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
