Box 1 - Recent Changes in the Savings-Investment Balance and its Financing

Recent Changes in the Savings-Investment Balance and its FinancingBanco de la República (Banrep) and DANE jointly disclosed the results of the Quarterly National Accounts of Institutional Sectors (CNTSI in Spanish) as of June 2021.This work is the result of a joint effort made by the two entities seeking to generate statistics that meet international quality standards, and thus represents major progress in producing macroeconomic statistics in Colombia.The CNTSI ensures macroeconomic coherence and consistency of real and financial results since it provides a valuable tool for analyzing and monitoring the Colombian economy.In the CNTSI, DANE registers the production, income, and expenditures of the economy by institutional sectors in a measurement known as "above the line" (non-financial accounts).Banrep, in turn, is in charge of measuring the financing of the economy by institutional sectors through the movement of financial assets and liabilities, a measurement identified as "below the line" (financial accounts).Both measures correspond to the current account balance of the balance of payments and enable analysis of the savings and investment balances and the financing for both the economy and the institutional sectors.Conceptually, these two measurements should be the same, but as is the case in Colombia, discrepancies could be generated related to methodological issues, coverage, sources of information, etc.