Government’s Balance Of Payments Publication
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]
I would prefer to hear from Ms. Matthews on all of the above. Always precise and to the point in her reports – no hiding no evading – truth, honest and transparent. Please Ms. Matthews – bring us the truth, nothing but the truth!!
The PLP will claim this shows growth. However, the “growth” is only because the decline in payments outpaced the decrease in receipts. In other words, everything is in the crapper. Local business revenues are down close to 10%. That’s not survivable for many companies in their current form.