Quarter Two 2010 Balance of Payments Statistical Bulletin User Engagement Survey

Transcription

1 Quarter Two 2010 Balance of Payments Statistical Bulletin User Engagement Survey From 28 th September 2010 to 24 th October 2010 a Balance of Payments (BoP) user engagement survey was conducted using a web questionnaire linked from the statistical bulletin, statistical nugget and statistical product page. The survey was also promoted on the Statistical User Forum website. In accordance with the Code of Practice for Official Statistics requirements, the objectives of the user engagement survey were to investigate the following: Who the users of the statistical product were? What were the statistics used for, including the decisions they informed? Users perceptions of the quality of the statistics, statistical presentation, and statistical commentary Users perceptions of the statistical service in relation to this particular statistical product In total 22 people responded to the survey. It must be noted that respondents to the survey were self selecting so results are not representative, but do provide a useful insight into the use of the statistics and perceptions of users. Types of users 19 out of the 22 respondents completed this question. Respondents were asked to specify which sector they primarily work or study in, and the table below shows the respondents reply: Which sector do you primarily work or study in Public sector Central Government department or agency Local or regional government Financial public corporation 1 Non-financial public corporation 0 School, college or university 1 Health 1 Total 4 Private sector Financial corporation 7 Non-financial corporation 3 School, college or university 0 Health 0 Total 10 Other sectors Non-profit institution 0 Media 2 Do not work or study 1 Other (please specify) 2 1 0

2 Total 5 For those that answered other in the above table, one worked in Research and the other worked in a Trade Association. Those that responded to the above question were then asked their type of occupation in the question Are you. 14 out of 22 respondents completed this question. The table below shows a breakdown of the respondents occupation: Are you An analyst? 5 A researcher? 5 A policy maker? 1 A journalist? 0 A teacher or lecturer? 0 A student? 1 A consultant? 1 A member of the general public? 1 Other (please specify) 0 Total 14 Estimates used in the Balance of Payments Statistical Bulletin 21 out of 22 respondents completed this question. Respondents were asked to select all estimates that they used. The table below shows responses: Which estimates do you use in the Balance of Payments bulletin Percentage Estimates on pages one to eight of the bulletin % Table A - Summary of balance of payments % Table B - Current account % Table C - Current account transactions with the EU and with non-eu countries % Table D - Summary of international investment position, financial account and investment income % Table E - Trade in goods % Table F - Trade in services % Table G - Income % Table H - Current transfers % Table I - Capital account % Table J - Financial account % Table K - International investment position %

3 Uses of the Balance of Payments statistics Balance of Payments (BoP) estimates are used by the Bank of England and the Treasury to inform decisions on monetary and fiscal policy. The Department for Business, Innovation and Skills also uses BoP estimates to identify international trade partners. International users include the Statistical Office for the European Union (Eurostat) and the International Monetary Fund (IMF); Eurostat uses UK figures to compile aggregate EU accounts and the IMF collate data as a means of ensuring financial stability and sustainability. Examples of how government departments use BoP estimates are: In providing ministerial briefing on the headline Balance of Payments and Trade statistics pre-release. Feeding data into their own regular analyses of the macro economy, and also into more ad-hoc and in-depth analyses. For example, importance of trade with particular countries or groups of countries, importance of trade in different commodities/services, identifying comparative advantage, changes in import and export prices, economic contribution from trade and income, looking at inward and outward investment. These analyses/briefings are aimed to inform ministers/decision makers of the current/historical situation, and provide evidence for the policy debate. BoP data are also of interest to a wider range of user groups including the media, researchers and other regional, national and international policy makers. Some users focus primarily on the developments in the current account and their financing, including the sustainability of the current account imbalances in the longer term and the need for policy adjustments. Others focus on an analytic presentation, classifying its standard components of BoP and their relationship to other components (eg. trade and direct investment, and foreign direct investment and productivity). The balance of payments allows a sector breakdown of the financial account and their relationship to domestic sources of finance. s to the uses of the Statistical Bulletin 21 out of 22 respondents completed this question. s to the Balance of Payments user engagement survey showed that most of the respondents used the bulletin for research and general background information. The bulletin was least used for policy development and one respondent reported that they do not use the Statistical Bulletin. The table below shows what the respondents used the estimates for: What do you use the estimates in the Balance of Payments Statistical Bulletin for Percentage General background information % Benchmarking 2 9.5% Monitoring % Modelling and/or forecasting % Writing briefs % Policy development 1 4.8% Decision making %

4 Research % Inclusion in reports % Do not use 1 4.8% Other (please specify) 0 Comments in relation to the types of decisions that the estimates are used for included: The balance of payments, and in particular the trade, services, and current account section are used to estimate our company opportunity and are typically compared with their equivalent from other countries to prioritise investments Data is used for a general briefing on foreign direct investment data Briefing for UK Ministers and statistical briefing on bilateral trade and investment ties Perceptions of the quality of the Balance of Payments estimates 16 out of 22 respondents completed this question. Respondents were asked to say how satisfied they were with the statistical bulletin in relation to the following features: In relation to the Balance of Payments Statistical Bulletin how satisfied are you with the Very dissatisfied Dissatisfied Neither satisfied nor dissatisfied Satisfied Very satisfied Timeliness of the bulletin 6.7% 6.7% 2 Ease of access 6.7% 6 (9) 2 Clarity 7.1% 7.1% 64.3% (9) 21.4% 14 Relevance to your needs Accuracy of the estimates 2 6.7% 6 (9) 28.6% (4) 5 (7) 21.4% 14 Comparability over time and between sources 6.7% 2 6.7% Coherence with other statistical 18.8% 6.3% 68.8% (11) 6.3% 16

5 sources Metadata 7.1% 28.6% (4) 5 (7) 14.3% 14 Adherence to planned publication dates 2 Generally, overall the respondents were mainly positive with their ratings, however, those that were least positive provided the following explanations: The current account balance given in the Office For National Statistics (ONS) is different from the current balance given in the treasury pocket databank - HBOP (series identifier) I m generally dissatisfied with the amount of revisions in the data, particularly to the investment income and the international investment position data. I also think that the ONS should aim to get the release out sooner. The 6 month delay means that the data is far less useful than it would otherwise be Perceptions of the statistical presentation and commentary 16 out of 22 respondents completed this question. Respondents were asked to say how satisfied they were with the presentation and commentary of the statistical bulletin in relation to the following features: In relation to the statistical presentation and commentary for the Balance of Payments estimates how do you rate the Statistical Bulletin s Very poor Poor Fair Good Very good Front page design and layout? 6.7% 2 6.7% Front page content? 2 Background information design and layout? 6.7% 73.3% (11) 2 Background information content? 8 (12) 2 Overall design and layout? 6.3% 12.5% 62.5% 18.8% 16 Overall presentation of the estimates? 73.3% (11)

6 Overall commentary on the estimates? 6 (9) 26.7% (4) Experience of the statistical service provided for the Balance of Payments estimates 16 out of 22 respondents completed this question. Respondents were asked overall how they would rate the statistical service provided for the Balance of Payments estimates, for example in relation to contact details and responding to queries. The table below shows a breakdown of the respondents ratings: Overall, how would you rate the statistical service provided for the Balance of Payments estimates? For example, contact details, responding to your queries, etc s Very poor 0 Poor 0 Fair 2 Good 8 Very Good 6 Total 16 Next steps The results of the survey will be considered by the Balance of Payments team. Next Balance of Payments user engagement survey It is planned to run the Balance of Payments user engagement survey every two years. Prior to the next survey please contact BoP@ons.gov.uk if you have any queries or feedback.