Kosovo's Q1 current account deficit down 35.8% y/y to EUR 13.4mn

By bne IntelliNews July 4, 2013

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
Current Account -20.9 -13.4 -35.8%
Goods balance -372.9 -389.7 4.5%
Services balance 47.4 59.5 25.6%
Income balance 37.4 42.4 13.3%
Net current transfers 267.2 274.3 2.7%
Capital Account -0.9 10.6 /
Financial Account 13.8 -8.4 /
Net FDI 55,0 57.1 3.8%
Net Errors and Omissions 8 11.23 41.1%
OVERALL BALANCE -8 6.3  
Source: Kosovo c-bank      
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