Albania’s current account deficit narrows 9.4% y/y in Jan-Sep 2013.

By bne IntelliNews December 12, 2013

Albania’s current account deficit narrowed by 9.4% y/y to EUR 519mn in the first nine months of 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 21.3% to EUR 1.12bn, as exports increased by 15.5% y/y to EUR 1.3bn and imports declined by 5.5% y/y to EUR 2.46bn.

The net services account produced a EUR 34mn deficit in Jan-Sep 2013, which negatively compared to a EUR 168mn surplus a year earlier. This was mainly due to a deterioration on the tourism account, which also reversed to a EUR 40mn deficit in Jan-Sep 2013 from a surplus of EUR 130mn in the same period on 2012. In particular, tourism inflows declined by 13.2% y/y to EUR 760mn, while at the same time outflows increased by 7.2% to EUR 801mn.

The income account was on a balance in January to September 2013, versus a EUR 89mn deficit a year ago. Current transfers witnessed a 20.9% annual decline. Within this, net remittances dropped even faster, by 28.1% y/y to EUR 345mn.

Currnet Account, Jan-Sep, EUR mn    
  2012 2013 % y/y
Current Account  -786 -712 -9.4
Goods -1482 -1166 -21.3
        Export 1122 1296 15.5
        Import -2604 -2462 -5.5
Services 168 -34 -120.2
        Export 1253 1156 -7.7
        Import -1085 -1190 9.7
        Tourism 130 -40 -130.8
Income -89 0.0 -100.0
Current transfers 618 489 -20.9
        Remittances  480 345 -28.1
Capital transfers 66 30 -54.5
Source: Central bank      
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