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Deficit in current account in 2nd quarter is $236 million of the Palestinian balance of payments - statistics

Deficit in current account in 2nd quarter is $236 million of the Palestinian balance of payments - statistics

RAMALLAH, Tuesday, September 28, 2021 (WAFA) - An incessant deficit in the current account (goods, services, income, current transfers) which totaled $236 million, is mainly triggered by the deficit of the trade balance of goods, which reached $1,354 million, as well as the deficit in the services balance, which amounted to $221 million, today said the Palestinian Central Bureau of Statistics (PCBS) and the Palestine Monetary Authority (PMA) announcing the preliminary results of the Palestinian balance of payments for the second quarter of 2021.

The surplus in income account (compensations of employees and investments income) amounted to $831 million, which was due to compensations of the employees working in Israel, which reached $766 million.

As for the received investments income, it amounted to $76 million; and was mainly caused by the income received on the portfolio investments abroad, in addition to the interest received on the Palestinian deposits in banks abroad.

The current transfers achieved a surplus value amounted to $508 million with an increase of 20% compared to the previous quarter. The total transfers from abroad amounted to $592 million, of which 21% were the transfers to the government sector, while the percentage of the transfers to other sectors reached 79%. The donors’ current transfers constituted 18% of total transfers from abroad.

The preliminary results showed a surplus value for the capital and financial account amounted to $81 million, mainly caused by the surplus in the capital account, which amounted to $109 million. There was an increase in the reserve assets at PMA amounted to $50 million, compared to an increase of $35 million in the previous quarter.

M.K.

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