According to preliminary data from the Central Bank on the balance of the Republic of Croatia, the balance of the balance of current transactions in the third quarter of 2015. year recorded a surplus amounting to 3.9 billion. euros. The current account surplus that is at annual level higher by over 1 billion. euros or 24.2%. Positive developments are the result of a dominant posting losses of banks and the influx of foreign currency on the basis of the good tourist season.
Watching the cumulative, in the last four quarters, the share of the balance of the current account balance-to-GDP ratio has increased from 2.2% in the second quarter on a 4.7% in the third quarter of 2015. of the year.
In the third quarter of last year’s most significant positive contribution to the relatively high increase in the surplus on the current account came from the account of primary income. Namely, the lack of a common on this account has been absent. Moreover in the observed quarter of primary income account recorded a surplus in the amount of EUR 330 million. euros. Specified is a direct consequence of the tracked the losses of banks caused by the conversion of a loan in Swiss francs (388.5 million. euros) that were so influential in the essential reduction of total expenses of primary income. Namely the total expenditures of the primary income are reduced to only 16 mil. euros, which represents an annual decrease of almost 98%. On the other hand the total revenues increased to 93 million. Kuna or 36.6% and are in the third quarter of 2015. year stood at 347 million. euros.
Normally a positive contribution to the developments in the balance of current transactions came from the account services, whose balance in the observed quarter exceeded 5 billion. euros. At the annual level the specified amount is greater for 370 million. euros or 8%. While the income on the account services with total amount of 5.9 billion. the euro increased 7.7%, while total expenditures with a lesser annual rate of growth (6.4%) stood at 878 million dollars. euros. Positive movement on the sub-account of the services are almost entirely a result of developments on the sub-account of travel – tourism whose income with an annual growth rate of 7.5% exceeded 5 billion. the euro reaching the historically highest nominal value. Stated and not surprising given the outstanding physical indicators in the main tourist season when nights and arrivals of foreign guests increased 8.1%. or 10.1%. Preliminary data as well as the first indicators of the postsezone encouraged expectations that the total revenue from tourism in 2015. annual
do not exceed the level of 8 billion euros.
Slightly positive contribution to developments in the current account came from the sub-account secondary income on which among others are recorded and transactions of current transfers from the EU funds, and payments to the EU budget. The surplus in the account secondary income in the third quarter amounted to 277 million dollars. euros or 6.2% more than in the same period in 2014. of the year.
Finally, the already common negative contribution came from the sub-account for goods. Despite stronger growth of inflow on the basis of export of goods (7.7%) of odlijeva of the funds on the basis of import goods (7.2%) the deficit in foreign trade exchange in the third quarter amounted to 1.74 billion euros ie a 6.4% (104.4 million euro) more compared to the same period of the previous year. The total value of exported commodities amounted to 2.78 billion. euros while the value of imported goods reached 4.51 billion. euros.
Developments in the third quarter will greatly determine the information for all by 2015. year for which we expect retention of current account surplus at the level of 4.7% of GDP of which around 2pb refers to the one-time losses of the banks resulting from the conversion of loans in Swiss francs.
Source/RBA