Slovakia’s current account deficit deepens to €399.5 million after five months

Slovakia’s deficit in its balance of payments current account widened in May to €399.5 million from April’s €273.7 million, the SITA newswire reported. In a year-on-year comparison, however, this was an improvement by over €300 million from 2009.

Slovakia’s deficit in its balance of payments current account widened in May to €399.5 million from April’s €273.7 million, the SITA newswire reported. In a year-on-year comparison, however, this was an improvement by over €300 million from 2009.

Behind the development was a more positive trade balance, the surplus of which reached €630.1 million in the first five months compared to €301 million a year ago. This is based on updated data from the National Bank of Slovakia, SITA wrote.

Though it continues showing a deficit, the balance of payments on services has improved this year as well. Its five-month deficit represented €428.4 million. A year ago, the indicator was €642 million in the red. The balance of current transfers was negative at €2.4 million in late May, and improved from the €119.9 million gap a year ago.

The deficit of balance of receipts, however, deepened from €240.4 million in late May 2009 to this year's €598.8 million. The capital and financial accounts of the balance of payments posted a deficit of €1.077 billion in late May, in particular as the result of a €1.467 billion deficit of the financial account. The capital account reported a positive balance of €390 million.

After inclusion of errors and omissions representing a surplus of €1.475 billion, the overall balance of payments of the Slovak Republic had a minimum deficit of €0.9 million. Within the financial account of Slovakia's balance of payments, portfolio investments reported a deficit of €1.951 billion in late May. Direct investments, in contrast, posted a surplus of €519.3 million.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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