عربي
Palestinian Central Bureau of Statistics (PCBS) and Palestine Monetary Authority (PMA) announced the preliminary results of the Palestinian Balance of Payments (BoP) for the third quarter of 2014
Results Announcement
The Deficit in Current Account is USD 246.3 Million
Palestinian Central Bureau of Statistics (PCBS) and Palestine Monetary Authority (PMA) announced the preliminary results of the Palestinian Balance of Payments (BoP) for the third quarter of 2014, within the continuous efforts between PMA and PCBS, noting that the data excludes those parts of Jerusalem governorate which were annexed by Israel in 1967.
The preliminary results of BoP for the third quarter of 2014 including:
An incessant deficit in the Current Account amounted to USD 246.3 million (8.1 % of the GDP at current prices for the 3rd quarter of 2014) with a decrease of 55.3% compared to the previous quarter. The deficit of Current Account was caused mainly by the deficit in the Trade Balance of goods which was USD 1,362.9 million (44.9% of the GDP at current prices) with a decrease of 6.8% compared to the previous quarter.
The deficit in Services Balance amounted to USD 36.0 million with a decrease of 13.5% compared to previous quarter. This decrease was caused by the increase of the export of other business services.
The surplus in Income Balance (compensations of employees and investments income) amounted to USD 349.1 million with a decrease of 1.6% compared to the previous quarter, this surplus was due to Compensations of Employees working in Israel that reached USD 306.2 million. While, the received investments income amounted to USD 51.5 million was mainly caused by the income and interest received on other investments and deposits in banks abroad.
According to the Current Transfers, the surplus value amounted to USD 803.5 million with an increase of 34.3% compared to the previous quarter. This was due to the increase of the transfers to the government sector which amounted to 42.8% of total transfers from abroad, while the transfers to other sectors was 57.2%. The donors current transfers was 49.1% of total value of receipts from abroad.
The surplus value of Capital and Financial Account amounted to USD 372.2 million was mainly caused by the surplus in Financial Account amounted to USD 293.7 million, while the increase in the reserve assets at PMA amounted to USD 77.6 million compared with previous quarter.
The Balance of Payments (BOP) is considered as the tool that determines the position of the country regarding the world and its size of the external debt, this data assist researchers and decision makers in deriving the economic policies and development plans to achieve external balancing which guarantees the stability of the state and economic growth. BOP data has been prepared according to the latest international recommendations taking into account the privacy of the Palestinian situation.