OREANDA-NEWS. According to preliminary data, in 2015, the current account of the balance of payments recorded a deficit of US$ 464.24 million (down by 17.7 percent as compared to 2014), the capital account registered a surplus of US$ 22.83 million and the financial account recorded a net inflow of US$ 473.18 million. The international investment position of the Republic of Moldova remained net debit totaling US$ -5,713.43 million at the end of 2015, while the gross external debt of the Republic of Moldova reached US$ 6,338.39 million.

Table 1. Main macroeconomic indicators of the Republic of Moldova

 

UM

2014

Q I 2015

Q  II 2015

Q  III 2015

Q IV 2015

2015

Gross domestic product in current prices

MDL million

112,050

24,423

28,527

35,890

33,011

121,851

Gross domestic product in current prices

US$ million

7,981

1,357

1,573

1,869

1,658

6,476

GDP, physical volume indices

%

104.6

104.8

102.5

96.3

96.7

99.5

Exports of goods, physical volume indices

%

102.0

106.0

107.0

96.0

97.0

  

Imports of goods, physical volume indices

%

101.0

101.0

96.0

95.0

91.0

  

Period average exchange rate

MDL/USD

14.0388

17.9989

18.1309

19.1982

19.9112

18.8161

Personal remittances / GDP

%

24.1

23.1

24.1

19.5

21.2

21.8

FDI flows (net incurrence of liabilities) / GDP

%

4.4

10.7

5.0

-0.8

3.8

4.2

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

 

2014

Q I 
2015

Q  II 
2015

Q  III 
2015

Q IV
2015

2015

Change in share

2015 / 2014
 

% to GDP

p.p.

Current account

-7.1

-10.5

-8.1

-6.3

-4.6

-7.2

-0.1

 Trade balance

-36.7

-34.8

-31.1

-27.8

-27.9

-30.0

6.7

     Exports of goods and services

36.7

44.0

40.2

31.4

40.2

38.3

1.6

     Imports of goods and services

73.5

78.8

71.3

59.1

68.1

68.3

-5.1

Primary income balance

10.4

6.8

4.4

7.2

6.4

6.2

-4.1

     Primary income inflow, of which:

14.0

13.4

14.0

11.3

12.0

12.5

-1.5

         Compensation of employees

13.4

12.7

13.5

10.9

11.6

12.0

-1.3

     Primary income outflow, of which:

3.7

6.6

9.6

4.1

5.6

6.3

2.7

         Investment income

2.7

5.2

8.2

3.0

4.2

5.0

2.3

Secondary income balance

19.3

17.4

18.7

14.3

16.9

16.6

-2.7

      Secondary income inflow, of which:

21.1

19.8

21.0

16.3

19.0

18.8

-2.3

         Personal transfers

12.7

12.4

12.8

10.3

11.5

11.6

-1.1

         Current international cooperation

4.3

3.5

3.0

2.4

3.1

3.0

-1.4

     Secondary income outflow

1.8

2.3

2.3

2.0

2.1

2.2

0.3

Capital account

1.2

-0.3

0.6

0.5

0.5

0.4

-0.8

Net borrowing (current and capital account balance)

-5.9

-10.8

-7.5

-5.8

-4.1

-6.8

-0.9

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

 

2014

Q I
2015

Q II 2015

Q III 2015

Q IV 2015

2015

Change in share

2015 / 2014
 

% to GDP

p.p.

Financial account

-7.1

-14.6

-7.9

-4.3

-4.2

-7.3

-0.2

Direct investment, net, of which:

-3.9

-10.5

-4.9

0.8

-3.6

-4.1

-0.2

Equity other than reinvestment of earnings

-1.6

-0.9

-1.0

-0.8

-1.0

-0.9

0.7

Reinvestment of earnings

-0.4

-3.1

-5.2

-0.8

-1.2

-2.5

-2.1

Debt instruments

-1.9

-6.4

1.3

2.4

-1.4

-0.7

1.2

Portfolio investment and financial derivatives, net

-0.2

-0.1

-0.2

    

-0.1

0.1

Other investment, net, of which:

3.8

19.0

-3.3

-4.2

-1.4

1.6

-2.2

Currency and deposits, net 

2.3

19.0

-2.1

-0.2

-0.8

3.2

0.9

Loans, net

0.1

1.7

0.9

-1.6

-1.2

-0.2

-0.3

Trade credit and advances , net

-1.7

-1.8

-2.2

-2.5

0.5

-1.5

0.2

Other accounts payable / receivable, net

3.1

0.1

  

0.1

0.1

0.1

-3.0

Change in reserve assets, net

-6.7

-23.0

0.6

-0.9

0.8

-4.7

2.0

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

Table 4. Main indicators of the international investment position

 

UM

31.12.2014

31.03.2015

30.06.2015

30.09.2015

31.12.2015

Net international investment position

US$ million

-5,598.09

-5,544.92

-5,628.84

-5,623.84

-5,713.43

Stock of foreign assets / stock of foreign liabilities

%

39.9

38.6

38.2

37.9

36.9

Stock of foreign direct investment in domestic economy

US$ million

3,613.78

3,489.23

3,549.58

3,474.91

3,538.59

Share of foreign investment in the stock of foreign liabilities

%

38.8

38.7

39.0

38.4

39.1

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

%

32.9

32.3

32.1

32.7

32.6

Stock of reserve assets

US$ million

2,156.63

1,752.26

1,787.80

1,769.37

1,756.81

Stock of reserve assets / Average monthly imports of goods and services

months

4.4

3.7

4.1

4.3

4.8

Official reserve assets / Short-term external debt

%

89.2

72.6

74.0

73.7

74.8

Chart 1. Indices of reserve assets adequacy, end of 2009-2015, US$ million

Note: The criteria are 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

Table 5. Main indicators of the external debt

 

UM

31.12.2014

31.03.2015

30.06.2015

30.09.2015

31.12.2015

 Gross external debt

US$ million

6,570.26

6,393.53

6,414.45

6,421.10

6,338.39

Public and publicly guaranteed external debt

US$ million

1,731.05

1,651.93

1,685.18

1,712.77

1,702.04

Long-term external debt

US$ million

4,152.39

3,981.33

3,997.26

4,018.71

3,988.96

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

%

26.3

25.8

26.3

26.7

26.9

Share of long-term external debt in gross external debt

%

63.2

62.3

62.3

62.6

62.9

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

%

43.7

42.9

43.3

43.5

43.1