External Sector Records Challenging Performance DEVELOPMENTS IN THE EXTERNAL SECTOR

in the corresponding quarter of 2009, the decline in the current account surplus was steep (Table 1 and Chart 1). This development was traced to the overwhelming influence of the high levels of import of goods and services over the surplus recorded in exports and current transfer (net) accounts suggesting the need for reforms in the foreign trade sub-sector. Also, in comparison with the revised levels recorded in Q3, 2010, current account as a percentage of GDP declined from 2.62 per cent to 1.41 per cent in Q4, 2010. This development notwithstanding, the goods account position remained robust at a surplus of US$5,193.07 million during the period under review. Summary: