International Standards for FDI Statistics

In March 2020, the United Nations Statistical  Commission endorsed a process for updating the System of National Accounts. This has spawned the process of updating all international manuals, including the International Monetary Fund (IMF) Balance of Payments and International Investment Positions Manual – 6th edition (BPM6) and the OECD BD4. 

The BPM6 update process began in March 2020 and the revision of its direct investment framework was conducted in close coordination with the OECD Working Group on International Investment Statistics (WGIIS). 

To maintain consistency across international statistics manuals and continue improving the framework for FDI statistics, the OECD WGIIS formally endorsed the update of BD4 in November 2020. The update process spanned over a five-years timeline and was divided into a research phase and a drafting/editing phase. 

During the research phase, the OECD WGIIS set up the “Benchmark definition Technical Expert Group” (BTEG) to undertake methodological research and propose recommendations on direct investment topics taken from the BD4 research agenda and identified in the proposed goals for the update of BD4. 

The BTEG was composed of 22 representatives with first-hand experience in compiling FDI statistics from OECD member and non-member countries, to ensure the research would reflect the wider diversity of practices and statistical capacities; representatives from international organisations; external experts and the OECD Secretariat. 

Between November 2020 and November 2023, the BTEG conducted research and produced 18 direction notes (DNs) on priority topics identified by the WGIIS. The DNs were regularly reviewed and discussed by WGIIS representatives and, for selected topics, by those of the OECD Working Party on Trade in Goods and Services (WPTGS). 

During the second phase, following an agreed annotated outline, existing BD4 chapters were edited and new ones were drafted by the BD5 Editor. The WGIIS Chair and Secretariat reviewed and commented various versions of the chapters and annexes forming BD5. These were also submitted for review to selected WGIIS representatives before being circulated more widely to the entire Working Group. A full draft of BD5 was presented, discussed and approved at the WGIIS meeting in October 2024 and a final draft was ready by mid-January 2025. Concepts, definitions, and recommendations in BD5 were kept as aligned as possible with those covered in other associated international statistical manuals, such as BPM7 and 2025 SNA.  

• The BD5 Editor: Ms. Maria Borga (FDI expert)
• The WGIIS Chairs: Mr. Krysztof Makoswki (Narodowi Bank, Poland, until June 2022) and Mr. Andrew Jowett (Office for National Statistics, United Kingdom, from June 2022);
• The WGIIS Secretariat: Francesca Spinelli and Emilie Kothé (OECD);
• Members of the BTEG (in alphabetical order): Ms. Heba Abdellatif Ibrahim (General Authority For Investments, Egypt), Mr. Peter Banhegyi (Magyar Nemzeti Bank, Hungary), Mr. Roberto Bardas (Banco de Espana), Ms. Maria Borga (formerly IMF), Mr. David Brackfield (OECD), Mr. Valerio Della Corte (Banca d’Italia), Mr. Carlos Figueira (Banco de Portugal), Mr. Rainer Frey (Bundesbank, Germany), Mr. Andrew Jowett (Office for National Statistics, United Kingdom), Ms. Polina Knutsson (formerly OECD), Ms. Emilie Kothé (OECD), Mr. Michal Kupc (Narodowi Bank, Poland), Mr. Mirco Lattwein (Bundesbank, Germany), Mr. Topias Leino (IMF), Mr. Fernando Lemos (Banco Central do Brazil), Mr. Ricardo Limes (Bureau of Economic Analysis, United States), Ms. Esther Lopez (Banco de Espana), Ms. Irene Madsen (Eurostat), Ms. Hend Mahmoud Sabry (General Authority For Investments, Egypt), Mr. Krzysztof Makowski (formerly Narodowi Bank, Poland), Mr. Lee Mallet (Office for National Statistics, United Kingdom), Ms. María Isabel Méndez Ferrada (Banco Central de Chile), Ms. Beata Montvai (Magyar Nemzeti Bank, Hungary), Mr. Fernando Nieto (Banco de Espana), Mr. Lasse Norgard Vogelius (Danmarks Nationalbank), Ms. Sakiko Ohtsuka (Bank of Japan), Ms. Florencia Olszak (Banco Central de la Repùblica Argentina), Mr. Rachid Oumaza (Office des Changes, Morocco), Mr. Fausto Pastoris (ECB), Mr. Morten-Bo Paulsen (Danmarks Nationalbank), Ms. Carmen Picon Aguilar (ECB), Ms. Jamila Saaji (Office des Changes, Morocco), Ms. Silvia Sabatini (Banca d’Italia), Mr. John Sheridan (Central Statistics Office, Ireland), Mr. Vítor Silveira (Banco de Portugal), Mr. Eric Simard (Statistics Canada), Ms. Francesca Spinelli (OECD), Ms. Ana Margarida Soares (Banco de Portugal), Mr. Astrit Sulstarova (UNCTAD), Mr. Thiago Said Vieira (Banco Central do Brazil), Mr. Manfred Víquez-Alcázar (Banco de Costa Rica), Mr. Krzysztof Wyroba (Narodowi Bank, Poland).
• External contributors: Mr. Fabrice Bidaud (Banque de France), Ms. Veronique Genre (Banque de France), Mr. Rutger Kemels (National Bank of Belgium), Mr. Patrick Lengg (Swiss National Bank)
• Invited experts: Mr. Roger de Boeck, Mr. Christian Lajule and Mr. Patrick O’Hagan