Maksebilanssi

Maksebilanssi, often translated as balance of payments, is a statistical record of all economic transactions between a country and the rest of the world over a specific period, usually a year or a quarter. It is compiled by the central bank or national statistical agency. The maksebilanssi is divided into two main accounts: the current account and the capital and financial account.

The current account records transactions in goods, services, primary income, and secondary income. The trade in goods, also known as visible trade, is the most significant component, covering exports and imports of tangible products. The trade in services, or invisible trade, includes transactions in tourism, transportation, financial services, and other non-physical services. Primary income encompasses earnings from abroad, such as wages and investment income, and payments made to non-residents. Secondary income involves current transfers like remittances and foreign aid.

The capital and financial account records cross-border transfers of assets and liabilities. The capital account, though often small, covers capital transfers and acquisition/disposal of non-produced, non-financial assets. The financial account details direct investment, portfolio investment, other investment (like loans and deposits), and reserve assets.

The maksebilanssi must always balance, meaning the sum of the current account, capital account, and financial account is zero. A surplus in the current account signifies that a country is a net lender to the rest of the world, while a deficit implies it is a net borrower. Analyzing the maksebilanssi provides insights into a country's international economic relationships, its competitiveness, and its financial stability.