CA surplus declines, offset by robust FDI

ISRAEL - In Brief 14 Sep 2016 by Jonathan Katz
The CA surplus in Q216 slowed to 2.7bn USD following 2.9bn in Q116. This was the result of a higher trade deficit of 2.0bn compared to 1.5bn last quarter as merchandise imports ( in part due to higher energy prices) increased by 4.6% and exports only by 1.5% . The service account surplus remained robust at 3.5bn. The primary income account reached -1.2bn and transfer payments (secondary income) +2.3bn. Net FDI reached 1.8bn in Q2 increasing from 1.4bn Q2. Macro fundamentals continues to support ILS appreciation as a slightly contracting CA surplus is being offset by more robust net FDI.

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