Trend 2005 - 2011. International Monetary Fund. Balance of Payments: Goods and Services | Country: Faroe Islands | International Monetary Fund Subject: Goods and services | Units: BALANCE ON GOODS AND SERVICES - Balance (US$), 2005-2011. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. Dataset-ID: 056-006-002.

• Main Author: International Monetary Fund
• Format: Article in Journal/Newspaper
• Language: English
• Published: Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. 2015
• Subjects: International Economic Organizations; Balance of Payments; International Trade; Faroe Islands
• Online Access: https://dx.doi.org/10.6068/dp14bad10bad562; http://statisticaldatasets.data-planet.com/dataplanet/Datasheet_DOI_Servlet?ID=14bad10bad562&type=datasheet&version=1

International Monetary Fund (2015). Balance of Payments: Goods and Services | Country: Faroe Islands | International Monetary Fund Subject: Goods and services | Units: BALANCE ON GOODS AND SERVICES - Balance (US$), 2005-2011. Data-Planet™ Statistical Ready Reference by Conquest Systems, Inc. [Data-file]. Dataset-ID: 056-006-002. Dataset: Reports transactions between residents and nonresidents in items that are outcomes of production activities goods and services for International Monetary Fund member countries. Production is defined as an activity in which an enterprise uses inputs (intermediate inputs, labor, produced and nonproduced assets) in order to transform them to an output that can be supplied to other units. Goods are physical, produced items over which ownership rights can be established and whose economic ownership can be passed from one institutional unit to another by engaging in transactions. Services are the result of a production activity that changes the conditions of the consuming units, or facilitates the exchange of products or financial assets. Services are not generally separate items over which ownership rights can be established and cannot generally be separated from their production. For each country, jurisdiction, or other reporting entity, the time series are provided as a balance and as credit vs debit in national currency as available, and in United States dollars. The Balance of Payments Statistics (BOPS) database, published by the International Monetary Fund (IMF), contains time series of quarterly and annual BOPS data for more than 180 countries, jurisdictions, or other reporting entities. For some of these countries, the data have been supplemented by data IMF economists have derived from other sources. BOPS summarizes the economic transactions of a country with the rest of the world. It reports total goods, services, factor income, and current transfers an economy receives from or provides to the rest of the world, as well as capital transfers and changes in each economy’s external financial claims and liabilities. The BOPS data are presented in accordance with the standard components of the sixth edition of the IMF Balance of Payments Manual (BPM6 [2009] http://www.imf.org/external/pubs/ft/bop/2007/bopman6.htm). (For changes between BPM5 and BPM6, see Appendix 8 of the manual and http://www.imf.org/external/pubs/ft/bop/2007/bpm6faq.pdf.) Similarly, international investment position (IIP) data also are presented in the BPM6 format. The IIP of a country is a balance sheet of its stock of external financial assets and liabilities. For certain countries, the IIP data do not contain sufficient detail to warrant publication. For each country, jurisdiction, or other reporting entity included in the BOPS database, the time series are provided in national currency as available, and in United States dollars. Conversion is performed on the basis of average US dollar/national currency exchange rates for BOPS data and on end-of-period exchange rates for IIP data. When the data are available, the annual and quarterly entries begin in 2005. http://www.imf.org/external/pubs/ft/bop/2007/bpm6faq.pdf Category: International Relations and Trade Source: International Monetary Fund Headquartered in Washington, DC, the International Monetary Fund (IMF) was conceived at a United Nations conference convened in Bretton Woods, New Hampshire, United States, in July 1944. The 44 governments represented at that conference sought to build a framework for economic cooperation that would avoid a repetition of the vicious circle of competitive devaluations that had contributed to the Great Depression of the 1930s. As of 2012, the IMF has 188 member countries. Its primary purpose is to ensure the stability of the international monetary system, specifically the system of exchange rates and international payments that enables countries (and their citizens) to transact with one other. This system is essential for promoting sustainable economic growth, increasing living standards, and reducing poverty. The Fund’s mandate has recently been clarified and updated to cover the full range of macroeconomic and financial sector issues that bear on global stability. The IMF is a specialized agency of the United Nations but has its own charter, governing structure, and finances. Its members are represented through a quota system broadly based on their relative size in the global economy. http://www.imf.org/ Subject: International Economic Organizations, Balance of Payments, International Trade