RAMALLAH, December 20, 2017 (WAFA) - The Palestinian Central Bureau of Statistics (PCBS) and the Palestine Monetary Authority (PMA) said on Wednesday that the deficit in current account for third quarter 2017 is $443.7 million.

A joint statement by the PCBS and PMA said the preliminary results of balance of payments for the third quarter showed:

• An incessant deficit in the Current Account (goods, services, income, current transfers) which totaled $443.7 million marking a decrease of 9.7% compared to the previous quarter, mainly triggered by the deficit of the Trade Balance of Goods, which reached $1,171.4 million, as well as the deficit in Services Balance, which  amounted to $247.9 million.

• The decrease in deficit of the Current Account mainly triggered by the increase of compensations of the Palestinians working in Israel by 29.9%, in addition to the increase of current transfers of donors to government sector by 17.5% compared to the previous quarter.

• The surplus in Income Account (compensations of employees and investments income) amounted to $558.6 million with an increase of 33.4% compared to the previous quarter. This surplus was due to compensations of the employees working in Israel, which reached $525.1 million. As for the received investments income, it amounted to $51.4 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 $417 million with an increase of 7.8% compared to the previous quarter. This was due to the increase of the transfers of donors to the government sector. The transfers to the government sector contributed 21.5% of total transfers from abroad, while the transfers to other sectors (mainly private sector) was 78.5%. The donors’ current transfers constituted 34% of total transfers from abroad.

• The preliminary results showed a surplus value for the Capital and Financial Account amounted to $278.6 million caused mainly by the surplus in the Capital Account which reached $96.4 million, and the surplus in Financial Account which amounted to $182.2 million. There was a decrease in the reserve assets at PMA amounted to $13.2 million, compared to an increase of $38 million in the previous quarter.

M.K.