PA: deficit in current account amounts to $1,281.8 million
Palestinian Central Bureau of Statistics (PCBS) and Palestinian Monetary Authority (PMA) said that the deficit in the current account amounts to $1,281.8 million. In a press release issued Wednesday about the preliminary results of the Palestinian Balance of Payments - 2004, PCBS and PMA revealed that the deficit is caused because of decline in the surplus of current transfers which equal to $756,1 million. Meanwhile the deficit in trade balance of goods reached to $1,964.5 million.
According to the press release, the deficit in services balance in 2004 reached to $302.7 million and it decreased by 11.3% compared with the previous year.
It added that the surplus in the income balance decreased by 9.4% compared with the previous year, indicating that this surplus caused mainly by the decrease in the value of investment income which equal to $26,0 million, while it decreased by 47.8% compared with the previous year.
PCBS pointed out that the surplus in Capital and Financial Account increased to $1,319.5 million. This surplus caused mainly by the surplus in Capital Account by $660.2 million and the surplus in financial account. "The surplus in Foreign Direct Investments (FDI) amounted to $60.4 million, and Portfolio Investments amounted a surplus with $21.7 Million, meanwhile the surplus in the Financial Account caused mainly by the surplus in Other Investments which increased to $604,6 million, in 2004," the press release added.