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Monday, August 18, 2008

CA continues deteriorating in May.





CA continues deteriorating in May. The CA balance turned to a deficit of EUR 313.9mn in Jan-May from a surplus of EUR 86.6mn in the same period of 2007, according to data of the central bank. The merchandise trade gap in Jan-May widened 86% y/y to EUR 652.3mn on stagnating exports and rapidly expanding imports. The trade gap deficit grew at a faster pace in May alone, increasing 150% y/y to EUR 140.4mn. However, foreign direct investments increased 182.2% y/y to EUR 241.6mn in Jan-May covering 76% of the CA gap. This marked an improvement from last month, when the FDI covered approximately 68% of the CA gap. The trade deterioration reflects a combination of adverse external shocks stemming from high oil prices and economic slowdown on some export markets, including the ban on Greek maritime ports. On the other hand, imports are boosted by liberalization commitments under EU accession accords. Balance of payments, EUR mn 2007 2008 May Jan-May May Jan-May Current Account 45.9 86.6 -58.3 -313.9 GOODS, net -56.1 -350.7 -140.4 -652.3 Exports, f.o.b. 212.0 971.1 259.0 1 097.80 Imports, f.o.b. -268.1 -1 321.80 -399.4 -1 750.09 SERVICES, net -0.6 -0.5 -0.5 -3.8 INCOME, net 13.2 35.5 -7.6 0.9 CURRENT TRANSFERS, net 89.4 402.3 90.1 341.3 Official 5.9 19.9 6.6 18.4 Private 83.5 382.4 83.5 322.9 CAPITAL ACCOUNT, net 0.3 -0.4 0.2 0.0 FINANCIAL  ACCOUNT, net -41.4 -80.8 50.7 313.9 Direct investment, net 21.0 85.6 68.0 241.6 Portfolio investment, net 16.7 63.2 -4.2 -16.9 Other investment, net -69.4 -178.7 -0.1 75.0 III. Errors and Omissions -4.8 -5.4 7.4 0.1 Source: Central bank







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