Guidelines for a flexible and resilient statistical system: the architecture of the new Portuguese BOP/IIP system

Currently statistical compilers face a challenge of implementing efficient statistical systems that can adapt to constantly changing reality, not only in terms of data requirements and outputs but also in terms of data sources. In this context it is of upmost importance to build flexible and resilient systems. One other matter of concern is the adequate balance between costs (for the compilers and most importantly for the reporting entities) and quality measured as the relevance and accuracy of the data provided to users. This paper presents the Portuguese experience in designing a new system for the collection and compilation of balance of payments (b.o.p.) and international investment position (i.i.p.) statistics which will replace the current settlement-based system established in 1993. It is based on a business intelligence general architecture designed as a benchmark to be followed by new statistical systems in Banco de Portugal which is built upon three pillars: a data warehouse; a centralized reference tables and; a common IT platform. The new b.o.p./i.i.p. system is described along four major phases (acquisition, processing, exploration and disclosure) highlighting in each phase its guiding principles: centralization; harmonization; flexibility; consistency end efficiency.