According to a press release issued by the Palestinian Central Bureau of Statistics (PCBS), Palestine’s current account deficit dropped 55.3% to $246.3 million or 8.1 % of the GDP during the third quarter of 2014 compared to figures from the second quarter of 2014. The decrease was caused mainly by the deficit in the trade balance of goods which fell 6.8% to $1,362.9 million or 44.9% of the GDP during the third quarter of 2014 compared to the previous quarter.
Moreover, the deficit in services balance decreased 13.5% to $36.0 million during the third quarter of 2014 compared to the second quarter of the same year, according to the preliminary results of the Palestinian Balance of Payments (BoP). The decrease was mainly attributed to the increase of the export of other business services.
According to the current transfers, the surplus value rose 34.3% to $803.5 million during the third quarter of 2014 compared to figures from the previous quarter. The rise resulted from the increase of the transfers to the government sector which stood at 42.8% of total transfers from abroad, while the transfers to other sectors reached 57.2%. The donors’ current transfers represented 49.1% of total value of receipts from abroad.
Furthermore, the surplus value of capital and financial account amounted to $372.2 million was mainly caused by the surplus in the financial account which reached $293.7 million. The reserve assets at the Palestine Monetary Authority (PMA) increased to $77.6 million during the third quarter of 2014 compared to the second quarter of the same year.
The surplus in income balance (compensations of employees and investments income) declined 1.6% to $349.1 million during the third quarter of 2014 compared to figures from the previous quarter. While, the received investments income amounted to $51.5 million was mainly caused by the income and interest received on other investments and deposits in banks abroad.
Photo Credit: Arabianeye-Reuters
Moreover, the deficit in services balance decreased 13.5% to $36.0 million during the third quarter of 2014 compared to the second quarter of the same year, according to the preliminary results of the Palestinian Balance of Payments (BoP). The decrease was mainly attributed to the increase of the export of other business services.
According to the current transfers, the surplus value rose 34.3% to $803.5 million during the third quarter of 2014 compared to figures from the previous quarter. The rise resulted from the increase of the transfers to the government sector which stood at 42.8% of total transfers from abroad, while the transfers to other sectors reached 57.2%. The donors’ current transfers represented 49.1% of total value of receipts from abroad.
Furthermore, the surplus value of capital and financial account amounted to $372.2 million was mainly caused by the surplus in the financial account which reached $293.7 million. The reserve assets at the Palestine Monetary Authority (PMA) increased to $77.6 million during the third quarter of 2014 compared to the second quarter of the same year.
The surplus in income balance (compensations of employees and investments income) declined 1.6% to $349.1 million during the third quarter of 2014 compared to figures from the previous quarter. While, the received investments income amounted to $51.5 million was mainly caused by the income and interest received on other investments and deposits in banks abroad.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
