TNBiz (TNBiz)
Macroeconomics  |  June 08, 2011 10:35:16

CNB: Current account balance reached in the 1st CR quarter surplus of 19.8 billion crowns


Mediafax

PRAGUE (MEDIAFAX) - Current account balance of payments of the Czech Republic showed a first quarter surplus of 19.8 billion crowns, foreign exchange reserves fell by CZK 26.8 billion, the deficit ratio of current account balance to GDP fell to 3.4 percent. In the middle of informing the Czech National Bank (CNB).

Balance on goods and services (balance of power) on the current account deficit in the national methodology resulted in the first quarter of 2011 according to the updated CSO external trade surplus 47.5 billion CZK. The year on year improvement of CZK 2.7 billion primarily reflected the results of trade in goods, where the increase of exports was higher than the imports.

Passive income balance in the first quarter amounted to CZK 28.8 billion. The annual improvement in the balance of 10.2 billion CZK. primarily reflected lower dividend payments to foreign investors.

Balance of capital account was active by CZK 0.3 billion, representing a decrease of 1.9 billion CZK., Due to lower proceeds from the sale of emission allowances and the decline in revenue from the funds of the European Union reported on the capital account. The financial account balance saw a net outflow of resources in the range of 23.3 billion CZK. Financial account surplus relative to GDP fell at an annual rate estimated by the CNB to 4.8 percent.

Net inflows under direct investment reached 13.3 billion CZK. Investments of foreign direct investors to domestic enterprises have mainly taken the form of reinvested earnings (in the predicted total amount of CZK 25.2 billion).Investment in capital were less significant (4.7 billion CZK) and took place mainly in the sectors of development of wholesale and retail network and manufacturing industries (manufacture of motor vehicles, food, beverages and tobacco products). The credit relationships provide short-term domestic enterprises and foreign trade credits to related companies in the balance of CZK 12.5 billion.

Investments by domestic companies to foreign subsidiaries were made in the amount of CZK 4.1 billion. The main item is the estimated amount of reinvested earnings (CZK 5.1 billion). Investments in capital of subsidiaries were not significant (0.2 billion CZK). The credit relations predominated drawing short-term loans from abroad by domestic enterprises in the amount of CZK 1.2 billion.

Foreign exchange reserves fell in the first quarter of CZK 26.8 billion (excluding valuation effects). This result mainly reflected a negative balance of transactions executed for CNB clients.

Tomas Cizek, cizek@mediafax.cz

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