Which of the following statement (s) is/are correct?

Statement 1: BOP of a country summarizes all the internal-external transactions (receipts and payments) on current and capital account in which a country is involved over a period of time.

Statement 2: BOP is a statistical statement.

Only Statement 2 is correct.

Balance of Payments (BOP): It is a statistical statement summarizing all the external transactions (receipts and payments) on current and capital account in which a country is involved over a period of time, say, a year. As the BOP shows the total assets and obligations over a time-period, it always balances.