Albania’s current account deficit narrows 4.4% y/y in H1 2013.

By bne IntelliNews September 11, 2013

Albania’s current account deficit narrowed by 4.4% y/y to EUR 519mn in H1 2013, the central bank said. According to IntelliNews calculations, the gap accounted for 5.1% of the projected full-year GDP, down from 5.7% a year earlier. In absolute terms, the improvement was largely due to shrinking foreign trade deficit, which more than offset the deterioration on the service account and current transfers.

The deficit on the trade account dropped by 22.5% to EUR 729mn, as exports increased by 16.8% y/y to EUR 841mn and imports declined by 5.5% y/y to EUR 1.57bn. The net services account produced a EUR 81mn deficit in the first half of the year, which negatively compared to a EUR 35mn surplus a year earlier. This was mainly due to a deterioration on the tourism account, which also reversed to a EUR 66mn deficit in H1 2013 from a surplus of EUR 10mn in the same period on 2012. In particular, tourism inflows declined by 7.7% y/y to EUR 398mn, while at the same time outflows increased by 10.5% to EUR 465mn.

The income account registered a deficit of EUR 33mn, lower than the EUR 68mn gap a year ago. Current transfers witnessed a 24.5% annual decline. Within this, net remittances dropped even faster, by 33.1% y/y to EUR 228mn.

Currnet Account, H1, EUR mn    
  2012 2013 % y/y
Current Account  -543 -519 -4.4
Goods -941 -729 -22.5
        Export 720 841 16.8
        Import -1661 -1570 -5.5
Services 35 -81 -331.4
        Export 675 631 -6.5
        Import -640 -712 11.3
        Tourism 10 -66 -760.0
Income -68 -33 -51.5
Current transfers 432 325 -24.8
        Remittances  339 226 -33.3
Capital transfers 56 15 -73.2
Source: Central bank      
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

EIB surpasses investment milestone in the Western Balkans by investing €1.2bn in 2023

EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more

Albanian banks’ profits reach ALL28bn in 2023

Albanian banks reported profits of ALL28.5bn (€271.7bn) in 2023, according to data from the Albanian Association of Banks. All banks in the country reported a profit for the year.  The most ... more

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    10 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  4. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  5. Russia’s war economy boosted by rising oil prices
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    25 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    30 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    23 days ago

Reports

Dismiss