1. Presentation of the Statistical Production of Statistics Faroe Islands In general and specifically ITG and ITS/BoP

2. Statistics Faroe Islands The national statistical authority of the Faroe Islands Operates in accordance with Parliamentary Act no. 33 of 7th of May 1991Parliamentary Act no. 33 of 7th of May 1991 The Act ensures that: –independent institute under the Ministry of Finance –statistical data are produced without political influence –information handled by Statistics Faroe Islands is used solely for statistical purposes and not disclosed to others - neither authorities nor individuals Statistics Faroe Islands is tiny but the need for data is about the same as in other countries The production is prioritized to the most importent and socially useful statistical data with importance for the public A major task of Statistics Faroe Islands is publishing

3. Significant years in the history 1962: The Economic Council and a statistical department under the Government is established 1984: New Withholding Taxation system by source 1991: Parliamentary Act no. 33 of 7th of May 1991Parliamentary Act no. 33 of 7th of May 1991 1998: Central Management information system at the Government Agency (Gjaldstovan) 2000: New statistical data in detail The National Accounts 1998 Consumer Price index 1998 BoP 1998

4. Organisation Is dynamic with a flat structure Incorporated mechanical systems standardises large parts of the data processes Management is based on functionality and knowledge Staff is highly educated Employees have responsibility of certain statistical areas Employees also carry out various ad-hoc duties Major part of the manpower at statistical department is used in the field of economics

5. Director Project: Census 2011 Project: Supply and Use Tables Project: Travel Project: R, SQL, IT 3 Statistics 15 Publications 3 Administration 1 Project: Web-site Project: Labour Market Survey The Organisation chart

6. Core areas of the production Environmental Geography Climate Demographic Populations and elections Educations and culture Justice Labourmarket and wages Prices, income and consumption Business Wage expenditure Business statistics Fishing, aqua- and agriculture Energy and construction Transport and communication Economic Foreign trade Public finance National accounts Balance of payments

7. Balance of Payments Current Account –Goods –Services Income Account –Primary Income Current Transfers –Government –Other Financial Account Following parts are still not part of the Balance of Payments Income Account –Secundary Income Capital Account International Investment Position

8. Data requirements Trade in goods Import + cif (cif is removed to services) Export + fob Registered data from Faroese Customs Trade in Services Survey with about 700 respondents Private- and public enterprises and public institutions Registered data from other national authorities

9. Selection of respondents by: Respondent statistics201320122011201020092008 Total number of respondents7166926451.1011.4231.211 Non Respons in numbers24814878239426275 Non Respons in %352112223023 The figures for 2013 is not the final result Branches Payments of salaries/wages in the calender year VAT Import and Export Participation in the survey in recent years

10. Data relation to CA and A&L Governement Agency: - Creditors - Debtors - Treasury: Public Debt & Interest Survey of services in private and public enterprises and public institutions: Services  Insurance service fees  Fishing & transport vessels  Other transport  Travel  Stamps  Bankingservice fees Assets & Liabilities  Foreign deposit in Faroese Banks TAKS (Tax authority) Wages Pensions Social Security fee, etc. Depot (Elektron): Enterprise investment in foreign investmentpapers Depot (Elektron): Housholds foreign investment. Community status: Loans, etc. Foreign Pensionfunds Balance of Payment Capital Asset abroad: Enterprises and Households Property inventory by acc.: Households (BRF and DLR) Final assessments by Acc.: Dis, og aðrir.... Trade of Goods: Import Export

11. Timeseries of Goods and Services

12. Timeseries of the Balance of Goods and Services

13. Timeseries of Income Account

14. Timeseries of Current Transfers

15. Timeseries of the Current Account

16. Capital Account

17. Future plans for the Balance of Payments system –Improvements of the service balance New tourist- and business travel balance More valid and reliable figures regarding services costs and -income from the insurance companies More reliable and valid data from parts of other business services and international shipping business Handbook of documentation for the Balance of Payment Evaluation and coordination of data prosesses –Secundary Income –Financial Account –International investment position Questions –What is the best possible way to create a valid and reliable estimate for ITS? –Sample estimate for various services based on timeseries with enough data? –Need to know/nice to know? Plan for the future and questions

18. Thank you for your attention