Euro area balance of payments statistics are compiled by aggregating gross cross-border transactions of euro area residents vis-a-vis non-euro area residents as reported by the 11 participating countries.
In the current account, transactions are recorded when economic value is created, exchanged, transferred or extinguished. Goods are recorded according to the date of change in ownership; it should be noted that the goods item in the euro area balance of payments is not fully comparable with that in the external trade statistics in the "Euro area statistics" section of this Bulletin owing to differences in the definition, coverage and time of recording. Services are recorded according to their actual delivery; income is usually recorded at the time it is accrued. Income is composed of the compensation of employees and investment income. Current transfers are recorded as of the date of occurrence of the underlying transactions; they consist of all transfers that are not transfers of capital, which are recorded in the (new) capital account. In the financial account, direct and portfolio investment and other investment are compiled on the basis of net inflows/outflows in assets and liabilities with