• Calling days and hours of the governing body of the National Bank of Moldova for citizens.

  • Sergiu Cioclea, Governor of the National Bank of Moldova

    1st Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 606;

  • Ion Sturzu, Deputy Governor of the National Bank of Moldova

    4th Monday of the month: 14.00-17.00;
    Appointment: +373 22 822 607.

Please, note the requirements for receiving and examining petitions to the National Bank of Moldova !

Details

 

Main navigation BNM

Expand Hide

International accounts of the Republic of Moldova, Q I 2016 (preliminary data)



International accounts of the Republic of Moldova for Q I 2016 (preliminary data) – all analytical comments

In Q I 2016, the current account of the balance of payments recorded a deficit of US$ 104.67 million (down by 26.5 percent as compared to January-March 2015), the capital account registered a negative balance of US$ 11.12 million and the financial account recorded a net inflow of US$ 69.88 million. The international investment position of the Republic of Moldova remained net debit totaling US$ -5,831.37 million, while the gross external debt of the Republic of Moldova reached US$ 6,399.63 million.

Table 1. Main macroeconomic indicators of the Republic of Moldova

 

UM

2014

2015

2016

Q I

Q II

Q III

Q IV

Q I

Q II

Q III

Q IV

Q I

Gross domestic product in current prices

MDL million

21,533

26,343

34,215

29,958

24,423

28,527

35,890

33,011

27,097

Gross domestic product in current prices

US$ million

1,608

1,926

2,435

1,995

1,357

1,573

1,869

1,658

1,350

GDP, physical volume indices

%

103.8

104.4

106.0

104.4

104.8

102.5

96.3

96.7

100.8

Exports of goods, physical volume indices

%

106.0

113.0

98.0

100.0

106.0

107.0

96.0

97.0

90.0

Imports of goods, physical volume indices

%

100.0

98.0

99.0

104.0

101.0

96.0

95.0

91.0

104.0

Terms of trade (export unit value index / import unit value index)

%

93.9

97.0

97.9

96.7

101.3

100.0

107.7

114.1

108.0

Period average exchange rate

MDL/USD

13.3875

13.6771

14.0539

15.0185

17.9989

18.1309

19.1982

19.9112

20.0737

Personal remittances / GDP

%

24.6

27.1

23.1

22.1

23.1

24.1

19.5

21.2

21.4

FDI flows (net incurrence of liabilities) / GDP

%

8.8

0.4

4.0

5.3

10.7

5.0

-0.8

3.8

3.3

Sources: NBM, NBS

 

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

 

2014

2015

2016

% change

Q I

Q II

Q III

Q IV

Q I

Q II

Q III

Q IV

Q I

Q I 2016 /

Q I 2015

 

%

p.p.

Current account / GDP

-9.4

-5.8

-4.3

-9.9

-10.5

-8.1

-6.3

-4.6

-7.8

2.7

Trade balance / GDP

-38.4

-38.1

-31.6

-40.7

-34.8

-31.1

-27.8

-27.9

-30.9

3.8

   Exports of goods and services / GDP

43.9

38.0

29.4

39.1

44.0

40.2

31.4

40.2

39.1

-4.9

   Imports of goods and services / GDP

82.3

76.1

61.0

79.7

78.8

71.3

59.1

68.1

70.1

-8.7

Primary income balance / GDP

9.7

11.4

9.4

11.1

6.8

4.4

7.2

6.4

6.0

-0.9

   Primary income inflow / GDP, of which:

14.0

15.9

13.2

13.2

13.4

14.0

11.3

12.0

11.4

-2.0

     Compensation of employees / GDP

13.3

15.4

12.7

12.5

12.7

13.5

10.9

11.6

11.0

-1.7

   Primary income outflow / GDP, of which:

4.3

4.5

3.8

2.1

6.6

9.6

4.1

5.6

5.5

-1.1

     Investment income / GDP

3.3

3.6

3.0

1.1

5.2

8.2

3.0

4.2

4.1

-1.1

Secondary income balance / GDP

19.3

20.9

17.9

19.6

17.4

18.7

14.3

16.9

17.2

-0.2

   Secondary income inflow / GDP, of which:

21.3

22.8

19.5

21.6

19.8

21.0

16.3

19.0

19.4

-0.4

    Personal transfers / GDP

13.4

14.1

12.3

11.5

12.4

12.8

10.3

11.5

12.3

-0.1

    Current international cooperation / GDP

3.4

4.1

3.8

6.0

3.5

3.0

2.4

3.1

3.0

-0.5

   Secondary income outflow / GDP

2.0

1.9

1.6

1.9

2.3

2.3

2.0

2.1

2.2

-0.1

Capital account / GDP

0.1

2.5

0.5

1.6

-0.3

0.6

0.5

0.5

-0.8

-0.5

Net borrowing (current and capital account balance) / GDP

-9.3

-3.3

-3.8

-8.3

-10.8

-7.5

-5.8

-4.1

-8.6

2.3

 

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

 

2014

2015

2016

% change

Q I

Q II

Q III

Q IV

Q I

Q II

Q III

Q IV

Q I

Q I 2016 /

Q IV 2015

% to GDP

p.p.

Financial account

-12.1

-0.2

-3.3

-14.3

-14.6

-7.9

-4.3

-4.2

-5.2

-1.0

Direct investment, of which:

-8.8

0.0

-3.4

-4.5

-10.5

-4.9

0.8

-3.6

-3.6

 

   Equity other than reinvestment of

   earnings

-2.1

-3.4

-0.5

-0.7

-0.9

-1.0

-0.8

-1.0

-0.3

0.7

   Reinvestment of earnings

-0.9

-0.4

-1.6

1.4

-3.1

-5.2

-0.8

-1.2

-1.8

-0.6

   Debt instruments

-5.8

3.8

-1.2

-5.2

-6.4

1.3

2.4

-1.4

-1.5

-0.1

Portfolio investment and financial derivatives

-0.3

-0.2

0.0

-0.2

-0.1

-0.2

     

 

Other investment, of which:

3.1

-0.8

0.6

12.7

19.0

-3.3

-4.2

-1.4

-0.4

1.0

   Currency and deposits

1.8

2.5

1.3

3.8

19.0

-2.1

-0.2

-0.8

-1.7

-0.9

   Loans

0.1

0.1

2.2

-2.6

1.7

0.9

-1.6

-1.2

1.9

3.1

   Trade credit and advances

1.0

-3.4

-3.0

-0.7

-1.8

-2.2

-2.5

0.5

-0.7

-1.2

   Other accounts payable / receivable

0.1

0.1

0.0

12.2

0.1

 

0.1

0.1

0.1

 

Change in reserve assets

-6.0

0.8

-0.4

-22.4

-23.0

0.6

-0.9

0.8

-1.2

-2.0

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

Table 4. Main indicators of the international investment position

 

UM

31.12.12

31.12.13

31.12.14

31.12.15

31.03.16

Q I 2016 /

Q IV 2015 (%)

Net international investment position

US$ million

-5,085.32

-5,346.05

-5,598.09

-5,713.43

-5,831.37

102.1

Stock of foreign assets / stock of foreign liabilities

%

41.1

43.0

39.9

36.9

36.2

-0.7 p.p.

Stock of foreign direct investment, liabilities

US$ million

3,466.67

3,620.97

3,613.78

3,538.59

3,580.25

101.2

Share of foreign investment in the stock of foreign liabilities

%

40.1

38.6

38.8

39.1

39.2

0.1 p.p.

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

%

35.0

34.5

32.9

32.6

32.3

-0.3 p.p.

Stock of reserve assets

US$ million

2,515.00

2,820.63

2,156.63

1,756.81

1,746.33

99.4

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

months

5.3

5.6

4.4

4.8

4.9

102.2

Chart 1. Indices of reserve assets adequacy, end of period, US$ million

Note: Criteria based on the IMF recommendations specified in Assessing Reserve Adequacy - Specific Proposals”, April 2015: http://www.imf.org/external/np/pp/eng/2014/121914.pdf

*M2 – broad money; STD – short-term debt; OPL – other portfolio liabilities

 

Table 5. Main indicators of the external debt (BPM6)

 

UM

31.12.12

31.12.13

31.12.14

31.12.2015

31.03.16

Q I 2016 / Q IV 2015 (%)

Gross external debt

US$ million

6,019.84

6,674.38

6,570.26

6,338.39

6,399.63

101.0

Publicly and publicly guaranteed external debt

US$ million

1,762.57

1,774.93

1,731.05

1,702.04

1,708.97

100.4

Long-term external debt

US$ million

4,698.20

5,003.79

5,012.32

4,904.00

4,944.24

100.8

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

%

29.3

26.6

26.3

26.9

26.7

-0.2 p.p.

Share of long-term external debt in gross external debt

%

78.0

75.0

76.3

77.4

77.3

-0.1 p.p.

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

%

48.0

44.9

43.7

43.1

43.1

 

 

Balance of payments for Q I 2016 (preliminary data) 

International investment position at the end of Q I 2016 (preliminary data) 

External debt at the end of Q I 2016 (preliminary data) 

 

Time series on balance of payments according to BPM5 are available starting from 1995, according to BPM6 – from 2009, international investment position (BPM5) – from 1998, and external debt (BPM5 and BPM6) – from 2001:

Balance of payments (BPM6)

Balance of payments

International investment position

External debt

Subscribe to Newsletter
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.