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29.12.2017

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



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

 

In January-September 2017, the current account of the balance of payments recorded a deficit of US$ 532.56 million (of which US$ -207.62 in Q III 2017), which worsened by 87.7 percent as compared to January- September 2016. The capital account registered a deficit of US$ 17.88 million (of which US$ -5.46 million in Q III 2017) and the financial account recorded a net capital inflow of US$ 301.96 million (of which US$ 129.44 million in Q III 2017). The international investment position of the Republic of Moldova represented US$ -4,201.41 million at the end of Q III 2017, while the gross external debt of the Republic of Moldova reached US$ 6,742.97 million.

Table 1. Main macroeconomic indicators of the Republic of Moldova

 

2015

2016

2017

2016

2017

 

III

III

I

II

III

I-III

I-III

Gross domestic product in current prices, MDl mil.

35,995

39,901

29,670

34,251

45,523

98,281

109,444

Gross domestic product in current prices, US$ mill.

1,875

2,016

1,487

1,826

2,540

4,942

5,800

GDP, physical volume indices, %

96.4

106.5

103.1

102.5

105.4

103.3

103.8

Exports of goods, physical volume indices, %

96.0

120.9

127.6

105.0

109.8

 

 

Exports of goods, unit value indices, %

84.0

95.9

99.4

97.4

107.7

 

 

Imports of goods, physical volume indices, %

95.0

111.5

120.1

113.3

113.4

 

 

Imports of goods, unit value indices, %

78.0

94.2

99.7

100.8

107.9

 

 

Terms of trade, %

107.7

101.8

99.7

96.6

99.8

 

 

Period average exchange rate, MDL/USD

19.1982

19.7896

19.9556

18.7525

17.9208

19.8860

18.8689

Personal remittances / GDP, %

20.1

18.1

22.6

21.5

16.4

20.6

19.7

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

-1.2

3.4

2.8

1.9

2.8

2.2

2.5

Sourses: NBM, NBS

 

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

 

2015

2016

2017

2016

2017

I-III 2017 /

I-III 2016

 

III

III

I

II

III

I-III

I-III

Contribution

% to GDP

p. p.

Current account

-6.7

-5.5

-8.6

-10.8

-8.2

-5.7

-9.2

-3.4

  Trade balance

-28.3

-23.9

-31.3

-33.7

-24.1

-28.1

-29.2

-1.1

    Exports of goods and services

31.3

33.5

44.7

36.2

31.8

36.8

36.8

-0.1

    Imports of goods and services

59.7

57.4

76.1

69.9

55.9

64.9

66.0

1.1

  Primary income balance

7.5

5.1

6.9

7.8

4.9

6.4

6.3

-0.1

    Primary income inflow, of which:

11.3

10.3

12.3

12.2

9.3

11.3

11.1

-0.2

       Compensation of employees

10.9

9.9

11.9

11.7

8.9

10.8

10.6

-0.2

    Primary income outflow, of which:

3.8

5.3

5.4

4.5

4.4

4.9

4.7

-0.1

       Investment income

2.7

4.4

4.2

3.3

3.6

3.8

3.7

-0.1

  Secondary income balance

14.1

13.4

15.9

15.2

11.0

15.9

13.7

-2.2

    Secondary income inflow, of which:

16.2

15.0

17.9

17.1

12.4

17.7

15.4

-2.4

       Personal transfers

10.3

9.5

11.9

10.9

8.4

11.2

10.2

-1.0

       Current international cooperation

2.4

2.0

2.0

2.2

1.4

2.5

1.8

-0.7

    Secondary income outflow

2.1

1.6

2.0

1.9

1.4

1.8

1.7

-0.1

Capital account

1.1

-0.5

-0.4

-0.4

-0.2

-0.4

-0.3

0.1

Net borrowing (current and capital account balance)

-5.6

-6.0

-9.0

-11.1

-8.4

-6.2

-9.5

-3.3

*percentage points

 

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

 

2015

2016

2017

 

 

2016

2017

I-III 2017 /

I-III 2016

 

III

III

I

II

III

I-III

I-III

Contribution

% to GDP

p. p.

Financial account

-7.0

-3.0

-3.1

-6.9

-5.1

-5.0

-5.2

-0.2

Direct investment, of which:

1.2

-3.3

-2.7

-1.5

-2.7

-1.9

-2.4

-0.5

Equity other than reinvestment of earnings

-0.2

-0.6

-0.3

0.0

-0.4

-0.4

-0.3

0.2

Reinvestment of earnings

-0.8

-2.9

-2.2

-0.9

-1.7

-2.0

-1.6

0.4

Debt instruments

2.1

0.1

-0.2

-0.6

-0.6

0.6

-0.5

-1.1

Portfolio investment and financial derivatives

0.0

0.0

-0.1

0.0

0.0

0.0

0.0

0.0

Other investment, of which:

-7.3

-13.7

-2.8

-11.1

-11.0

-11.8

-9.1

2.7

Currency and deposits

-5.0

-8.4

-0.9

-4.5

-7.3

-8.0

-4.8

3.1

Loans

-1.8

-2.7

-0.4

-2.3

-0.8

-0.6

-1.2

-0.6

Trade credit and advances 

-0.6

-1.7

-1.6

-3.9

-3.3

-2.5

-3.1

-0.6

Other accounts receivable / payable

0.1

-0.9

0.1

-0.4

0.4

-0.7

0.1

0.8

Change in reserve assets

-0.9

14.0

2.5

5.7

8.7

8.7

6.2

-2.4

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

 

Table 4. Main indicators of the international investment position (BPM5)

 

31.12.2015

31.12.2016

31.03.2017

30.06.2017

30.09.2017

30.09.2017 / 31.12.2016 (%)

Net IIP, US$ mill.

-3,479.02

-3,550.57

-3,645.80

-3,998.40

-4,201.41

118.3

Stock of foreign assets / stock of foreign liabilities, %

53.2

53.5

53.3

51.8

51.3

-2.2 p.p.

Stock of direct investment, liabilities, US$ mill.

2,980.08

3,037.51

3,128.09

3,399.19

3,574.34

117.7

Share of FDI in the stock of foreign liabilities, %

40.1

39.7

40.0

41.0

41.4

1.7 p.p.

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

41.2

41.1

40.7

39.7

38.9

-2.1 p.p.

Stock of official reserve assets, US$ mill.

1,756.81

2,205.93

2,256.45

2,388.74

2,629.41

119.2

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

4.7

5.9

5.8

5.9

6.2

104.7

*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 based on the IMF recommendations specified in “Assessing Reserve Adequacy - Specific Proposals", April 2015: 

 

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

 

31.12.2015

31.12.2016

31.03.2017

30.06.2017

30.09.2017

30.09.2017 / 31.12.2016 (%)

Gross external debt, US$ mill.

6,104.21

6,235.23

6,323.63

6,557.58

6,742.97

108.1

Public and publicly guaranteed external debt, US$ mill.

1,702.11

1,779.36

1,827.08

1,909.65

1,960.32

110.2

Long-term external debt, US$ mill.

4,854.62

4,846.64

4,895.93

5,043.79

5,128.05

105.8

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

27.9

28.5

28.9

29.1

29.1

0.5 p.p.

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

79.5

77.7

77.4

76.9

76.1

-1.7 p.p.

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

44.2

44.7

44.9

45.4

45.6

0.9 p.p.

Official reserve assets / Short-term external debt, %

140.6

158.9

158.0

157.8

162.8

4.0 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, 2008 for the international investment position according to BPM6;
  • 2001 for the external debt according to BPM5, 2009 for the external debt according to BPM6.

Balance of payments (BPM6)
International investment position (BPM6)
External debt (BPM6)

 

Interactive database:

Balance of payments

International investment position

External debt

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