The current account registered a deficit of $2,339 million in 1995, according to the central bank. This compares with a surplus of $2,631 million in 1994.
The chief reason for the deficit was a 56 per cent rise in imports to $35,187 million on the back of economic recovery from the economic crisis in 1994. Exports increased much slower, by 19.5 per cent, to $21,975 million. As a result, the visible trade deficit more than trebled to $13,212 million over the period.
However, the trade deficit was offset by a $4,016 million increase to $10,873 million in net revenues obtained from invisible services and unrequited transfers. Amongst key factors, tourism revenues rose by 14.7 per cent to $4,957 million, and remittances from expatriate workers by 26.6 per cent to $3,327 million.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.