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International accounts of the Republic of Moldova, 2016 (final data)



          International accounts for 2016 (final data) – all analytical comments

 

According to final data, in 2016, the current account of the balance of payments recorded a deficit of US$ 285.58 million (down by 38.9 percent as compared to 2015), the capital account registered a deficit of US$ 20.79 million and the financial account recorded a net inflow of US$ 214.56 million. The international investment position of the Republic of Moldova remained net debit totaling US$ -3,550.57 million at the end of 2016, while the gross external debt of the Republic of Moldova reached US$ 6,235.23 million.

Table 1. Main macroeconomic indicators of the Republic of Moldova

 

2012

2013

2014

2015

2016

Gross domestic product in current prices, MDl mil.

88,228

100,510

112,050

122,563

134,937

Gross domestic product in current prices, US$ mill.

7,284

7,983

7,981

6,514

6,773

GDP, physical volume indices, %

99.3

109.4

104.8

99.6

104.3

Exports of goods, physical volume indices, %

101

113

102

101

107.7

Exports of goods, unit value indices, %

97

98

94

83

96.5

Imports of goods, physical volume indices, %

101

106

101

95

107.6

Imports of goods, unit value indices, %

99

99

96

79

93.7

Terms of trade, %

98.0

99.0

97.9

105.1

103.0

Period average exchange rate, MDL/USD

12.1122

12.5907

14.0388

18.8161

19.9238

Personal remittances / GDP, %

25.2

25.9

24.6

22.3

20.3

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

3.4

3.0

4.3

3.3

1.3

Sourses: NBM, NBS

 

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

 

2012

2013

2014

2015

2016

2016/2015
Contribution

% to GDP

p. p.

Current account

-8.8

-6.1

-7.1

-7.2

-4.2

3.0

    Trade balance

-40.6

-37.4

-36.6

-30.7

-27.6

3.1

    Exports of goods and services

37.2

38.1

37.1

38.1

38.3

0.2

    Imports of goods and services

77.8

75.5

73.7

68.7

65.9

-2.8

  Primary income balance

11.1

11.2

10.3

6.9

6.8

-0.1

    Primary income inflow, of which:

14.4

14.6

14.0

12.5

11.0

-1.5

       Compensation of employees

13.9

14.0

13.3

12.0

10.5

-1.5

    Primary income outflow, of which:

3.3

3.4

3.7

5.6

4.2

-1.4

       Investment income

2.6

2.8

2.8

4.4

3.2

-1.2

  Сальдо вторичных доходов

20.7

20.0

19.2

16.6

16.6

0.0

    Secondary income inflow, of which:

22.3

21.7

21.0

18.8

18.4

-0.4

       Personal transfers

13.4

13.4

12.7

11.6

11.1

-0.5

       Current international cooperation

3.5

3.2

4.4

3.0

3.2

0.2

    Secondary income outflow

1.6

1.7

1.9

2.2

1.8

-0.4

Capital account

0.3

1.3

1.8

0.8

-0.3

-1.1

Net borrowing (current and capital account balance)

-8.5

-4.8

-5.3

-6.3

-4.5

1.8

*percentage points

 

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

 

2012

2013

2014

2015

2016

2016 / 2015
Contribution

% to GDP

p. p.

Financial account

-7.0

-3.7

-6.3

-7.0

-3.2

3.9

Direct investment, of which:

-3.1

-2.6

-3.8

-3.2

-1.1

2.1

Equity other than reinvestment of earnings

-1.7

-1.0

-1.1

-0.4

-0.5

-0.1

Reinvestment of earnings

0.2

0.0

-0.5

-1.9

-1.3

0.5

Debt instruments

-1.5

-1.6

-2.1

-0.9

0.8

1.6

Portfolio investment and financial derivatives

-0.3

0.0

-0.1

-0.1

0.0

0.1

Other investment, of which:

-10.5

-4.6

4.3

1.0

-9.9

-10.9

Currency and deposits

-3.4

-0.5

2.3

1.2

-5.0

-6.2

Loans

-5.4

-1.9

0.6

-0.4

-1.8

-1.4

Trade credit and advances 

-1.7

-1.0

-3.3

0.1

-2.6

-2.6

Other accounts receivable / payable

0.1

-1.2

4.6

0.1

-0.5

-0.6

Change in reserve assets

6.8

3.5

-6.7

-4.7

7.8

12.5

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

 

Table 4. Main indicators of the international investment position (BPM6)

 

31.12.2012

31.12.2013

31.12.2014

31.12.2015

31.12.2016

31.12.2016 / 31.12.2015 (%)

Net international investment position, US$ mill.

-3,726.72

-3,663.61

-3,324.05

-3,479.02

-3,550.57

102.1

Stock of foreign assets / stock of foreign liabilities, %

54.5

58.7

59.7

53.2

53.5

0.3 p.p.

Stock of direct investment, liabilities, US$ mill.

3,535.09

3,472.62

3,360.86

2,980.08

3,037.51

101.9

Share of FDI in the stock of foreign liabilities, %

43.1

39.1

40.7

40.1

39.7

-0.3 p.p.

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

38.3

37.6

38.3

41.2

41.1

-0.1 p.p.

Stock of official reserve assets, US$ mill.

2,515.00

2,820.63

2,156.63

1,756.81

2,205.93

125.6

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

5.3

5.6

4.4

4.7

5.9

126.0

*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.

2012

31.12.

2013

31.12.

2014

31.12.

2015

31.12.

2016

31.12.2016 / 31.12.2015 (%)

Gross external debt, US$ mill.

6,004.82

6,874.27

6,495.79

6,104.21

6,235.23

102.1

Public and publicly guaranteed external debt, US$ mill.

1,762.57

1,774.92

1,731.05

1,702.11

1,779.36

104.5

Long-term external debt, US$ mill.

4,646.93

4,962.77

4,953.99

4,854.62

4,846.64

99.8

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

29.4

25.8

26.6

27.9

28.5

0.7 p.p.

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

77.4

72.2

76.3

79.5

77.7

-1.8 p.p.

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

48.3

45.8

44.9

44.2

44.7

0.5 p.p.

Official reserve assets / Short-term external debt, %

185.2

147.6

139.9

140.6

158.9

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

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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