The CA balance was a deficit of EUR 47.2mn or 0.6% of projected full-year GDP in January, according to data of the central bank. The January gap is 6.9% lower on the year. The annualised (Feb/12-Jan/13) CA balance is a deficit of EUR 287.8mn or 3.5% of GDP. The y/y improvement in January reflects a narrower merchandise trade deficit and a reversal to a net inflow in the services account. The merchandise trade deficit decreased by 10.1% y/y to EUR 129.9mn in January, as exports expanded by 9.1% y/y to EUR 229.3mn and imports edged up by 1.3% y/y to EUR 359.2mn. Current transfers dropped by 13.4% y/y to EUR 98.4mn in the first month of this year.
|Balance of payments, EURmn|
|ERRORS AND OMISSIONS||3||-2|
|Source: Central bank|
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