ZAGREB, Nov 19 (Hina) - Croatia's balance of payments current account deficit in this year's first half stood at US$1.46 billion, a 3.1 percent increase as against the same time in 2001, according to preliminary data the central bank
released on Tuesday.
ZAGREB, Nov 19 (Hina) - Croatia's balance of payments current
account deficit in this year's first half stood at US$1.46 billion,
a 3.1 percent increase as against the same time in 2001, according
to preliminary data the central bank released on Tuesday. #L#
Trade movements exerted the strongest impact on the deficit on the
current transactions account, whereas good results on the account
of services, mainly realised in tourism, alleviated the deficit on
the commodities account.
The deficit on the commodities account in this year's first six
months amounted to US$2.3 billion, an 11.4 percent increase as
against the first half of 2001. This was due to the difference
between expenditure on imports, which cost US$4.58 billion, and
revenue from exports, which was $2.29 billion.
A trade deficit this high had not been recorded since 1993,
according to "Economic Movements", a publication of the Croatian
Chamber of Commerce.
The balance of payments current account deficit was also affected
by a US$368 million revenue deficit which, however, was 8.6 percent
lower than in the first six months of 2001.
Services and current transfers recorded a surplus.
Preliminary data show that the balance of services stands at a
surplus of US$700.6 million, which is nominally 22.9 percent better
than in the first half of last year. This balance made it possible to
cover 30.5 percent of the trade deficit, an increase as against last
year's 27.7 percent.
The surplus on the account of services is solely due to the surplus
made in tourism. Surpluses from transport and other services
decreased. The surplus of current transfers, which stands at
approx. US$260 million, grew by 5.7 percent.
(hina) ha