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$630 Million BOP Deficit Offset By Services Surplus

GEORGE TOWN, Grand Cayman (CNS) -- Cayman’s $629.6 million current account deficit in its balance of payments for 2015 was partially offset by the surplus from trade in services amounting to $757.6 million, according to the Economics and Statistics Office.

The Balance of Payments (BOP) and International Investment Position (IIP) Report 2015 was released Friday and it details the economic and financial transactions between residents of the Cayman Islands and the rest of the world.

The BOP shows that in 2015 the country incurred an overall deficit in the current account, consisting of payments and receipts for goods and services, investment income, workers’ remittances and other income, amounting to CI$629.6 million.

But the ESO explained this deficit was partly funded by a net financial inflow or borrowings from abroad amounting to $478.9 million.

The IIP shows the value and composition of outstanding foreign assets and liabilities of residents mainly financial corporations and a few non-financial corporations at the end of the year. The latter also represents the total investments of non-residents in the Cayman Islands. In 2015 the total financial assets abroad of residents reached approximately CI$127.2 billion. These consisted of direct investments of $21.5 billion, portfolio investment amounting to $25.1 billion, and financial derivatives of $3.0 billion, while currencies, loans, deposits and other investments came to $77.4 billion and reserve assets were $112.0 million.

The BOP and IIP report was one of several documents released by the ESO this month detailing the economic circumstances of the Cayman Islands.