Samoa - Net secondary income (BoP, current US$)

The latest value for Net secondary income (BoP, current US$) in Samoa was $204,655,900 as of 2020. Over the past 43 years, the value for this indicator has fluctuated between $204,655,900 in 2020 and $15,660,030 in 1977.

Definition: 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.

Source: International Monetary Fund, Balance of Payments Statistics Yearbook and data files.

See also:

Year Value
1977 $15,660,030
1978 $24,160,270
1979 $34,860,140
1980 $35,689,940
1981 $34,271,840
1982 $32,335,750
1983 $37,233,780
1984 $33,501,480
1985 $35,055,860
1986 $43,613,800
1987 $53,196,700
1988 $52,296,710
1989 $54,819,160
1990 $53,860,600
1991 $44,627,860
1992 $34,752,340
1993 $45,830,350
1994 $56,642,170
1995 $60,119,570
1996 $59,118,510
1997 $68,063,580
1998 $59,558,560
1999 $41,551,170
2004 $82,268,740
2005 $105,592,500
2006 $97,954,150
2007 $110,133,700
2008 $129,226,300
2009 $127,324,500
2010 $147,295,200
2011 $168,116,500
2012 $186,560,200
2013 $177,811,600
2014 $164,816,000
2015 $142,452,700
2016 $137,901,700
2017 $143,938,800
2018 $179,584,600
2019 $185,716,700
2020 $204,655,900

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).

Periodicity: Annual

General Comments: Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: Balance of payments