October 1 (SeeNews) - The current and capital account of Croatia's balance of payments showed a deficit of some 500 million euro ($579 million) combined in the second quarter of 2021, which was a deterioration by 300 million euro compared to the same period of last year, the central bank said.
“This can primarily be attributed to the widening of the foreign trade deficit and, to a lesser extent, the deterioration in the primary income account balance, which was driven by a revival in domestic demand, restoration of supply chains that were disrupted by the outbreak of the pandemic, as well as improved performance of foreign-owned banks and enterprises,” the central bank said in a statement on Thursday.
At the same time, the unfavourable developments were mitigated by a rise in net exports of services, particularly tourism revenues, it added.
Details on Croatia's balance of payment follow (in millions of euro):
|
Q2 2021 |
Q2 2020 |
CURRENT ACCOUNT BALANCE |
- 802 |
- 470 |
Goods |
- 2,610 |
- 1,938 |
Services |
1,350 |
691 |
o/w: tourism revenues: |
1,247 |
556 |
Primary income |
-19 |
150 |
Secondary income |
521 |
627 |
CAPITAL ACCOUNT |
338 |
287 |
CURRENT and CAPITAL ACCOUNT |
- 464 |
- 183 |
FINANCIAL ACCOUNT |
174 |
82 |
Direct investment |
- 363 |
- 161 |
Portfolio investment |
- 16 |
- 1,496 |
Financial derivatives |
- 15 |
- 25 |
Other investment |
66 |
932 |
Reserve assets |
502 |
832 |
NET ERRORS & OMISSIONS |
638 |
265 |
($= 0.863 euro)