• Calling days and hours of the governing body of the National Bank of Moldova for citizens.


  • Octavian Armașu, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Vladimir Munteanu, First Deputy Governor of the National Bank of Moldova

    2nd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;


  • Cristina Harea, Deputy Governor of the National Bank of Moldova

    3rd Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

Please, note the requirements for receiving and examining petitions to the National Bank of Moldova !

Details

 

Main navigation BNM

Expand Hide

International accounts of the Republic of Moldova, 2017 (preliminary data)



International accounts for 2017 (preliminary data) – all analytical comments

 

In  2017, the current account of the balance of payments recorded a deficit of US$ 616.94 million. The capital account registered a deficit of US$ 30.41 million and the financial account recorded a net capital inflow of US$ 569.77 million. The international investment position amounted to US$ -3,954.33 million in 2017, while the gross external debt of the Republic of Moldova reached US$ 6,973.70 million

Table 1. Main macroeconomic indicators of the Republic of Moldova

 

2013

2014

2015

2016

2017

Gross domestic product in current prices, MDl mil.

100,510

112,050

122,563

134,937

150,369

Gross domestic product in current prices, US$ mill.

7,983

7,981

6,514

6,773

8,132

GDP, physical volume indices, %

109.4

104.8

99.6

104.3

104.5

Period average exchange rate, MDL/USD

12.5907

14.0388

18.8161

19.9238

18.4902

Personal remittances / GDP, %

25.9

24.6

22.3

20.3

19.2

FDI flows (net incurrence of liabilities) / GDP, %

3.0

4.3

3.3

1.3

2.6

Sources: NBM, NBS

 

Table 2. Contribution of the main components to the evolution of the BOP current account (BPM6)

 

2013

2014

2015

2016

2017

2017 /2016

 

Contribution

 

 % to GDP

p. p.

Current account

-6.1

-7.1

-7.2

-4.2

-7.6

-3.4

    Trade balance

-37.4

-36.6

-30.7

-27.6

-27.7

-0.1

        Exports of goods and services

38.1

37.1

38.1

38.3

38.2

0.0

        Imports of goods and services

75.5

73.7

68.7

65.9

66.0

0.1

    Primary income balance

11.2

10.3

6.9

6.8

6.3

-0.5

        Primary income inflow, of which:

14.6

14.0

12.5

11.0

10.9

-0.1

              Compensation of employees

14.0

13.3

12.0

10.5

10.3

-0.2

        Primary income outflow, of which:

3.4

3.7

5.6

4.2

4.6

0.4

              Investment income

2.8

2.8

4.4

3.2

3.6

0.4

    Secondary income balance

20.0

19.2

16.6

16.6

13.8

-2.8

        Secondary income inflow, of which:

21.7

21.0

18.8

18.4

15.6

-2.8

              Personal transfers

13.4

12.7

11.6

11.1

9.8

-1.3

              Current international cooperation

3.2

4.4

3.0

3.2

2.3

-0.9

    Secondary income outflow

1.7

1.9

2.2

1.8

1.7

-0.1

Capital account

1.3

1.8

0.8

-0.3

-0.4

-0.1

Net borrowing (current and capital account balance)

-4.8

-5.3

-6.3

-4.5

-8.0

-3.5

*percentage points.

 

Table 3. Sources of coverage for the net borrowing, net financial flows

 

2013

2014

2015

2016

2017

 % to GDP

Financial account

-3.7

-6.3

-7.0

-3.2

-7.0

Direct investment, of which:

-2.6

-3.8

-3.2

-1.1

-2.5

  Equity other than reinvestment of earnings

-1.0

-1.1

-0.4

-0.5

-0.4

  Reinvestment of earnings

0.0

-0.5

-1.9

-1.3

-1.1

  Debt instruments

-1.6

-2.1

-0.9

0.8

-1.1

Portfolio investment and financial derivatives

0.0

-0.1

-0.1

0.0

0.0

Other investment, of which:

-4.6

4.3

1.0

-9.9

-11.0

  Currency and deposits

-0.5

2.3

1.2

-5.0

-4.9

  Loans

-1.9

0.6

-0.4

-1.8

-1.4

  Trade credit and advances 

-1.0

-3.3

0.1

-2.6

-4.7

  Other accounts receivable / payable

-1.2

4.6

0.1

-0.5

0.0

Change in reserve assets

3.5

-6.7

-4.7

7.8

6.5

Note: (-) – net capital inflow, (+) – net capital outflow

 

 

Table 4. Main indicators of the international investment position (BPM6)

 

31.12.

2013

31.12.

2014

31.12.

2015

31.12.

2016

31.12.

2017

31.12.2017 / 31.12.2016 (%)

Net IIP, US$ mill.

-3,146.64

-2,807.10

-2,963.03

-3,034.13

-3,954.33

130.3

Stock of foreign assets / stock of foreign liabilities, %

64.5

66.0

60.2

60.3

55.8

-4.5 p.p.

Stock of direct investment, liabilities, US$ mill.

3,472.62

3,360.86

2,980.08

3,037.51

3,701.74

121.9

Share of FDI in the stock of foreign liabilities, %

39.1

40.7

40.1

39.7

41.4

1.6 p.p.

Share of loans (without intercompany loans) in the stock of foreign liabilities, %

37.6

38.3

41.2

41.1

38.2

-2.8 p.p.

Stock of official reserve assets, US$ mill.

2,820.63

2,156.63

1,756.81

2,205.93

2,803.26

127.1

Stock of reserve assets / Average monthly actual imports of goods and services (for 12 months), months

5.6

4.4

4.7

5.9

6.3

105.7

Note: p. p. – percentage points

*percentage points

Chart 1. Indices of reserve assets adequacy, at period-end, US$ million

Note: STD – short-term debt, OPL – other portfolio liabilities, M2 – broad money, export-export of goods and services. Criteria are based on the IMF recommendations specified in “Assessing Reserve Adequacy - Specific Proposals", April 2015

 

Table 5. Main indicators of the external debt (BPM6)

 

31.12.

2013

31.12.

2014

31.12. 2015

31.12.

2016

31.12.

2017

31.12.2017 / 31.12.2016 (%)

Gross external debt, US$ mill.

6,874.27

6,495.79

6,104.21

6,235.23

6,973.70

111.8

Public and publicly guaranteed external debt, US$ mill.

1,774.92

1,731.05

1,702.11

1,779.36

1,999.63

112.4

Non-guaranteed private debt, US$ mill.

5,099.35

4,764.74

4,402.10

4,455.87

4,974.07

111.6

Short-term external debt, US$ mill.

1,911.50

1,541.80

1,249.59

1,388.59

1,747.68

125.9

Long-term external debt, US$ mill.

4,962.77

4,953.99

4,854.62

4,846.64

5,226.02

107.8

Gross external debt / GDP, %

86.1

81.4

93.7

92.1

85.8

- 6.3 p.p.

Share of public and publicly guaranteed external debt in gross external debt, %

25.8

26.6

27.9

28.5

28.7

0.1 p.p.

Share of long-term external debt in gross external debt, %

72.2

76.3

79.5

77.7

74.9

-2.8 p.p.

Share of international organizations and foreign governments (creditors) in the external debt in the form of loans and SDR allocations, %

45.8

44.9

44.2

44.7

45.4

0.7 p.p.

Official reserve assets / Short-term external debt, %

147.6

139.9

140.6

158.9

160.4

1.5 p.p.

Note: p. p. – percentage points

Details on international accounts evolution (balance of payments, international investment position and external debt) can be found in the analytical materials published on the official website of NBM:

 

Time series are available starting from:

  • 1995 for the balance of payments according to BPM5, 2009 for the balance of payments according to BPM6;
  • 1998 for the international investment position according to BPM5, 2012 for the international investment position according to BPM6;
  • 2001 for the external debt according to BPM5, 2009 for the external debt according to BPM6.

Interactive database:

Balance of payments (BPM6);

International investment position (BPM6);

External debt (BPM6).

 

Subscribe to Newsletter
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.