RAMALLAH, June 27, 2013 (WAFA) – The incessant deficit of the Current Account amounted to $240.2 million with a decrease of 63.5 percent compared to the previous quarter, said the Palestinian Central Bureau of Statistics (PCBS) press release on Thursday .

According to the joint press release of PCBS and Palestine Monetary Authority (PMA), the deficit of Current Account was caused mainly by the deficit in the Trade Balance of goods which was $1,106.1 million (40.5 percent of the GDP at current prices) with a decrease of 4.6 percent compared to the previous quarter.

The release, which announced the preliminary results of the Palestinian Balance of Payments – First Quarter 2013, stated that the deficit in Services Balance amounted to $97.1 million with a decrease of 12.9 percent compared to previous quarter.

This decrease, it said, was caused by the increase of the exports in travel services in addition to decrease in imports of transportation and travel services.

The surplus in Income Balance (compensations of employees and investments income) amounted to $292.9 million with an increase of 7.1 percent compared to the previous quarter.

“This surplus was due to a surplus in Compensations of Employees working in Israel that reached USD 271.0 million,” it explained.

The received investments income, amounted to $28.6 million, was mainly caused by the interest received on the Palestinian deposits in banks abroad.

According to the Current Transfers, the surplus value amounted to $670.1 million with an increase of 97.6 percent compared to the previous quarter.

It added, the donors’ current transfers were 65.5 percent of total value of receipts from abroad.

The surplus value of Capital and Financial Account amounted to $191.9 million was mainly caused by the surplus in Capital Account amounted to USD 144.2 million.

The changes on Reserve Assets flow increased while amounting to USD 20.8 million at PMA.

M.H./F.R.