The Banque de France is implementing a targeted revision of Balance of Payments data, related mostly to overseas tourism, as part of its policy to improve these statistics on an ongoing basis. The revision modifies the level – however not the evolution – of the contribution of tourism to the economy.
Since 2015, the Banque de France has been carrying out in-depth analysis of tourism sources, and more generally overseas travel data. Thanks to enhanced surveys aiming to more accurately measure new patterns of tourism in France, the use of digital data, and the benchmarking of new data made available by official statistical authorities abroad, the statistical framework has been upgraded, allowing for a better measurement of this activity.
Annual balance of payments data for 2017 will be released on 10 April 2018, including detailed information on the revision of tourism data. Net receipts from overseas tourism are set to increase by about EUR 10 billion per year, while the outstanding amount of receipts from overseas tourism was EUR 38 billion in 2016.
These changes will impact the net current account of the balance of payments. However, year-on-year changes in the current account will be marginal.
Since transactions with abroad are feeding in the national accounts, these revisions are also taken into account by the French National Statistical Institute (INSEE) which today releases broad information on the revision of national accounts data.
Annual balance of payments data published on 10 April 2018 will include the usual annual revisions that update data from the past three years and incorporate new data collected since the last release. Data from the previous years will be revised accordingly (“backcasting”).