need for finance (loans, equity and other) in the future, for example to promote growth.Identify the sources from which businesses would wish to obtain this finance.  It is important to be able to compare businesses that have shown sharp growth in recent years with those that have not; and to separate more recently formed businesses from others. As a consequence, the survey will collect information separately for "gazelles" (defined at page 3 below); other high-growth businesses that have been established longer than gazelles; and other businesses. Only businesses with an employment of 10-249 in 2005 and at least 10 employees in 2010 are being covered.

This is a one-off survey, not intended to be repeated.  Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of the survey is to:Examine where there may be constraints on the availability of finance, and how those may be changing.Provide evidence on the need for finance (loans, equity and other) in the future, for example to promote growth.Identify the sources from which businesses would wish to obtain this finance.  It is important to be able to compare businesses that have shown sharp growth in recent years with those that have not; and to separate more recently formed businesses from others. As a consequence, the survey will collect information separately for "gazelles" (defined at page 3 below); other high-growth businesses that have been established longer than gazelles; and other businesses. Only businesses with an employment of 10-249 in 2005 and at least 10 employees in 2010 are being covered.

Data given in this domain are collected annually by the National Statistical Institutes and are based on Eurostat's annual model questionnaires on ICT (Information and Communication Technologies) usage in households and by individuals. Large part of the data collected are used in the context of the follow up of the Digital Single Market process (Monitoring the Digital Economy & Society  2016-2021). This conceptual framework follows the 2011 - 2015 benchmarking framework, the i2010 Benchmarking Framework and the eEurope 2005 Action Plan. ICT usage data are also used in the Consumer Conditions Scoreboard (purchases over the Internet) and in the Employment Guidelines (e-skills of individuals). The aim of the European ICT surveys is the timely provision of statistics on individuals and households on the use of Information and Communication Technologies at European level. Data for this collection are supplied directly from the surveys with no separate treatment. Coverage: The characteristics to be provided are drawn from the following list of subjects:access to and use of ICTs by individuals and/or in households,use of the Internet and other electronic networks for different purposes by individuals and/or in households,ICT security and trust,ICT competence and skills,barriers to the use of ICT and the Internet,perceived effects of ICT usage on individuals and/or on households,use of ICT by individuals to exchange information and services with governments and public administrations (e-government),access to and use of technologies enabling connection to the Internet or other networks from anywhere at any time (ubiquitous connectivity). Breakdowns (see details of available breakdowns): Relating to households:by region of residence (NUTS 1, optional: NUTS 2)by geographical location: less developed regions, transition regions, more developed regionsby degree of urbanisation (till 2012: densely/intermediate/sparsely populated areas; from 2012: densely/thinly populated area, intermediate density area) by type of householdby households net monthly income (optional) Relating to individuals:by region of residence (NUTS1, optional: NUTS 2)by geographical location: less developed regions, transition regions, more developed regionsby degree of urbanisation: (till 2012: densely/intermediate/sparsely populated areas; from 2012: densely/thinly populated area, intermediate density area)by genderby country of birth, country of citizenship (as of 2010, optional in 2010)by educational level: ISCED 1997 up to 2013 and ISCED 2011 from 2014 onwards.by occupation: manual, non-manual; ICT (coded by 2-digit ISCO categories)/non-ICT (optional: all 2-digit ISCO categories)by employment situationby age (in completed years and by groups)legal / de facto marital status (2011-2014, optional) Regional breakdowns (NUTS) are available only for a selection of indicators disseminated in the regional tables in Eurobase (Regional Information society statistics by NUTS regions (isoc_reg):Households with access to the internet at homeHouseholds with broadband accessIndividuals who have never used a computerIndividuals who used the internet, frequency of use and activitiesIndividuals who used the internet for interaction with public authoritiesIndividuals who ordered goods or services over the internet for private useIndividuals who accessed the internet away from home or work

The financial flows and stocks data are reported quarterly to the European Central Bank. Once validated the data are transmitted to Eurostat.  Financial flows consist of transactions and other flows and represent  the difference between opening balance sheet  at the beginning of the year and closing balance sheet at the end of the year.  Â

The data collection comprises countries' financial balance sheets: financial assets and liabilities, consolidated and non-consolidated, for all the sectors of the economy and rest of the world. (Tables 710 and 720 of ESA 95 transmission programme). The collection is no longer updated, as countries now compile and provide the data under a new methodological framework, ESA 2010. See collection nasa_10_f_bs,

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments and institutional sectors. The data are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments. The data on portfolio investment are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments and institutional sectors. The data are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The Financial sector leverage (debt-to-equity ratio) indicator shows the relative proportion of debt used to finance assets to shareholders' equity. It is obtained as the ratio of the sum of Currency and deposits, Debt securities, Loans and Financial derivatives and employee stock options to Equity and investment fund shares.

Structural business statistics (SBS) describes the structure, conduct and performance of economic activities, down to the most detailed activity level (several hundred economic sectors). SBS are transmitted annually by the EU Member States on the basis of a legal obligation from 1995 onwards.   SBS covers all activities of the business economy with the exception of agricultural activities and personal services and the data are provided by all EU Member States, Norway and Switzerland, some candidate and potential candidate countries. The data are collected by domain of activity (annex) : Annex I - Services, Annex II - Industry, Annex III - Trade and Annex IV- Constructions and by datasets. Each annex contains several datasets as indicated in the SBS Regulation. The majority of the data is collected by National Statistical Institutes (NSIs) by means of statistical surveys, business registers or from various administrative sources. Regulatory or controlling national offices for financial institutions or central banks often provide the information required for the financial sector (NACE Rev 2 Section K / NACE Rev 1.1 Section J). Member States apply various statistical methods, according to the data source, such as grossing up, model based estimation or different forms of imputation, to ensure the quality of SBSs produced. Main characteristics (variables) of the SBS data category: Business Demographic variables (e.g. Number of enterprises)"Output related" variables (e.g. Turnover, Value added)"Input related" variables: labour input (e.g. Employment, Hours worked); goods and services input (e.g. Total of purchases); capital input (e.g. Material investments) All SBS characteristics are published on Eurostat’s website by tables and an example of the existent tables is presented below: Annual enterprise statistics: Characteristics collected are published by country and detailed on NACE Rev 2 and NACE Rev 1.1 class level (4-digits). Some classes or groups in 'services' section have been aggregated.Annual enterprise statistics broken down by size classes: Characteristics are published by country and detailed down to NACE Rev 2 and NACE Rev 1.1 group level (3-digits) and employment size class. For trade (NACE Rev 2 and NACE Rev 1.1 Section G) a supplementary breakdown by turnover size class is available.Annual regional statistics: Four characteristics are published by NUTS-2 country region and detailed on NACE Rev 2 and NACE Rev 1.1 division level (2-digits) (but to group level (3-digits) for the trade section). More information on the contents of different tables: the detail level and breakdowns required starting with the reference year 2008 is defined in Commission Regulation N° 251/2009. For previous reference years it is included in Commission Regulations (EC) N° 2701/98 and amended by Commission Regulation N°1614/2002 and Commission Regulation N°1669/2003. Several important derived indicators are generated in the form of ratios of certain monetary characteristics or per head values. A list with the available derived indicators is available below in the Annex.

The financial flows and stocks data are reported quarterly to the European Central Bank. Once validated the data are transmitted to Eurostat.  Financial flows consist of transactions and other flows and represent  the difference between opening balance sheet  at the beginning of the year and closing balance sheet at the end of the year

The Quarterly Sector Accounts (QSA) are compiled in accordance with the European System of Accounts - ESA 1995 (Council Regulation 2223/96). The transmission of the QSA data by the Member States follows the Regulation (EC) N° 1161/2005 of the European Parliament and of the Council (QSA regulation). The QSA encompass the non-financial accounts and provide a description of the different stages of the economic process: production, generation of income, distribution of income, redistribution of income, use of income and non-financial accumulation. The compilation of QSA is the outcome of a close collaboration by Eurostat and the ECB, in cooperation with the national statistical institutes and national central banks. The ECB and Eurostat are publishing integrated non-financial and financial accounts, including financial balance sheets, for the euro area (the euro area accounts). Eurostat is also publishing the non-financial accounts for the EU. The QSA record the economic flows of institutional sectors in order to illustrate their economic behaviour and show relations between them. They also provide a list of balancing items that have high analytical value in their own right: value added, operating surplus and mixed income, balance of primary incomes, disposable income, saving, net lending / net borrowing. All of them but net lending / net borrowing, can be expressed in gross or net terms, i.e. with and without consumption of fixed capital that accounts for the use and obsolescence of fixed assets. In terms of institutional sectors, a broad distinction is made between the domestic economy (ESA 1995 classification code S.1) and the rest of the world (S.2). Within S.1, in turn, the following institutional sectors are distinguished: - Non-financial Corporations (S.11) - Financial Corporations (S.12) - General Government (S.13) - Households and Non-profit Institutions Serving Households (S.14 + S.15). The full set of quarterly sector accounts is published for euro area / EU28 aggregates only. However, a subset of quarterly national key indicators is available at dedicated section (see "Quarterly data") as well as in the database (see table "Key indicators") for most of the 17 members of the European Economic Area (EEA) whose GDP is above 1% of the EU28 total. The other EEA members do not have to transmit the quarterly accounts of corporations and households to Eurostat. Non-financial accounts are presented in the table "Non-financial transactions" (nasq_nf_tr). The other three tables (only the Euro area) include financial accounts, other flows and balance sheets. QSA data are provided at current prices only. The key indicators (and their components) of households and non-financial corporations as published in the QSA news release are seasonally adjusted. Data are presented in millions of national currency, euro and as percentages.

Financial transactions in assets and liabilities, consolidated and non-consolidated, for all the sectors of the economy and in relation to rest of the world. (Tables 610 and 620 of ESA 95 transmission programme)

Public deficit/surplus is defined in the Maastricht Treaty as general government net borrowing/lending according to the European System of Accounts. The general government sector comprises central government, state government, local government, and social security funds. The relevant definitions are provided in Council Regulation 479/2009, as amended.

General government gross fixed capital formation (ESA 2010 code P.51g) consists of resident producers' acquisitions, less disposals of fixed assets during a given period plus certain additions to the value of non-produced assets realised by the productive activity of government producer or units. Fixed assets are produced assets used in production for more than one year.

Government debt is defined as total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government. This definition is supplemented by Council Regulation (EC) No 479/2009, as amended by the Commission Regulation (EU) No 220/2014 (which has only updated references to ESA 2010 instruments) specifying the components of government debt with reference to the definitions of financial liabilities in ESA 2010. In this context, the stock of government debt in the Excessive Deficit Procedure (EDP debt) is equal to the sum of liabilities, at the end of year, of all units classified within the general government sector (S.13) in the following categories: AF.2 (currency and deposits) + AF.3 (debt securities) + AF.4 (loans). Basic data are expressed in national currency, converted into euro using end-year exchange rates for the euro provided by the European Central Bank (ECB).

Gross debt-to-income ratio of households (including Non-Profit Institutions Serving Households) is defined as loans (ESA 2010 code: AF4), liabilities divided by gross disposable income (B6G) with the latter being adjusted for the net change in pension entitlements (D8net). Detailed data and methodology on site http://ec.europa.eu/eurostat/sectoraccounts.

Operating surplus is the surplus (or deficit) on production activities before account has been taken of the interest, rents or charges paid or received for the use of assets. Mixed income is the remuneration for the work carried out by the owner (or by members of his family) of an unincorporated enterprise. This is referred to as 'mixed income' since it cannot be distinguished from the entrepreneurial profit of the owner.

Gross return on capital employed, before taxes, of non-financial corporations is defined as gross operating surplus (ESA 2010 code: B2G_B3G) divided by main financial liabilities. Latter include currency and deposits (AF2), debt securities (AF3) loans (AF4) and equity and investment fund shares/units (AF5). Detailed data and methodology on site http://ec.europa.eu/eurostat/sectoraccounts .

The gross saving rate of households is defined as gross saving (ESA 2010 code: B8g) divided by gross disposable income (B6g), with the latter being adjusted for the change in the net equity of households in pension funds reserves (D8net). Gross saving is the part of the gross disposable income which is not spent as final consumption expenditure (ESA 2010 8.96). Indicator described is calculated on the basis of quarterly sector accounts data by institutional sectors. Household sector comprises all households, household firms and Non Profit Institutions Serving Households (NPISH) (ESA 2010 codes S14 and S15). Sector accounts are compiled in accordance with European System of Accounts (ESA 2010). Data are expressed in percentage, in non-seasonal adjusted as well as in seasonal and calendar adjusted form.

The gross saving rate of households (including Non-Profit Institutions Serving Households) is defined as gross saving (ESA2010 code: B8G) divided by gross disposable income (B6G), with the latter being adjusted for the change in in pension entitlements (D8net). Gross saving is the part of the gross disposable income which is not spent as final consumption expenditure. The indicator is based on data from annual non-financial sector accounts. For more information please refer to Eurobase domain nasa_10_nf_tr.

Structural business statistics (SBS) describes the structure, conduct and performance of economic activities, down to the most detailed activity level (several hundred economic sectors). SBS are transmitted annually by the EU Member States on the basis of a legal obligation from 1995 onwards.   SBS covers all activities of the business economy with the exception of agricultural activities and personal services and the data are provided by all EU Member States, Norway and Switzerland, some candidate and potential candidate countries. The data are collected by domain of activity (annex) : Annex I - Services, Annex II - Industry, Annex III - Trade and Annex IV- Constructions and by datasets. Each annex contains several datasets as indicated in the SBS Regulation. The majority of the data is collected by National Statistical Institutes (NSIs) by means of statistical surveys, business registers or from various administrative sources. Regulatory or controlling national offices for financial institutions or central banks often provide the information required for the financial sector (NACE Rev 2 Section K / NACE Rev 1.1 Section J). Member States apply various statistical methods, according to the data source, such as grossing up, model based estimation or different forms of imputation, to ensure the quality of SBSs produced. Main characteristics (variables) of the SBS data category: Business Demographic variables (e.g. Number of enterprises)"Output related" variables (e.g. Turnover, Value added)"Input related" variables: labour input (e.g. Employment, Hours worked); goods and services input (e.g. Total of purchases); capital input (e.g. Material investments) All SBS characteristics are published on Eurostat’s website by tables and an example of the existent tables is presented below: Annual enterprise statistics: Characteristics collected are published by country and detailed on NACE Rev 2 and NACE Rev 1.1 class level (4-digits). Some classes or groups in 'services' section have been aggregated.Annual enterprise statistics broken down by size classes: Characteristics are published by country and detailed down to NACE Rev 2 and NACE Rev 1.1 group level (3-digits) and employment size class. For trade (NACE Rev 2 and NACE Rev 1.1 Section G) a supplementary breakdown by turnover size class is available.Annual regional statistics: Four characteristics are published by NUTS-2 country region and detailed on NACE Rev 2 and NACE Rev 1.1 division level (2-digits) (but to group level (3-digits) for the trade section). More information on the contents of different tables: the detail level and breakdowns required starting with the reference year 2008 is defined in Commission Regulation N° 251/2009. For previous reference years it is included in Commission Regulations (EC) N° 2701/98 and amended by Commission Regulation N°1614/2002 and Commission Regulation N°1669/2003. Several important derived indicators are generated in the form of ratios of certain monetary characteristics or per head values. A list with the available derived indicators is available below in the Annex.

Structural business statistics (SBS) describes the structure, conduct and performance of economic activities, down to the most detailed activity level (several hundred economic sectors). SBS are transmitted annually by the EU Member States on the basis of a legal obligation from 1995 onwards.   SBS covers all activities of the business economy with the exception of agricultural activities and personal services and the data are provided by all EU Member States, Norway and Switzerland, some candidate and potential candidate countries. The data are collected by domain of activity (annex) : Annex I - Services, Annex II - Industry, Annex III - Trade and Annex IV- Constructions and by datasets. Each annex contains several datasets as indicated in the SBS Regulation. The majority of the data is collected by National Statistical Institutes (NSIs) by means of statistical surveys, business registers or from various administrative sources. Regulatory or controlling national offices for financial institutions or central banks often provide the information required for the financial sector (NACE Rev 2 Section K / NACE Rev 1.1 Section J). Member States apply various statistical methods, according to the data source, such as grossing up, model based estimation or different forms of imputation, to ensure the quality of SBSs produced. Main characteristics (variables) of the SBS data category: Business Demographic variables (e.g. Number of enterprises)"Output related" variables (e.g. Turnover, Value added)"Input related" variables: labour input (e.g. Employment, Hours worked); goods and services input (e.g. Total of purchases); capital input (e.g. Material investments) All SBS characteristics are published on Eurostat’s website by tables and an example of the existent tables is presented below: Annual enterprise statistics: Characteristics collected are published by country and detailed on NACE Rev 2 and NACE Rev 1.1 class level (4-digits). Some classes or groups in 'services' section have been aggregated.Annual enterprise statistics broken down by size classes: Characteristics are published by country and detailed down to NACE Rev 2 and NACE Rev 1.1 group level (3-digits) and employment size class. For trade (NACE Rev 2 and NACE Rev 1.1 Section G) a supplementary breakdown by turnover size class is available.Annual regional statistics: Four characteristics are published by NUTS-2 country region and detailed on NACE Rev 2 and NACE Rev 1.1 division level (2-digits) (but to group level (3-digits) for the trade section). More information on the contents of different tables: the detail level and breakdowns required starting with the reference year 2008 is defined in Commission Regulation N° 251/2009. For previous reference years it is included in Commission Regulations (EC) N° 2701/98 and amended by Commission Regulation N°1614/2002 and Commission Regulation N°1669/2003. Several important derived indicators are generated in the form of ratios of certain monetary characteristics or per head values. A list with the available derived indicators is available below in the Annex.

International investment position (assets, liabilities and net position); broken down by investment category, financial instruments and by sectors of the economy. Data are presented in millions of Euro/ECU. Geographic coverage: Euro area and EU27 Member States. Data are delivered by ECB.

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. The indicator is based on the Eurostat data from the Balance of payment statistics, i.e. the same data source used for the current account balance. The data are expressed in million units of national currency. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The Balance of Payments (BOP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of an economic area during a given period. The Balance of payments provides harmonized information on international transactions which are part of the current account (goods, services, primary and secondary income), as well as on transactions which fall in the capital and the financial account. International investment position presents value of financial assets owned outside the economy and indebtedness of the economy to the rest of the world. BOP is an important macro-economic indicator used to assess the position of an economy (of credit or debit for current and capital acount, net acquisition of financial assets or net incurrence of liabilities for BOP financial account and international investment position) towards the external world. Out of BOP data, some indicators on international position of the EU and Member States are derived. Indicators on Main Balance of Payments and International Investment Position items as share of GDP are presented as percentage of GDP for given year or quarter and moving average for 3 consecutive years for:balance, credit and debit flows of current and capital accounts and of main current account  items: goods, services, primary and secondary income,net flows, net acquisition of financial assets and net incurrence of liabilities for total financial account and foreign direct investment, international investment position and net external debt at the end of reference quarter or year. Indicators on export market shares present shares of each EU Member State in total world exports of goods and services for given year, and 1-year and 5-year percentage changes of these shares, as well as shares in OECD exports and 5-year percentage changes of these shares.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment:Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery.Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time.Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three:Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows.Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely:Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares.Reinvested earnings See definition under FDI flows.Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators:FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

20.1. Source data

The gross investment rate of non-financial corporations is defined as gross fixed capital formation (ESA 2010 code: P.51g) divided by gross value added (B1g). This ratio relates the investment of non-financial businesses in fixed assets (buildings, machinery etc.) to the value added created during the production process. Non-financial corporation includes all private and public corporate enterprises that produce goods or provide non-financial services to the market (ESA 2010 code: S11) Indicator described is calculated on the basis of quarterly sector accounts data by institutional sectors. Sector accounts are compiled in accordance with European System of Accounts (ESA 2010). Data are expressed in percentage, in non-seasonal adjusted as well as in seasonal and calendar adjusted form.

The non-financial Annual Sector Accounts (ASA) are compiled in accordance with the European System of Accounts (ESA 2010) and are transmitted by the EU Member States, EEA Members (Norway, Iceland) and Switzerland following ESA2010 transmission programme (Table 8) established by the Regulation (EU) No 549/2013 of the European Parliament and of the Council of 21 May 2013 on the European system of national and regional accounts in the European Union, annexes A and B respectively). The ASA encompass non-financial accounts that provide a description of the different stages of the economic process: production, generation of income, distribution of income, redistribution of income, use of income and non-financial accumulation. The ASA record the economic flows of institutional sectors in order to illustrate their economic behaviour and interactions between them. They also provide a list of balancing items that have high analytical value in their own right: value added, operating surplus and mixed income, balance of primary incomes, disposable income, saving, net lending / net borrowing. All of them but net lending / net borrowing, can be expressed in gross or net terms, i.e. with and without consumption of fixed capital that accounts for the use and obsolescence of fixed assets. In terms of institutional sectors, a broad distinction is made between the domestic economy (ESA 2010 classification code S.1) and the rest of the world (S.2). Within S.1 and S.2, in turn, more detailed subsectors are distinguished as explained in more detail in section "3.2 Classification system". Data are presented in the table "Non-financial transactions" (nasa_10_nf_tr). The table contains data, as far as they are available, expressed in national currency and millions of euro in current prices. In line with ESA2010 Transmission programme requirements data series start from 1995 (unless subject to voluntary transmission option and/or country specific derogations). Countries may transmit longer series on voluntary basis. Available level of detail by sectors and transactions may also vary by country due to voluntary transmission of some items (as defined in ESA2010 transmission programme) and country specific derogations. ASA collected according ESA2010 Transmission programme include selected data on employment (in persons and hours worked) by institutional sectors. However, as transmission of these variables is voluntary (except for the sector of General government), data availability may vary significantly across countries. A set of key indicators, deemed meaningful for economic analysis, is available in the table "Key indicators" (nasa_10_ki) for most of the members of the European Economic Area (EEA), of the Euro area and EU. Key ratios are derived from non-financial transactions as follows: Gross household saving rate (S.14_S.15): B8G/(B6G+D8rec-D8pay)*100Gross investment rate of households (S.14_S.15): P51G/(B6G+D8rec-D8pay)*100Gross investment rate of non-financial corporations (S.11): P51G/B1G*100Gross profit share of non-financial corporations (S.11): B2G_B3G/B1G*100Total investment to GDP ratio (S.1): P51G/B1GQ*100Business investment to GDP ratio: (S.11_P51G+S.12_P51G)/B1GQ*100Government investment to GDP ratio: S.13_P51G/B1GQ*100Households investment to GDP ratio: (S.14_S.15_P51G)/B1GQ*100 With the following transaction codes: B8G -  Gross savingB6G - Gross disposable incomeD8rec / D8pay - the adjustment for the change in pension entitlements (receivable / payable)P51G - Gross fixed capital formationB1G - Gross value addedB1GQ – Gross domestic productB2G_B3G - Gross operating surplus/ mixed income. In the above, all ratios are expressed in gross terms, i.e. before deduction of consumption of fixed capital. The following key indicators are calculated in real or nominal terms: Real growth of household adjusted disposable income per capita (percentage change on previous period, S.14_S.15): B7G/(POP_NC*Price Deflator)Nominal growth of household adjusted disposable income per capita (percentage change on previous period, S.14_S.15): B7G/(POP_NC)Real growth of household actual consumption per capita (percentage change on previous period, S.14_S.15): P4/(POP_NC*Price Deflator) With the following codes (the codes already described above have not been listed): B7G - Gross adjusted gross disposable income (adjusted for social transfers in kind)P4 - Actual final consumption (adjusted for social transfers in kind)POP_NC - Total population national concept (source:Quarterly national accounts, Eurobase domain namq_10_pe)Price deflator - Price index/implicit deflator calculated as CP_MEUR/CLV10_MEUR – both indicators refer to households and NPISH final consumption expenditure (P31_S14_S15) (source: Quarterly national accounts, Eurobase domain namq_10_gdp) The following key indicators combine non-financial with financial accounts: Gross return on capital employed, before taxes, of non-financial corporations (S.11): [B2G_B3G/(AF2+AF3+AF4+AF5, liab)]*100Net debt-to-income ratio, after taxes, of non-financial corporations (S.11): ([(AF2+AF3+AF4, liab)/(B4N-D5pay)]*100)Net return on equity, after taxes, of non-financial corporations (S.11): [(B4N-D5pay)/(AF5, liab)]*100Gross debt-to-income ratio of households (S.14_15): [(AF4, liab)/(B6G+D8net)]*100Household net financial assets ratio (BF90/(B6G+D8net)) With the following codes (the codes already described above have not been listed): B4N - Net entrepreneurial incomeD5pay - Current taxes on income and wealthAF2 - Currency and depositsAF3 - Debt securities (excluding financial derivatives)AF4 - LoansAF5 - Equity and investment fund sharesBF90 – Financial net worth "rec" means resources, that is transactions that add to the economic value of a given sector. "pay" means "uses", that is transactions that reduce the economic value of a given sector. "liab" refers to the stock of liabilities incurred by a given sector and recorded in the financial balance sheets. See also the sector accounts dedicated website for more information.

The level of citizens confidence in EU institutions (Council of the European Union, European Parliament and European Commission) is expressed as the share of positive opinions (people who declare that they tend to trust) about the institutions. The indicator is based on the Eurobarometer, a survey which has been conducted twice a year since 1973 to monitor the evolution of public opinion in the Member States. The indicator only displays the results of the autumn survey. Potential replies to the question on the level of confidence include 'tend to trust', 'tend not to trust' and 'don't know' or 'no answer'. Trust is not precisely defined and could leave some room for interpretation to the interviewees.

The Balance of Payments (BoP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of a geographical region during a given period. The Balance of payments provides harmonized information on international transactions which are part of the current account (goods, services, income, current transfers), but also on transactions which fall in the capital and the financial account. BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit) towards the external world. Data on International Trade in Services, a component of BoP current account, and data on Foreign Direct Investment, a component of BoP financial account, are used to monitor the external commercial performance of different economies. Outward Foreign Affiliates Statistics (FATS) measure the commercial presence, as defined by the General Agreement on Trade in Services (GATS), through affiliates in foreign markets. Balance of Payments data are used for calculation of indicators needed for monitoring of macroenomic imbalances such as share of main BoP and International Investment Position (IIP) items in GDP and export market shares calculated as the EU Member States' shares in total world exports.  Out of BoP data, some indicators of EU market integration are also derived. Data are in millions of Euro/ECU or in millions of national currency. Balance of Payments data coverage varies according to the collection. Some collections refer only to Euro area or EU countries, while some others' coverage includes also EU partner countries.   Several statistical adjustments are applied to the original data provided by the Member States. The International Monetary Fund Balance of Payments Manual (BPM5) classification is used for the compilation of the BoP. The BoP data are collected through national surveys and administrative sources.    More information on BoP is available for each specific collection: Quarterly BoP, ITS, FDI, Outward FATS, BoP of EU Institutions.

The Balance of Payments (BoP) systematically summarizes all economic transactions between the residents and the non-residents of a country or of a geographical region during a given period. The Balance of payments provides harmonized information on international transactions which are part of the current account (goods, services, income, current transfers), but also on transactions which fall in the capital and the financial account. BoP is an important macro-economic indicator used to assess the position of an economy (of credit or debit) towards the external world. Data on International Trade in Services, a component of BoP current account, and data on Foreign Direct Investment, a component of BoP financial account, are used to monitor the external commercial performance of different economies. Outward Foreign Affiliates Statistics (FATS) measure the commercial presence, as defined by the General Agreement on Trade in Services (GATS), through affiliates in foreign markets. Balance of Payments data are used for calculation of indicators needed for monitoring of macroenomic imbalances such as share of main BoP and International Investment Position (IIP) items in GDP and export market shares calculated as the EU Member States' shares in total world exports.  Out of BoP data, some indicators of EU market integration are also derived. Data are in millions of Euro/ECU or in millions of national currency. Balance of Payments data coverage varies according to the collection. Some collections refer only to Euro area or EU countries, while some others' coverage includes also EU partner countries.   Several statistical adjustments are applied to the original data provided by the Member States. The International Monetary Fund Balance of Payments Manual (BPM5) classification is used for the compilation of the BoP. The BoP data are collected through national surveys and administrative sources.    More information on BoP is available for each specific collection: Quarterly BoP, ITS, FDI, Outward FATS, BoP of EU Institutions.

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. Respectively the net international investment position (NIIP) provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It allows for a stock-flow analysis of external position of the country. The MIP scoreboard indicator is the net international investment position expressed in percent of GDP. The indicator is based on the Eurostat data from the Balance of payment statistics. These data are quaterly reported by the EU Member States. Definitions are based on the Sixth Edition of the IMF's Balance of Payments and International Investment Position Manual (BPM6). The indicative threshold is -35%. The MIP scoreboard indicator is calculated as: [NIIPt/GDPt]*100.

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. Respectively the net international investment position (NIIP) provides an aggregate view of the net financial position (assets minus liabilities) of a country vis-à-vis the rest of the world. It allows for a stock-flow analysis of external position of the country. The indicator is expressed in percent of GDP. The indicator is based on the Eurostat data from the Balance of payment statistics, i.e. the same data source used for the current account balance. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

Net return on equity, after taxes, of non-financial corporations is defined as net entrepreneurial income (ESA 2010 code: B4N) less current taxes on income and wealth (D5PAY) divided by equity and investment fund shares/units (AF5), liabilities. Detailed data and methodology on site http://ec.europa.eu/eurostat/sectoraccounts .

This derived indicator compares remuneration (compensation per employee in current prices) and productivity (gross domestic product (GDP) in volumes per employment) to show how the remuneration of employees is related to the productivity of their labour. It is the relationship between how much each "worker" is paid and the value he/she produces by their work. Its growth rate is intended to give an impression of the dynamics of the participation of the production factor labour in output value created. Please note that the variables used in the numerator (compensation, employees) refer to employed labour only, while those in the denominator (GDP, employment) refer to all labour, including self-employed.

Official development assistance (ODA) consists of grants or loans that are undertaken by the official sector with the objective of promoting economic development and welfare in recipient countries. Disbursements record the actual international transfer of financial resources, or of goods or services valued at the cost of the donor. ODA is here presented as a share of Gross National Income (GNI). GNI at market prices equals Gross Domestic Product (GDP) minus primary income payable by resident units to non-resident units, plus primary income receivable by resident units from the rest of the world. The EU made a commitment to collectively reach official development assistance of 0.7% of GNI by 2015 and of 0.56% of GNI as an intermediate target by 2010. The list of countries and territories eligible to receive ODA is determined by the OECD’s Development Assistance Committee (DAC).

Official development assistance (ODA) is defined here as net bilateral and imputed multilateral disbursements at market prices for ODA to countries mentioned in the DAC (Development Assistance Committee) list. Unit of measure is Million EUR.

The Quarterly Sector Accounts (QSA) are compiled in accordance with the European System of Accounts - ESA 1995 (Council Regulation 2223/96). The transmission of the QSA data by the Member States follows the Regulation (EC) N° 1161/2005 of the European Parliament and of the Council (QSA regulation). The QSA encompass the non-financial accounts and provide a description of the different stages of the economic process: production, generation of income, distribution of income, redistribution of income, use of income and non-financial accumulation. The compilation of QSA is the outcome of a close collaboration by Eurostat and the ECB, in cooperation with the national statistical institutes and national central banks. The ECB and Eurostat are publishing integrated non-financial and financial accounts, including financial balance sheets, for the euro area (the euro area accounts). Eurostat is also publishing the non-financial accounts for the EU. The QSA record the economic flows of institutional sectors in order to illustrate their economic behaviour and show relations between them. They also provide a list of balancing items that have high analytical value in their own right: value added, operating surplus and mixed income, balance of primary incomes, disposable income, saving, net lending / net borrowing. All of them but net lending / net borrowing, can be expressed in gross or net terms, i.e. with and without consumption of fixed capital that accounts for the use and obsolescence of fixed assets. In terms of institutional sectors, a broad distinction is made between the domestic economy (ESA 1995 classification code S.1) and the rest of the world (S.2). Within S.1, in turn, the following institutional sectors are distinguished: - Non-financial Corporations (S.11) - Financial Corporations (S.12) - General Government (S.13) - Households and Non-profit Institutions Serving Households (S.14 + S.15). The full set of quarterly sector accounts is published for euro area / EU28 aggregates only. However, a subset of quarterly national key indicators is available at dedicated section (see "Quarterly data") as well as in the database (see table "Key indicators") for most of the 17 members of the European Economic Area (EEA) whose GDP is above 1% of the EU28 total. The other EEA members do not have to transmit the quarterly accounts of corporations and households to Eurostat. Non-financial accounts are presented in the table "Non-financial transactions" (nasq_nf_tr). The other three tables (only the Euro area) include financial accounts, other flows and balance sheets. QSA data are provided at current prices only. The key indicators (and their components) of households and non-financial corporations as published in the QSA news release are seasonally adjusted. Data are presented in millions of national currency, euro and as percentages.

Other Economic Flows: Flows that are not transactions according to ESA 95 definitions

The financial flows and stocks data are reported quarterly to the European Central Bank. Once validated the data are transmitted to Eurostat.  Financial flows consist of transactions and other flows and represent  the difference between opening balance sheet  at the beginning of the year and closing balance sheet at the end of the year.  Â

Financial flows and stocks data are often referred to collectively in the national accounts framework as 'financial accounts'. Financial flows consist of transactions and other flows, and represent the difference between the opening financial balance sheet at the start of the year and the closing balance sheet at the end of the year. The data are compiled in accordance with the European System of Accounts (ESA 2010), which came into force in September 2014, and are presented here in the following tables: 'Financial transactions', 'Other changes in volume', 'Revaluation account', and 'Financial balance sheets'.

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments and institutional sectors. The data are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments. The data on portfolio investment are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

The international investment position (IIP) is a statistical statement that shows at a point in time the value and composition of: -financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and -liabilities of residents of an economy to non-residents. The difference between an economy’s external financial assets and liabilities is the economy’s net IIP, which may be positive or negative. According to the functional category, the cross-border financial positions are classified as: 1) For the assets - Direct investment; Portfolio investment; Financial derivatives and employee stock options ; Other investment and Reserve assets 2) For the liabilities - Direct investment; Portfolio investment; Financial derivatives and employee stock options and Other investment The financial positions are further classified according the different instruments and institutional sectors. The data are expressed in million units of national currency. The indicator is based on the Eurostat data from the Balance of payment statistics, these data are quaterly reported to the ECB by the EU Member States. Definitions are based on the IMF Sixth Balance of Payments Manual (BPM6).

This variable is the sum of the following variables asset items: Land and buildings + investments in affiliated enterprises and participating interests + shares and other variable-yield securities + units in undertakings for collective investment in transferable securities + debt securities and other fixed-income securities + participation in investment pools + loans guaranteed by mortgages and other loans not covered elsewhere + other investments.

The private sector debt is the stock of liabilities held by the sectors Non-Financial corporations, Households and Non-Profit institutions serving households (S.11_S.14_S.15). The instruments that are taken into account to compile private sector debt are Debt securities (F.3) and Loans (F.4). Data are presented in non-consolidated terms, i.e. taking into account transactions within the same sector and expressed in % of GDP and million of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in % of GDP. Definitions regarding sectors and instruments are based on the ESA 2010.

The table presents the stock of liabilities of debt securities (F.3) for the sectors Non-Financial corporations (S.11), Households (S.14) and Non-Profit institutions serving households (S.15). The debt securities are negotiable financial instruments serving as evidence of debt. Data are presented in non-consolidated terms, i.e. data take into account transactions within the same sector and expressed in million units of national currency. Definitions regarding sectors and instruments are based on the ESA 2010.

Short-term statistics (STS) give information on a wide range of economic activities according to NACE Rev.2 classification (Statistical Classification of Economic Activities in the European Community). The industrial import price indices offer information according to the CPA classification (Statistical Classification of Products by Activity in the European Economic Community). Construction indices are broken down by Classification of Types of Constructions (CC). All data under this heading are index data. Percentage changes are also available for each indicator. The index data are generally presented in the following forms:UnadjustedCalendar adjustedSeasonally adjusted Depending on the STS regulation data are accessible as monthly, quarterly and annual data. This heading covers the indicators listed below in four different sectors. Based on the national data, Eurostat compiles EU and euro area infra-annual economic statistics. Among these, a list of indicators, called Principal European Economic Indicators (PEEIs) has been identified by key users as being of prime importance for the conduct of monetary and economic policy of the euro area. These indicators are mainly released through Eurostat's website under the heading Euro-indicators. There are eight PEEIs contributed by STS and they are marked with * in the text below. INDUSTRYProduction (volume)*Turnover: Total, Domestic market and Non-domestic market==> A further breakdown of the non-domestic turnover into euro area and non euro area is available for the euro area countriesProducer prices (output prices)*: Total, Domestic market and Non-domestic market==> A further breakdown of the non-domestic producer prices into euro area and non euro area is available for the euro area countriesImport prices*: Total, Euro area market, Non euro area market (euro area countries only)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries CONSTRUCTIONProduction (volume)*: Total of the construction sector, Building construction, Civil EngineeringBuilding permits indicators*: Number of dwellings, Square meters of useful floor (or alternative size measure)Construction costs or prices: Construction costs, Material costs, Labour costs (if not available, they may be approximated by the Producer (output) prices variable)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries WHOLESALE AND RETAIL TRADEVolume of sales (deflated turnover)*Turnover (value)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries SERVICESTurnover (in value)*Labour input indicators: Number of persons employed, Hours worked, Gross wages and salariesProducer prices (Output prices )* National reference metadata of the reporting countries can be found in the Annexes of this metadata file.

Short-term statistics (STS) give information on a wide range of economic activities according to NACE Rev.2 classification (Statistical Classification of Economic Activities in the European Community). The industrial import price indices offer information according to the CPA classification (Statistical Classification of Products by Activity in the European Economic Community). Construction indices are broken down by Classification of Types of Construction (CC). All data under this heading are index data. Percentage changes are also available for each indicator. The index data are generally presented in the following forms:UnadjustedCalendar adjustedSeasonally adjusted Depending on the STS regulation data are accessible as monthly, quarterly and annual data. This heading covers the indicators listed below in four different sectors. Based on the national data, Eurostat compiles EU and euro area infra-annual economic statistics. Among these, a list of indicators, called Principal European Economic Indicators (PEEIs) has been identified by key users as being of prime importance for the conduct of monetary and economic policy of the euro area. These indicators are mainly released through Eurostat's website under the heading Euro-indicators. There are eight PEEIs contributed by STS and they are marked with * in the text below. INDUSTRYProduction (volume)*Turnover: Total, Domestic market and Non-domestic market==> A further breakdown of the non-domestic turnover into euro area and non euro area is available for the euro area countriesProducer prices (output prices)*: Total, Domestic market and Non-domestic market==> A further breakdown of the non-domestic producer prices into euro area and non euro area is available for the euro area countriesImport prices*: Total, Euro area market, Non euro area market (euro area countries only)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries CONSTRUCTIONProduction (volume)*: Total of the construction sector, Building construction, Civil EngineeringBuilding permits indicators*: Number of dwellings, Square meters of useful floor (or alternative size measure)Construction costs or prices: Construction costs, Material costs, Labour costs (if not available, they may be approximated by the Output prices variable)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries WHOLESALE AND RETAIL TRADEVolume of sales (deflated turnover)*Turnover (value)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries SERVICESTurnover (in value)*Labour input indicators: Number of persons employed, Hours worked, Gross wages and salariesProducer prices (Output prices )* National reference metadata of the reporting countries can be found in the Annexes of this metadata file.

Short-term statistics (STS) give information on a wide range of economic activities according to NACE Rev.2 classification (Statistical Classification of Economic Activities in the European Community). The industrial import price indices offer information according to the CPA classification (Statistical Classification of Products by Activity in the European Economic Community). Construction indices are broken down by Classification of Types of Construction (CC). All data under this heading are index data. Percentage changes are also available for each indicator. The index data are generally presented in the following forms:UnadjustedCalendar adjustedSeasonally adjusted Depending on the STS regulation data are accessible as monthly, quarterly and annual data. This heading covers the indicators listed below in four different sectors. Based on the national data, Eurostat compiles EU and euro area infra-annual economic statistics. Among these, a list of indicators, called Principal European Economic Indicators (PEEIs) has been identified by key users as being of prime importance for the conduct of monetary and economic policy of the euro area. These indicators are mainly released through Eurostat's website under the heading Euro-indicators. There are eight PEEIs contributed by STS and they are marked with * in the text below. INDUSTRYProduction (volume)*Turnover: Total, Domestic market and Non-domestic market==> A further breakdown of the non-domestic turnover into euro area and non euro area is available for the euro area countriesProducer prices (output prices)*: Total, Domestic market and Non-domestic market==> A further breakdown of the non-domestic producer prices into euro area and non euro area is available for the euro area countriesImport prices*: Total, Euro area market, Non euro area market (euro area countries only)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries CONSTRUCTIONProduction (volume)*: Total of the construction sector, Building construction, Civil EngineeringBuilding permits indicators*: Number of dwellings, Square meters of useful floor (or alternative size measure)Construction costs or prices: Construction costs, Material costs, Labour costs (if not available, they may be approximated by the Output prices variable)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries WHOLESALE AND RETAIL TRADEVolume of sales (deflated turnover)*Turnover (value)Labour input indicators: Number of persons employed, Hours worked, Gross wages and salaries SERVICESTurnover (in value)*Labour input indicators: Number of persons employed, Hours worked, Gross wages and salariesProducer prices (Output prices )* National reference metadata of the reporting countries can be found in the Annexes of this metadata file.

The profit share of non-financial corporations is defined as gross operating surplus (ESA 2010 code: B2g_B3g) divided by gross value added (B1g). This profitability-type indicator shows the share of the value added created during the production process remunerating capital. It is the complement of the share of wage costs (plus taxes less subsidies on production) in value added. Non-financial corporation includes all private and public corporate enterprises that produce goods or provide non-financial services to the market (ESA 2010 code: S11). Indicator described is calculated on the basis of quarterly sector accounts data by institutional sectors. Sector accounts are compiled in accordance with European System of Accounts (ESA 2010). Data are expressed in percentage, in non-seasonal adjusted as well as in seasonal and calendar adjusted form.

The profit share of non-financial corporations is defined as gross operating surplus (ESA 2010 code: B2G_B3G) divided by gross value added (B1G). This profitability-type indicator shows the share of the value added created during the production process remunerating capital. It is the complement of the share of wage costs (plus taxes less subsidies on production) in value added. Detailed data and methodology on site http://ec.europa.eu/eurostat/sectoraccounts.

The data correspond to quarterly financial accounts for the general government sector and follows the ESA2010 methodology. The data covers financial transactions and balance sheet items for general government (consolidated and non-consolidated) and its subsectors. This includes a number of financial instruments (F.1, F.2, F.3, F.4, ...) as well as some balancing items such as net financial transactions, net financial worth and net financial assets and liabilties. Data are available in million of euro, million of national currency (average exchange rates are used for transactions and end of period exchange rates are used for stocks) and as a percentage of GDP (for transactions quarterly GDP is used; for stocks a rolling sum of the last four quarters is used). In the table gov_10a_ggfa, annualised quarterly financial accounts for general government are presented. For financial transactions, data is summed over the four quarters of each year. For the conversion from national currency into euro, the yearly average exchange rate is used. For balance sheet items (stocks), the annualised data corresponds to the data of the fourth quarter. The percentage of GDP data of annualised data uses annual GDP transmitted by the Member States. In the course of the annualisation, small rounding differences may be amplified. Geographic coverage: EU and euro area. Main data sources are the tables provided according to the European Parliament and Council Regulation (EU) N° 549/2013 of 21 May 2013 (OJ No L174/1).

The adjusted gross disposable income of households per capita in PPS is calculated as the adjusted gross disposable income of households and Non-Profit Institutions Serving Households (NPISH) divided by the purchasing power parities (PPP) of the actual individual consumption of households and by the total resident population.

The REER (or Relative price and cost indicators) aim to assess a country's (or currency area's) price or cost competitiveness relative to its principal competitors in international markets. Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends. The specific REER for the Sustainable Development Indicators is deflated by nominal unit labour costs (total economy) against a panel of 37 countries (= EU28 + 9 other industrial countries: Australia, Canada, United States, Japan, Norway, New Zealand, Mexico, Switzerland, and Turkey). Double export weights are used to calculate REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere. A rise in the index means a loss of competitiveness.

The REER (or Relative price and cost indicators) aim to assess a country's (or currency area's) price or cost competitiveness relative to its principal competitors in international markets. Changes in cost and price competitiveness depend not only on exchange rate movements but also on cost and price trends. The indicator is deflated by the price index (total economy) against a panel of 42 countries (= EU27+ 15 other industrial countries: Australia, Canada, United States, Japan, Norway, New Zealand, Mexico, Switzerland, UK, Turkey, Russia, China, Brazil, South Korea and Hong Kong). Double export weights are used to calculate REERs, reflecting not only competition in the home markets of the various competitors, but also competition in export markets elsewhere. A rise in the index means a loss of competitiveness. Data source: Directorate General for Economic and Financial Affairs (DG ECFIN). Data are non-seasonal adjusted.

This is a one-off survey, not intended to be repeated.  Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of the survey is to: Examine where there may be constraints on the availability of finance, and how those may be changing.Provide evidence on the need for finance (loans, equity and other) in the future, for example to promote growth.Identify the sources from which businesses would wish to obtain this finance.  It is important to be able to compare businesses that have shown sharp growth in recent years with those that have not; and to separate more recently formed businesses from others. As a consequence, the survey will collect information separately for "gazelles" (defined at page 3 below); other high-growth businesses that have been established longer than gazelles; and other businesses. Only businesses with an employment of 10-249 in 2005 and at least 10 employees in 2010 are being covered.

The financial flows and stocks data are reported quarterly to the European Central Bank. Once validated the data are transmitted to Eurostat.  Financial flows consist of transactions and other flows and represent  the difference between opening balance sheet  at the beginning of the year and closing balance sheet at the end of the year.  Â

Structural business statistics (SBS) describes the structure, conduct and performance of economic activities, down to the most detailed activity level (several hundred economic sectors). SBS are transmitted annually by the EU Member States on the basis of a legal obligation from 1995 onwards.   SBS covers all activities of the business economy with the exception of agricultural activities and personal services and the data are provided by all EU Member States, Norway and Switzerland, some candidate and potential candidate countries. The data are collected by domain of activity (annex) : Annex I - Services, Annex II - Industry, Annex III - Trade and Annex IV- Constructions and by datasets. Each annex contains several datasets as indicated in the SBS Regulation. The majority of the data is collected by National Statistical Institutes (NSIs) by means of statistical surveys, business registers or from various administrative sources. Regulatory or controlling national offices for financial institutions or central banks often provide the information required for the financial sector (NACE Rev 2 Section K / NACE Rev 1.1 Section J). Member States apply various statistical methods, according to the data source, such as grossing up, model based estimation or different forms of imputation, to ensure the quality of SBSs produced. Main characteristics (variables) of the SBS data category: Business Demographic variables (e.g. Number of enterprises)"Output related" variables (e.g. Turnover, Value added)"Input related" variables: labour input (e.g. Employment, Hours worked); goods and services input (e.g. Total of purchases); capital input (e.g. Material investments) All SBS characteristics are published on Eurostat’s website by tables and an example of the existent tables is presented below: Annual enterprise statistics: Characteristics collected are published by country and detailed on NACE Rev 2 and NACE Rev 1.1 class level (4-digits). Some classes or groups in 'services' section have been aggregated.Annual enterprise statistics broken down by size classes: Characteristics are published by country and detailed down to NACE Rev 2 and NACE Rev 1.1 group level (3-digits) and employment size class. For trade (NACE Rev 2 and NACE Rev 1.1 Section G) a supplementary breakdown by turnover size class is available.Annual regional statistics: Four characteristics are published by NUTS-2 country region and detailed on NACE Rev 2 and NACE Rev 1.1 division level (2-digits) (but to group level (3-digits) for the trade section). More information on the contents of different tables: the detail level and breakdowns required starting with the reference year 2008 is defined in Commission Regulation N° 251/2009. For previous reference years it is included in Commission Regulations (EC) N° 2701/98 and amended by Commission Regulation N°1614/2002 and Commission Regulation N°1669/2003. Several important derived indicators are generated in the form of ratios of certain monetary characteristics or per head values. A list with the available derived indicators is available below in the Annex.

An interest rate is the cost or price of borrowing, or the gain from lending, normally expressed as an annual percentage amount. Day-to-day money refers to deposits or loans on the money market with a maturity of one business day.

An interest rate is the cost or price of borrowing, or the gain from lending, normally expressed as an annual percentage amount. Three-month interbank rates apply to deposits or loans between banks with an original maturity of three months.

Social benefits (other than social transfers in kind) paid by government (ESA 2010 code D.62) are transfers to households, in cash or in kind, intended to relieve them from financial burden of a number of risks or needs (by convention: sickness, invalidity, disability, occupational accident or disease, old age, survivors, maternity, family, promotion of employment, unemployment, housing, education and general neediness), made through collective schemes, or outside such schemes by government units.

Social benefits consist of transfers, in cash or in kind, by social protection schemes to households and individuals to relieve them of the burden of a defined set of risks or needs. The functions (or risks) are: sickness/healthcare, disability, old age, survivors, family/children, unemployment, housing, social exclusion not elsewhere classified (n.e.c).

Social benefits consist of transfers, in cash or in kind, by social protection schemes to households and individuals to relieve them of the burden of a defined set of risks or needs.

Eurostat uses as a base for its work the OECD Benchmark Definition of Foreign Direct Investment Third Edition, a detailed operational definition fully consistent with the IMF Balance of Payments Manual, Fifth Edition, BPM5. Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10% of the voting power of the direct investment enterprise. FDI statistics record separately: 1) Inward FDI (or FDI in the reporting economy), namely investment by foreigners in enterprises resident in the reporting economy. 2) Outward FDI (or FDIabroad), namely investment by residents entities in affiliated enterprises abroad. FDI statistics record both the initial investment and all subsequent investment made by the direct investor, either in the form of equity capital, or in the form of loans, or in the form of reinvesting earnings. Investment made through other affiliated enterprises of the same group of the direct investor should also be recorded according to the international methodology. There are three main indicators: FDI flows, stocks and income. The indicators described in more detail below are presented in the complete tables with a breakdown by partner country or region and a breakdown by the kind of activity in which FDI is made. In the table called "Main indicators" there is a reduced breakdown by partners and data for total activity only. See the part on classification system for more detail. See also the User's guideon the structure on the database and for practical information on data downloading. 1) FDI flows denote the new investment made during the period. FDI flows are recorded in the Balance of Payments financial account. Total FDI flows are broken down by kind of instrument used for making the investment: Equity capital comprises equity in branches, all shares in subsidiaries and associates (except non-participating, preferred shares that are treated as debt securities and are included under other FDI capital) and other contributions such as the provision of machinery. Reinvested earnings consist of the direct investor's share (in proportion to equity participation) of earnings not distributed by the direct investment enterprise. Reinvested earnings are an imputed transaction. Reinvested earnings are also recorded with opposite sign among FDI income (see below). This recording represents not distributed income as being earned by the direct investor and reinvested in the direct investment enterprise at the same time. Other FDI capital (loans) covers the borrowing and lending of funds, including debt securities and trade credits between direct investors and direct investment enterprises. Debt transactions between affiliated financial intermediaries recorded under direct investment flows are limited to permanent debt. 2) FDI stocks (or positions) denote the value of the investment at the end of the period. FDI stocks are recorded in the International Investment Position. Outward FDI stocks are recorded as assets of the reporting economy, inward FDI stocks as liabilities. Similarly with flows, FDI stocks are broken down by kind of instrument. However, there are only two categories instead of three: Equity capital and reinvested earnings is the value of the own capital of the enterprise, including the value of own reserves that are accumulated from past reinvested earnings. Reserves corresponding to reinvested earnings are not shown separately from other equity capital as in the case of flows. Other FDI capital is the stock of debts (assets or liabilities) between the direct investors and the direct investment enterprise. 3) FDI income is the income accruing to direct investors during the period. FDI income is recorded in the current account of the Balance of Payments. Total FDI income is broken down by kind of income. The categories of FDI income available are linked to the breakdown of FDI flows and stocks by kind of instrument, namely: Dividends Dividends payable in the period and branch profits remitted to the direct investor, gross of any withholding taxes. Dividends include payments due on common and preferred shares. Reinvested earnings See definition under FDI flows. Interest on loans Interest accrued in the period on loans (other FDI capital) with affiliated enterprises, gross of any withholding tax. 4) FDI intensity Out of FDI annual data, an indicator useful to measure EU market integration is also calculated and disseminated in the domain Structural Indicators: FDI intensity as % of GDP: Average of inward and outward FDI flows divided by GDP. A higher index indicates higher new FDI during the period in relation to the size of the economy as measured by GDP. If this index increases over time, then the country/zone is becoming more integrated with the international economy.

This is a one-off survey, not intended to be repeated.  Access to finance is crucial to business success and an important factor for economic growth in Europe following the economic crisis in 2007. The purpose of the survey is to: Examine where there may be constraints on the availability of finance, and how those may be changing.Provide evidence on the need for finance (loans, equity and other) in the future, for example to promote growth.Identify the sources from which businesses would wish to obtain this finance.  It is important to be able to compare businesses that have shown sharp growth in recent years with those that have not; and to separate more recently formed businesses from others. As a consequence, the survey will collect information separately for "gazelles" (defined at page 3 below); other high-growth businesses that have been established longer than gazelles; and other businesses. Only businesses with an employment of 10-249 in 2005 and at least 10 employees in 2010 are being covered.

The total financial sector liabilities measures the evolution of the sum of all liabilities (which includes Currency and deposits, Debt securities, Loans, Equity and investment fund shares/units, Insurance, pensions and standardised guarantee schemes, Financial derivatives and employee stock options and Other accounts payable) of the financial corporations sector. Data are presented in consolidated terms (i.e. data do not take into account transactions within the same sector), in % of GDP and by instruments.

Total general government expenditure is defined in ESA 2010 8.100 and chapter 20 by reference to a list of categories: intermediate consumption, gross capital formation, compensation of employees, other taxes on production, subsidies, payable property income, current taxes on income, wealth, etc., social benefits other than social transfers in kind, social transfers in kind - purchased market production, other current transfers, adjustments for the change in pension entitlements, capital transfers and acquisitions less disposals of non-financial non-produced assets.

Venture capital is a subset of private equity and refers to equity investment made for launch (seed), early development (start-up), or expansion (later stage venture) of business developed by enterprises not quoted on the stock market. Private equity can be further used to expand working capital, to make acquisitions, to strengthen a company’s balance sheet and for buyouts. Several stages can be distinguished in the expansion, the post-venture stage of fundraising: growth, rescue/turnaround, replacement and buyouts. The Venture capital investments (VCI) indicators are compiled based on the data collected by the INVEST Europe (formerly named European Private Equity & Venture Capital Association EVCA) survey of all private equity and venture capital companies. INVEST Europe is responsible for data collection and primary data treatment. The investment statistics released by INVEST Europe are provided on the one hand by the country of the private equity firm – industry statistics, and on the other hand by the country of portfolio company – market statistics. Data on Ventures capital investments presented in Eurobase are aggregated based on industry statistics. Data on venture capital in Eurobase refer to the amount of money invested and to the number of companies that receive the investment. Until 2006 reference year Eurostat VCI data were aggregated into 3 stages following the structure of investment stages as defined by the (former) EVCA : Investment in early stage (seed + start-up)Investment in expansion and replacement stage (expansion + replacement capital)Investment for buyouts (buyouts) In 2007 reference year important changes were brought to the methodology and sample of a survey. Furthermore, new aggregates were defined to better reflect the nature of the private equity capital. In consequence starting with 2007 data, the reconstruction of the former three stages revealed impossible. Due to this important break in series new data collection including detailed financing stages was created and introduced in Eurobase accordingly to the stage of the business. These data are broken into following groups: Venture capital in seed stageVenture capital in start-up stageVenture capital in later stageTotal venture capital (investment in seed + start-up + later stage)Investment in growth stageInvestment for rescue/turnaroundInvestment for replacementInvestment for buyoutsTotal investment For a more detailed definition, see 3.4 Statistical concepts and definitions. The data cover the EU-15 Member States, Bulgaria, Czech Republic, Hungary, Poland, Romania, Norway and Switzerland. The indicators are presented in EUR million, as a number of investments (only for 1989-2006 period), as a number of companies involved and as a percentage of GDP (Gross domestic product at market prices), which is defined in conformity with the European System of national and regional Accounts in the Community (ESA 95). For the reasons of scale, only the Total venture capital and the Total investment are expressed as a percentage of GDP. From a year to another one, data can differ. Several factors could explain these differences, for example: a declaration of a firm after closing of the figures, reclassification of investment, transfer of a headquarter to another country.