A transaction is an economic flow that is an interaction between institutional units by mutual agreement or an action within an institutional unit that it is useful to treat as a transaction, often because the unit is operating in two different capacities. It is convenient to divide transactions into four main groups:
a) transactions in products - which describe the origin (domestic output or imports) and use (intermediate consumption, final consumption, capital formation or exports) of products ;
b) distributive transactions - which describe how value added generated by production is distributed to labour, capital and government, and the redistribution of income and wealth (taxes on income and wealth and other transfers);
c) financial transactions - which describe the net acquisition of financial assets or the net incurrence of liabilities for each type of financial instrument. Such transactions often occur as counterparts of non-financial transactions, but they may also occur as transactions involving only financial instruments;
d) transactions not included in the three groups above:
consumption of fixed capital and acquisitions less disposals of non-produced non financial assets.
Most transactions are monetary transactions, where the units involved make or receive payments, or incur liabilities or receive assets denominated in units of currency. Transactions that do not involve the exchange of cash, or assets or liabilities denominated in units of currency, are non-monetary transactions.
Intra-unit transactions are normally non-monetary transactions. Non-monetary transactions involving more than one institutional unit occur among transactions in products (barter of products), distributive transactions (remuneration in kind, transfers in kind, etc.) and other transactions (barter of non-produced non-financial assets).
All transactions are recorded in monetary terms. The values to be recorded for non-monetary transactions must therefore be measured indirectly or otherwise estimated.
Statistics using the definition
Validity of the definition
- Valid until (31 December 2078)