Liberia | Net secondary income (BoP, current US$)
Secondary income refers to transfers recorded in the balance of payments whenever an economy provides or receives goods, services, income, or financial items without a quid pro quo. All transfers not considered to be capital are current. Data are in current U.S. dollars. Development relevance: The balance of payments records an economy’s transactions with the rest of the world. Balance of payments accounts are divided into two groups: the current account, which records transactions in goods, services, primary income, and secondary income, and the capital and financial account, which records capital transfers, acquisition or disposal of nonproduced, nonfinancial assets, and transactions in financial assets and liabilities. The current account balance is one of the most analytically useful indicators of an external imbalance. A primary purpose of the balance of payments accounts is to indicate the need to adjust an external imbalance. Where to draw the line for analytical purposes requires a judgment concerning the imbalance that best indicates the need for adjustment. There are a number of definitions in common use for this and related analytical purposes. The trade balance is the difference between exports and imports of goods. From an analytical view it is arbitrary to distinguish goods from services. For example, a unit of foreign exchange earned by a freight company strengthens the balance of payments to the same extent as the foreign exchange earned by a goods exporter. Even so, the trade balance is useful because it is often the most timely indicator of trends in the current account balance. Customs authorities are typically able to provide data on trade in goods long before data on trade in services are available. Limitations and exceptions: Discrepancies may arise in the balance of payments because there is no single source for balance of payments data and therefore no way to ensure that the data are fully consistent. Sources include customs data, monetary accounts of the banking system, external debt records, information provided by enterprises, surveys to estimate service transactions, and foreign exchange records. Differences in collection methods - such as in timing, definitions of residence and ownership, and the exchange rate used to value transactions - contribute to net errors and omissions. In addition, smuggling and other illegal or quasi-legal transactions may be unrecorded or misrecorded. Statistical concept and methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions. The concepts and definitions underlying the data are based on the sixth edition of the International Monetary Fund's (IMF) Balance of Payments Manual (BPM6). Balance of payments data for 2005 onward will be presented in accord with the BPM6. The historical BPM5 data series will end with data for 2008, which can be accessed through the World Development Indicators archives. The complete balance of payments methodology can be accessed through the International Monetary Fund website (www.imf.org/external/np/sta/bop/bop.htm).
Publisher
The World Bank
Origin
Republic of Liberia
Records
63
Source
Liberia | Net secondary income (BoP, current US$)
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979 58141.12732263
1980 155043.00619367
1981 827954.7183602
1982 1030476.1067558
1983 1618314.5588079
1984 1297876.8730629
1985 1370427.5292102
1986 818282.53187053
1987 -75340.79579152
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004 744370581.9352
2005 779431743.18962
2006 1200110964.3439
2007 1138788368.0456
2008 1175364548.296
2009 1100675032.4397
2010 795693444.9941
2011 947698325.78183
2012 713332072.85408
2013 695281780.07595
2014 1039714968.6642
2015 1422607286.7431
2016 950527066.24222
2017 472205928.58665
2018 153284665.11659
2019 132733157.64111
2020 463726141.34612
2021 703548958.83791
2022 918010711.46004
Liberia | Net secondary income (BoP, current US$)
Secondary income refers to transfers recorded in the balance of payments whenever an economy provides or receives goods, services, income, or financial items without a quid pro quo. All transfers not considered to be capital are current. Data are in current U.S. dollars. Development relevance: The balance of payments records an economy’s transactions with the rest of the world. Balance of payments accounts are divided into two groups: the current account, which records transactions in goods, services, primary income, and secondary income, and the capital and financial account, which records capital transfers, acquisition or disposal of nonproduced, nonfinancial assets, and transactions in financial assets and liabilities. The current account balance is one of the most analytically useful indicators of an external imbalance. A primary purpose of the balance of payments accounts is to indicate the need to adjust an external imbalance. Where to draw the line for analytical purposes requires a judgment concerning the imbalance that best indicates the need for adjustment. There are a number of definitions in common use for this and related analytical purposes. The trade balance is the difference between exports and imports of goods. From an analytical view it is arbitrary to distinguish goods from services. For example, a unit of foreign exchange earned by a freight company strengthens the balance of payments to the same extent as the foreign exchange earned by a goods exporter. Even so, the trade balance is useful because it is often the most timely indicator of trends in the current account balance. Customs authorities are typically able to provide data on trade in goods long before data on trade in services are available. Limitations and exceptions: Discrepancies may arise in the balance of payments because there is no single source for balance of payments data and therefore no way to ensure that the data are fully consistent. Sources include customs data, monetary accounts of the banking system, external debt records, information provided by enterprises, surveys to estimate service transactions, and foreign exchange records. Differences in collection methods - such as in timing, definitions of residence and ownership, and the exchange rate used to value transactions - contribute to net errors and omissions. In addition, smuggling and other illegal or quasi-legal transactions may be unrecorded or misrecorded. Statistical concept and methodology: The balance of payments (BoP) is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions. The concepts and definitions underlying the data are based on the sixth edition of the International Monetary Fund's (IMF) Balance of Payments Manual (BPM6). Balance of payments data for 2005 onward will be presented in accord with the BPM6. The historical BPM5 data series will end with data for 2008, which can be accessed through the World Development Indicators archives. The complete balance of payments methodology can be accessed through the International Monetary Fund website (www.imf.org/external/np/sta/bop/bop.htm).
Publisher
The World Bank
Origin
Republic of Liberia
Records
63
Source