The Department of Statistics has released the first quarter Balance of Payments and International Investment Position.
The report said the value of goods imported fell by 4%, receipts from services transactions fell $23 million, receipts from business services decreased $16 million, receipts from government services fell $6 million and payments for services decreased $18 million.
The $23 million decline in receipts generated from services transactions was driven by “lower earnings on business services and travel services.”
Receipts from business services decreased $16 million reflecting “lower revenue from financial services and other services such as legal, accounting and management consultancy services.
Travel earnings stood at $46 million, which was “partly attributed to a decrease in tourist expenditure during the quarter,” while payments for services decreased $18 million “largely due to a $19 million fall in outflows related to business services.”
The balance of payments is a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy [resident] with the rest of the world [non-resident].
The full report is below [PDF here]
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