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$268.6m deficit

Monika Singh
Tuesday, November 14, 2017

INCREASES in the import of mineral fuels and the reinvestment of profits by foreign owned companies resulted in a deficit of $268.6 million in the balance on current and capital accounts for the March quarter of this year.

In its November issue of balance of payments statistics, the Fiji Bureau of Statistics highlighted that the current and capital account balance for the country stood at a deficit of $268.6m while the financial account balance stood at a deficit of $304.7m.

The balance of payments statistics show the value of Fiji's transactions with the rest of the world in goods, services, primary income and capital accounts.

According to the Fiji Bureau of Statistics the BOP statistics also show changes in Fiji's financial claims on assets and liabilities to the rest of the world.

The current account balance is the sum of all current account credits less all current account debits and when the sum of debits is greater than the sum of credits we have a current account deficit.

Fiji's current account balance showed a net outflow of $271.9m for the March quarter of this year.

Statistics from the bureau showed the net current account balance increased by 125.4 per cent ($151.3m) when compared with the December quarter of last year while the net current account balance dropped by $341.0m or 493.5 per cent when compared with the March quarter of last year.

The two components of capital account are capital transfers and the acquisition or disposal of non-produced and non-financial assets.

For the March quarter of this year Fiji's capital account balance stood at $3.3m while the net inflow capital account balance showed a drop by 8.3 per cent ($0.3m) when compared with the December quarter of last year.

A comparison of the March quarter of last year showed that the net inflow capital account balance rose by 120.0 per cent or $1.8m.








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