Univ.-Prof. Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.English-language economic definitions generated from approved international institutional sources.
Errors and omissions is a residual entry in balance-of-payments statistics. It is used when the recorded values of transactions do not produce the equality required by the accounts, with the amount and sign correcting the resulting discrepancy. The residual may reflect missing observations, reporting or measurement errors, or inconsistencies in the timing and valuation of… read more »
Errors and omissions is the balancing item in a country’s balance of payments. It records the net discrepancy between the measured entries in the current, capital and financial accounts when those accounts do not sum to zero, as they should in principle. The discrepancy may arise from incomplete coverage, timing differences, valuation problems, classification errors… read more »