Kosovo's current account deficit narrowed 35.8% y/y to EUR 13.4mn in the first quarter of 2013, preliminary data released by the central bank showed. The improvement of the CA gap came mainly thanks to a 2.7% increase to EUR 274.3mn in the current transfers surplus. Remittances of Kosovar citizens living abroad, a major domestic demand financing source, climbed 7.3% y/y to EUR 127.8mn.
The balance of services surplus rose 25.6% y/y to EUR 59.5mn, while the merchandise trade gap widened 4.5% y/y to EUR 389.7mn. As for the income balance, it rose 13.3% y/y to EUR 42.4mn.
Net tourism revenue went up 16.9% y/y to EUR 47.7mn in the first quarter of 2013. Meanwhile, the net transportation deficit shrank 13.2% to EUR 7.5mn.
The capital account turned to a surplus of EUR 10.6mn in Q1 2013, reversing from EUR 0.9mn deficit a year earlier. On the other hand, the financial account posted a deficit of EUR 8.4mn for the first three months of 2013, deteriorating from a EUR 13.8mn surplus at end-March 2012.
Net FDI increased 3.8% y/y to EUR 57.1mn thanks to higher investment inflows in the country (up 6.8% y/y to EUR 60.1mn). Net portfolio investment's deficit declined 33.8% y/y to EUR 53.5mn.
The balance of payments registered a deficit of EUR 6.3mn at end-March 2013, compared to a surplus of EUR 8mn a year earlier.
|Kosovo, BoP (EUR mn)||Q1 2012||Q1 2013||Change y/y|
|Net current transfers||267.2||274.3||2.7%|
|Net Errors and Omissions||8||11.23||41.1%|
|Source: Kosovo c-bank|
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