Jamaica recorded a surplus in its Current Account for the March quarter this year, of 39-million US dollars.
In its quarterly monetary policy report, the Bank of Jamaica, BOJ, says this was the first time the country has recorded a Current Account Surplus for any month since March 2004.
The Current Account is the difference between a nation’s savings and its investment.
Its an important indicator about an economy’s health and is defined as the sum of the balance of trade, net income from abroad and net current transfers.
A positive current account balance indicates that the nation is a net lender to the rest of the world, while a negative balance indicates that its a net borrower from the rest of the world.
The BOJ says the record Current Account performance was due to a 1-hundred-and-64-million US dollar improvement in the Goods and Services Sub Account.
This performance was attributed to a significant decline in imports, although exports also declined.