RAMALLAH, March 30, 2016 (WAFA) - The preliminary results of the Palestinian Balance of Payments (BoP) for the fourth quarter of 2015 showed an incessant deficit in the current account, which totaled $449.8 million, marking a decrease of 23.3% compared to the previous quarter.

A joint Palestinian Central Bureau of Statistics (PCBS) and Palestine Monetary Authority (PMA) report issued on Wednesday stated that, “The deficit in the Current Account was mainly triggered by the deficit in the Trade Balance of Goods, which reached USD 1,268.9 million with a decrease of 6.0% compared with the previous quarter.”

It said the deficit in Services Balance amounted to $45.8 million, while it recorded a deficit of $69.4 million in the previous quarter.

The surplus in Income Account (compensations of employees and investments income) amounted to $347.5 million with a decrease of 2.8% compared to the previous quarter, said the report.

It said this surplus was due to compensations of employees working in Israel, which reached $317.3 million.

Meanwhile, the Current Transfers achieved a surplus value amounting to $517.4 million, with an increase of 8.9% compared with the previous quarter.

The results showed a surplus value for the Capital and Financial Account amounting to $570.4 million, with an increase of 24.1% compared with the previous quarter.

The surplus in the capital and financial account was mainly caused by the surplus in the capital account which reached $112.3 million and the surplus in financial account which amounted to $458.1 million.

It is worth mentioning that the Balance of Payments (BoP) is used to determine the position of a country compared to other countries worldwide and to calculate the size of its external debt.

T.R.