What is the meaning of an account labeled "statistical discrepancy" or "errors and omissions"? If this account is a credit, what does that imply about the measurement of other items in the balance of payments?

What will be an ideal response?

The "statistical discrepancy" or "errors and omissions" account is the value of the measured items on all other accounts with the sign reversed. Thus, if the sum of all other accounts is a negative number, indicating that the other accounts are in deficit, the statistical discrepancy must be a credit (a positive number). The statistician missed some credit items on the other accounts, because we know that the sum of all accounts should be zero due to the double entry nature of the balance of payments.