Albania’s current account deficit widened by 5% y/y to EUR 1.03bn in 2013, the central bank said. According to IntelliNews calculations, the gap accounted for 10.7% of the projected full-year GDP, up from 10.4% a year earlier.
In absolute terms, the deterioration was largely due to shrinking surplus on the service account, coupled with lower current transfers surplus. In particular, the net services account produced a EUR 7mn surplus in 2013, down from EUR 214mn a year earlier. This was mainly due to a deterioration on the tourism account, which reversed to a EUR 6mn deficit in 2013 from a surplus of EUR 142mn in 2012. Tourism inflows declined by 3.3% y/y to EUR 1.1bn, while at the same time outflows increased by 11% to EUR 1.1bn.
Current transfers witnessed a 20.1% annual decline in the surplus. Within this, net remittances dropped even faster, by 50% y/y to EUR 339mn.
The deficit on the trade account narrowed by 13.6% to EUR 1.73bn, as exports increased by 13.6% y/y to EUR 1.73bn and imports declined by 1.8% y/y to EUR 3.46bn.
The deficit of the income account also dropped to EUR 9mn in 2013 from EUR 72mn a year earlier.
|Currnet Account, EUR mn|
|Source: Central bank|
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