External sector statistics provide information about Trinidad and Tobago’s relations with the rest of the world and are key economic indicators for policymakers. External sector statistics include the Balance of Payments and the International Investment Position.
The Balance of Payments (BOP) is a statement that summarises economic transactions between residents and non-residents during a specific time period. Residence is defined in terms of the centre of predominant economic interest of the transactors. An institutional unit (e.g. household, corporation, government, non-profit institutions serving households) is resident in the domestic economic territory if its centre of predominant economic interest is in the domestic economic territory.
An institutional unit is a non-resident when its centre of predominant economic interest lies outside the domestic economic territory. The International Investment Position (IIP) is a statement that shows at a point in time the value of:
- financial assets of residents of an economy that are claims on non-residents; and
- the liabilities of residents of an economy to non-residents.
The external sector statistics are compiled in accordance with the International Monetary Fund, Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6). The following series, as defined below, are selected external sector statistics published by the Bank.