1. The MIP scoreboard for Belgium (Report 2020)
The National Bank of Belgium publishes a table with the headline indicators for Belgium as calculated by the Commission for the MIP and the format introduced for the economic situation of 2015. The table reproduces data used by the European Commission in the statistical annex of the Alert Mechanism Report for 2020 (https://ec.europa.eu/info/publications/2020-european-semester-alert-mechanism-report_en).
The cells in orange identify the values of the indicators exceeding the thresholds defined as reference in the procedure.
METHODOLOGICAL CHANGES to the scoreboard (since 2014)
The general frameworks for the compilation of MIP relevant statistics (national accounts and balance of payments data) underwent changes in 2014 with the introduction of the European System of National and Regional Accounts (ESA 2010) replacing ESA 95 and the Sixth edition of the Balance of Payments and International Investment Position Manual (BPM6) replacing BPM5.
The national accounts are produced on the basis of the new methodological standards (ESA2010) since 2014 and back data were produced until 1995 with as a result that the GDP figures used in several indicators are on this basis.
In contrast to the publication of last year, data related to the current account of the balance of payments is on a BPM6 basis since 2003.
The data related to the IIP are on a BPM6 basis only since 2008.
Additional changes in 2019
The implementation of the Harmonised European Revision Policy (HERP) for national accounts and balance of payments statistics covering benchmark and routine revisions is progressing on a voluntary basis. The policy includes differentiated guidelines regarding the timing and depth of routine and benchmark revisions to quarterly and annual data. It aims at improving adherence to the twofold principle of alignment at national level between statistical domains and coordinated alignment at European Union level across the countries.
According to the recommendations of the HERP, Member States should carry out benchmark revisions typically every 5 years. Since most of the Member States implemented the last benchmark revision in 2014 in the context of the implementation of the revised methodologies ESA 2010 and BPM6, 2019 is the recommended implementation year of a new benchmark revision, even though some countries have decided to deviate from this recommended practice1. In 2019, 17 Member States, namely Belgium, Bulgaria, Germany, Estonia, Spain, Italy, Cyprus, Latvia, Lithuania, Hungary, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom carried out coordinated benchmark revisions of national accounts and balance of payments. It is worth noting that France and the Netherlands already implemented their benchmark revisions in 2018 and Austria in 2016. While the introduction of benchmark revisions is usually associated with more significant revisions, they improve the overall quality and consistency of data through further improvements in the methodology, sources or estimation techniques applied.
1 Information on data revisions and on the publication of benchmark data is available on the Eurostat website: https://ec.europa.eu/eurostat/web/esa-2010/esa-2010-implementation-and-data-quality https://ec.europa.eu/eurostat/documents/737960/9861115/Benchmark_revisions_2019.pdf