The Bank of Greece is introducing a "significant change" to the way sea transport accounts are compiled after a "sharp decrease" in shipping receipts from 2015.
Instead of the bank settlements data used until August, it will now draw on data from international shipping databases and administrative sources.
This means balance of payments will reflect international shipping transactions carried out within or outside the domestic banking system, in line with international balance of payment compilation guidelines, the country's central bank said.
"This change was deemed necessary in view of an apparent sharp decrease in shipping receipts and payments from 2015 onwards, following the imposition of capital controls and the concomitant decline in the intermediation of the domestic banking system in shipping transactions," it added.
"This shift to alternative data sources also entails a revision of the existing maritime transport data series for the period from January 2015 onwards.
Advice from experts
The new approach allows for a detailed calculation of receipts and expenses on a monthly basis.
The databases involved are maintained by international agencies and recommended by international organisations, including the IMF, the bank said.
The changes, backdated to September, were made after input from shipping experts in academia and the industry last year.
Items affected are the imports and exports of ships; goods procured in ports by carriers; sea transport services; repair services; insurance services; primary income (labour and investment income); secondary income; and financial transactions (loans and deposits).
