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The balance of payments accounts identify and record transactions between the residents of Barbados and non-residents, thereby permitting the analysis of economic interactions between Barbados and the rest of the world. The accounts are intended to record three basic types of transactions:
a) flows of goods, services, and income;
b) changes in foreign financial assets and liabilities that arise from transactions (as opposed to valuation changes); and
c) current and capital transfer payments, which are the counterpart of real resources or financial claims provided to, or received from the rest of the world, without any quid pro quo.
The transactions are in principle, recorded when the ownership of goods or assets changes and when services are rendered.
The following data is included based on the annual survey and supplementary information:
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