The concepts described on these pages are words and expressions used in statistics with a specific, limited meaning. In everyday speech the word may have a different meaning. In connection with each definition you can find information about which sets of statistics use the concept.

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Errors and omissions

The errors and omissions in the balance of payments are the net of all biases and missing data. The errors and omissions are calculated as the difference between the sum of the current and capital accounts and the financial account in a given period. The errors and omissions are relatively larger in monthly and quarterly statistics than annually, because the timing differences disappear in the annual data to a great extent. The foreign transactions of large international companies have led to considerable volatility in statistics, and in an environment of monetary union the counterparts of their transactions are not necessarily reflected in Finland's balance of payment statistics. Timing differences in recording may also cause large errors and omissions or large consecutive errors and omissions of different signs.

Validity of the definition

  • Valid until (31 December 2078)

Source organisation

  • IMF

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