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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:
Interactive database:
International investment position (BPM6);