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Actual | | -189.0B | |
Forecast | | -206.5B | |
Previous | | -198.0B | |
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Balance of payments is a set of accounts recording all economic transactions between the residents of the country and the rest of the world in a given period of time, usually one year. Payments into the country are called credits, payments out of the country are called debits. There are three main components of a balance of payments: - current account - capital account - financial account Either a surplus or a deficit can be shown in any of these components. Current account records the values of the following: - trade balance, export and imports of goods and services - income payments and expenditure,interest, dividends, salaries - unilateral transfers, aid, taxes, one-way gifts It shows how a country deals with the global economy on a non-investment basis. Balance of payments shows strengths and weaknesses in a country's economy and theref helps to achieve balanced economic growth.
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