The jump in balance of payments surplus was helped by steep declines in exports and imports
The Central Bureau of Statistics (CBS) reported last week that based on preliminary data, Israel posted a massive US$7.2 billion surplus in its balance of payments in 2009, more than triple the surplus of $2.1 billion in 2008.
According to the CBS the jump in balance of payments surplus was helped by steep declines in exports and imports.
Exports fell 17.4% to $67.1 billion, while imports slid 25.5% to $62.8 billion in 2009. The surplus was 3.7% of gross domestic product last year compared with 1.0% of GDP in 2008.
Net current transfers slipped 14.9% to $7.2 billion.