Workers apos remittances have also contributed to reducing their deficit in services trade.

Increase (decrease) in imbalance (as percentage of pensionable remuneration)

(a) Interest on prior imbalance

Saudi Arabia also has a bilateral and multilateral surplus Americans want its oil, and Saudis want fewer US products. Even in absolute value, Saudi Arabia s multilateral merchandise surplus of 212 billion in 2008 dwarfs China s 175 billion surplus as a percentage of GDP, Saudi Arabia s current account surplus, at 11.5 of GDP, is more than twice that of China.

Despite import compression, trade and current account deficits remained largely unchanged.

Difference

Difference

Variance

The necessary adjustments should be shared by the major surplus economies and the major deficit countries.

In 2003, the Territory finished with a slight trade deficit in the amount of 375,000.27

For the ASEAN 5, current account deficits averaging 4 of GDP in 1996 97 swung dramatically into average surpluses of 6.8 of GDP in 1998 99. A similar transformation occurred in South Korea, where a 2.8 current account deficit in 1996 1997 became an 8.6 surplus in 1998 1999.

In response, current account balances the Achilles heel of the so called East Asian growth miracle went from deficit to surplus. For the ASEAN 5, current account deficits averaging 4 of GDP in 1996 97 swung dramatically into average surpluses of 6.8 of GDP in 1998 99.

Difference (surplus deficit)

12. From the perspective of another key economic indicator, balance of trade, while Cayman has traditionally had an imbalance of visible trade, the export of services, mainly tourism and financial, continued to offset the deficit.

Yes, the US runs a massive trade deficit with China around 295 billion in 2011, or fully 40 of America s total merchandise trade gap of 738 billion. Republicans and Democrats alike argue that this is the crux of America s jobs problem.

Led by an impressive growth in export revenues and a substantial reduction of current account and trade deficits, external indicators improved overall.

The difference between gross and net emoluments is requested as a global amount under the present section.

The average dollar amount conceals the large variation between countries, ranging from 1 to 538 per million dollars.

Variances are explained below.

In Latin America and the Caribbean and Asia, services trade deficits have shown positive signs of reducing over the past decade, whereas in the Middle East and the transition economies deficits have grown.

Sub Saharan Africa's deficit continues at roughly US 10 billion annually.

Apportionment none expenditure 476,100 variance ( 476,100)

The total amounts outstanding were net of 5 negative balances for staff, totalling 3,278, and 18 for consultants, totalling 29,167.

Within national income accounts, trade deficits represent the excess of a country s consumption over production. From an accountant s perspective, that makes it logical to label trade deficits as negative savings.

This, in turn, resulted in substantial currency devaluations and required a sudden contraction of trade deficits.

The difference in wages shall be compensated.

Thus, from a position of a small trade surplus ( 33 million) with markets other than Israel in 1981, the Palestinian economy today has a 144 million trade deficit with the rest of the world, and a 1,315 million deficit with Israel.

Apportionment none expenditure 2,585,000 variance ( 2,585,000)

Performance of financial resources

b Includes National Officers and national General Service staff.

Security

Current balance (excl. GAZODUC amp MISKAR)

Annex II Supplementary information on significant variances

II. Supplementary information on significant variances

The degree of financial repression in a country can be estimated by calculating the gap between the average nominal GDP growth rate and the average long term interest rate, with a larger gap indicating more severe repression. In the last 20 years, this gap has been eight percentage points for China, compared to roughly four percentage points on average for emerging economies and nearly zero for most developed economies, where interest rates are fully liberalized.

Most economists go a step further, asserting that the US deficit is caused by a savings shortage. But, since one country s trade deficit is another s surplus, US Federal Reserve Chairman Ben Bernanke has argued for turning the conventional logic on its head rather than resulting from a savings shortage, the US trade deficit is the result of a global savings glut especially in China.

Apportionment 100,000 expenditure 38,100 variance 61,900

Apportionment 412,000 expenditure 234,700 variance 177,300

(Thousands of United States dollars.

(Thousands of United States dollars.

Performance of financial resources

Main distribution hub

1 Resource variance amounts are expressed in thousands of United States dollars.

Premises accommodation Apportionment 1,107,400 expenditure 966,200 variance 141,200

Apportionment 1,217,000 expenditure 966,500 variance 250,500