Welcome to the official website of the National Bank of Moldova!
×
Do you have good eyesight and want to turn this tool off?
Welcome to the official website of the National Bank of Moldova!
You can choose one of the most popular reports from the list:
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: