Albania’s current account deficit widens 5% y/y in 2013.

By bne IntelliNews April 1, 2014

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    
  2012 2013 % y/y
Current Account  -980 -1029 5.0
Goods -2000 -1728 -13.6
        Export 1525 1732 13.6
        Import -3525 -3460 -1.8
Services 214 7 -96.7
        Export 1673 1654 -1.1
        Import -1459 -1647 12.9
        Tourism 142 -6 -104.2
Income -72 -9 -87.5
Current transfers 879 702 -20.1
        Remittances  676 339 -49.9
Capital transfers 66 48 -27.3
Source: Central bank      
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