March 29 (SeeNews) - The current and capital account of Croatia's balance of payments was in surplus of 3.006 billion euro ($3.25 billion), or 4.0% of gross domestic product (GDP) last year, compared to a deficit of 226 million euro, equal to 0.30% of GDP, in 2022, the central bank said on Friday.
The services sub-account recorded a significant annual increase, of 11.32%, to 14.60 billion euro in tourist revenue in 2023, it said in a press release.
Alone in the fourth quarter of 2023, the current and capital account of the balance of payments ran a deficit of 469 million euro, compared to a deficit of 1.102 billion euro in the same period of 2022. "The improvement was mostly due to a more favourable balance in the goods sub-account, which improved by 770 million euro from the same quarter of the year before, mostly owing to a steep fall in imports of 1.150 billion euro," it explained.
Details on Croatia's balance of payment follow (in millions of euro, unless otherwise stated):
|
2023 |
2022 |
Q4'23 |
Q4'22 |
2023 (as % of GDP) |
2022 (as % of GDP) |
CURRENT ACCOUNT BALANCE |
825 |
-1,895 |
-1,064 |
-1,747 |
1.1 |
-2.5 |
Goods |
-17,303 |
-18,123 |
-3,698 |
-4,465 |
-23.2 |
-24.3 |
Services |
15,762 |
13,930 |
1,760 |
1,695 |
21.2 |
18.7 |
o/w:tourism revenues: |
14,598 |
13,114 |
1,633 |
1,473 |
19.6 |
17.6 |
Primary income |
70 |
164 |
225 |
430 |
0.1 |
0.2 |
Secondary income |
2,296 |
2,134 |
649 |
593 |
3.1 |
2.9 |
CAPITAL ACCOUNT |
2,181 |
1,669 |
595 |
645 |
2.9 |
2.2 |
CURRENT and CAPITAL ACCOUNT |
3,006 |
-226 |
-469 |
-1,102 |
4.0 |
-0.3 |
FINANCIAL ACCOUNT |
1,210 |
-1,052 |
-872 |
-1,134 |
1.6 |
-1.4 |
Direct investment |
-1,453 |
-3,651 |
155 |
-1,154 |
-2.0 |
-4.9 |
Portfolio investment |
-779 |
1,801 |
376 |
830 |
-1.0 |
2.4 |
Financial derivatives |
-1,014 |
-460 |
-230 |
-115 |
-1.4 |
-0.6 |
Other investment |
5,474 |
-1,691 |
-1,292 |
-2,676 |
7.4 |
-2.3 |
Reserve assets |
-1,018 |
2,949 |
119 |
1,981 |
-1.4 |
4.0 |
NET ERRORS & OMISSIONS |
-1,796 |
-826 |
-403 |
-32 |
-2.4 |
-1.1 |
($ = 0.926 euro)