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|
Serbian President Aleksandar Vucic on March 14 stressed the importance of the US presence in the region, a controversial message given the opposition of many Serbs, especially the pro-Russian ... more
Macedonia was rated only “partly free” in the latest report from international watchdog Freedom House, the same almost all of the six Western Balkan countries, despite efforts by the ... more
Kosovo’s economic growth is expected to reach 4.1% in 2017, among the highest in the region, which will be driven by high investment and exports, the International Monetary Fund (IMF) said on ... more