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.