Croatias Jan-Sep current account surplus up 26% y/y.

By bne IntelliNews January 4, 2013
Croatia's current account surplus widened significantly by 26% on the year to EUR 652mn in January-September, preliminary data released by the central bank showed. The main contributing factor for the current account balance improvement was the higher inflow from services and in particular the tourism revenue. The balance of services showed a EUR 5.9bn surplus, up 2.8% on the year. Tourism revenue stepped up by an annual 3.3% to EUR 6.3bn in January-September mainly due to the good summer season, while spending abroad rose by 19.8% on the year to EUR 556mn, resulting in a 1.9% annual increase in net tourism revenue - to EUR 5.7bn in the observed period. Net transportation revenue deteriorated, shrinking by an annual 1.8% to EUR 221mn. Current transfers were also in surplus of EUR 847.5mn in January-September, up 2.2% y/y. Merchandise trade, however, was in deficit of EUR 4.7bn, increasing 1.1% y/y. The deficit on the income balance dropped by an annual 0.3% to EUR 1.4bn. The capital and financial account turned to a EUR 32mn deficit in January-September from a EUR 580.5mn surplus a year earlier. Net FDI inflow dropped 23.8% on the year to EUR 669mn mainly due to the significant drop of 49.9% y/y in foreign direct investments in Croatia. The worsening economic situation in the country and the European debt crisis had a negative impact on the foreign financial inflows. Net portfolio investments amounted to EUR 930.3mn, up by an annual 104%. In the mean time, the net outflow of other investments was EUR 1.53bn versus an inflow of EUR 58.4mn a year earlier.

Croatias Jan-Sep current account surplus up 26% y/y.

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