Secondary Income account shows current transfers between residents and non-residents.
Current transfers refer to unilateral receipts and payments between residents and non-residents not related to fixed capital formation. The Current Transfers Balance mainly includes part of the transfers (receipts) from the EU community budget to the General Government (such as receipts from the Guarantee Section of the European Agricultural Guidance and Guarantee Fund (EAGGF) and the European Social Fund), Greece’s contribution (payments) to the community budget, and emigrants’ remittances. EU transfers are distinguished between current and capital transfers based on information provided by the State General Accounting Office.
According to the new methodology based on the 6th edition of the IMF Balance of payments Manual, a part of current transfers that relate to taxes and subsidies on products and production moves from Secondary income to other primary income account.