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Pocket World in Figures 2013 by The Economist

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Glossary

Balance of payments The record of a country’s transactions with the rest of the world. The current account of the balance of payments consists of: visible trade (goods); “invisible” trade (services and income); private transfer payments (eg, remittances from those working abroad); official transfers (eg, payments to international organisations, famine relief). Visible imports and exports are normally compiled on rather different definitions to those used in the trade statistics (shown in principal imports and exports) and therefore the statistics do not match. The capital account consists of long- and short-term transactions relating to a country’s assets and liabilities (eg, loans and borrowings). The current and capital accounts, plus ...

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