What is Economic translation?

Economic translations are an integral part of any international business process.

The existence and prosperity of a company is impossible without developing economic relations. Nowadays, in the globalization era, a constant necessity for cooperating with international partners from various countries. Working with international partners as well as any other type of cooperation is closely related with execution of financial and economic documents. High-quality translation of economic texts is of an essence.


It enables foreign companies to appraise the professionalism of a company's management and the level of reliability for cooperation, accordingly. The particular character of the information dealt with in banking documents, accountancy reports as well as other financial documents pose additional liability on the translator.


An economic translation, containing the smallest mistake or even a typing error can cause unfavorable consequences. For this reason translation of economic texts requires high responsibility from the translator, ability to concentrate as well as thoroughness and accuracy. Needless to say that economic translation involves knowledge in the subject, fluency in economic terminology and specific presentation style as well as the ability to render the content of the document precisely.


Additionally to the basics of economic theory and management, a high-quality economic translation requires specific knowledge in financial reports of different countries, bearing in mind that the old standards are continuously being replaced with new regulations. This is the reason why a translator who works with economic texts must know the principles of structuring official economic documents in the original country as well as in the country where the translation is to be used. He/she also needs to be accurate and pay close attention to the smallest details, have excellent language skills and good comprehension of terminology.


Considering the above mentioned, economists and linguists that perform economic translations continuously study the specific terminology and standards of the sphere in order to improve their proficiency. This also helps to unify economic translations and provide top-level adequacy.


Economic translation involves working with such documents as various agreements and contracts, marketing researches and presentations, economic substantiations and business plans, insurance documents and agreements on funding of projects, auditors' reports and statements, financial reports, accountancy balances, profit and loss statements as well as other documents used in international economic activity.


In order to ensure adequacy and preciseness of economic translations, linguists have to work constantly on their language skills and also explore specific economic terminology and standards. Keeping this all in mind, we have special requirements for our translators: good knowledge in economy, finance, business ethics as well as ability to represent the company appropriately in events that require the presence of translators (business negotiations, exhibitions, presentations, conferences).


In order for us to provide preciseness and credibility of the translated documents, we cooperate with native speakers of target languages.


The main thing for the client who orders an economic translation is for the target text to correspond with the original adequately and precisely.

This means that a professional economic translator is of a crucial importance for you and your company.


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