ZAGREB, April 2 (Hina) - The deficit on the current account of Croatia's balance of payment totals 2.039 billion US dollars, accounting for 7.2 percent of the country's Gross Domestic Product, according to preliminary data the
Croatian National Bank (HNB) issued on Friday.
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ZAGREB, April 2 (Hina) - The deficit on the current account of
Croatia's balance of payment totals 2.039 billion US dollars,
accounting for 7.2 percent of the country's Gross Domestic Product,
according to preliminary data the Croatian National Bank (HNB) issued
on Friday.#L#
According to the central bank, this is a significant drop in
comparison to the GDP deficit of 8.5 percent in 2002. Analysts of the
HNB added that a significant rise in the deficit in 2002 was also the
result of the application of a new correction factor pertaining to
figures on the import of goods in 2002.
Given that trends on the current account are mainly determined by
results in the exchange of goods and services, analysts said the
noticeable rise in the import of goods in the last three months of
2003 was cause for concern.
On the other hand, data on the export of goods, and particularly of
services, namely the revenue from the tourist sector, gave reason for
moderate optimism.
The deficit in the current account was to the greatest extent affected
by a high deficit in the exchange of goods. Last year saw imports
worth 14.2 billion dollars, while exports were worth 6.3 billion
dollars. As a result, the deficit in foreign trade totalled some eight
billion dollars, an increase of 38.1 percent from 2002. In this
context, the depreciation of the dollar should also be taken into
account.
(Hina) ms