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NATIONAL BANK OF MOLDOVA

International accounts of the Republic of Moldova

statistical yearbook

2015

Chisinau, 2016

Editorial board:

Cristina Harea, Deputy Governor – Chairman of the editorial board Ion Veveriţă, Head of Reporting and Statistics Department Angela Gherman-Cernei, Head of International Accounts Statistics Division

Team: Marina Soloviova, Ana Zaharia, Daniela Dermengi, Ion Borş, Tatiana Ciloci, Angela Ghilan, Angela Moraru, Victor Ababii, Mariana Apostol, Veronica Chicu, Oxana Gavriliță, Dumitru Nederiţa, Anastasia Sivoconi, Alexandru Stajila, Galina Şişcova, Diana Ștacu, Nadejda Toderașcu

Translator: Ina Șcerbaniuc

National Bank of Moldova

1 Grigore Vieru Ave., MD-2005, Chisinau, Republic of Moldova

Telephone: +373 22 822 608

Fax: +373 22 220 591 E-mail: [email protected]

www.bnm.md

© National Bank of Moldova (NBM), 2016. The data in this publication are disseminated by the NBM for general information. Any use of

information in this publication should be accompanied by an acknowledgment of the NBM as the source. Reproduction or translation of substantial portions of this publication, or any use other than for educational or other non-commercial purposes, requires an explicit, prior authorization in writing. The NBM shall not be liable whatsoever for any damages incurred as a result of its use.

The balance of payments, international investment position, external debt, and methodological standards for them are available on the official website of the NBM www.bnm.md: Publications / “International accounts of the Republic of Moldova” Statistical Yearbook.

The statistical yearbook “International accounts of the Republic of Moldova” for 2016 will be published not later than December 29, 2017. For questions, comments, and requests for additional information please contact: Telephone: (373 22) 227 367 E-mail: [email protected]

ISBN 978-9975-3015-5-8 ISBN 978-9975-3136-9-8 336.711(478)+339.727.22(083.41) I-58

International accounts of the Republic of Moldova: statistical yearbook, 2015 / National Bank of Moldova; ed. board: Cristina Harea [et al.]. – Chisinau: National Bank of Moldova, 2016. – 210 p. – 110 ex. ISBN 978-9975-3015-5-8 ISBN 978-9975-3136-9-8 This publication reflects the developments in the international economic relations of the Republic of Moldova in the light of international macroeconomic statistical accounts: the country’s balance of payments, international investment position and external debt.

International accounts of the Republic of Moldova, statistical yearbook, 2015

List of acronyms and abbreviations

BOP - balance of payments

BPM5 - "Balance of payments" Manual 5th edition

BPM6 - "Balance of payments and international investment position" Manual 6th edition

CAB - current account balance

CEB - Council of Europe Development Bank

CIF – cost, insurance, freight

CIS - Commonwealth of Independent States

DMFAS – Debt Management Financial Analysis System (Database of assets and liabilities of

the Republic of Moldova in the form of loans, debt securities, and SDR allocations)

EBRD - European Bank for Reconstruction and Development

ED - external debt

EIB - European Investment Bank

EU - European Union

EUR - euro

FDI - foreign direct investment

FOB – free on board

GDP - gross domestic product

Hs – households

IBRD - International Bank for Reconstruction and Development

IDA - International Development Association

IFAD - International Fund for Agricultural Development

IIP - international investment position

IMF - International Monetary Fund

ITRS - international transactions reporting system

LT - long-term

mill. - million

NBM - National Bank of Moldova

NBS - National Bureau of Statistics

NPISHs – nonprofit institutions serving households

Q - quarter

RUB - Russian rouble

RW - rest of the world

SDR - special drawing rights

ST – short-term

USD - United States dollar


CONTENTS

I. METHODOLOGICAL STANDARDS …………………………………………………………………. 1

1.1 INTRODUCTION ……………………………………………………………………………………………………………….. 1

1.2 METHODOLOGICAL STANDARDS ON THE INTERNATIONAL ACCOUNTS OF THE

REPUBLIC OF MOLDOVA ……………………………………………………………………………………………………… 2

1.2.1. Definitions and general principles …………………………………………………………………………….. 3

1.2.2. Methodological standards on the Balance of payments of the Republic of Moldova .. 8

1.2.2.1. Balance of payments structure ………………………………………………………....................... 8

1.2.2.2. Data recording method …………………………………………………………………...................... 16

1.2.2.3. Sources of information ……………………………………………………………………………………. 17

1.2.3. Methodological standards on the International investment position of the Republic

of Moldova ……………………………………………………………………………………………………………………….. 23

1.2.4. Methodological standards on the External debt of the Republic of Moldova …….…… 26

II. DATA SOURCES OF THE BALANCE OF PAYMENTS, THE INTERNATIONAL

INVESTMENT POSITION AND THE EXTERNAL DEBT …………………………………… 29

III. OVERVIEW OF THE INTERNATIONAL ACCOUNTS OF THE REPUBLIC OF

MOLDOVA IN 2015, THE NATIONAL AND INTERNATIONAL CONTEXT ………. 38

IV. BALANCE OF PAYMENTS OF THE REPUBLIC OF MOLDOVA FOR 2015 …… 46

4.1 GENERAL ………………………………………………………………………………………………………………………… 46

4.2 CURRENT ACCOUNT ……………………………………………………………………………............................... 50

4.2.1. Goods ……………………………………………………………………………………………………………………….. 52

4.2.1.1. External trade in goods FOB-FOB ………………………………………………............................ 52

4.2.1.2. External trade in goods FOB-CIF ……………………………………………………………………… 53

4.2.2. Services ……………………………………………………………………………………………………………………. 57

4.2.3. Primary income ………………………………………………………………………………………………………. 60

4.2.4. Secondary income ……………………………………………………………………………………………………. 61

4.3 CAPITAL ACCOUNT ……………………………………………………………………………................................. 62

4.4 FINANCIAL ACCOUNT …………………………………………………………………………………………………… 63

4.4.1. Direct investment …………………………………………………………………………................................ 65

4.4.2. Portfolio investment and financial derivatives ……………………………………………………… 68

4.4.3. Other investment ……………………………………………………………………………………………………. 68

4.4.4. Official reserve assets ………………………………………………………………………............................ 73

4.5 ANALYTICAL PERESENTATION OF THE BALANCE OF PAYMENTS ……………………............. 75

V. INTERNATIONAL BANK OPERATIONS STATISTICS …………............................. 77

VI. INTERNATIONAL INVESTMENT POSITION OF THE REPUBLIC OF

MOLDOVA AS OF 31.12.2015 …………………………………………………………………………….. 81

VII. EXTERNAL DEBT OF THE REPUBLIC OF MOLDOVA AS OF 31.12.2015 …… 90

7.1 Evolution and structure of the external debt ………………………………………………………………… 90

7.2 Indebtedness indicators …………………………………………………………………………………………………. 95


VIII. CHANGES MADE IN THE BALANCE OF PAYMENTS, INTERNATIONAL

INVESTMENT POSITION AND EXTERNAL DEBT FOR PREVIOUS PERIODS

(2009-2014) COMPARED WITH THE VERSION PUBLISHED IN THE EDITION

FOR 2014 ………………………………………………………………………………………………………….. 98

IX. CONCEPTUAL METHODOLOGICAL CHANGES (CMC) IN THE TRANSITION

FROM BPM5 TO BPM6 …………………………………………………………………………………… 101

X. ANNEXES …………………………………………………………………………………………………… 105

Annex 1. Balance of payments of the Republic of Moldova, 2009-2015 (BPM6) ……………………. 106

Annex 2. Balance of payments aggregates in analytical presentation, 2009-2015 (BPM6) ……. 113

Annex 3. Balance of payments of the Republic of Moldova, 2013 (BPM6) ……………………………… 114




Annex 7. Balance of payments of the Republic of Moldova, 2009-2015 (BPM5) ……………………. 140

Annex 8. Balance of payments of the Republic of Moldova with CIS countries, 2015 (BPM5) . 146

Annex 9. Balance of payments of the Republic of Moldova with the Rest of the World, 2015

(BPM5) ……………………………………………………………………………………………………………………………………. 149

Annex 10. Balance of payments of the Republic of Moldova with Russia, 2009-2015 (BPM5) . 153

Annex 11. Balance of payments of the Republic of Moldova with Romania, 2009-2015

(BPM5) ……………………………………………………………………………………………………………………………………. 157

Annex 12. Balance of payments of the Republic of Moldova with Germany, 2009-2015

(BPM5) …………………………………………………………………………………………………………………………………….. 161

Annex 13. Balance of payments of the Republic of Moldova with Belarus, 2009-2015

(BPM5) ……………………………………………………………………………………………………………………………………. 165

Annex 14. Balance of payments of the Republic of Moldova with Ukraine, 2009-2015

(BPM5) ……………………………………………………………………………………………………………………………………. 168

Annex 15. Exports of goods by groups of countries, FOB prices ……………………………………………. 172

Annex 16. Imports of goods by groups of countries, CIF prices …………………………………………….. 174

Annex 17. Exports of main Harmonized System categories of goods, by country ………………… 176

Annex 18. Imports (CIF) of main Harmonized System categories of goods, by country …….… 180

Annex 19. Exports of goods by main Harmonized System categories ………………………………….. 186

Annex 20. Imports (CIF) of goods by main Harmonized System categories ………………………… 190

Annex 21. International investment position of the Republic of Moldova for 31.12.2005 -

31.12.2015, summary table ………………………………………………………………………………………………………. 197

Annex 22. International investment position of the Republic of Moldova as of 31.03.2015,

with additional details ………………………………………………………………………………………………………….. 200


with additional details ……………………………………………………………………………………………………..…… 202


with additional details ………………………………………………………………………………………………………..… 204


with additional details ………………………………………………………………………………………………………..… 206


Annex 26. International investment position of the Republic of Moldova for 31.12.2009 -

31.12.2015, analytical presentation, by sector ………………………………………………………………………… 208

Annex 27. International investment position of the Republic of Moldova for 31.12.2009-

31.12.2015, analytical presentation, by maturity ……………………………………………………………………. 209

Annex 28. Gross external debt of the Republic of Moldova for 31.12.2009-31.12.2015,

by sector ………………………………………………………………………………………………………………………………… 210


List of tables and charts:

Table no. 1. Personal remittances in the balance of payments

Table no. 2. International investment position statement with additional details

Table no. 3. Main macroeconomic indicators of the Republic of Moldova

Table no. 4. Contribution of the main components to the evolution of the BOP current account

Table no. 5. Sources of coverage for the net borrowing, net financial flows

Table no. 6. Main indicators of the external debt (BPM6)

Table no. 7. Main indicators of the international investment position (BPM5)

Table no. 8. Balance of payments of the Republic of Moldova (BPM6) – main aggregates (US$

million)

Table no. 9. Balance of payments of the Republic of Moldova (BPM5) – main aggregates (US$

million)

Table no. 10. Main components of current account, in dynamics

Table no. 11. External trade in goods indices

Table no. 12. Exports of alcoholic beverages

Table no. 13. External trade in services structure

Table no. 14. Primary income structure

Table no. 15. Secondary income structure

Table no. 16. Geographical structure of personal remittances (US$ million)

Table no. 17. Capital account, yearly dynamics (US$ million)

Table no. 18. Current, capital and financial account, yearly dynamics (US$ million)

Table no. 19. Financial account, by functional categories, yearly dynamics (US$ million)

Table no. 20. Financial account, by sector, yearly dynamics (US$ million)

Table no. 21. Direct investment, based on the assets and liabilities principle (BPM6), US$ million

Table no. 22. Direct investment, based on the directional principle (BPM5), (US$ million)

Table no. 23. Portfolio investment (US$ million)

Table no. 24. Other investment, assets and liabilities, by maturity (US$ million)

Table no. 25. Other investment, assets and liabilities, by sector (US$ million)

Table no. 26. External loans, by sectors and by maturity, assets and liabilities (US$ million)

Table no. 27. External loans (net incurrence of liabilities), drawings and repayments (US$ million)

Table no. 28. Official reserve assets, flows (US$ million)

Table no. 29. Balance of payments of the Republic of Moldova in analytical presentation (according

to BPM6), (US$ million)

Table no. 30. Balance of payments of the Republic of Moldova in analytical presentation

(according to BPM5) (US$ million)

Table no. 31. Geographic structure of net money transfers from abroad made in favor of

individuals, in dynamics, 2011-2015

Table no. 32. International investment position of the Republic of Moldova as of 12/31/2015 (US$

million)

Table no. 33. Gross external debt of the Republic of Moldova, at year-end (US$ million)

Table no. 34. External public and publicly guaranteed debt and non-guaranteed private debt at

year-end (US$ million)

Table no. 35. Loans and SDR allocations, by sector, at year-end (US$ million)

Table no. 36. Loans and SDR allocations – additional details (US$ million)


Table no. 37. Loans and SDR allocations, by creditor, at year-end (US$ million)

Table no. 38. External debt service indicators

Chart no. 1. External sector indicators and economic growth of the Republic of Moldova as

compared to the main trading partners in 2015, %

Chart no. 2. Current account deficit of the Republic of Moldova as difference between gross saving

and total investment, 2007-2015, % ratio to GDP

Chart no. 3. Graphic representation of identity CA=GNDI – C – G – I in the case of the Republic of

Moldova, 2007-2015, % ratio to GDP

Chart no. 4. Indices of reserve assets adequacy, at year-end, US$ million

Chart no. 5. Current account – main components

Chart no. 6. Impact of methodological changes according to BPM6 on current account balance (US$

million)

Chart no. 7. External trade in goods and services deficit (US$ million)

Chart no. 8. External trade in goods balance

Chart no. 9. Main trading partners of the Republic of Moldova in 2015 (US$ million)

Chart no. 10. Exports of goods, by region (US$ million)

Chart no. 11. Exports of goods in 2015, structured by main categories

Chart no. 12. Imports of goods, by region, CIF prices (US$ million)

Chart no. 13. Imports of goods in 2015, structured by main categories

Chart no. 14. Imports of energy products and electricity, CIF prices (US$ million)

Chart no. 15. External trade in services (US$ million)

Chart no. 16. Impact of methodological changes according to BPM6 on the services balance Chart no. 17. Exports of services in 2015, by main types

Chart no. 18. Imports of services in 2015, by main types

Chart no. 19. Primary income, in dynamics

Chart no. 20. Secondary income, in dynamics

Chart no. 21. Financial account by functional categories, yearly dynamics (US$ million)

Chart no. 22. Direct investment according to BPM6 (US$ million)

Chart no. 23. Direct investment: net incurrence of liabilities, by instruments (BPM6), (US$

million)

Chart no. 24. Direct investment according to BPM5, yearly dynamics (US$ million)

Chart no. 25. Direct investment in the economy of the Republic of Moldova (net flows), BPM5 (US$

million)

Chart no. 26. Other investment, net flows, by maturity (US$ million)

Chart no. 27. Other investment, net flows, by sector (US$ million)

Chart no. 28. Other investment – net acquisition of financial assets, by instruments (US$ million)

Chart no. 29. Other investment – net incurrence of liabilities, by instruments (US$ million)

Chart no. 30. External loans (net incurrence of liabilities), by maturity (US$ million)

Chart no. 31. External loans (net incurrence of liabilities), by sector (US$ million)

Chart no. 32. Official reserve assets flows, by instruments (US$ million)

Chart no. 33. Aggregated international financial flows via the national banking system (US$

million)

Chart no. 34. Net money transfers from abroad made in favor of individuals via authorized banks,


yearly dynamics (US$ million)

Chart no. 35. Money transfers from abroad made in favor of individuals, by main source countries,

2015

Chart no. 36. Currency structure of net money transfers from abroad made in favor of individuals

via authorized banks (%)

Chart no. 37. Currency structure of financial flows via national banking system (US$ million)

Chart no. 38. International investment position dynamics, at year-end (US$ million)

Chart no. 39. External assets and liabilities structure, by functional categories, as of 12/31/2015, %

Chart no. 40. External financial assets, at year-end (US$ million)

Chart no. 41. Reserve assets structure

Chart no. 42. Structure of external assets in the form of currency and deposits held by authorized

banks, by currency

Chart no. 43. External financial liabilities, at year-end (US$ million)

Chart no. 44. FDI in domestic economy, main components (US$ million)

Chart no. 45. FDI in domestic economy stock – equity capital, by geographic region (US$ million)

Chart no. 46. FDI stock – equity capital, by main countries (US$ million)

Chart no. 47. FDI, equity capital stock as of 12/31/2015, by industry

Chart no. 48. Currency structure of external liabilities in the form of currency and deposits held by

authorized banks

Chart no. 49. Structure of external financial assets and liabilities by sector, at year-end (US$

million)

Chart no. 50. Structure of external financial assets and liabilities by maturity, at year-end (US$

million)

Chart no. 51. External debt by sector, at year-end (US$ million)

Chart no. 52. Structure of external debt by maturity, at year-end (US$ million)

Chart no. 53. Structure of long-term external debt by type of liability, end of 2015

Chart no. 54. Structure of short-term external debt by type of liability, end of 2015

Chart no. 55. External debt to GDP ratio, yearly dynamics, %

Chart no. 56. Public and publicly guaranteed external debt to GDP ratio, yearly dynamics, %

Chart no. 57. Public and publicly guaranteed external debt to exports of goods and services ratio,

%

Chart no. 58. Public and publicly guaranteed external debt to government revenue ratio, %

Chart no. 59. Public external debt service to exports of goods and services ratio, %

Chart no. 60. Public external debt service to government revenue ratio, %

Chart no. 61. Official reserve assets to short-term external debt ratio, %


I. METHODOLOGICAL STANDARDS

1.1. INTRODUCTION

International accounts represent conceptually a synthesis of the economic relations

between residents and non-residents. These are a succession of independent accounts, each

of them representing the summary of a number of processes, economic situations and

phenomena, which take place in the relations with non-residents over a certain period of

time / at a specific point in time. The link between them is achieved through certain

accounts/transitional items that ensure the reconciliation of data presented in a consecutive

series of syntheses with different structure and level of aggregation. The following accounts

may be mentioned:

• Balance of payments (BOP) – a macroeconomic statement that summarizes the

economic transactions of a country with the rest of the world during a specific time

period (year, quarter, month).

• International investment position (IIP) – a macroeconomic statement that shows at a

point in time (end of quarter or end of year) the value of financial assets of residents

of an economy (which are claims on non-residents or are gold bullion held as reserve

assets) and the liabilities of residents of an economy to non-residents. The difference

between the international financial assets and liabilities of a country (net position)

may be positive (credit) or negative (debit).

• Other changes in financial assets and liabilities account – a statement showing the

flows that generate changes in stocks, presented in the IIP, additionally to the actual

transactions between residents and non-residents reflected in the BOP (e.g. changes

due to price revaluations, exchange rate changes of original currencies against the

currency used as reference unit of account, other changes in volume –

reclassifications, cancellations) and allow establishing the link between the stocks

reflected in the IIP and the flows from the financial account of the BOP.

• Gross external debt (ED) – a macroeconomic statement that shows the evolution of

those components of external liabilities that are debt instruments (loans, SDR

allocations, non-residents’ currency and deposits, trade credits from non-residents,

other debt liabilities).

The most important relations within the international accounts statistics are as follows:

• entries in the current account, capital account and financial account are balanced;

• the sum of balances of the current account and capital account shall be equal to the

financial account balance, which is called net lending (+)/net borrowing (-). The

difference represents errors and omissions resulting in practice from imperfections

in primary data and compilation;

• the IIP balance at the end of the period is equal to the IIP balance at the beginning of

the period plus the flows from the financial account of the BOP and the changes

reflected in the other changes in financial assets and liabilities account, made during

the reporting period;

• financial assets and liabilities reflected in the IIP generate primary investment

income reflected in the current account of the BOP;

1


• the ED composition follows the IIP items and represents the stock of liabilities on

financial debt instruments at a certain date, disaggregated by maturity and

institutional sector.

International accounts provide a complete picture of the economic transactions between

residents and non-residents and serve as a basis for the analysis and assessment of the

country's relations with the rest of the world, of its international economic activity and

external economic policy. The consistency of data between the international accounts and

national accounts allows their comparison and a comprehensive analysis of a country’s

internal and external economic activity.

The international accounts of the Republic of Moldova are compiled in accordance with

Article 5 of the Law on the National Bank of Moldova no.548-XII of 07/21/1995.

These are elaborated quarterly and annually in million US dollars. The information from

these statistics does not cover the regions located on the left bank of the Dniester River and

the city of Bender.

The international accounts are regularly revised, the items are updated/amended with the

mandatory indication of the revisions made, causes and reasons thereof, according to the

following policy:

• quarterly data are updated in each subsequent quarter and the revisions may

include up to three quarters of the current year;

• annual data are updated at the time of compilation of the final version and the

revisions may cover up to four preceding years.

Data confidentiality. In accordance with the Law on Official Statistics no.412-XV of

12/09/2004, the NBM shall ensure the security and confidentiality of data collected on

international economic transactions. Data are used solely for statistical purposes, being

presented only in the form of aggregated indicators and analyses.

Data dissemination. International accounts statistics is disseminated in accordance with the

Special Data Dissemination Standard of the IMF, a commitment assumed by the Republic of

Moldova in May 2006, in terms stipulated in the Advance Release Calendar (ARC) and in

accordance with the data dissemination calendar published on the official website of the

NBM.

1.2. METHODOLOGICAL STANDARDS ON THE INTERNATIONAL

ACCOUNTS OF THE REPUBLIC OF MOLDOVA

Since 2015, the International Accounts Statistics Division, Department of Reporting and

Statistics of the National Bank of Moldova has published data on the balance of payments

compiled in accordance with the new international methodological standards,

recommended by the International Monetary Fund in the Balance of Payments and

International Investment Position Manual, Sixth Edition (BPM6) (2009), which has replaced the

Balance of Payments Manual, Fifth Edition (BPM5). The new manual also incorporates the

Financial Derivatives: a Supplement to the Balance of Payments Manual, Fifth Edition, 2000.

2


BOP time series revised according to the BPM6 are available starting with 2009 data. At the

same time, in order to ensure data comparability, the BOP indicators are also calculated

according to the BPM5 requirements (data are available starting with 1995).

Additionally, since 2016, the NBM publishes gross external debt data compiled according to

the new standards specified in the External Debt Statistics: Guide for Compilers and Users

(BPM6/EDS 2013), statistics is available starting with 2009 data. At the same time, ED

indicators are also calculated according to the BPM5/EDS 2003 requirements (data are

available starting with 2001).

Furthermore, in 2015 a new supplementary item – personal remittances – started to be

compiled according to the recommendations specified in International Transactions in

Remittances – Guide for compilers and users (2009). The information is available starting with

2011 data.

The statistics of the international investment position is presented in accordance with the

BPM5.

1.2.1. DEFINITIONS AND GENERAL PRINCIPLES

International accounts show the situation and transactions between residents and non-

residents, regardless of their geographical location.

An economic unit is considered resident of an economic territory when it has its center of

predominant economic interest on this territory.

Households are considered residents of an economic territory when the members of these

households have their principal dwelling on this territory for an indefinite or definite, but

fairly long (one year or more), period of time, or have the intention to stay for a long period

of time, except for students, patients, diplomats, military personnel, seasonal workers, who

are considered residents of an economic territory where they have their permanent place of

residence, regardless of the duration of their stay abroad. An enterprise is considered

resident of an economic territory when it is engaged in economic activities and transactions

on a significant scale, holding production facilities or other locations on this territory.

Organizations of the general government and non-profit institutions serving households are

residents of the economic territory where they were founded and registered.

The economic territory of a country consists of its geographic territory administrated by the

government, where persons, goods and capital circulate freely and are subordinated to the

same fiscal and monetary authorities. It also consists of airspace, territorial waters,

territories from international waters over which the country has exclusive rights, territorial

enclaves situated on the territory of other countries, such as embassies, consulates, military

bases etc. Respectively, such territorial enclaves that belong to other countries are not

included in the country's economic territory.

Transactions are valued at market prices, defined as the amount of money that a potential

buyer is ready to pay to acquire something from a potential seller, when both are

independent parties and pursue commercial interests only.

The time of recording of transactions is the real or estimated time when an economic value

is created, transformed, exchanged, transferred or extinguished/cancelled. In practice, this

3


moment is not always known, so the time when parties record a transaction in their accounts

may be taken as an approximation. Most transactions in the balance of payments are

recorded in accordance with the accrual basis.

The time of recording depends on the type of transactions. Considering the peculiarities of

the statistical system of data collection and compilation, the NBM records:

• transactions in goods – at the moment when ownership over goods changes;

• transactions in services – when services are rendered or payments are made;

• compensation of employees, social benefits, personal transfers – when the

payment of respective amounts is made;

• interest on loans and on special drawing rights allocations – at the moment when

payments should have been made in conformity with the agreements, according to

the due-for-payment basis, on deposits – when payment is made, on debt securities

– according to the accrual basis;

• grants and technical assistance – on the actual date of transaction;

• reinvested earnings – in the period when retained earnings accrue;

• dividends – on the date they are declared (in case of banks) and on the date when

the payment of respective amounts is made (in case of other sectors);

• transactions in equity – at the moment when a transaction is recorded in the books

in the case of newly issued securities at licensed banks, on the date of transaction

in the case of other sectors;

• trade credits – at the moment when the ownership of a non-financial asset is

changed;

• debt securities – at the moment when the ownership over them is changed, which

determines the date of transaction;

• drawings on loans – on the actual date of transaction;

• loan repayments – at the moment when they are paid, rescheduled or forgiven by

the creditor.

Flows are actual economic transactions and the result of some events that took place in a

specific period of time. International flows are recorded as transactions (in the balance of

payments) and as other changes in financial assets and liabilities. Flows determine the value

of stocks and any change in stocks is presented according to its essence, respectively. Stocks

and financial assets and liabilities flows are classified under functional categories and

instruments. Flows may be:

• flows arising from economic transactions;

• other flows.

Economic transaction – an interaction between two institutional units that occurs by mutual

agreement and involves an exchange of a value or a transfer.

Transactions recorded in the international accounts are carried out between two

institutional units, one of them being a resident of the reporting country and the other – a

non-resident.

4


Each transaction is recorded both on credit or debit of the current account and/or as

increase/reduction in financial assets/liabilities. The concept of transaction does not

necessarily imply a real flow and a financial one (as in the case of import/export of goods

and services), it may be represented both by non-monetary (barter) or unilateral (transfers

of goods) offsetting flows and by purely financial offsetting flows, reflected in assets and

liabilities (loan, investment).

Transactions from international accounts are classified according to various criteria. In

terms of reciprocity, transactions are bilateral (exchanges) and unilateral (transfers), in terms

of the nature of the traded value there are monetary and non-monetary flows, in terms of

the calculation method there are flows reflected at the actually traded value (loan

drawings/repayment) or at the value calculated for the given period (loan interest,

dividends), there can be transactions calculated directly (transport services) or indirectly

measured (FISIM – Financial intermediation services indirectly measured).

Exchanges are transactions involving the provision of an economic value in return for a

corresponding item of economic value. Economic values, in broad terms, may be divided into

real resources (goods, services and income) and financial instruments and financial

derivatives. Transactions with financial instruments may involve not only a change in

ownership over existing claims and liabilities, but also relate to their creation/occurrence or

extinction/cancellation. Exchanges are the most numerous and important transactions

reported in the BOP. Purchases of goods and services, compensation of employees, payment

of dividends, loan contraction etc. are all exchanges.

Transfers are transactions when a partner provides an economic value to another partner

without receiving another value in return. Given that transactions are recorded in the BOP

under the double-entry bookkeeping, transfers are used to provide a corresponding entry to

the economic value of the transaction's object. For example, goods received in the form of

humanitarian aid are reflected under goods (the market value of goods) and under

international cooperation (corresponding entry to the value of the respective goods –

transfers). Examples of transfers are taxes and duties, subsidies, debt forgiveness,

inheritances.

Monetary transactions are the transactions in which one institutional unit makes a payment

(receives a payment) or incurs a liability (acquires an asset) stated in units of currency.

Non-monetary transactions are those in which the transaction's object is not stated in units of

currency, for example: barter, remuneration in kind, payments in kind, humanitarian aid in

the form of goods etc. Non-monetary transactions are recorded based on the market value of

the transaction's object.

There are three types of transactions rearrangements employed in the international accounts:

1. Rerouting of transactions (for example, from one institutional sector to another,

contributions to insurance or pension funds are made by some unities, but are

attributed to households);

2. Partitioning of transactions (for example, interest payable/ receivable by financial

intermediaries is partitioned into the return on investment and financial

intermediation services for which the intermediaries do not explicitly charge);

5


3. Imputations (for example, reflecting the transactions calculated indirectly, such as

the reinvested earnings of a direct investment enterprise, investment income

earned on insurance technical reserves, retained earnings of investment funds).

Other flows are genuine economic phenomena and capture changes in the assets and

liabilities of an economy between opening and closing positions that are not due to

transactions recorded in the BOP.

In the context of international accounts, other flows are recorded only for financial assets

and liabilities and are registered in the IIP. Other flows are classified into two major

categories:

1. Other changes in the volume of assets and liabilities;

2. Revaluation of assets or liabilities, which arise from changes in their price or the

exchange rate fluctuations in different periods of time.

Other changes in the volume of assets/liabilities include unilateral debt cancellation by the

creditor, changes in the classification of assets/liabilities, monetization and demonetization of

gold bullion and other economic events.

Debt write-off occurs when the creditor recognizes unilaterally the impossibility to recover

debts. Debt forgiveness arises from an agreement between the parties, motivated by the

intention to convey a benefit. Debt forgiveness is distinguished from debt write-off and is

recorded as a transaction in the capital account (capital transfer) of the balance of payments.

Positions represent the value of assets and liabilities at a certain date. They are recorded in

the international investment position. Data on positions are generally presented as of the

beginning and end of a period (quarter, year). Changes in positions from the beginning to

the end of the period are caused by the flows recorded in the certain period (BOP

transactions and other changes).

An institutional unit is an economic entity corresponding to the following criteria:

• it is engaged in economic activity, is entitled to own goods and services, and is

able to exchange the ownership of goods or assets in transactions with other

institutional units;

• it is able to take economic decisions and engage in economic activities for which it

is itself held to be directly responsible and accountable at law;

• it is able to incur liabilities to other institutional units and to enter into contracts;

• it holds a complete set of accounts (including accounting documents and a balance

sheet of its assets and liabilities).

Institutional units are recognized in the cases of branches and notional resident units, if the

above-mentioned criteria are satisfied.

There are two main types of institutional units:

1. Households – persons or groups of persons;

2. Corporations (corporations or quasi-corporations, non-profit institutions and

government units – legal or social entities), whose activity is recognized by the state and

which operate under the legislation in force. Quasi-corporations are unincorporated

businesses that operate as if they were an entity separate from their owners.

6


Institutional units are grouped into institutional sectors. Transactions are assigned to the

institutional sector of which the participating resident unit is part. Thus, international

accounts flows (secondary income, capital transfers, portfolio investment, financial

derivatives, other investment) are recorded depending on the economic sector to which the

resident unit involved in the transaction belongs.

According to the new methodology of the BPM6, the concept of institutional sector has been

extended, which implies the grouping of institutional units based on their main functions

and financial sources. Thus, central bank is separately presented as a sector, while monetary

authorities remain a significant concept to define the administrator of official reserve assets.

In the case of the Republic of Moldova, these two sectors are similar because the National

Bank is the administrator of the official reserve assets. The category ‘other sectors’ is split

into “other financial corporations”, “non-financial corporations, households and NPISHs (non-

profit institutions serving households)”.

Institutional sectors are classified as follows:

1. Central bank (monetary authorities) – the National Bank of Moldova;

2. Deposit-taking corporations, except the central bank – licensed banks;

3. General government – government institutions, local government authorities;

4. Other sectors:

a) Other financial corporations

• money market funds;

• investment funds;

• other financial intermediaries (foreign exchange offices and money transfers

operators)

• insurance corporations, pension funds.

b) Non-financial corporations, households and non-profit institutions serving

households

• non-financial corporations – industrial and commercial corporations;

• households – individuals, who are often (but not necessarily) living in

families;

• non-profit institutions serving households – charities, professional societies,

religious institutions, cultural clubs, political parties.

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1.2.2. METHODOLOGICAL STANDARDS ON THE BALANCE OF

PAYMENTS OF THE REPUBLIC OF MOLDOVA

1.2.2.1. Balance of payments structure

Balance of payments consists of the following accounts: current account, capital account and

financial account. The current account includes: goods balance, services balance, primary

income and secondary income balances. The capital account records the gross acquisitions /

disposals of non-produced, non-financial assets and capital transfers. The financial account

includes direct investment, portfolio investment, financial derivatives, other investment,

and reserve assets.

The aggregated indicators of the BOP in the current and capital accounts are presented on a

gross basis as the sum of all transactions recorded in the respective item, both on debit and

credit side. The indicators of the financial account are recorded on a net basis, reflecting the

difference between debit and credit entries for each financial category/instrument of assets

and liabilities, separately for net acquisition of financial assets and net incurrence of liabilities

(net acquisition of financial assets represents the increase in assets minus the reduction in

assets, while net incurrence of liabilities is equal to the incurrence of liabilities minus the

reduction in liabilities).

The balance of payment items are structured as follows:

The current account shows all the transactions between residents and non-residents relating

to the international trade in goods and services and the receipts and payments of primary

income and secondary income.

The current account is divided into: goods, services, primary income and secondary income.

The Goods item covers transactions in goods, whose economic ownership is changed

between residents and non-residents, whether or not the goods have crossed the country’s

border (goods that do not cross the border are the goods procured in ports by international

carriers and goods under merchanting). It should be mentioned that some goods are

included in services, for example, the consumption of embassies on the territory of other

states is attributed to government goods and services.

• General merchandise on a balance of payments basis covers goods for which a change

in ownership occurs between a resident and a non-resident and which are not

included in other specific categories, such as goods under merchanting and

nonmonetary gold, or as part of a service. General merchandise is evaluated at

market value on a free on board (FOB) basis.

• Net exports of goods under merchanting include the purchase of goods by a resident

from a non-resident combined with the subsequent resale of the same goods to

another non-resident, without the goods crossing the border of the reporting

economy. Net exports of goods under merchanting represent the difference

between the sales and purchases of goods under merchanting.

• Nonmonetary gold covers all transactions with gold, except for monetary gold.

Monetary gold is owned by monetary authorities and recorded as a reserve asset.

8


Goods for and after processing and goods sent for repair are not included in general

merchandise in the balance of payments, because there is no change in ownership and the

value of processing and repair services are included in the corresponding items within

services.

Services. This item covers services rendered between residents and non-residents. Services

are not separate items over which ownership rights can be established and cannot be

separated from their production.

Services are classified as follows:

• Manufacturing services on physical inputs owned by others – cover processing, assembly,

labelling, packaging of goods by an entity that does not own the goods concerned. The

manufacturing is undertaken by an entity that receives a fee from the owner and

because the ownership of the goods does not change, no merchandise transaction is

recorded. The value of fees for manufacturing services on physical inputs owned by

others is not necessarily equal to the difference between the value of goods sent for

processing and the value of goods received after processing.

• Maintenance and repair services – cover the maintenance and repair works by residents

on goods that are owned by non-residents (and vice versa). Repair and maintenance

of ships, aircraft, and other transport equipment is included in this item. Cleaning of

transport equipment is excluded because it is included in Transport, the maintenance

and repair of buildings are included under Construction, while the maintenance and

repair of computers are included under Computer services.

• Transport is the process of carriage of people and objects from one location to

another, as well as related auxiliary services. Transport services are classified (i) by

mode of transportation: air, railway, road, sea, pipeline transportation, electricity

transmission, and further by (ii) passengers, freight and other auxiliary

transportation services, such as loading / unloading of containers, storage and

warehousing, packing and repackaging, cleaning of transport equipment performed

in ports and airports etc., except for pipeline transportation and electricity

transmission. According to BPM6, postal and courier services are shown separately in

the category of transport services and cover the pick-up, transport, and delivery of

letters, newspapers, periodicals, brochures, other printed matter, parcels, and

packages.

• Travel includes the goods and services acquired from an economy by non-resident

travellers for business and personal purposes (including trips related to health and

education). Travel credits cover goods and services for own use acquired by non-

residents during their visits in the Republic of Moldova. Travel debits cover goods and

services for own use acquired from other economies by residents during their visits

abroad. Travel includes local transport services on the territory of the country

concerned, while international transport services are reflected in the passenger

transport. The goods purchased by a traveller for resale in the traveller’s own

economy or in any other economy are also excluded. Travel is divided into:

1. Business travel – covers goods and services acquired for personal use by persons

whose primary purpose of travel is business (including by seasonal, border and

9


other workers who are not resident in the economy in which they are

employed). Business travel is further split into goods and services acquired by

border, seasonal or other short-term workers and other business travel;

2. Personal travel – covers goods and services acquired by persons going abroad

for purposes other than business (such as vacations, participation in

recreational and cultural activities, visits with friends and relatives,

pilgrimage, and education- and health-related purposes). Personal travel

includes: healthcare expenses, education expenses etc.

• Telecommunications, computer, and information services – include international

telecommunication services (sounds and images transmitted by telephone, facsimile,

radio, Internet; service of informational channels; auxiliary services), computer

services (hardware and/or software-related services, data-processing, consultancy,

installation, maintenance and repair of computers, assistance for computer resources

management, the analysis, design and programming of "turnkey" information

systems (including website development and design) and the provision of technical

consultancy for computer applications (software); licenses for using non-customized

software; development, production, provision and elaboration of documentation for

customized software, including operating systems developed at the request of

particular users; maintenance of systems and other auxiliary services, such as training

provided as part of consultancy activities; data-processing services, such as data

entry, sorting and processing; webpage hosting services and computer facilities

management); information services (news agency services, databases services (data

collection, storage, and dissemination), web search portals, as well as the non-bulk

subscriptions to newspapers and periodicals, whether by mail or electronic

transmission, library and archive services);

• Financial services – cover fees for financial intermediation services and auxiliary

services between residents and non-residents. These may be divided into:

1. Explicitly charged and other financial services – consist of various commissions

for deposit-taking and lending, for one-off guarantees, early or late repayment

fees or penalties, account charges, fees related to letters of credit, credit card

services, commissions and charges related to financial leasing, factoring,

underwriting, and clearing of payments.

2. Financial intermediation services indirectly measured (FISIM) – express the

estimated value of services provided by financial intermediaries for which no

explicit fees or commissions are charged, but which are comprised in the

difference between actual interest rate and interbank interest rate.

• Construction – includes the creation, renovation, repair, or extension of fixed assets in

the form of buildings, land improvements and other engineering constructions

(including roads, bridges, dams etc.). It includes installation and assembly work, site

preparation, specialized services and management of construction projects. The

construction contracts covered in international trade in services are of a short-term

nature. A large-scale construction project that takes a year or more will give rise to a

10


resident branch, whose activity is reflected under direct investment. Construction is

divided into:

1. Construction abroad – consists of construction works for non-residents by

enterprises resident in the compiling economy (credit/exports) and the goods

and services acquired from the economy in which the construction activity is

being undertaken by these enterprises (debit/imports);

2. Construction in the compiling economy – consists of construction work for

residents of the compiling economy by non-resident construction enterprises

(debit) and the goods and services acquired in the compiling economy by these

non-resident construction enterprises (credit).

• Other services – insurance services; charges for the use of intellectual property;

personal, cultural and recreational services; government goods and services n.i.e.;

other business services (research and development, professional and management

consulting services, technical and trade-related services etc.).

Primary income represents the return that accrues to institutional units for their

contribution to the production process or for the provision of financial assets and renting

natural resources to other institutional units and is divided into:

• Compensation of employees – represents the total gross value of remunerations in cash

or in kind, including charges, taxes and contributions to social security and health

schemes etc. when the employer and the employee are resident in different

economies. Living expenditures made by employees in the host country are not

excluded from the gross value, these are compensatory recorded under travel. Taxes

paid in the host country are also compensatory recorded under secondary income.

• Investment income – represents returns and expenditures associated with the

provision of financial assets and incurrence of liabilities. This category covers direct

investment income, portfolio investment income, income on other investment and on

reserve assets. Credit entries include income receivable from capital invested or lent

abroad by residents and debit entries include the income of non-residents from

capital invested in the Republic of Moldova or lent to residents. Income associated

with equity ownership (dividends and withdrawals from income of quasi-

corporations, reinvested earnings) and income from debt instruments (interest) are

the most common types of investment income:

1. Dividends and other withdrawals from income of quasi-corporations are

allocated to the owners of shares and other forms of participation in the

equity capital of companies in direct and portfolio investment.

2. Reinvested earnings represent foreign direct investors’ earnings, which

were not distributed to them in the form of dividends or other benefits.

3. Other investment income consists of interest payable in accordance with a

binding agreement between the creditor and debtor (for example: interest

on loans, bank deposits; coupons on securities etc.).

• Other primary income is classified by institutional sector of the compiling economy

(General government or Other sectors) and includes the following components:

11


1. Taxes on production and imports;

2. Subsidies;

3. Rent.

Secondary income includes compensatory entries related to the transfer of ownership over

material and financial resources from the residents of a country to residents of another

country, without receiving any economic value in return. All transactions reflected in

secondary income are transfers.

Secondary income is divided by sector: general government and financial corporations, non-

financial corporations, households and non-profit institutions serving households.

The most common examples of secondary income are personal transfers, social contributions

and benefits, taxes, humanitarian aid and technical assistance within international

cooperation, non-life insurance premiums and claims etc.

Capital account records the gross acquisitions / disposals of non-produced, non-financial

assets and capital transfers.

Non-produced, non-financial assets consist of: (a) natural resources, (b) contracts, leases and

licenses, (c) marketing assets (and goodwill). Acquisitions and disposals of non-produced,

non-financial assets are recorded separately on a gross basis (gross acquisition – debit / gross

disposal – credit). Only the acquisition/disposal of such assets, but not their use, is to be

recorded under this item of the capital account.

Capital transfers consist of (1) transfers of ownership of fixed assets, (2) transfers of funds

linked to, or conditional upon, the acquisition or disposal of fixed assets and (3) debt

forgiveness by creditors. Capital transfers may be in cash or in kind and are classified by

institutional sector of the compiling economy (general government or other sectors).

Examples of government capital transfers are investment grants from international donors,

debt forgiveness by an external creditor etc. Capital transfers between households are large

gifts (such as buildings, participations in the capital of enterprises) or valuable inheritance.

According to the new methodology, the sum of the current account balance and the capital

account balance defines the indicator "net lending (+)/net borrowing (-)" of the country in

its economic relations with the rest of the world.

The financial account records transactions in financial assets and liabilities that take place

between residents and non-residents and reflect net acquisitions of financial assets and net

incurrence of liabilities during a period of time.

The increase in both financial assets and financial liabilities is recorded with a plus sign,

while the reduction in financial assets and liabilities – with a minus sign.

By functional category, transactions may be classified as follows: direct investment, portfolio

investment, financial derivatives, other investment, reserve assets. Financial transactions are

divided by types of instruments, institutional sectors, and maturities. There are three main

categories of instruments: (1) equity and investment fund shares, (2) debt instruments, and

(3) other financial assets and liabilities.

Direct investment is associated with a resident in one economy (direct investor) having

control or a significant degree of influence on the management of an enterprise that is

resident in another economy (direct investment enterprise). Following the international

12


standards, the direct or indirect ownership of 10 % or more of the voting power of an

enterprise resident in one economy by an investor resident in another economy is evidence

of such a relation. The concept of direct investment is similar to the one described in the

OECD methodology in Benchmark Definition of Foreign Direct Investment.

The following components are separately reflected within direct investment:

Equity and investment fund shares, other than reinvested earnings concern all direct

participations in the equity capital of economic entities in another economy, which are

direct investment enterprises, as well as indirect participations, owned by branches,

subsidiaries and their fellow enterprises, when there is a direct investment relationship.

Reinvestment of earnings represents the direct investors' proportion, in terms of equity held,

of the earnings not distributed as dividends (the corresponding entry is recorded in the

current account under the primary income account as direct investment income).

Reinvestment of earnings are investment inflows, which may also be negative if the direct

investment enterprise incurs losses or if dividends distributed in the reporting period are

higher than the net earnings for this period. Negative reinvestment of earnings is

considered as the withdrawal of equity from the economy.

Debt instruments represent all debt positions of the direct investor with affiliated enterprises

(in a direct foreign investment relationship), especially loans between non-resident/resident

parent enterprise and resident/non-resident branch and vice versa. This item also includes

other types of debt between affiliated enterprises, for example, trade credits, other accounts

receivable/payable, such as historic debt for the import of energy resources.

The transactions reflected as flows of equity do not necessarily represent financial flows,

they can be in the form of goods, services, other resources offered by the direct investor to

the direct investment enterprise or vice versa. If no other conditions are stipulated, these

flows lead to the increase in equity of the direct investor.

When assessing the amounts of reinvested earnings, more complicated situations can arise

with regard to superdividends and liquidating dividends, which are treated as capital

withdrawals and not as income payable to direct investors in the reporting period (in the

current account they are reflected as paid dividends, while in the financial account they are

recorded as reductions in equity and shares). The definition of a dividend as a superdividend

is complex and requires an analysis of the activity of the direct investment enterprise and its

long-term economic performance.

The debts between certain types of affiliated financial institutions (central bank, deposit-

taking corporations, investment funds and other financial intermediaries, except insurance

corporations and pension funds) are not reflected in direct investment as debt instruments.

These are recorded under other investment, depending on the type of financial instrument

(loans, trade credits, other accounts receivable/payable) or under portfolio investment.

Equity and debt instruments are also classified based on the type of relation between

affiliated enterprises and the direction of the investment flow; three types of relations can

be distinguished:

1. Direct investor in the direct investment enterprise – this category covers investment

flows from the direct investor to its direct investment enterprise;

13


2. Direct investment enterprise in its direct investor (reverse investment) – this

category covers investment flows from direct investment enterprise to its direct

investor;

3. Between fellow enterprises belonging to the same group – this category covers flows

between enterprises that do not control or influence each other, but that are both

under the control or influence of the same direct investor.

Portfolio investment is defined as cross-border transactions involving debt or equity

securities (shares), other than those included in direct investment or reserve assets. The

basic condition for recording transactions involving securities in portfolio investment is

their negotiability on organized markets or directly, except for transactions in financial

derivatives, which, although they are securities, are included in their separate functional

category rather than in portfolio investment. Portfolio investments are in the form of:

• Equity and investment fund shares – in the case when the investor does not meet the

requirements of associated direct investment and owns less than 10% of the

enterprise's equity capital, as well in the case of investment funds, hedge funds;

• Debt securities – cover bonds and money market instruments.

Reinvestment of earnings of investment funds is recorded as BOP transactions involving an

increase in investment, if it is positive, and a reduction, if it is negative. Debt securities are

presented by original maturity (short-term and long-term).

Financial derivatives are securities that represent financial instruments linked to other

financial instruments or indicators, or certain goods that may be purchased or sold at a

future date, through which financial risks (interest rate risk, foreign exchange risk, equity

and commodity price risks, credit risks etc.) can be traded in financial markets. This category

is identified separately from other categories because it relates to risk transfer, rather than

supply of funds or other resources. Unlike other functional categories, no primary income

accrues on financial derivatives. It includes swaps operations, options, guarantee deposits

etc. recorded on a net basis.

Other investment includes operations with financial assets and liabilities that are not

included in the following categories: direct investment, portfolio investment, or financial

derivatives. Other investment is classified by institutional sector and by maturity.

Other investment includes transactions with the following types of financial instruments:

• currency and deposits;

• loans;

• trade credit and advances;

• other accounts receivable/payable;

• special drawing rights.

Currency and deposits. Currency covers cash in foreign currency held by residents (assets) and

in national currency held by non-residents (liabilities). Deposits consist of demand and time

deposits and other types of placements of residents abroad (assets), and of non-residents

with the domestic banking system (liabilities). Deposits are standardized, non-negotiable

contracts generally offered by deposit-taking institutions, allowing the placement and the

14


later withdrawal of a variable amount of money by the creditor. Deposits usually involve a

guarantee by the debtor to return the principal amount to the depositor.

Loans include financial assets and liabilities that appear as a result of lending a sum of money

directly to a debtor by a creditor, without a negotiable document or instrument being

created. This item includes financial loans, loans to finance trade, other loans and advances

(including mortgage loan), credits and loans from the IMF. Financial leases and repurchase

agreements (REPO) are also included under this item.

Loans are recorded on accrual basis, thus, interest arrears are included under this item as

conventional drawings to ensure the reconciliation with the stock reflected in the IIP, where

interest and principal arrears are included. According to BPM6, arrears are included in the

original instrument with which they are associated, either asset or liability, and are reflected

as memorandum items when they are related to exceptional financing, in other cases they

are reflected only in the supplementary information to the balance of payments.

Trade credit and advances are financial claims/liabilities arising from the direct extension of

credit by the suppliers of goods and services to their customers, and advances for work that

is in progress or is yet to be undertaken, in the form of prepayment by customers for goods

and services not yet provided. Trade credits are recorded when the payments for goods and

services were made earlier or later than the change in ownership over them, which is often

specified in the transaction contract, and represent short-term and long-term assets and

liabilities (except for the lease contracts, which are treated as loans). Providing trade credits

does not lead to the creation of financial market instruments. In the balance of payments of

the Republic of Moldova, this item includes advance payments/receipts for goods and

services, the value of goods supplied in advance to the country /abroad without the related

payments being collected, and the difference between the value of barter traded goods.

Other accounts receivable / payable show the financial assets and liabilities of other types than

those listed above. This item comprises financial assets and liabilities created as offsetting

entries to transactions where there is a timing difference between these transactions and

the corresponding payments. It includes liabilities/assets related to taxes, purchase and sale

of securities, securities lending fees, gold loan fees, wages and salaries, dividends, and social

contributions that have accrued but have not yet been paid, and their subsequent settling.

Special drawing rights. Special drawing rights (SDR) issued by the International Monetary

Fund are monetary units of account designed to balance liquidity on an international level.

SDR issuances are allocated to member states in proportion to their quotas in the formation

of the IMF resources. In the balance of payments these are reflected, on the one hand, as

increases in official reserve assets (holdings of SDRs), on the other hand, as an increase in

external liabilities (SDR allocations). Currently, interest payments on SDR allocations are

recorded in net terms: if SDR allocations exceed SDR holdings (from the official reserve

assets), the country pays an interest to the IMF, and if SDR holdings exceed SDR allocations,

then the IMF pays an interest to the country. The Republic of Moldova is currently a net

debtor to the IMF and pays interest on SDR allocations.

Reserve assets are the official external assets administered by monetary authorities, in the

case of the Republic of Moldova by the National Bank of Moldova. Reserve assets are those

external assets that are readily available and controlled by monetary authorities to meet

15


balance of payments financing needs, to intervene in foreign exchange markets to manage

the exchange rate, and for other related purposes (such as maintaining confidence in the

national currency and the economy, or as a source for external loans servicing / lending).

Reserve assets must meet the conditions of free convertibility, being denominated in

convertible foreign currency (preferably from the SDR basket) and having a high degree of

liquidity. Potential assets are excluded from the reserve assets composition as non-

complying with the conditions of immediate availability, that is, of a high degree of liquidity.

Reserve assets include monetary gold, special drawing rights, reserve position in the IMF,

assets in freely convertible currencies and securities.

1.2.2.2. DATA RECORDING METHOD

The balance of payments is compiled on the basis of the double-entry system. Every recorded

transaction is represented by two entries with equal values but with the sign reversed: one

credit entry and one debit entry. Thus, the sum of all credit entries is equal to the sum of all

debit entries, and the net balance (difference between the credit and debit entries) of all

entries in the balance of payments should be zero.

The following transactions are recorded on credit: exports of goods and services, income

receivable, reduction in financial assets and increase in financial liabilities. On debit, the

following transactions will be recorded, respectively: imports of goods and services, income

payable, increase in assets and reduction in financial liabilities.

Most of the entries in the balance of payments are recorded as positive. Deviations from this

rule are mainly related to the transaction's correction according to its overall logic, for

example, in the case of goods under merchanting, the acquisition of goods by merchants is

shown as a negative export rather than as an import. The same procedure will be applied in

the case of return of material and financial resources.

However, the net financial account indicators are reflected both as positive (when increases

prevail) and as negative, when decreases prevail. Thus, the net increase in both financial

assets and financial liabilities is recorded as positive, while the net decrease – as negative.

A. Transactions generating inflows / receipts are recorded as follows:

- On credit:

� exports of goods and services, compensation of resident employees by non-

residents and returns for providing means of production to non-residents or

income on securities held by residents, issued by non-residents;

� receipts from increases in financial liabilities and sale/decreases in financial assets

in the form of direct investment and portfolio investment, sales of foreign

securities to non-residents by residents and purchases of Moldovan securities by

non-residents, drawings on loans received from non-residents, reimbursement of

loans offered by residents, SDRs allocations inflows.

B. Transactions generating outflows/receipts are recorded as follows:

- On debit:

� imports of goods and services, compensation of non-resident employees by

residents and income paid by residents for the use of means of production

16


belonging to non-residents or on securities held by non-residents, issued by

residents;

� payments resulting from decreases in financial liabilities and purchases of

financial assets in the form of direct investment and portfolio investment,

redemption of Moldovan bonds from non-residents and purchase of foreign

securities by residents, reimbursements of loans granted by non-residents,

drawings on loans granted by residents to non-residents, payments on SDRs

allocations;

C. Secondary income and capital transfers

Unlike transactions described under letters A and B, which involve reciprocity, secondary

income and capital transfers include offsetting entries to goods and services received or

offered without a quid pro quo, financial assistance and other one-sided transfer operations,

such as external technical assistance, membership fees paid to international organizations or

personal transfers made by individuals from abroad.

D. Errors and omissions

The double-entry system on which the recording of data in the balance of payments is based

implies that the sum of all credit entries is identical to the sum of all debit entries. In

practice, however, the accounts do not balance, because data for various items are derived

from different sources; as a result, there is a summary net credit or net debit, which is

residually recorded under a separate item labelled errors and omissions. Thus, if there is a net

credit balance, an offsetting debit entry is made under this item and vice versa. Errors and

omissions may appear as a result of exchange rate fluctuation, time lag between the moment

of transaction and the moment of recording, reporting period overlap, and for other reasons.

1.2.2.3. SOURCES OF INFORMATION

The main sources of information used for the BOP data collection are the National Bureau of

Statistics of the Republic of Moldova (data on trade in goods, services, direct investment),

banking sector institutions (i.e. licensed banks, foreign exchange offices, NBM departments),

governmental institutions (State Chancellery, Ministry of Finance; Ministry of Foreign

Affairs and European Integration, Ministry of Education; Bureau of Migration and Asylum,

Agency for Land Relations and Cadastre, National Commission for Financial Markets);

international organizations representatives in the Republic of Moldova, and economic

agents.

Data collected from the above-mentioned sources are supplemented with data from the

International Transaction Reporting System (ITRS). Under ITRS, two categories of economic

agents provide data:

(1) licensed banks and the NBM, which report international transactions made both

for their own accounts and on behalf of their clients;

(2) other resident economic agents having accounts with banks abroad report on the

flow of funds in those accounts.

Along with the data collected via statistical reports, some estimations and adjustments are

made in order to improve data quality and completeness:

17


Goods

• From the data on imports / exports of goods recorded by the Customs Service, processed

by the NBS and then passed to the NBM, excluded are:

o exports/imports of goods after/for processing, for which no change in ownership

occurs,

o a part of the value of goods sold by duty-free stores that is considered to be

purchased by non-residents is included in services.

• The value of imported goods is recalculated from CIF prices into FOB prices, excluding

the cost of insurance and freight services, estimates for which are made in the range of

10% of the CIF value of imports from CIS countries (except for Ukraine) and 6% for

imports from the rest of the world (except for Romania). No recalculation is made for

the imports of goods for processing (transport is provided by the non-resident owners of

these goods).

• The official data on imports/exports of goods by individuals, recorded by the Customs

Service, are supplemented with estimates made by the NBM.

• The value of goods acquired in ports and airports by international air or motor carriers

from vendors that are residents of another economy is calculated based on the ITRS

data.

Services

Transport

• The imports of freight services are estimated on the basis of data derived from the

recalculation of the value of imported goods from CIF prices into FOB prices (see Goods).

Data obtained this way are divided by type of transportation (air, railway, sea, road, and

pipeline).

• The exports of freight services are calculated based on ITRS data, additional estimates

are made for auxiliary transport services.

• The value of natural gas transit services on the territory of the Republic of Moldova is

recorded based on primary reports collected.

• Data on road, railway, air, and sea transportation of passengers are calculated based on

the report from the NBS and on the information obtained from the ITRS.

• Part of passenger air transportation services rendered to non-residents is derived from

data on technical assistance offered to the country (see Secondary income).

Travel

• Travel services are calculated based on several sources and are specified by two major

components: business travel and personal travel.

• Estimates for the following sub-items: acquisition of goods and services by border,

seasonal, and other short-term workers, health-related and education-related expenses

etc. are made based on data collected via the ITRS.

• Another important source for the estimation of travel services are data concerning the

sale/purchase of foreign currency by exchange offices. Data obtained are then

distributed by sub-items.

18


• Exports of goods by duty free stores are used to estimate the value of goods purchased

by non-residents when leaving the country.

• Data on technical assistance offered to the country are used to derive the value of travel

expenditures of non-resident experts.

• Based on the number of declarations submitted to the Customs Service concerning the

imports/exports of goods by individuals, travel expenditures by individuals involved in

shuttle trade are estimated. Living expenses are estimated considering the duration of

stay and the geographic area (country).

• The value of compensation of Moldovan employees working abroad is used at estimating

their living expenses in the respective countries.

• Travel services rendered to residents/non-residents studying or participating in

training courses abroad/in the Republic of Moldova are estimated. These estimates are

made on the basis of the number of individuals (students, pupils, interns, etc.), country,

duration of stay, type and value of tuition, scholarships offered to residents abroad and,

respectively, to non-residents in the Republic of Moldova.

Other services

• ITRS data are used as basis for calculating the value of construction and repair services,

financial, information and computer services, other business services, and partly

government services.

• The value of postal and currier services, telecommunications services, personal, cultural,

and recreational services is calculated based on NBS data on the external trade in

services.

• The exports of insurance services are calculated based on NBS data, while the imports of

insurance services are estimated by applying a coefficient to the value of insurance

premiums paid by residents to foreign insurance companies, obtained from the ITRS.

Additionally, estimations are made for vehicle insurance services based on the number

of vehicles imported by individuals.

• Government goods and services are calculated on the basis of data about the flow of

currency on the accounts of Moldovan embassies and consulates abroad.

• The value of government services is estimated from the amount of technical assistance

provided by international organizations and foreign governments to the Republic of

Moldova.

Primary income

• The compensation of residents for the work performed for non-resident employers is

estimated using the personal remittances in the balance of payments calculation model

(see the respective section).

• The compensation of non-residents employed in the Republic of Moldova is estimated

based on the value of technical assistance, on data from the Bureau of Migration and

Asylum regarding the number of foreigners working in the Republic of Moldova under

short-term contracts, as well as on the information collected via the ITRS. Based on the

ITRS data, value thresholds are set for the partitioning of money transfers made by

individuals from the Republic of Moldova in favour of non-residents by type of

19


transaction: (a) compensation of non-resident employees and personal current transfers;

(b) capital transfers between households; (c) direct investment (assets).

• Reinvested earnings are assessed on the basis of data about the operating results of

companies with foreign or joint capital, as well as on the basis of ITRS data on dividends

paid. According to the current operating performance concept, only net results from the

operational activity are considered, excluding the income / losses arising from exchange

rate fluctuations, as well as the changes in stocks determined by revaluation etc.

Dividends received by residents from direct investment abroad are estimated based on

ITRS data.

Secondary income

• Current personal transfers are estimated based on ITRS data, the procedure is similar to

the one described for the item „Compensation of employees”.

• Exports of goods by duty-free stores are used for the estimation of the value of goods

purchased by residents when leaving the country to be subsequently offered as gifts to

nonresidents.

• The estimation of secondary income related to publicly-funded education and

professional training sponsored by international organizations and foreign

governments is made on the basis of data obtained from the institutions concerned.

• Secondary income related to the taxes and fees paid by residents in countries where

they work is calculated by applying a coefficient to the value of the compensation of

employees.

• Secondary income related to insurances (other than life insurance) is calculated as

difference between insurance premium amounts and the estimated payments for

insurance services.

• Technical assistance and grants offered by foreign donors are evaluated based on project

budgets available on the Aid Management Platform. The value attributed to the

reporting period is approximately estimated and supplemented with data on assistance

offered to other entities, not included in these projects, on the basis of the information

from the ITRS. Technical assistance and grants are estimated on the gross basis and cover

the total value of projects: both money transferred from donors to the country, and the

expenses made abroad on the respective projects.

Capital transfers

• Capital transfers of the general government sector are calculated on the basis of data on

external assistance, of which transfers for investment projects are separately identified.

• Capital transfers between households are estimated using the personal remittances in

the balance of payments calculation model.

Personal remittances in the balance of payments

There is no separate item in the balance of payments, neither a group of items, the sum of

which constitutes the personal remittances of individuals. Given that this indicator is one of

greater interest for the Republic of Moldova, the NBM has elaborated an algorithm for

estimating them. The indicator of personal remittances is calculated additionally to the BOP

and is shown separately as a supplementary item.

20


The estimations are based on (1) data on money transfers from abroad in favour of

individuals made through licensed banks and postal offices and (2) Labour Force Survey

conducted by the NBS.

In order to estimate the funds transmitted to the country through other channels than

licensed banks or postal offices, the evolution of resident individuals' deposits is analyzed,

as well as the evolution of cash in foreign currency held by licensed banks, the turnovers of

foreign exchange offices, and the evolution of real estate and motor car markets. The

propensity to save of individuals receiving remittances from abroad and the evolution of

these households' consumption are also taken into account.

On the basis of the ITRS data, value thresholds are set for the partitioning of money transfers

made by individuals from abroad in favour of those from the Republic of Moldova by type of

transaction:

• compensation of resident employees;

• personal transfers;

• capital transfers between households;

• direct investment – liabilities (purchase of real estate).

Table no. 1. Personal remittances in the balance of payments Personal remittances a+b+c

a. Personal transfers

b. Compensation of employees minus taxes and fees, social contributions, transport and living expenditures in the host country

c. Capital transfers between households

Direct investment

• Net acquisition of financial assets – equity and shares, other than reinvestment of

earnings, and debt instruments – are assessed on the basis of reports on licensed banks'

shareholders, licensed banks’ financial statements, data on securities issuances with

non-residents' participation, and transactions in securities in the secondary market

involving non-residents (received from the National Commission for Financial Markets),

as well as on the basis of the ITRS data, data from the statistical report 1-Invest (Foreign

investments allocated by enterprises with foreign capital in the economy of Moldova) received

from the NBS, balance sheets of enterprises with foreign capital, and data from the Debt

Management and Financial Analysis System (DMFAS) database on external loans. Loans

between resident banks and their affiliated enterprises abroad are recorded under Other

investment.

• Net incurrence of liabilities – equity and shares, other than reinvestment of earnings,

and debt instruments – are assessed on the basis of reports on licensed banks'

shareholders, reports on the changes in licensed banks' equity capital, data on securities

issuances with non-residents' participation, and transactions in securities in the

secondary market involving non-residents (received from the National Commission for

Financial Markets), as well as on the basis of the ITRS data, data from the statistical

report 1-Invest received from the NBS, balance sheets of enterprises with foreign capital

21


and data from the DMFAS database on external loans. Loans between resident banks and

their foreign direct investors are recorded under Other investment.

Trade credit and advances

Trade credit and advances are estimated quarterly based on customs data on non-equivalent

barter, additional estimates on international services, and the comparison of

payments/receipts recorded in the ITRS for exports/imports of goods to customs data. The

comparison of payments/receipts to imports/exports of goods is made at the level of

individual economic agent for different types of trade transactions: definitive purchase/sale,

provision of materials and equipment for installation and construction works, and other.

Calculations exclude: the transactions of agents with non-commercial activity, transactions

not involving payments (e.g. humanitarian aid or grants and technical assistance projects),

payments that do not involve supply of goods (payments for services), transactions that

duplicate other sources (within loan contracts), as well as transactions involving residents in

which goods do not cross the country’s border (e.g. in case of intermediation in trade, when

both sales and purchases take place abroad). The same method is applied both for trade

credits and advances received from foreign partners and for trade credits and advances

offered to non-residents.

Quarterly and yearly preliminary data are updated in the final version of the balance of

payments based on the yearly report from the NBS „Explanatory note on advances, investment,

loans, and settlements with foreign clients” (before 2015) and the “Information note on relations

with nonresidents” (starting from 2016).

22


1.2.3. METHODOLOGICAL STANDARDS ON THE INTERNATIONAL

INVESTMENT POSITION OF THE REPUBLIC OF MOLDOVA

The international investment position (IIP) of the Republic of Moldova is elaborated in

accordance with the standards recommended by the International Monetary Fund in the

Balance of Payments Manual, the 5th edition (BPM5, 1993) and in the Financial Derivatives: a

Supplement to the Balance of Payments Manual, Fifth Edition (2000). At present the NBM is in

the process of implementing the BPM6 methodology for IIP compilation and reconciling the

IIP data with ED and BOP, which are already elaborated according to new methodological

standards.

The international investment position is a statistical statement that shows at a point in

time (end of quarter or end of year) the value and composition of:

• financial assets of residents of an economy that are claims on non-residents plus

gold bullion held as reserve assets;

• liabilities of residents of an economy to non-residents.

The difference between an economy’s financial external assets and liabilities constitutes

the net IIP and represents a net claim (when financial assets exceed financial liabilities) or a

net liability (when financial liabilities exceed financial assets) to the rest of the world.

The IIP items and classifications are identical to those of the balance of payments financial

account. Thus, the IIP items are classified as follows:

1. By functional categories: direct investment, portfolio investment, financial

derivatives, other investment, and reserve assets;

2. By financial instruments: according to broad financial instruments (equity and

investment fund shares, debt instruments, other assets and liabilities) or in detail

for each aforementioned instrument;

3. By resident's institutional sector: monetary authorities (central bank), deposit-

taking corporations, except the central bank, general government, and other

sectors, which are further divided into: other financial corporations, non-financial

corporations, households and non-profit institutions serving households;

4. By maturity (for debt instruments): short-term or long-term instruments.

The value of the IIP at the end of a period results from the position at the end of the previous

period, transactions recorded during the current period, and other changes that arise from

reasons other than transactions between residents and non-residents, that may be

attributed to other changes in volume and revaluations (due to exchange rate changes and

other price changes).

Other changes in financial assets and liabilities account shows changes in financial positions

that arise for reasons other than transactions between residents and non-residents:

1. Other changes in volume than those recorded in the BOP;

2. Revaluations due to exchange rate changes;

3. Revaluations due to other price changes.

Transactions and stocks are generally valued at market prices. The primary valuation used

for non-negotiable instruments (loans, currency and deposits, and other accounts

receivable/payable) is nominal value.

23


Revaluation related to exchange rate changes reflect the change in the value of a stock as a

result of its conversion from the original currency into US dollars, currency used as the unit

of account for balance of payments, international investment position and the external debt

compilation.

Other changes in the volume of financial assets and liabilities are changes in the value of

these assets and liabilities that are due neither to transactions nor to revaluation. These

changes include those due to write-offs, reclassification, and the changes in financial assets

arising from entities changing their economy of residence.

Table no. 2. International investment position statement with additional details

Beginning of period

IIP

Financial account

transactions

Other changes in assets and liabilities account

End of period IIP

Changes in position due to:

other price changes

exchange rate

changes

other changes in

volume Net international investment position Assets

Direct investment

Equity and investment fund shares Equity other than reinvestment of earnings Reinvestment of earnings Debt instruments

Portfolio investment Equity and investment fund shares Debt securities

Financial derivatives (other than reserves) Other investment Other equity Currency and deposits Loans Trade credits and advances Other accounts receivable Reserve assets Liabilities

Direct investment

Equity and investment fund shares Equity other than reinvestment of earnings Reinvestment of earnings Debt instruments

Portfolio investment Equity and investment fund shares Debt securities Financial derivatives (other than reserves) Other investment Other equity Currency and deposits Loans Trade credits and advances Other accounts payable

Special drawing rights (allocations)

The content of the IIP can be presented in various ways:

• by functional category and by broad financial instruments, which allows the IIP

analysis at the end of the period, given the financial account transactions and other

changes in financial assets and liabilities account;

• by institutional sectors and functional categories, where the institutional sector

corresponds to that of the resident (the domestic owner’s or creditor’s sector in the

24


case of financial assets and the domestic issuer’s or debtor’s sector in the case of

liabilities);

• by maturity (long-term and short-term assets and liabilities).

Unlike the IIP, which shows the financial situation of the country vis-a-vis the rest of the

world at a point in time, the IIP statement with additional details (Table 2) covers a period of

time (quarter, year) and includes data on the position at the beginning and at the end of the

period. Such a presentation form emphasizes how changes in the IIP result from financial

account transactions and other changes in financial assets and liabilities during the period.

Data sources used for the international investment position compilation are identical to

those used for the compilation of the balance of payments financial account.

25


1.2.4. METHODOLOGICAL STANDARDS ON THE EXTERNAL DEBT OF

THE REPUBLIC OF MOLDOVA

The external debt is compiled according to the standards recommended by the International

Monetary Fund in External Debt Statistics: Guide for Compilers and Users (2013) (EDS, 2013).

The gross external debt of the Republic of Moldova, at a given time, is the sum of all current,

and not contingent, actual liabilities of residents to nonresidents that require payment(s) of

principal and / or interest by the debtor at some point(s) in the future.

The country’s external debt consists of the following:

• Portfolio investment – debt instruments (such as bonds);

• Loans;

• Special drawing rights (SDR allocations);

• Currency and deposits;

• Trade credits and advances;

• Other debt liabilities;

• Direct investment: intercompany lending.

Portfolio investment – debt instruments include debt securities issued by Moldovan residents,

held by nonresidents, except for those held by nonresident parent companies / branches and

those issued by the government in order to be placed in the domestic market of the Republic

of Moldova, purchased by nonresidents*.

Debt securities are divided by issuer’s sector and by type of financial instrument.

The stock of portfolio investment liabilities at a given time is the sum of debt securities

issued by Moldovan residents and held by nonresidents, minus overdue securities plus

accrued interest for the reported period, if the interest payment is scheduled for a future

period.

Loans comprise:

– loans of the central bank – loans contracted from the IMF and used by the NBM;

– general government loans (state loans and loans of administrative-territorial units

(ATU)) – external loans contracted and used by the central and local government

on behalf of the Republic of Moldova;

– private loans guaranteed by the government – external loans contracted with

governmental guarantees and used by the private sector;

– loans of public corporations – external loans contracted and used by economic

agents where the government and / or ATU hold more than 50% of the equity

capital;

– private loans – external loans contracted and used by the private sector (deposit-

taking corporations except the central bank and other sectors) with the exception

* According to the Law of the Republic of Moldova on public sector debt, governmental guarantees, and governmental refinancing no. 419-XYI of 22.12.2006, in force since 09.09.2007, debt securities issued by the government in order to be placed in the domestic market of the Republic of Moldova and purchased by nonresidents are attributed to the internal governmental debt.

26


of loans from affiliated nonresident companies reflected under Direct investment:

intercompany lending item.

The stock of liabilities in the form of loans at a given time is the total amount of external

loans contracted and used by Moldovan residents minus actual payments on principal, plus

interest arrears.

Special Drawing Rights – SDR allocations are a long-term liability of the recipient country to

the IMF for two reasons: recipient countries pay an interest on the respective allocations and

will need to return them to the IMF under certain circumstances, such as termination of

participation in the IMF SDR Department or its liquidation.

Currency and deposits include nonresidents’ sight and time deposits with the national

banking system.

Trade credits and advances are liabilities in the form of credits and advances extended by

suppliers or buyers in commercial transactions in goods or services. They include:

– advance payments received by economic agents from nonresidents;

– liabilities arising from barter transactions in goods of non-equivalent value (when

the value of imports exceeds the value of exports);

– liabilities on imports of goods and services not paid in due time.

Other debt liabilities cover the historical debt for imports of goods and services, liabilities to

non-residents on transactions with investments, liabilities on dividends distributed but not

yet paid to non-residents.

Direct investment - intercompany lending – liabilities of foreign direct investment enterprises

to their direct investors abroad, which include:

– stock of loans received from foreign investors;

– stock of other debt liabilities to foreign direct investors.

The stock of liabilities in the form of intercompany loans at a given time is the amount of

external loans contracted and used by economic entities of a country from their direct

investors minus actual principal payments, plus interest arrears.

According to the EDS 2013, the arrears on external loans and debt securities service

representing the amounts of principal due for payment and interest accrued and not paid,

are considered as part of the original financial instrument stock generating the debt and are

additionally reflected as a memorandum item.

The external debt is disaggregated by institutional sectors, following the BOP classification:

central bank, general government, deposit-taking corporations except the central bank,

other sectors. External liabilities are attributed to the direct borrower’s sector; they are

classified at the guarantor’s sector only when the guarantee is activated.

For analytical purposes the external debt is presented by the original maturity of

instruments: short-term and long-term, and by debtor’s sector: public and private.

The external public debt is a component of public debt (Law on public debt, governmental

guarantees, and governmental refinancing no. 419-XYI of 22.12.2006) and represents

liabilities to nonresidents. It includes the governmental debt, the debt of ATU, the debt of

27


the NBM, debt of public corporations (business entities where the government and / or ATU

hold more than 50% of the equity capital).

The external governmental (state) debt represents the total amount of outstanding

liabilities, contracted from nonresidents by the government on behalf of the Republic of

Moldova through the Ministry of Finance, and consists of the direct external governmental

(state) debt and the publicly guaranteed assumed external debt.

The direct external governmental (state) debt includes the external liabilities of the

government, when the government acts in the capacity of debtor.

Publicly guaranteed assumed external debt includes external governmental liabilities arising

from the government’s duty to execute the state guarantee when the debtor (guarantee

beneficiary) fails to meet their obligations towards the creditor, according to the provisions

of the state guarantee contract.

The external debt of ATU includes current and mature external liabilities in the form of

loans, as well as unpaid interest due on them, owed and outstanding, contracted and used by

local public authorities.

The debt of the National Bank of Moldova includes loans from the IMF used by the NBM.

The external debt of public corporations includes current and mature external liabilities in

the form of loans and unpaid interest due on them, owed and outstanding, contracted and

used by business entities where the government and / or ATU hold more than 50% of the

equity capital.

The external private debt comprises the liabilities of the private sector not meeting the

definition of public debt (of deposit-taking corporations except the central bank and of

other private enterprises, including private companies with foreign capital) to nonresidents,

contracted with or without governmental guarantee and serviced by the private sector.

Data sources used for the external debt compilation are identical to those used for the

compilation of the balance of payments financial account and the international investment

position.

28


II. DATA SOURCES FOR THE BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION AND EXTERNAL DEBT

ITEM NAME OF DATA SOURCE / PERIODICITY REPORTING UNIT

Goods

General merchandise on a balance of payments basis

• Data on exports and imports of goods made by legal entities (customs declarations) /quarterly

• Data on exports and imports of goods made by individuals (customs declarations) / quarterly

• Report on expenditures of road, air and rail transport companies for fuel and lubricants purchasing / quarterly

• Report on international operations / monthly • Information on deliveries and settlements for energy resources imports / quarterly

• Summary information on the flow of funds in the external accounts of economic agents / monthly

• National Bureau of Statistics

- // -

- // -

• Licensed banks • Economic agents importing energy resources

• Economic agents with accounts opened abroad

Net exports of goods under merchanting

• Data on exports and imports of goods made by legal entities (customs declarations) /quarterly

• Report on international operations / monthly


• Licensed banks

Non-monetary gold • Data on exports and imports of goods made by legal entities (customs declarations) / quarterly


Services

Manufacturing services on physical inputs owned by others

• Data on exports and imports of goods by legal entities (customs declarations) / quarterly


Repair and maintenance services

• Report on international operations / monthly • Summary information on the flow of funds in the

external accounts of economic agents / monthly

• Licensed banks, NBM • Economic agents with accounts opened abroad

Transport

• Report on international operations / monthly • Data on exports and imports of goods made by legal entities (customs declarations) / quarterly

• Generalized statistical report on external trade in services / quarterly


• Report on external assistance generated in the public information system EAMP (External Assistance Management Platform) / quarterly

• Report on transport by means of motor vehicles / quarterly

• Licensed banks, NBM • National Bureau of Statistics


• Economic agents that have accounts opened abroad

• State Chancellery • National Bureau of Statistics

Pipeline transport • Report on natural gas transit services / quarterly • Economic agents

Travel

• Report on international operations / monthly • Summary information on flow of funds in the external accounts of economic agents / monthly

• Data on exports and imports of goods made by legal entities (customs declarations) / quarterly

• Information on exports of goods in duty-free stores / quarterly

• Summary report on operations of foreign exchange offices (of licensed commercial banks and independent foreign exchange offices) / monthly


• Employees' professional training / annually • Report on the external assistance generated in the public information system (External Assistance Management Platform) / quarterly

• Licensed banks, NBM • Economic agents that have accounts opened abroad



• National Bank of Moldova


- // - • State Chancellery

29



• Report on foreign citizens studying at the educational institutions of the Republic of Moldova and on Moldovan citizens attending educational institutions abroad / annually

• Monthly information on disbursements from external grants / quarterly

• Report on technical assistance granted to Moldova, current and capital related expenditures /quarterly

• Quarterly information on disbursements from external voluntary donations for budgetary institutions /quarterly

• Ministry of Education • Ministry of Finance

• Soros Foundation Moldova

• Ministry of Finance

Telecommunications, computer, and information services; personal, cultural, and recreational services


• Report on international operations / monthly • Summary information on flow of funds in the external

accounts of economic agents / monthly



Insurance and pension services

• Statistical report on insurance companies' activity / quarterly


• Report on international operations / monthly


- // -

• Licensed banks, NBM Construction, financial services, charges for the use of intellectual property, other business services





Government goods and services not included elsewhere

• Report on international operations / monthly • Report on the external assistance generated in the public information system (External Assistance Management Platform) / quarterly

• Report on foreign currencies flow in the accounts opened abroad of Moldovan embassies and consulates / quarterly



• Licensed banks, NBM • State Chancellery • Ministry of Foreign Affairs and European Integration

• Ministry of Finance • Soros Foundation Moldova

Primary income

Compensation of employees

• Labour Force Survey (summary) / quarterly

• Report on international operations / monthly • Information on use by individuals of money remittance services through the licensed banks / quarterly

• Information on use by individuals of money remittance services through postal offices / quarterly

• Information on the number of purchases and sales transactions of flats and dwelling houses registered on the territory of the Republic of Moldova / quarterly

• Information on average prices in the real estate markets / quarterly

• Information on immigrants arrived temporarily to the Republic of Moldova for working purposes / quarterly

• Information on assets and liabilities in foreign currency of the licensed banks from the Republic of Moldova / monthly

• Summary report on operations carried out by foreign exchange offices of licensed banks / monthly

• Information on purchase and sale of foreign currencies by independent foreign exchange offices / monthly


• Licensed banks, NBM • National Bank of Moldova

• Posta Moldovei • Agency for Land Relations and Cadastre

• Real estate agencies (web) • Migration and Asylum Office


- // -

- // -

30



• Information on cash foreign currency taken out by banks from the Republic of Moldova / quarterly

• Summary information on cash foreign currency introduced by banks in the Republic of Moldova / quarterly

• Summary information on cash receipts recorded in the accounts of individuals / monthly

• Summary information on cash released from the accounts of individuals / monthly


• Report on external assistance generated in the public information system (External Assistance Management Platform) / quarterly


- // -

- // -

- // -

- // -


• State Chancellery • Ministry of Finance

Direct investment income


• Information on non-resident shareholders of banks from the Republic of Moldova / monthly

• Statement of changes in equity capital of licensed banks (individual reports) / monthly

• Report on financial results (Annex no.2 to N.S.A. 5 - summary) / annually

• Cash flow statement (N.S.A. 7) / annually • Report on foreign investments allocated by foreign owned enterprises to the economy of Moldova / quarterly

• Database on assets and liabilities of the Republic of Moldova in the form of loans, securities and allocations of SDRs (DMFAS)



- // -


- // - - // -

• Ministry of Finance, NBM

Portfolio investments income






- // -

Other investment income

• Report on international operations / monthly • Summary information flow of funds in the external accounts of economic agents / monthly

• DMFAS • General information on actual daily servicing of public and publicly guaranteed external debt by each loan /quarterly

• Information on flow and stock of external loans of public corporations / quarterly


• Ministry of Finance, NBM • Ministry of Finance

-//-

Reserve assets income • Information on reserve assets management / quarterly • National Bank of Moldova

Secondary income

Secondary income

• Labour Force Survey (summary) / quarterly

• Report on international operations / monthly • Summary information on use by individuals of money remittance services / quarterly

• Summary information on flow of funds in the external accounts of economic agents / monthly

• Data on exports and imports of goods by legal entities (customs declarations) / quarterly


• Licensed banks, NBM • National Bank of Moldova • Economic agents that have accounts opened abroad


31



• Information on exports of goods by duty-free stores / quarterly


• Employees' professional training / annually

• Statistical report on insurance companies' activity / quarterly


• Report on studies of foreigners at the education institutions of the Republic of Moldova / annually

• Report on studies of Moldovan citizens at educational institutions from abroad / annually

• Report on payments made to international organizations / quarterly



• Quarterly information on disbursements from external voluntary donations for budgetary institutions /quarterly

- // -

- // - • National Bureau of Statistics

- // -

• State Chancellery • Ministry of Education

- // - • Ministry of Finance • Ministry of Finance

• Soros Foundation Moldova


Capital account

Gross acquisition/disposal of non-produced non-financial assets

• Report on international operations / monthly • Licensed banks

Capital transfers

• Report on international operations / monthly • Report on financial means legalized and transferred abroad by authorized banks for the respective month / monthly

• Information on transactions made in the securities secondary market involving foreign investors / quarterly


• Summary information on flow of funds in the external accounts of the economic agents / monthly


• Licensed banks, NBM - // -

• National Commission for Financial Markets

• State Chancellery • Economic agents that have accounts opened abroad


Direct investment

Assets Equity and investment fund shares • equity other than reinvestment of earnings

deposit-taking corporations, except central bank

• Report on international banking operations / monthly • Report on carrying out authorized foreign exchange operations / quarterly

• Licensed banks • National Bank of Moldova

other sectors: • other financial

corporations • non-financial

corporations • households and

• Report on international banking operations / monthly • Information note to the balance sheet on advances, investments, loans and settlements with external customers (Annex no.6 to N.S.A. 5 - summary) / annually

• Information note to the balance sheet on advances, investments, loans and settlements with external

• Licensed banks • National Bureau of

Statistics

- // -

32



NPISHs customers (Annex no.18 to N.S.A. 4 - summary) / annually

• Information on authorized foreign exchange operations / quarterly


Debt instruments other sectors: • other financial



NPISHs

• Report on international banking operations / monthly • DMFAS • Information on authorized foreign exchange operations / quarterly

• Licensed banks • Ministry of Finance, NBM • National Bank of Moldova

Liabilities Equity and investment fund shares • equity other than reinvestment of earnings

• reinvestment of income




• Information on securities transactions performed in the secondary market with non-residents' participation / quarterly

• Information on issuance of securities: non-residents' participation / quarterly

• Report on international banking operations / monthly


- // - • National Commission for Financial Markets

- // -

• Licensed banks




NPISHs

• Report on international banking operations / monthly • Report on foreign investments allocated by foreign owned enterprises to the economy of Moldova 1-Invest (individual data) / quarterly

• Balance sheet of enterprises reporting 1-Invest (individual data) / annually

• Data on value of equity capital and statutory capital (Annex no.16 to N.S.A. 4) / annually

• Data on value of equity capital and statutory capital (Annex no.1 to N.S.A. 5) individual data / annually

• Information on legal entities' data under IDNO / quarterly

• Report on financial results (Annex no.2 to N.S.A. 5 - summary) / annually

• Report on financial results by enterprises reporting 1-invest (Annex no.2 to N.S.A. 5 - individual data / annually

• Report on financial results by enterprises reporting 1-invest (Annex no.17 to N.S.A. - individual data) / annually



• Information on deliveries and settlements for energy resources imports / quarterly

• Licensed banks • National Bureau of Statistics

- // -

- // -

- // -

• CSIR "Registru"


- // -


- // -

• Economic agents importing energy resources

Debt instruments other sectors: • other financial

• Report on international banking operations / monthly • DMFAS

• Licensed banks • Ministry of Finance, NBM

33





NPISHs

• Report on foreign investments allocated by foreign owned enterprises to the economy of Moldova 1-Invest (individual data) / quarterly

• Information note to the balance sheet on advances, investments, loans and settlements with external customers (Annex no.6 to N.S.A. 5 - individual data) / annually



- // -

- // -

Portfolio investment

Assets Equity and investment fund shares




NPISHs

• Report on international banking operations / monthly • Information on authorized foreign exchange operations / quarterly


Debt securities


• Report on international banking operations / monthly • Foreign securities of licensed bank based on the bank's open foreign exchange position) / monthly

• Foreign securities of licensed banks under ISIN / monthly

• Licensed banks • National Bank of Moldova • National Bank of Moldova




NPISHs


• Licensed banks

Liabilities Equity and investment fund shares









- // -

• Licensed banks




NPISHs

• Report on international banking operations / monthly • Report on foreign investments allocated by foreign owned enterprises to the economy of Moldova / quarterly

• Information note to the balance sheet on advances, investments, loans and settlements with external customers (Annex no.6 to N.S.A. 5 - summary) / annually



- // -

- // -

34





• National Commission for Financial Markets

- // -

Debt securities

general government

• Report on international banking operations / monthly • DMFAS • Information on State securities selling auctions, by foreign investors

• National Bank of Moldova • Ministry of Finance, NBM

- // -

Financial derivatives

Assets / Liabilities deposit-taking corporations, except central bank

• Report on international banking operations / monthly • Licensed banks

Other investment

Trade credit and advances

Assets



corporations • households

• Report on international banking operations / monthly • Data on exports and imports of goods made by legal entities (customs declarations) / monthly



• Licensed banks • Customs Service, National Bureau of Statistics


- // -

Liabilities



corporations • households

• Report on international banking operations / monthly • Data on exports and imports of goods made by legal entities (customs declarations) / monthly




- // -

- // -

Currency and deposits

Assets

monetary authorities

• Official reserve assets and liabilities in foreign currency / monthly

• Information on turnover and balances of correspondent accounts and NOSTRO accounts / monthly


- // -

general government • Official reserve assets and liabilities in foreign currency / monthly



• Information on accounts of licensed banks opened abroad (based on the report on correspondent accounts and other placements of licensed banks) / quarterly

• Information on assets in foreign currency of licensed banks (based on the bank's open foreign exchange position) / monthly

• Licensed banks

- // -



corporations


• Report on international banking operations / monthly • Summary information on operations of independent foreign exchange offices and foreign exchange offices



35



• households and NPISHs

by hotels / monthly • Data on exports and imports of goods made by individuals (customs declarations) / monthly

• Information on purchase/sale of foreign currency in the interbank and intrabank market / monthly

• Information on NBM's activity in foreign exchange market / monthly



- // -

Liabilities

monetary authorities • Information on turnover and balances of correspondent accounts and LORO accounts / monthly



• Information on accounts of licensed banks opened abroad (based on the report on correspondent accounts and other placements of licensed banks) / quarterly

• Information on residents’ and non-residents’ accounts in foreign currency and non-resident’s accounts in national currency with licensed bank / monthly



- // -

• Licensed banks

Loans Assets

general government • Information on loans granted by the Government of the Republic of Moldova

• DMFAS

• Ministry of Finance • Ministry of Finance, NBM


• DMFAS • Report on international banking operations / monthly

• Ministry of Finance, NBM • Licensed banks




NPISHs

• Report on international banking operations / monthly • DMFAS • Information note to the balance sheet on advances, investments, loans and settlements with external customers (Annex no.6 to N.S.A. 5 - summary) / annually


• Licensed banks • Ministry of Finance, NBM • National Bureau of Statistics

- // -

Liabilities

monetary authorities • DMFAS • Report on international banking operations / monthly

• Ministry of Finance, NBM • National Bank of Moldova

general government

• Report on international banking operations / monthly • DMFAS • Summary information on actual daily external governmental debt servicing, by loan / quarterly

• Information on disbursements of Government loans / quarterly

• Information on Government external debt by credit and creditor / quarterly

• Information on disbursements of external loans of administrative-territorial units (ATU) / quarterly

• Information on external loans service of administrative-territorial units (ATU) / quarterly

• Licensed banks, NBM • Ministry of Finance, NBM • Ministry of Finance

- // -

- // -

- // -

- // -


• Report on international banking operations / monthly • DMFAS

• Licensed banks • Ministry of Finance, NBM




NPISHs


• Report on international banking operations / monthly • DMFAS • Information on external loans service of public corporations / quarterly

• Information on disbursement of external loans of public corporations / quarterly


• Licensed banks • Ministry of Finance, NBM • Ministry of Finance

- // -

36






- // -

Other accounts receivable

• general government

• deposit-taking corporations, except central bank

• other sectors


• Licensed banks

Other accounts payable

• general government

• deposit-taking corporations, except central bank

• other sectors


• Licensed banks, NBM

SDR allocations • Report on international operations / monthly • DMFAS

• National Bank of Moldova • Ministry of Finance, NBM

Reserve assets

• Report on international operations / monthly • NBM official reserve assets and liabilities in foreign currency / monthly

• Information on open foreign exchange position / monthly

• Report on currency composition of official reserve assets / monthly

• Report on forex operations at the due date / monthly • Information on reserve assets management / monthly • Information of NBM transactions: purchases and sales of foreign currency at the interbank forex exchange and over the counter, to the Ministry of Finance and other ministries / monthly

• Information on purchase-sale of foreign state securities included in official reserves / monthly

• Report on official reserves (FCD, SDR, DS) / monthly

• National Bank of Moldova - // -

- // -

- // -

- // - - // - - // -

- // -

- // -

Supplementary items Arrears not in exceptional financing

• DMFAS • Ministry of Finance, NBM

37


III. OVERWIEW OF MAIN DEVELOPMENTS IN THE INTERNATIONAL

ACCOUNTS OF THE REPUBLIC OF MOLDOVA IN 2015, THE NATIONAL

AND THE INTERNATIONAL CONTEXT

During 2015, the economy of the Republic of Moldova had a downward development, the increase in GDP in real terms recorded in 2013-2014 and in the first two quarters of 2015 being followed by a decrease in the third and fourth quarters. Overall, the GDP decreased by 0.5% in real terms in 2015 compared to the previous year (Table no. 3). This development was caused mainly by the decrease in physical volume of agricultural production (-13.8% compared to 2014), due to the decrease in crop production caused by the drought.

Table no. 3. Main macroeconomic indicators of the Republic of Moldova UM 2011 2012 2013 2014 2015 Gross domestic product in current prices MDL million 82,349 88,228 100,510 112,050 122,170

Gross domestic product in current prices US$ million 7,016 7,284 7,983 7,981 6,493

GDP, physical volume indices % 106.8 99.3 109.4 104.6 99.5

Exports of goods, physical volume indices % 134 101 113 102 101

Exports of goods, unit value indices % 107 97 98 94 83

Imports of goods, physical volume indices % 122 101 106 101 95

Imports of goods, unit value indices % 110 99 99 96 79 Terms of trade (export unit value index / import unit value index)

% 97.3 98.0 99.0 97.9 105.1

Period average exchange rate MDL/USD 11.7370 12.1122 12.5907 14.0388 18.8161

Personal remittances / GDP % 24.0 25.2 25.3 24.0 21.8

FDI flows (net incurrence of liabilities) / GDP % 5.0 3.9 3.6 4.4 3.6

Sources: NBM, NBS

The external sector of the economy of the Republic of Moldova was marked by the economic recession recorded by its main partners from the CIS (Russian Federation and Ukraine, whose GDP decreased, respectively, by 3.7% and 9.9% in real terms as against 2014), which had a significant negative impact on export and personal remittances (Chart no.1).

The application of the EU-Moldova Deep and Comprehensive Free Trade Area (DCFTA) since 09/01/2014 had a positive impact on Moldova’s exports to EU countries (which increased by 6.1% compared to 2014, excluding goods for/after processing), which was however insufficient to fully compensate for the decrease in exports to the CIS (which went down by 32.2% compared to 2014, excluding goods for/after processing).

Exports of goods of the Republic of Moldova recorded a downward trend in the last years, caused by the decrease in exported goods prices, while their physical volume increased. Nonetheless, the evolution of prices in external markets in 20015 was overall positive for the Republic of Moldova, because the prices of imported goods fell on average more than the prices of exported goods. Thus, the terms of trade improved.

Personal remittances received by the residents of the Republic of Moldova also recorded a declining trend in the last years, decreasing from 25.3% as a ratio to GDP in 2013 to 21.8% in 2015, mainly due to the fall in inflows from the Russian Federation.

The depreciation tendency of Moldovan leu against EUR and the U.S. dollar still continued in the domestic foreign exchange market. In December 2015, the consumer price index accounted for 113.6% as against December 2014.

38


Chart no. 1. External sector indicators and economic growth of the Republic of Moldova as compared to the main trading partners in 2015, %

Sources: Drawn up based on data published by the IMF in “World Economic Outlook, October 2016” and „Balance of Payments Statistics” (IMF eLibrary Data)

As a result of current and capital transactions with the rest of the world performed by resident economic agents of the Republic of Moldova during 2015, the net borrowing (the sum of current account balance and of the capital account balance of the balance of payments) decreased by 17.0% compared to 2014 and amounted to USD 391.96 million, representing 6.0% as ratio to GDP (5.9% in 2014) (Table no.4).

The current account deficit decreased by 27.1% as against 2014 and amounted to USD 414.84 million, representing 6.4% as a ratio to GDP (7.1% in 2014). The negative development of the primary income balance influenced the current account towards deterioration (-3.3 percentage points of the ratio to GDP), mainly due to the decrease in the compensation of resident employees for the work performed for non-resident employers (-1.2 p.p.) and to the increase in income payments (in the form of dividends, interests etc.) to foreign investors (+1.4 p.p.). Secondary income surplus also recorded a decrease (-2.4 p.p.), as a result of the drop in personal transfers inflows (-1.0 p.p.) and in external assistance received (within international cooperation, both at the general government and private level - by 1.3 p.p.).

The decrease in income received by residents generated the decrease in imports of consumer goods. Together with the decrease in imports of raw materials and capital goods by economic agents associated with the economic activity slowdown, this decrease generated a reduction in imports of goods and services by 5.3 percentage points relative to GDP. At the same time, the export of goods and services as a ratio to GDP increased by 1.1 p.p., so that the trade deficit to GDP ratio decreased by 6.4 p.p. as against 2014.

-0.5

4.02.2

-9.9

1.3 1.63.8

-0.2

-3.9

3.0 3.7 0.8

6.9

0.9 1.24.5

1.5

-3.7

2.92.0 0.8

-35

-30

-25

-20

-15

-10

-5

0

5

10

15

Mol

dova

Tu

rkey UK

Uk

rain

e

Fran

ce

Lith

uan

ia

Rom

ania

Gre

ece

Bel

aru

s

Bu

lgar

ia

Pol

and

Ital

y

Ch

ina

Au

stri

a

Kaz

akh

stan

Cze

chia

Ger

man

y

Ru

ssia

Hu

nga

ry

Net

her

lan

ds

Swit

zerl

and

Trade in goods and services balance, ratio to GDP, 2015

Current account, ratio to GDP, 2015

GDP, physical volume indices, as against 2014

39


Table no. 4. Contribution of the main components to the evolution of the BOP current account

2011 2012 2013 2014 2015 Change in share

2015 / 2014 % p.p.*

Current account / GDP -12.1 -8.7 -6.5 -7.1 -6.4 0.7

Trade balance / GDP -40.3 -40.6 -37.5 -36.6 -30.1 6.4

Exports of goods and services / GDP 39.1 37.2 38.0 37.0 38.1 1.1

Imports of goods and services / GDP 79.3 77.8 75.5 73.6 68.3 -5.3

Primary income balance / GDP 8.2 11.2 10.9 10.3 7.1 -3.3

Primary income inflow / GDP, of which: 13.3 14.4 14.6 14.0 12.6 -1.4

Compensation of employees / GDP 12.9 13.9 14.0 13.3 12.1 -1.2

Primary income outflow / GDP, of which: 5.1 3.2 3.6 3.7 5.5 1.9

Investment income / GDP 4.5 2.5 3.1 2.8 4.2 1.4

Secondary income balance / GDP 19.9 20.7 20.1 19.1 16.7 -2.4

Secondary income inflow / GDP, of which: 21.5 22.3 21.7 21.0 18.9 -2.1

Personal transfers / GDP 12.9 13.4 13.4 12.7 11.7 -1.0

Current international cooperation / GDP 3.4 3.5 3.2 4.3 3.0 -1.3

Secondary income outflow / GDP 1.6 1.6 1.6 1.9 2.2 0.3

Capital account / GDP 0.5 0.3 0.7 1.2 0.4 -0.8 Net borrowing (current and capital account balance)/ GDP

-11.7 -8.4 -5.7 -5.9 -6.0 -0.1

*percentage points

In terms of national accounts, the current account deficit recorded in the balance of payments of the Republic of Moldova in 2015 results from the difference between gross saving and total investment (Chart no. 2): because the national saving was below the gross capital formation, investment was additionally financed from external sources.

Chart no. 2. Current account deficit of the Republic of Moldova as difference between gross saving and total investment, 2007-2015, % ratio to GDP

Sources: Drawn up based on NBS data (provisional) and NBM data

In 2015, the final consumption of the general government as ratio to GDP remained practically unchanged compared to 2014, while the final consumption of households decreased (Chart no. 3), contributing positively to the gross saving. However, the gross national disposal income recorded a more significant decrease, which determined the reduction in gross saving as ratio to GDP. At the same time, investment (gross capital formation) decreased as well, thus the current account balance (according to BPM5) as ratio to GDP changed insignificantly. It should be mentioned that investment in construction

15.2 16.1

8.2 7.5

11.7

7.55.2 5.3 4.9

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014 2015

Gross saving

Investment (gross capital formation)

Current account deficit (BPM5)

40


prevailed in the structure of gross fixed capital formation in 2015 (with a share of about 64%, which increased), compared to the investment in machinery and equipment (about 29%).

Chart no. 3. Graphic representation of identity CA=GNDI – C – G – I in the case of the Republic of Moldova, 2007-2015, % ratio to GDP

Sources: Drawn up based on NBS data (provisional) and NBM data

The official reserve assets represented the main coverage source for the net borrowing (reflected in the financial account of the balance of payments) in 2015 (Table no. 5), mainly in the first quarter of 2015, used by the NBM for interventions in the domestic foreign exchange market in order to neutralize the excessive fluctuations of the Moldovan leu exchange rate. The decrease in reserve assets during the year constituted 4.7% relative to GDP.

Table no. 5. Sources of coverage for the net borrowing, net financial flows

2011 2012 2013 2014 2015 Change in share

2015 / 2014 % to GDP p.p.*

Financial account -10.6 -6.7 -4.6 -7.1 -6.8 0.3

Direct investment, of which: -4.5 -3.5 -3.1 -3.9 -3.5 0.4

Equity other than reinvestment of earnings -1.8 -1.7 -1.7 -1.6 -0.9 0.7

Reinvestment of earnings -1.2 0.2 -0.2 -0.4 -1.9 -1.5

Debt instruments -1.5 -1.9 -1.2 -1.9 -0.7 1.2

Portfolio investment and financial derivatives -0.3 -0.1 -0.2 0.2

Other investment, of which: -10.1 -9.8 -4.8 3.8 1.4 -2.4

Currency and deposits -3.1 -1.7 0.2 2.3 3.2 0.9

Loans -5.2 -6.3 -2.1 0.1 -0.3 -0.4

Trade credit and advances -1.9 -1.8 -1.7 -1.7 -1.5 0.2

Other accounts receivable / payable 0.2 0.1 -1.2 3.1 0.1 -3.0

Change in reserve assets 3.9 6.8 3.5 -6.7 -4.7 2.0

Note: (-) – net capital inflow, (+) – net capital outflow

*percentage points

Net capital inflows in the form of direct investment also contributed to the financing of the net borrowing in the amount of 3.5% to GDP, mainly due to the reinvestment of earnings. At the same time, other investment recorded net capital outflows (1.4% as ratio to GDP), mainly as a result of withdrawals made by nonresidents of the deposits opened with resident licensed banks (phenomenon related to the fact that in 2015, following the irregularities detected, the

-175

-150

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

2007 2008 2009 2010 2011 2012 2013 2014 2015

Gross national disposable income(GNDI)

Final consumption by householdsand nonprofit institutions (C)

Final consumption by government(G)

Investment (gross capitalformation) (I)

Current account (BPM5) (CA)

41


Executive Board of the NBM decided to withdraw the licenses of three banks and to temporarily establish the special supervision procedure for other three banks).

Although the balance of payments of the Republic of Moldova recorded a current account deficit, the country’s gross external debt decreased due to the fact that the net borrowing was covered mainly by sources that do not generate debt (such as reserve assets and reinvested earnings within direct investment). Exchange rate fluctuations also contributed to the decrease in external debt expressed in USD. Thus, the gross external debt of the Republic of Moldova (according to the EDS Guide 2013/BPM6) reached USD 6,345.43 million as of 12/31/2015, decreasing by 3.4% during the year (Table no. 6). Public and publicly guaranteed debt accounted for 26.8% of total debt, totaling USD 1,702.04 million, down by 1.7% since the beginning of the year. Private non-guaranteed debt amounted to USD 4,636.35 million, decreasing by 4.0% since the end of the previous year. The largest part of the stock of gross external debt accrues to the long-term debt (77.4%)1. The loans from international organizations and foreign governments held the share of 43.0% in the external debt stock of the Republic of Moldova in the form of loans and SDR allocations.

Table no. 6. Main indicators of the external debt (BPM6) UM 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 2015 /

2014 (%)

Gross external debt US$ million 5,359.35 6,019.84 6,674.38 6,570.26 6,345.43 96.6

Public and publicly guaranteed external debt US$ million 1,521.35 1,762.57 1,774.92 1,731.05 1,702.04 98.3

Long-term external debt US$ million 4,073.44 4,698.20 5,003.79 5,012.32 4,909.52 97.9 Share of public and publicly guaranteed external debt in gross external debt

% 28.4 29.3 26.6 26.3 26.8 0.5 p.p.*

Share of long-term external debt in gross external debt

% 76.0 78.0 75.0 76.3 77.4 1.1 p.p.

Share of international organizations and foreign governments (creditors) in the external debt in the form of loans and SDR allocations

% 47.4 48.0 44.9 43.7 43.0 -0.7 p.p.

Official reserve assets / Short-term external debt

% 152.8 190.3 168.8 138.4 122.3 -16.1 p.p.

*percentage points

The international investment position of the Republic of Moldova (according to BPM5) remained to be net debit and amounted to USD -5,713.43 million as of 12/31/2015. The negative balance increased by 1.0% as against the end of 2014: foreign assets totaled USD 3,335.64 million, decreasing by 10.1%, while liabilities - USD 8,989.81 million, decreasing by 3.4% (Table no. 7). The decrease rate determined the worsening of the ratio between the stock of external assets and liabilities by 2.8 percentage points to 37.1% as of 12/31/2015. The stock of liabilities to foreign direct investors represented USD 3,466.07 million (decreasing by 4.1% since the beginning of the year) and accounted for 38.6% of total liabilities.

The stock of official reserve assets decreased by 18.5% during 2015 and amounted to USD 1,756.81 million as of 12/31/2015. However, the volume of official reserve assets complies with the traditional criteria of adequacy:

- coverage of at least 3 months of imports of goods and services (covered 4.8 months);

1 The total stock of the gross external debt calculated in accordance with the BPM6 (EDS 2013) standard is the same as according to the BPM5, but with changes in structure. In particular, within the debt calculated according to BPM6, the debts for imported natural gas are included in the long-term debt under the item intercompany lending within direct investment (not in the short-term debt as according to BPM5).

42


- full coverage by reserves of the short-term external debt (covered 122.3%). - coverage of 20% of broad money M2 (covered 88.0%); - coverage of 100-150% of the amount: 30% of short-term debt +15% of other portfolio

liabilities + 5% of M2 + 5% of exports of goods and services (covered 254.6%) (Chart no. 4).

Table no. 7. Main indicators of the international investment position (BPM5) UM 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 2015 / 2014

(%) Net international investment position US$ million -4,825.09 -5,085.32 -5,346.05 -5,598.53 -5,654.17 101.0 Stock of foreign assets / stock of foreign liabilities

% 38.4 41.1 43.0 39.9 37.1 -2.8 p.p.*

Stock of foreign direct investment, liabilities US$ million 3,261.06 3,466.67 3,620.97 3,613.78 3,466.07 95.9 Share of foreign direct investment in the stock of foreign liabilities

% 41.6 40.1 38.6 38.8 38.6 -0.3 p.p.

Share of loans (without intercompany loans) in the stock of foreign liabilities

% 32.5 35.0 34.5 32.9 32.7 -0.2 p.p.

Stock of reserve assets US$ million 1,965.32 2,515.00 2,820.63 2,156.63 1,756.81 81.5 Stock of reserve assets / Average monthly imports of goods and services (for 12 months)

months 4.2 5.3 5.6 4.4 4.8 107.8

*percentage points

Chart no. 4. Indices of reserve assets adequacy, at year-end, US$ million

Note: Criteria based on the IMF recommendations specified in “Assessing Reserve Adequacy - Specific Proposals", April

2015: http://www.imf.org/external/np/pp/eng/2014/121914.pdf

*M2 – broad money; STD – short-term debt; OPL – other portfolio liabilities

Using the conventional criteria for assessing the state of international accounts, we find that, in outline, the international accounts of the Republic of Moldova point to an unfavourable situation, although there are certain positive aspects (see the Annex below).2

2 More details on balance of payments assessment criteria: M. Soloviova „Balance of payments sustainability: evidence from the Republic of Moldova” // „Economica” no.3 (93) 2015, p.85-93, http://ase.md/files/publicatii/economica/2015/ec_2015_3_1.pdf

0

500

1,000

1,500

2,000

2,500

3,000

2011 2012 2013 2014 2015

Reserve assets

3 months of goods and services imports

100% of short-term external debt

20% of M2*

150% of (30% STD* + 15% OPL* + 5%M2* + 5% export)

43


Annex: Assessment of the international accounts of the Republic of Moldova in dynamics

The decrease in final consumption as ratio to GDP was the factor that contributed positively to the current account development in the last three years. In 2015 however, the improvement of the current account balance relative to GDP was partially driven by the decrease in investment (gross capital formation).

Gross fixed capital formation was traditionally dominated by investment in real estate (with an increasing share) to the detriment of investment in machinery and equipment.

Although the current account balance has improved, the deficit continues to exceed the conventional limit of 5% as ratio to GDP. Moreover, the GDP dynamics in real terms was negative, thus diminishing the country's capacity to honour its external debt service.

The source of the current account deficit was traditionally the deficit in the external trade in goods, which denotes that the country is facing structural competitiveness problems.

7.9

0.7

-4.2

4.2 2.3

-0.1

0.4

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

2009 2010 2011 2012 2013 2014 2015

Contribution of factors to the change in current account as against the previous year, ratio to GDP, percentage points

Contribution of GNDI

Contribution of final consumption

Contribution of investment

Change in current account balance (BPM5)

62 63 63 64

30 30 30 29

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 2015

Gross fixed capital formation structure, %

Constructions Machinery and equipment Other

-6.0

7.1 6.8

-0.7

9.4

4.6

-0.5

-8.9 -8.3

-12.1

-8.7-6.5 -7.1 -6.4

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

2009 2010 2011 2012 2013 2014 2015

Change in GDP, constant prices, %

Current account (BPM6) / GDP, %

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

2009 2010 2011 2012 2013 2014 2015

Current account structure, US$ mil.

Secondary income balance

Primary income balance

Trade in goods and services balance

Current account

44


Annex: Assessment of the international accounts of the Republic of Moldova in dynamics

* Calculated as Herfindahl index (sum of the squares of the components' shares in total)

The positive aspect of the external trade situation of the Republic of Moldova is the fairly high (increasing*) ratio of the exports of goods and services to GDP (38.1% in 2015), which allows the country to generate foreign currency. * This increase is however mainly determined by the downward development of the GDP in 2015.

The state of the current account is however undermined because of the excessive concentration of trade: agri-food products prevail in export (60.2% in 2015), whereas mineral products - in import (20.1%); from the geographical point of view, trade is dominated by a small number of partner countries. Nevertheless, in dynamics there’s a certain improvement in terms of geographical diversification of exports (the geographical concentration index decreased from 0.18 in 2012 to 0.08 in 2015).

External debt increased relative to GDP, although it recorded a downward trend in absolute terms in the last two years. The share of loans from international organisations and foreign governments in the stock of loans and SDR allocations contracted from abroad is decreasing in the last years. However, a positive aspect is the increase of long-term debt share in the total external debt stock.

The share of foreign direct investment in national economy in the external liabilities stock has been decreasing since 2010, while in the last three years it has stabilized at the level of about 38 percent.

Sources: NBM, NBS

31.4

33.6

39.137.2 38.0

37.038.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

20.0

25.0

30.0

35.0

40.0

45.0

2009 2010 2011 2012 2013 2014 2015

Export of goods and services / GDP, %, left axis

GDP in current prices, US$ mil., right axis

0.07

0.12

0.17

0.22

2009 2010 2011 2012 2013 2014 2015

Foreign trade concentration indicators*

Export of goods by 21 categories

Export of goods by countries

Import of goods by 21 categories

Import of goods by countries

41.345.9 47.4 48.0 44.9 43.7 43.0

76.4 77.7 76.0 78.0 75.0 76.3 77.4

20.030.040.050.060.070.080.090.0

2009 2010 2011 2012 2013 2014 2015

External debt indicators, %

Share of international organizations and foreigngovernments (creditors) in the stock of loans andSDR allocationsShare of long-term debt in external debt stock

43.5 42.841.6

40.138.6 38.8 38.6

25.0

30.0

35.0

40.0

45.0

50.0

2009 2010 2011 2012 2013 2014 2015

Share of FDI in the stock of foreign liabilities, %

45


IV. BALANCE OF PAYMENTS OF THE REPUBLIC OF MOLDOVA FOR 2015

4.1. GENERAL

Table no. 8. Balance of payments of the Republic of Moldova (BPM6) – main aggregates (US$ million)

2011 2012 2013* 2014* 2015* 2015 / 2014 (%) CURRENT ACCOUNT -851.95 -636.38 -516.48 -569.08 -414.84 72.9 Goods and services -2,825.50 -2,958.90 -2,991.48 -2,918.14 -1,956.99 67.1 Goods -2,984.55 -3,067.87 -3,138.41 -3,041.19 -2,087.86 68.7 exports (FOB) 1,742.50 1,687.51 1,898.13 1,816.49 1,506.94 83.0 imports (FOB) 4,727.05 4,755.38 5,036.54 4,857.68 3,594.80 74.0 Services 159.05 108.97 146.93 123.05 130.87 106.4 exports 998.14 1,021.15 1,135.11 1,138.01 968.38 85.1 imports 839.09 912.18 988.18 1,014.96 837.51 82.5 Primary income 577.52 816.27 870.96 823.12 457.89 55.6 inflow, of which: 933.35 1,047.00 1,161.64 1,115.10 816.83 73.3 compensation of employees 907.70 1,009.95 1,118.02 1,063.84 783.15 73.6 investment income 27.72 39.27 45.88 54.07 36.52 67.5 outflow, of which: 355.83 230.73 290.68 291.98 358.94 122.9 investment income 317.85 182.63 247.82 219.65 275.81 125.6 Secondary income 1,396.03 1,506.25 1,604.04 1,525.94 1,084.26 71.1 inflow, of which: 1,509.03 1,624.07 1,734.10 1,676.62 1,227.45 73.2 current international cooperation 238.35 253.76 252.91 343.59 193.66 56.4 personal transfers 905.41 976.49 1,073.52 1,012.08 756.97 74.8 outflow 113.00 117.82 130.06 150.68 143.19 95.0 CAPITAL ACCOUNT 31.99 21.23 57.92 96.78 22.88 23.6

Net lending (+) / net borrowing (-) (current and capital account balance)

-819.96 -615.15 -458.56 -472.30 -391.96 83.0

FINANCIAL ACCOUNT -746.20 -487.61 -363.25 -563.66 -443.72 78.7

Direct investment -314.15 -253.00 -248.84 -314.44 -227.94 72.5 net acquisition of financial assets 33.78 29.58 41.62 35.49 6.47 18.2 net incurrence of liabilities, of which: 347.93 282.58 290.46 349.93 234.41 67.0 equity other than reinvestment of earnings 143.90 144.55 160.32 165.60 72.12 43.6 reinvestment of earnings 86.72 -11.01 19.20 33.07 123.05 3.7 times debt instruments 117.31 149.04 110.94 151.26 39.24 25.9 Portfolio investment 0.97 -21.34 -9.76 -13.74 -2.27 16.5 net acquisition of financial assets 6.10 -6.98 0.40 -3.43 1.05 - net incurrence of liabilities 5.13 14.36 10.16 10.31 3.32 32.2 Financial derivatives (other than reserve assets) – banks, net

-0.19 0.24 -0.11 -0.61 -0.70 114.8

Other investment -707.88 -712.16 -386.59 303.58 93.68 30.9 net acquisition of financial assets -108.63 -225.19 121.56 338.46 41.46 12.2 currency and deposits -171.43 -131.45 244.78 79.04 88.69 112.2 loans -1.99 4.96 37.79 29.29 -1.04 - trade credit and advances 64.79 -98.15 -61.41 -12.19 -46.19 3.8 times other account receivable -0.55 -99.60 242.32 net incurrence of liabilities 599.25 486.97 508.15 34.88 -52.22 - currency and deposits 47.69 -5.45 226.12 -107.88 -119.75 111.0 loans 361.39 466.01 208.51 22.50 20.01 88.9 trade credit and advances 200.72 31.50 73.71 125.63 51.99 41.4 other accounts payable -10.55 -5.09 -0.19 -5.37 -4.47 83.2 Reserve assets 275.05 498.65 282.05 -538.45 -306.49 56.9 Net errors and omissions 73.76 127.54 95.31 -91.36 -51.76 56.7 Note: Money transfers from abroad in favor of individuals via licensed banks, net

1,443.47 1,494.23 1,608.98 1,612.96 1,129.36 70.0

* revised data

46


The current account balance of the balance of payments of the Republic of Moldova recorded a deficit of USD 414.84 million, decreasing by 27.1% compared to 2014. The determinant component - trade in goods deficit (USD 2,087.86 million) decreased by 31.3%, because the drop in import (by 26.0%) was more sizable than the fall in export (17.0%). The export of goods amounted to USD 1,506.94 million, while the import – to USD 3,594.80 million.

In 2015, the exports of goods continued to be dominated by agri-food products (USD 883.69 million, decreasing by 14.3% compared to 2014). Within them, the export of alcoholic beverages (USD 143.34 million) decreased by 17.1% compared to previous year, of which to the CIS - by 30.0%, while exports to the EU increased by 13.0%. The main importer of alcoholic beverages from the Republic of Moldova - Belarus - decreased their import from Moldova by 23.8%, Ukraine - by 45.3%, Kazakhstan – by 34.9%. At the same time, the export of alcoholic beverages to Romania increased by 35.1%, to China - by 16.1%.

The decrease in global oil prices determined the fall by 36.2% in imports of energy resources, which amounted to USD 705.22 million (CIF prices) during the reporting period, remaining the main imported category. Significant imports were also recorded for agri-food products (USD 576.96 million, decreasing by 18.6% compared to 2014), machinery and equipment (USD 506.35 million, decreasing by 23.8%).

A more pronounced decrease in the value of imported services (-17.5%) compared to that of exported services (-14.9%) determined the increase in the services surplus by 6.4%, to USD 130.87 million. The economic slowdown strongly affected the volume of external trade in transport services, particularly the export and import of freight services, which decreased by 19.0% and 24.1%, respectively, as a result of the decrease in the volume of external trade in goods. Imports of travel services also decreased significantly (-20.0%), mainly due to the decrease in economic migration of population. The exports of manufacturing services were also affected by the crisis, decreasing by 14.3% compared to 2014.

The primary income surplus decreased by 44.4%, amounting to USD 457.89 million, being determined by the compensation of resident employees for the work performed for non-resident employers, which went down by 26.4%. At the same time, the investment income payable increased (+25.6%).

The positive balance of secondary income decreased by 28.9%, amounting to USD 1,084.26 million, mainly due to the 25.2% drop in personal transfers received by residents from abroad. The decrease in secondary income was also influenced by the fall in external technical assistance and grants offered to the Republic of Moldova (current international cooperation), both at the general government level (2.7 times) and private level (-16.3%).

The capital account surplus was USD 22.88 million, decreasing 4.2 times, mainly due the reduction in the volume of grants for investment projects financing received from abroad by the general government (-43.5%).

The sum of the current account and capital account balances shows that, as a result of current and capital transactions by residents of the Republic of Moldova with the rest of the world, the national economy faced an external borrowing need amounting to USD 391.96 million.

The financial account recorded net inflows in the amount of USD 443.72 million, due to the decrease by USD 257.51 million in the external financial assets of residents as a result of actual

47


transactions, and to the increase by USD 186.21 million in the national economy's liabilities to the rest of the world.

The net decrease in assets was determined by the fall in official reserve assets by USD 306.49 million, caused mainly by the developments recorded in the first quarter of 2015. The assets of licensed banks in the form of currency and deposits also decreased by USD 30.49 million, while the assets in the form of currency and deposits of other sectors increased (+ USD 119.8 million). At the same time, the assets of residents in the form of trade credits and advances granted to non-resident partners decreased by USD 46.19 million.

The net increase in liabilities was determined by the net growth in liabilities in the form of foreign direct investment, which totaled USD 234.41 million, formed mainly of reinvestment of earnings (USD 123.05 million). The value of equity and shares (other than reinvestment of earnings) belonging to non-residents increased during 2015, as a result of actual transactions, by USD 72.12 million, while intercompany liabilities in the form of debt instruments – by USD 39.24 million.

Liabilities in the form of trade credits and advances also increased (USD 51.99 million).

The net increase in liabilities in the form of loans was USD 20.01 million (drawings - USD 353.90 million, repayments - USD 333.89 million). During the reporting period, the net liabilities in the form of long-term loans increased by USD 14.42 million. The general government attracted long-term loans from foreign governments and international organizations in the net amount of USD 98.32 million, other sectors attracted USD 36.47 million, in net terms, in the form of long-term loans from abroad. The NBM and licensed banks performed net repayments of external long-term loans in the amount of USD 35.16 million and USD 85.48 million, respectively. Liabilities in the form of short-term loans increased by USD 5.59 million in net terms, as a result of actual transactions.

Currency and deposits recorded a net decrease in liabilities in the amount of USD 119.75 million, generated by the withdrawal by non-residents of their deposits held with resident licensed banks.

48


ADDITIONAL according to BPM5

Table no. 9. Balance of payments of the Republic of Moldova (BPM5) – main aggregates (US$ million)

2011 2012 2013* 2014* 2015* CURRENT ACCOUNT -821.13 -546.37 -415.02 -423.27 -321.97 Goods and services -2,844.59 -2,926.90 -2,983.11 -2,931.13 -1,954.10 exports 3,142.89 3,135.12 3,454.44 3,323.39 2,807.24 imports -5,987.48 -6,062.02 -6,437.55 -6,254.52 -4,761.34 Goods -2,875.98 -2,936.04 -2,999.43 -2,899.81 -1,959.32 exports (FOB) 2,281.97 2,233.11 2,469.62 2,354.43 1,984.86 imports (FOB) -5,157.95 -5,169.15 -5,469.05 -5,254.24 -3,944.18 Services 31.39 9.14 16.32 -31.32 5.22 exports 860.92 902.01 984.82 968.96 822.38 imports -829.53 -892.87 -968.50 -1,000.28 -817.16 Income 577.24 817.32 871.98 824.58 460.87 inflow, of which: 935.42 1,049.22 1,163.90 1,118.01 819.70 compensation of employees 907.70 1,009.95 1,118.02 1,063.84 783.15 outflow, of which: -358.18 -231.90 -291.92 -293.43 -358.83 dividends and distributed branch profits from DI -156.53 -126.25 -140.33 -90.67 -93.07 reinvested earnings -86.72 11.01 -19.20 -33.07 -123.05 other investment income -76.17 -67.28 -88.57 -96.43 -59.37 Current transfers 1,446.22 1,563.21 1,696.11 1,683.28 1,171.26 inflow, of which: 1,562.63 1,684.24 1,829.77 1,838.00 1,317.84 personal transfers 905.41 976.49 1,073.52 1,012.08 756.97 outflow -116.41 -121.03 -133.66 -154.72 -146.58 CAPITAL AND FINANCIAL ACCOUNT 727.65 450.94 327.80 500.59 377.01 Capital account -19.49 -36.67 -35.45 -62.44 -66.71 Financial account 747.14 487.61 363.25 563.03 443.72 Direct investment, of which: 267.64 175.29 213.86 158.16 164.88 in domestic economy 288.21 195.07 242.74 200.58 182.47 equity capital and reinvested earnings 230.62 133.54 179.52 198.67 195.17 intercompany loans 57.59 61.53 63.22 1.91 -12.70 Portfolio investment -0.03 21.34 9.76 13.11 2.27 Financial derivatives (net value) 0.19 -0.24 0.11 0.61 0.70 Other investment 754.39 789.87 421.57 -147.30 -30.62 Assets** 108.63 225.19 -121.56 -338.46 -41.46 trade credits -64.79 98.15 61.41 12.19 46.19 loans 1.99 -4.96 -37.79 -29.29 1.04 currency and deposits 171.43 131.45 -244.78 -79.04 -88.69 other assets

0.55 99.60 -242.32

Liabilities*** 645.76 564.68 543.13 191.16 10.84 trade credit 200.72 31.50 73.71 125.63 51.99 long-term loans 313.26 445.01 120.63 42.79 -0.05 short-term loans 18.13 12.69 70.99 -54.67 4.63 non-residents' deposits 47.69 -5.45 226.12 -107.88 -119.75 other liabilities 65.96 80.93 51.68 185.29 74.02 Reserve assets** -275.05 -498.65 -282.05 538.45 306.49 Errors and omissions 93.48 95.43 87.22 -77.32 -55.04 * revised data

**(-) increase, (+) decrease; for reserve assets – valued at the daily exchange rate; ** *(+) increase, (-) decrease

49


4.2. CURRENT ACCOUNT

According to final data, the current account deficit decreased by 27.1% in 2015 compared to 2014, totaling USD 414.84 million. The fall in current account deficit was due to the decrease in external trade in goods deficit by 31.3% and to the increase in services surplus by 6.4% as against 2014.

At the same time, one should note the decrease in primary income and secondary income surpluses, which went down by 44.4% and 28.9%, respectively, compared to 2014 (Chart no. 5, Table no. 10).

Chart no. 5. Current account – main components

The ratio between the current account deficit and GDP was 6.4%, lower by 0.7 percentage points than in 2014.

Table no. 10. Main components of current account, in dynamics

2011 2012 2013* 2014* 2015*

2015/

2014

US$ million %

Current account -851.95 -636.38 -516.48 -569.08 -414.84 72.9

Credit 5,183.02 5,379.73 5,928.98 5,746.22 4,519.60 78.7 Debit 6,034.97 6,016.11 6,445.46 6,315.30 4,934.44 78.1 Goods -2,984.55 -3,067.87 -3,138.41 -3,041.19 -2,087.86 68.7

Credit 1,742.50 1,687.51 1,898.13 1,816.49 1,506.94 83.0 Debit 4,727.05 4,755.38 5,036.54 4,857.68 3,594.80 74.0

Services 159.05 108.97 146.93 123.05 130.87 106.4

Credit 998.14 1,021.15 1,135.11 1,138.01 968.38 85.1 Debit 839.09 912.18 988.18 1,014.96 837.51 82.5

Primary income 577.52 816.27 870.96 823.12 457.89 55.6

Credit 933.35 1,047.00 1,161.64 1,115.10 816.83 73.3 Debit 355.83 230.73 290.68 291.98 358.94 122.9

Secondary income 1,396.03 1,506.25 1,604.04 1,525.94 1,084.26 71.1

Credit 1,509.03 1,624.07 1,734.10 1,676.62 1,227.45 73.2 Debit 113.00 117.82 130.06 150.68 143.19 95.0

* revised data

The current account deficit calculated in accordance with the BPM6 methodology is higher than that recorded in the balance of payments according to BPM5 (Chart no. 6). In 2015, this difference was USD 92.87 million, determined by the methodological changes that affect the values of both exports and imports of goods, services, as well as the secondary income (current transfers according to BPM5).

-12.1

-8.7-6.5 -7.1 -6.4

-15

-10

-5

0

5

10

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

2011 2012 2013 2014 2015

%Secondary income (left axis) Primary income (left axis)Services (left axis) Goods (left axis)Current account (left scale) Current account balance / GDP (right axis)

US$ million

50


Chart no. 6. Impact of methodological changes according to BPM6 on current account balance (US$ million)

The volume of external trade in goods and services totaled USD 6,907.63 million, decreasing by 21.7% compared with the previous year (Chart no. 7). The coverage of imports by exports of goods and services amounted to 55.8%. The deficit of external trade in goods and services totaled USD 1,956.99 million, decreasing by 32.9% compared with 2014.

Chart no. 7. External trade in goods and services deficit (US$ million)

-851

.95

-636

.38 -5

16.4

8

-569

.08 -4

14.8

4

-821

.13

-546

.37 -4

15.0

2

-423

.27 -321

.97

-1,000

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

2011 2012 2013 2014 2015

Current account (MBP6) Current account (MBP5)

2,74

0.6

4

2,70

8.66

3,0

33.2

4

2,95

4.50

2,47

5.32

5,56

6.14

5,66

7.56

6,0

24.7

2

5,87

2.64

4,43

2.31

-2,825.50 -2,958.90 -2,991.48 -2,918.14-1,956.99

-4,000-3,000-2,000-1,000

01,0002,0003,0004,0005,0006,0007,000

2011 2012 2013 2014 2015

Exports Imports Balance

51


4.2.1. Goods

4.2.1.1. External trade in goods FOB-FOB

In 2015, the volume of external trade in goods recorded in the balance of payments (FOB-FOB) totaled USD 5,101.74 million, going down by 23.6% due to the decreases recorded both in exports and imports of goods by 17.0% and 26.0%, respectively (Chart no.8). The trade deficit decreased by 31.3%, amounting to USD 2,087.86 million. The ratio between the deficit of external trade in goods and GDP was 32.3%, decreasing by 5.9 percentage points compared to 2014. The coverage rate of the imports of goods by exports was 41.9%, by 4.5 percentage points higher than in 2014 (Table no. 11).

Chart no. 8. External trade in goods balance

Table no. 11. External trade in goods indices

2011 2012 2013 2014 2015 2015/ 2014

US$ million %

Exports, FOB prices (EX) 1,742.50 1,687.51 1,898.13 1,816.49 1,506.94 83.0 of which: reexport 553.49 559.19 504.61 350.64 287.41 82.0

Imports, FOB prices (IM) 4,727.05 4,755.38 5,036.54 4,857.68 3,594.80 74.0 Trade balance (EX-IM) -2,984.55 -3,067.87 -3,138.41 -3,041.19 -2,087.86 68.7 External trade turnover (EX+IM) 6,469.55 6,442.89 6,934.67 6,674.17 5,101.74 76.4 Exports / GDP, % 24.8 23.2 23.8 22.8 23.2 0.5 p.p. Imports / GDP, % 67.4 65.3 63.1 60.9 55.4 -5.5 p.p. Trade balance / GDP, % -42.5 -42.1 -39.3 -38.1 -32.2 5.9 p.p. Exports to imports ratio, % 36.9 35.5 37.7 37.4 41.9 4.5 p.p. External trade turnover (EX+IM) / GDP, % 92.2 88.5 86.9 83.6 78.6 -5.0 p.p. p.p. – percentage points

-2,984.55 -3,067.87 -3,138.41 -3,041.19

-2,087.86

-42.5 -42.1 -39.3 -38.1-32.2

-100

-75

-50

-25

0

25

50

75

100

-5,000

-4,000

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014 2015

Exports (left axis)

Imports (left axis)

Balance (left axis)

Balance / GDP (right axis)

US$ million%

52


4.2.1.2. External trade in goods FOB-CIF 3

In 2015, the external trade in goods recorded a deficit in the amount of USD 2,174.29 million, smaller by 31.4% compared to 2014 and thus continued the downward trend of the last year. This decrease was determined by the decline in imports by 25.9% (driven, along with other factors, by the depreciation of Moldovan leu against EUR and USD and the decrease in household consumption, caused in its turn by the drop in personal remittances), while exports decreased by 16.1%.

The main external trade partners of the Republic of Moldova in 2015 are presented in Chart no. 9.

Chart no. 9. Main trading partners of the Republic of Moldova in 2015 (US$ million)

Source: NBM calculations based on NBS data.

Exports of goods from the Republic of Moldova amounted to USD 1,468.38 million, of which: 52.4% (USD 769.95 million) to the European Union countries, 33.4% (USD 490.86 million) to CIS countries, the rest of 14.2% (USD 207.57 million) are the exports to other countries. It should be mentioned that the exports to CIS countries decreased by 32.2% compared to 2014, due to the fall by 42.0% of exports to Russia, by 58.1% - to Ukraine, and by 2.2% - to Belarus.

At the same time, exports to the European Union increased by 6.1% compared to 2014 (Chart no. 10), mainly due to the growth in exports to Romania - by 21.0% and to the United Kingdom - by 86.3%. In 2015, the largest shares in the structure of exports to the EU belonged to Romania (USD 231.55 million), Germany (USD 93.97 million), United Kingdom (USD 85.42 million), Italy (USD 80.23 million), Poland (USD 58.51 million), and France (USD 34.87 million). The positive evolution of exports to the European Union countries took place, among other factors, in the context of the implementation of the EU-Moldova Deep and Comprehensive Free Trade Area (DCFTA).

3 Data adjusted by the NBM based on NBS data (database of customs declarations, without goods for/after processing for which

there is no change of ownership, selections on imports (CIF prices) by country of shipment). The NBS presents imports by country of origin.

20.71

23.79

85.42

58.51

8.27

131.56

80.23

45.31

93.97

45.74

239.61

231.55

79.73

76.82

23.50

136.89

204.46

83.68

157.97

234.06

274.82

419.26

537.73

717.16

8006004002000200400

Austria

Bulgaria

UK

Poland

China

Belarus

Italy

Turkey

Germania

Ukraine

Russia

Romania

Exports of goods Imports of goods

53


Chart no. 10. Exports of goods, by region (US$ million)


The main markets for the goods from the Republic of Moldova (except for goods for/after processing) in 2015 were Russia (USD 239.61 million), Romania (USD 231.55 million), Belarus (USD 131.56 million), Germany (USD 93.97 million), the United Kingdom (USD 85.42 million), Italy (USD 80.23 million), Kazakhstan (USD 58.62 million), Poland (USD 58.51 million), Ukraine (USD 45.74 million), Turkey (USD 45.31 million), France (USD 34.87 million), Switzerland (USD 32.73 million), Czechia (USD 27.62 million), Greece (USD 25.41 million), the cumulative value of exports to these countries accounted for 81.1% of total exports. For information and comparison purposes, data including goods for/after processing are shown in the Annex.

Within the structure of exports by categories of goods, agri-food products (Chart no. 11) continued to hold the largest share of 60.2% (USD 883.69 million), decreasing by 14.3% compared to 2014), of which: edible fruits and nuts - USD 186.93 million (increasing by 1.4% over the year), alcoholic beverages - USD 143.34 million (decreasing by 17.1%), sunflower seeds - USD 143.69 million (increasing by 36.1%), cereals - USD 113.86 million (decreasing by 37.2%), sunflower-seed, safflower or cotton-seed oil - USD 69.00 million (decreasing by 6.9%). At the same time, exports comprised chemical products - USD 114.96 million (decreasing by 29.6% compared to 2014), machinery and equipment - USD 109.74 million (increasing by 8.7% over the year), textile materials and articles thereof - USD 62.33 million (decreasing by 20.3%), articles of stone, ceramic products, glass and glassware - USD 41.64 million (decreasing by 29.0%) etc.

1,689.41 1,632.48

1,826.591,749.39

1,468.38

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2011 2012 2013 2014 2015

European Union CIS Other countries Total

54


Chart no. 11. Exports of goods in 2015, structured by main categories


In 2015, exports of alcoholic beverages decreased by 17.1% compared to 2014, mainly those to CIS countries. The detailed distribution by country of alcoholic beverages exports is shown in Table no. 12.

Table no. 12. Exports of alcoholic beverages

Source: NBM calculations based on NBS data; exports do not include sales by duty-free stores.

* influence of the country on growth (+) / decrease (-) of exports of alcoholic beverages; ** percentage points; *** mainland China

In 2015, the Republic of Moldova imported goods in the amount of USD 3,642.67 million. The largest share of 53.3% (USD 1,939.81 million) in total imports is held by the goods imported from the European Union countries, their value decreasing by 24.0% compared to 2014. Imports from the CIS countries decreased by 30.2%, accounting for a share of 29.1% (USD 1,059.41 million) of the total. The imports from other countries totaled 17.6% (USD 643.45 million), decreasing by 23.9% (Chart no. 12).

Agrifood products60.2%

Products of the chemical and allied

industries 7.8%

Machinery and equipment 7.5%

Textiles and textile articles 4.2%

Articles of stone; ceramic products; glass and glassware 2.8%

Base metals and articles of base metal 2.7%

Plastics, rubber and articles thereof 2.6%

Instruments and apparatus; musical instruments1.7%

Mineral products 1.1%

Other 9.4%

2011 2012 2013 2014 2015 2015 / 2014

Degree of influence*

US$ million % p.p.** European Union, of which: 24.42 24.18 32.47 34.90 39.44 113.0 2.6

Poland 6.83 7.86 9.14 8.98 9.35 104.0 0.2 Czechia 5.59 4.84 8.19 7.23 8.16 112.9 0.5 Romania 3.39 4.25 4.89 4.78 6.46 135.1 1.0 Germany 3.02 1.94 2.64 2.71 3.35 123.6 0.4 Slovakia 0.75 1.04 1.97 2.63 1.99 75.7 -0.4 CIS, of which: 137.91 158.71 161.23 105.17 73.58 70.0 -18.3 Belarus 38.53 46.04 52.96 48.58 37.02 76.2 -6.7 Ukraine 31.92 29.28 40.82 26.34 14.41 54.7 -6.9 Kazakhstan 16.81 19.50 18.99 17.23 11.22 65.1 -3.5 Russia 47.90 60.97 45.32 10.67 9.55 89.5 -0.7 Other countries, of which: 15.45 27.73 32.97 32.89 30.32 92.2 -1.5 USA 5.96 12.37 14.29 14.39 12.73 88.5 -1.0 Georgia 4.01 6.28 11.04 8.51 7.34 86.3 -0.7 China*** 3.09 5.75 3.84 5.41 6.28 116.1 0.5 TOTAL 177.79 210.62 226.67 172.95 143.34 82.9 -17.1

55


Chart no. 12. Imports of goods, by region, CIF prices (US$ million)


The main suppliers of goods for the Republic of Moldova in 2015 were Romania (USD 717.16 million), Russia (USD 537.73 million), Ukraine (USD 419.26 million), Germany (USD 274.82 million), Turkey (USD 234.06 million), China (USD 204.46 million), Italy (USD 157.97 million), Poland (USD 136.89 million), Hungary (USD 84.82 million), Belarus (USD 83.68 million), Austria (USD 79.73 million), Bulgaria (USD 76.82 million), Netherlands (USD 55.25 million), Greece (USD 40.07 million), the cumulative value of imports from these countries accounted for 85.2% of total imports.

Within the structure of imports, mineral products held 20.1% of the total, amounting to USD 733.65 million, decreasing by 36.4% compared to 2014 (of which: petroleum gases and other gaseous hydrocarbons - USD 288.99 million, decreasing by 37.0% compared to 2014; coal; briquettes, similar solid fuels manufactured from coal - USD 18.72 million, decreasing by 16.0%). At the same time, imports included agri-food products in the amount of USD 576.96 million (decreasing by 18.6%), machinery and equipment - USD 506.35 million (decreasing by 23.8%); chemical products - USD 495.27 million (decreasing by 20.6%); base metals and articles thereof - USD 280.16 million (decreasing by 17.1%), plastics, rubber and articles thereof - USD 235.69 million (decreasing by 22.7%); vehicles and transport equipment - USD 189.93 million (decreasing by 42.0%), textile materials and articles thereof - USD 142.41 million (decreasing by 25.1%) etc. (Chart no. 13).

Chart no. 13. Imports of goods in 2015, structured by main categories


4,748.30 4,796.14 5,055.89 4,917.29

3,642.67

0

1,000

2,000

3,000

4,000

5,000

6,000

2011 2012 2013 2014 2015

European Union CIS Other countries Total

Mineral products 20.1%

Agrifood products15.8%Machinery and

equipment 13.9%

Products of the chemical or allied industries 13.6%

Base metals and articles of base metal 7.7%

Plastics, rubber and articles thereof 6.5%

Vehicles and transport equipment 5.2%

Textiles and textile articles 3.9% Other 13.3%

56


Import of energy products and electricity amounted to USD 705.22 million, decreasing by 36.2% compared with 2014 (Chart no. 14).

Chart no. 14. Imports of energy products and electricity, CIF prices (US$ million)

Source: NBM calculations based on NBS data

* net import

The physical volume of imported natural gas (in gaseous state) amounted to 1,008.51 million m3, decreasing by 4.2% compared to 2014.

In 2015, the volume of imported diesel oil was by 17.6% higher than in 2014, amounting to 495.34 thousand tonnes, while its total value decreased by 29.3%, to USD 270.35 million.

The physical volume of imported gasoline was 164.08 thousand tonnes, increasing by 8.5% compared to 2014, while its total value decreased by 32.9%, to USD 97.50 million.

The import of electricity decreased to 17.62 million kW/h in 2015, totaling USD 1.20 million, while in 2014 730 million kw/h were imported, amounting to USD 49.88 million. The significant decrease in electricity imports occurred because of the provision of electricity by Cuciurgan thermoelectric power station .

4.2.2. Services

In 2015, the balance of services recorded a surplus in the amount of USD 130.87 million, increasing by 6.4% compared with 2014. The value of services rendered to non-residents decreased by 14.9%, while that of services received from non-residents recorded a higher cutback of 17.5%. The ratio between the services surplus and GDP was 2.0%, on the rise by 0.5 percentage points compared with 2014 (Charts no. 15 and 16).

Chart no. 15. External trade in services (US$ million)

0

200

400

600

800

1,000

1,200

2011 2012 2013 2014 2015

Electricity* Other Diesel Natural gas Coal Gasoline

2.3

1.5

1.8

1.5

2.0

0.0

0.5

1.0

1.5

2.0

2.5

0

200

400

600

800

1,000

1,200

2011 2012 2013 2014 2015

%US$ million Exports (left axis) Imports (left axis)

Balance (left axis) Balance/GDP (right axis)

57


Chart no. 16. Impact of methodological changes according to BPM6 on the services balance

Transport services continued to hold a significant share in the value of both exports and imports of services, respectively, of 33.3% and 36.0% (Table no. 13).

The exports of transport services amounted to USD 322.22 million, decreasing by 18.9% compared to 2014. All types of transport services recorded downward trends compared to 2014. Freight decreased by 19.0%, having the most significant contribution to the decrease in the value of transport services export. As for passenger transport services, the exports of these services decreased by 13.7%.

The imports of transport services amounted to USD 301.33 million, decreasing by 22.0%. This decrease was due to the drop in imports of all types of transport services, the most significant contribution being recorded by freight, which decreased by 24.1%. As regards the passengers transport and other types of transport services, these decreased by 13.3% and 28.7%, respectively.

Table no. 13. External trade in services structure

2011 2012 2013 2014 2015 2015 / 2014

US$ million % Export 998.14 1,021.15 1,135.11 1,138.01 968.38 85.1 Manufacturing services on physical inputs owned by others 135.30 115.72 147.79 165.83 142.19 85.7 Maintenance and repair services n.i.e. 1.05 1.89 1.08 1.98 2.42 122.2 Transport 359.94 380.22 422.74 397.31 322.22 81.1 Travel 186.43 198.45 221.81 228.28 204.10 89.4 Telecommunications, computer, and information services 165.90 178.79 182.99 185.60 162.03 87.3 Other business services 89.63 91.63 99.36 100.25 87.16 86.9 Government goods and services n.i.e. 42.00 39.16 39.04 36.68 31.90 87.0 Other services 17.89 15.29 20.30 22.08 16.36 74.1

Import 839.09 912.18 988.18 1,014.96 837.51 82.5 Manufacturing services on physical inputs owned by others 1.98 3.01 3.39 1.89 2.88 152.4 Maintenance and repair services n.i.e. 5.14 14.88 14.59 11.03 16.47 149.3 Transport 351.01 368.87 383.28 386.37 301.33 78.0 Travel 276.71 307.63 332.08 351.65 281.48 80.0 Telecommunications, computer, and information services 60.64 70.90 86.39 87.66 84.13 96.0 Other business services 58.88 69.49 75.97 84.37 79.40 94.1 Government goods and services n.i.e. 36.64 34.96 42.31 38.01 33.08 87.0 Other services 48.09 42.44 50.17 53.98 38.74 71.8

Net 159.05 108.97 146.93 123.05 130.87 106.4 Manufacturing services on physical inputs owned by others 133.32 112.71 144.40 163.94 139.31 85.0 Maintenance and repair services n.i.e. -4.09 -12.99 -13.51 -9.05 -14.05 155.2 Transport 8.93 11.35 39.46 10.94 20.89 191.0 Travel -90.28 -109.18 -110.27 -123.37 -77.38 62.7 Telecommunications, computer, and information services 105.26 107.89 96.60 97.94 77.90 79.5 Other business services 30.75 22.14 23.39 15.88 7.76 48.9 Government goods and services n.i.e. 5.36 4.20 -3.27 -1.33 -1.18 88.7 Other services -30.20 -27.15 -29.87 -31.90 -22.38 70.2

159.05

108.97

146.93123.05 130.87

31.399.14 16.32

-31.32

5.22

-75

-50

-25

0

25

50

75

100

125

150

175

2011 2012 2013 2014 2015

US$ million Balance of services (BPM6) Balance of services (BPM5)

58


The balance of travel services recorded a deficit amounting to USD 77.38 million, decreasing by 37.3% compared with 2014. This development took place in the context of the decrease in receipts by 10.6% and a higher decrease in payments for the imports of travel services, by 20.0%. Personal travel accounted for 67.0% of the total travel services rendered to non-residents, while business travel – for 33.0%. Personal travel constituted 55.5% in total services received from non-residents, while business travel - 44.5%.

Telecommunication, computer and information services rendered to non-residents held a share of 16.7% of total exports of services, their value decreasing by 12.7% compared to 2014, while those received from non-residents represented 10.0% of total imports of services, down by 4.0%.

Manufacturing services on physical inputs owned by others constituted 14.7% of total value of services exports. In 2015, the receipts for these services decreased by 14.3%. At the same time, the payments for the import of this type of services increased by 52.4%, continuing to hold a non-significant share in the total import of services.

Chart no. 17. Exports of services in 2015, by main types

Chart no. 18. Imports of services in 2015, by main types

Transport 33.3%

Travel 21.1%

Telecommunications, computer, and

information services16.7%

Manufacturing services on physical

inputs owned by others14.7%

Other business services 9.0%

Government goods and services n.i.e. 3.3%

Other services 1.9%

Transport 36.0%

Travel 33.6%

Telecommunications, computer, and

information services10.0%

Other business services 9.5%

Government goods and services n.i.e. 3.9%

Charges for the use of intellectual property

2.2%

Maintenance and repair services n.i.e.

2.0%

Other services 2.8%

59


4.2.3. Primary income

In 2015, the primary income surplus decreased by 44.4% compared to 2014. This development was determined by the decrease in primary income inflows by 26.7% or by USD 298.27 million and by the increase in primary income outflows by 22.9% or by USD 66.96 million (Chart no. 19, Table no. 14).

Chart no. 19. Primary income, in dynamics

The decrease in primary income inflows was determined mainly by the downward trend of the compensation of employees (in 2014 these decreased by 4.8% as against 2013, while in 2015 - by 26.4% as compared to 2014), this component having a share of 95.9% in total inflows. The main contribution to the increase in primary income outflows came from the increase in investment income payable (by 25.6% as against 2014), which held a share of 76.8% in total outflows.

The ratio between the balance of primary income and GDP was 7.1%, decreasing by 3.2 percentage points compared with 2014.

Table no. 14. Primary income structure

2011 2012 2013 2014 2015 2015/ 2014

US$ million % Inflow 933.35 1,047.00 1,161.64 1,115.10 816.83 73.3 Compensation of employees 907.70 1,009.95 1,118.02 1,063.84 783.15 73.6 Investment income 27.72 39.27 45.88 54.07 36.52 67.5 of which: income on reserve assets 19.43 30.13 26.65 30.00 23.76 79.2 Other primary income -2.07 -2.22 -2.26 -2.81 -2.84 101.1

Outflow 355.83 230.73 290.68 291.98 358.94 122.9 Compensation of employees 38.76 49.38 43.82 73.26 83.34 113.8 Investment income 317.85 182.63 247.82 219.65 275.81 125.6 Other primary income -0.78 -1.28 -0.96 -0.93 -0.21 22.6

Net 577.52 816.27 870.96 823.12 457.89 55.6 Compensation of employees 868.94 960.57 1,074.20 990.58 699.81 70.6 Investment income -290.13 -143.36 -201.94 -165.58 -239.29 144.5 of which: income on reserve assets 19.43 30.13 26.65 30.00 23.76 79.2 Other primary income -1.29 -0.94 -1.30 -1.88 -2.63 139.9

The investment income balance recorded a deficit of USD 239.29 million. The dividends distributed to non-residents amounted to USD 93.07 million. The interests to be paid as scheduled amounted to: on NBM loans - USD 2.12 million, on governmental loans (including SDR allocations) - USD 14.11 million, on licensed banks loans - USD 7.49 million, and on loans of enterprises in other sectors - USD 30.45 million (including intercompany lending service - USD 5.83 million).

Reserve assets income amounted to USD 23.76 million, decreasing by 20.8% compared to 2014.

8.2

11.2 10.910.3

7.1

0

2

4

6

8

10

12

0

200

400

600

800

1000

1200

1400

2011 2012 2013 2014 2015

%US$ millionInflow (left axis) Outflow (left axis)

Balance (left axis) Balance/GDP (right axis)

60


4.2.4. Secondary income

Secondary income recorded a surplus in the amount of USD 1,084.26 million, which decreased by 28.9% as against 2014 due to the fall in secondary income inflows by 26.8% or by USD 449.17 million. At the same time, secondary income outflows decreased by 5.0% or by USD 7.49 million (Table no. 15). The ratio between the balance of secondary income and GDP was 16.7%, decreasing by 2.4 percentage points compared with 2014 (Chart no. 20).

Chart no. 20. Secondary income, in dynamics

Personal transfers inflows were estimated at USD 756.97 million, decreasing by 25.2%, while the outflows - at USD 70.77 million, decreasing by 4.1%.

One should also note a significant decrease in secondary transfers inflows to general government - of about 2.0 times as against 2014, a year in which the value of these inflows reached the maximum level over the last 5 years.

Table no. 15. Secondary income structure

2011 2012 2013 2014 2015 2015 / 2014

US$ million % Credit 1,509.03 1,624.07 1,734.10 1,676.62 1,227.45 73.2 General government 172.69 176.88 173.05 249.78 122.34 49.0 Other sectors*, of which: 1,336.34 1,447.19 1,561.05 1,426.84 1,105.11 77.5 Personal transfers 905.41 976.49 1,073.52 1,012.08 756.97 74.8

Debit 113.00 117.82 130.06 150.68 143.19 95.0 General government 6.08 5.85 7.53 5.92 8.46 142.9 Other sectors*, of which: 106.92 111.97 122.53 144.76 134.73 93.1 Personal transfers 40.86 43.61 50.05 73.79 70.77 95.9

Net 1,396.03 1,506.25 1,604.04 1,525.94 1,084.26 71.1 General government 166.61 171.03 165.52 243.86 113.88 46.7 Other sectors*, of which: 1,229.42 1,335.22 1,438.52 1,282.08 970.38 75.7 Personal transfers 864.55 932.88 1,023.47 938.29 686.20 73.1

*Financial corporations, nonfinancial corporations, households, and nonprofit institutions serving households (NPISHs)

Personal remittances represent a new indicator calculated in accordance with the BPM6 methodology, which reflects the value of net compensation for work (excluding travel expenditures abroad and some fees and taxes paid by residents abroad), of personal and capital transfers between households, regardless of their origin (Table no. 16).

19.9 20.7 20.1 19.116.7

0

10

20

30

40

50

0200400600800

100012001400160018002000

2011 2012 2013 2014 2015

%US$ million Credit (left axis) Debit (left axis)Balance (left axis) Balance/GDP (right axis)

61


Table no. 16. Geographical structure of personal remittances (US$ million)

2012 2013 2014 2015 2015/ 2014

(%) Russia 1,173.21 1,286.80 1,195.10 669.76 56.0 Italy 180.86 212.61 204.17 183.20 89.7 USA 73.70 75.94 86.60 143.65 165.9 Israel 82.71 108.38 112.51 128.74 114.4 Germany 19.11 22.72 28.08 34.97 124.5 Ukraine 60.74 74.03 39.87 27.66 69.4 Romania 9.51 10.56 10.25 10.60 103.3 Belarus 5.96 6.77 7.37 5.35 72.6 Other countries 227.06 220.69 229.45 210.77 91.9 TOTAL 1,832.86 2,018.50 1,913.40 1,414.69 73.9

4.3. CAPITAL ACCOUNT

The capital account recorded a surplus of USD 22.88 million in 2015. The general government received grants for investment projects in the amount of USD 89.34 million, while other sectors recorded net outflows amounting to USD 66.38 million (Table no. 17).

Table no. 17. Capital account, yearly dynamics (US$ million) 2011 2012 2013* 2014* 2015*

Credit 84.69 76.02 110.39 177.66 97.29

Capital transfers 76.69 76.02 110.39 177.56 97.29

General government 51.48 57.90 93.37 158.10 89.34

Other sectors** 25.21 18.12 17.02 19.46 7.95

Gross disposals of nonproduced nonfinancial assets 8.00 0.10

Debit 52.70 54.79 52.47 80.88 74.41


General government 0.55

Other sectors** 52.70 54.24 52.47 80.88 74.33

Gross acquisition of nonproduced nonfinancial assets 0.08

Net 31.99 21.23 57.92 96.78 22.88



Other sectors** -27.49 -36.12 -35.45 -61.42 -66.38

Gross acquisition (debit) / gross disposals (credit) of nonproduced nonfinancial assets

8.00 0.10 -0.08

* revised data ** Financial corporations, nonfinancial corporations, households, and nonprofit institutions serving households (NPISHs)

The value of the current account and capital account balance in the reporting period shows a net borrowing of USD 391.96 million (Table no. 18).

Table no. 18. Current, capital and financial account, yearly dynamics (US$ million) 2011 2012 2013 2014 2015 Current account -851.95 -636.38 -516.48 -569.08 -414.84 Capital account 31.99 21.23 57.92 96.78 22.88 Net borrowing (current and capital account balance) -819.96 -615.15 -458.56 -472.30 -391.96 Net borrowing (financial account balance) -747.14 -487.61 -363.25 -563.66 -443.72

62


4.4. FINANCIAL ACCOUNT

In 2015, the financial account4 recorded net capital inflows in the amount of USD 443.72 million, due to the net decrease in financial assets by USD 257.51 million and the increase in liabilities by USD 186.21 million (Chart no. 21, Table no. 19). These evolutions were mainly determined by the net decrease in reserve assets by USD 306.49 million, primarily due to the interventions made by the NBM in the first quarter of 2015 (the decrease in official reserve assets fed into the domestic foreign exchange market and constituted capital inflows). The effect of the decrease in official reserve assets was partially offset by the increase in assets in the form of currency and deposits of the rest of institutional sectors - by USD 88.69 million (of which other sectors increased their assets in the form of currency and deposits by USD 119.18 million in net terms, while deposit-taking corporations recorded a net decrease of USD 30.49 million). At the same time, the liabilities in the form of direct investment increased (by USD 234.41 million on net basis, of which USD 123.05 million represent the reinvestment of earnings that are conventional inflows from abroad) and loans (by USD 20.01 million, on net basis), while the liabilities in the form of currency and deposits of deposit-taking corporations decreased by USD 119.75 million (which represent capital outflows, just as the increase in assets in the form of currency and deposits of other sectors).

Thus, the insufficient liabilities inflows during 2015 (USD 63.16 million, excluding reinvestment of earnings) led to the need to decrease significantly the financial assets in order to ensure sufficient capital inflows in the country for covering the net borrowing of the current and capital account.

Chart no. 21. Financial account by functional categories, yearly dynamics (US$ million)

Note: (+) net capital outflow, (-) net capital inflow

4 According to BPM6, the items of the financial account are presented in net values as the difference between the net acquisition of financial assets and the net incurrence of liabilities, the increase in financial assets and liabilities being recorded with the plus sign and the decrease - with the minus sign.

-747.14

-487.61-363.25

-563.66-443.72

-1,200

-1,000

-800

-600

-400

-200

0

200

400

600

2011 2012 2013 2014 2015

Reserve assets Other investmentPortfolio investment and financial derivatives Direct investmentFinancial account

63


Table no. 19. Financial account, by functional categories, yearly dynamics (US$ million) 2011 2012 2013 2014 2015*

Net lending (+) / net borrowing (-) (financial account balance) -747.14 -487.61 -363.25 -563.66 -443.72

Net acquisition of financial assets 205.37 296.30 445.75 -167.82 -257.51

Net incurrence of liabilities 952.51 783.91 809.00 395.84 186.21

Direct investment -314.15 -253.00 -248.84 -314.44 -227.94

Net acquisition of financial assets 33.78 29.58 41.62 35.49 6.47


Portfolio investment and financial derivatives -0.16 -21.10 -9.87 -14.35 -2.97

Net acquisition of financial assets 5.17 -6.74 0.52 -3.32 1.05


Other investment -707.88 -712.16 -386.59 303.58 93.68

Net acquisition of financial assets -108.63 -225.19 121.56 338.46 41.46

Net incurrence of liabilities 599.25 486.97 508.15 34.88 -52.22

Currency and deposits -219.12 -126.00 18.66 186.92 208.44


Net incurrence of liabilities 47.69 -5.45 226.12 -107.88 -119.75

Loans -363.38 -461.05 -170.72 6.79 -21.05

Net acquisition of financial assets -1.99 4.96 37.79 29.29 -1.04


Trade credit and advances -135.93 -129.65 -135.12 -137.82 -98.18

Net acquisition of financial assets 64.79 -98.15 -61.41 -12.19 -46.19


Other accounts receivable / payable 10.55 4.54 -99.41 247.69 4.47

Net acquisition of financial assets -0.55 -99.60 242.32

Net incurrence of liabilities -10.55 -5.09 -0.19 -5.37 -4.47

Reserve assets** 275.05 498.65 282.05 -538.45 -306.49

* revised data ** Reserve assets flows were valued at daily exchange rate.

According to the sectoral distribution of flows in the financial account (except for direct investment, which is not divided by sector according to BPM6), the following evolutions were recorded in 2015 (Table no. 20):

- The central bank recorded net inflows in the amount of USD 271.33 million, determined mainly by the decrease in reserve assets (by USD 306.49 million) and by the reduction of its liabilities as a result of loans reimbursement in the amount of USD 35.16 million;

- The general government contracted loans from abroad in the net amount of USD 98.32 million;

- Nonfinancial corporations, households and nonprofit institutions serving households recorded higher increases in liabilities (USD 91.50 million) than in assets (USD 74.23 million), generating net inflows of USD 17.27 million;

- At the same time, the licensed banks recorded net outflows in the amount of USD 170.47 million, determined mainly by the decrease in liabilities that exceeded the decrease in assets. Other financial corporations recorded net outflows in the amount of USD 0.74 million.

64


Table no. 20. Financial account, by sector, yearly dynamics (US$ million) 2011 2012 2013 2014 2015 Net acquisition of financial assets 205.37 296.3 445.75 -167.82 -257.51

Central bank 275.05 498.65 282.05 -538.45 -306.49 Deposit-taking corporations, except central bank -76.4 86.92 346.67 -212.46 -31.19 General government -0.55 Other sectors, of which: -27.06 -318.3 -224.59 547.6 73.7 Nonfinancial corporations, Hs and NPISHs -29.13 -319.39 -222.91 545.97 74.23 Other financial corporations 2.07 1.09 -1.68 1.63 -0.53

Direct investment* 33.78 29.58 41.62 35.49 6.47 Net incurrence of liabilities 952.51 783.91 809 395.84 186.21

Central bank 129.21 138.51 -21.61 -29.27 -35.16 Deposit-taking corporations, except central bank 147.41 45.74 278.87 -222.44 -201.66 General government 50.49 99.4 36.7 102.8 98.39 Other sectors, of which: 277.47 217.68 224.58 194.82 90.23 Nonfinancial corporations, Hs and NPISHs 278.22 220.49 221.53 194.26 91.5 Other financial corporations -0.75 -2.81 3.05 0.56 -1.27

Direct investment* 347.93 282.58 290.46 349.93 234.41 Net** -747.14 -487.61 -363.25 -563.66 -443.72

Central bank 145.84 360.14 303.66 -509.18 -271.33 Deposit-taking corporations, except central bank -223.81 41.18 67.8 9.98 170.47 General government -50.49 -99.95 -36.7 -102.8 -98.39 Other sectors, of which: -304.53 -535.98 -449.17 352.78 -16.53 Nonfinancial corporations, Hs and NPISHs -307.35 -539.88 -444.44 351.71 -17.27 Other financial corporations 2.82 3.9 -4.73 1.07 0.74

Direct investment* -314.15 -253 -248.84 -314.44 -227.94 *According to BPM6, direct investment is not divided by sector; ** (+) net outflow, (-) net inflow Note: Hs – households; NPISHs – nonprofit institutions serving households

4.4.1. Direct investment

In 2015, direct investment5 presented on the basis of financial assets and liabilities (BPM6) recorded net inflows amounting to USD 227.94 million, as a result of net incurrence of liabilities (USD 234.41 million), higher than the net increase in assets (USD 6.47 million), (Chart no. 22, Table no. 21).

During 2015, the increase in external assets of resident direct investors in the form of shares and equity in affiliated enterprises abroad amounted to USD 15.58 million, while in the form of debt instruments (loans) - USD 2.01 million. At the same time, the assets of resident enterprises in the form of debt instruments (loans) granted to their direct investors from abroad decreased by USD 11.12 million.

The net increase in liabilities was mainly generated by the net growth in the reinvestment of earnings by foreign investors in Moldovan affiliated enterprises - by USD 123.05 million6, in shareholdings in the capital of Moldovan enterprises - by USD 72.12 million, as well as by the incurrence of debt by resident enterprises to their direct investors from abroad (+USD 39.24 million).

5 According to BPM6, direct investment covers, in addition to the investment in equity capital, the intercompany loans, flows related to debt to foreign investor on energy resources imports and arrears on intercompany loans debt service (these entities are enterprises with foreign capital), which pursuant to BPM5 were reflected under other liabilities within other investment. 6 In addition to the operating activity profits, reflected in the balance of payments, these enterprises also recorded financial activity losses in the total value of USD 307.92 million, shown in the international investment position under changes related to the exchange rate fluctuation.

65


Chart no. 22. Direct investment according to BPM6 (US$ million)

Table no. 21. Direct investment, based on the assets and liabilities principle (BPM6), US$ million 2011 2012 2013 2014 2015


Equity and investment fund shares 20.16 18.40 26.43 38.42 15.58

Equity other than reinvestment of earnings 20.16 18.40 26.43 38.42 15.58

Direct investor in direct investment enterprises 20.16 18.40 26.43 38.42 15.58

Debt instruments 13.62 11.18 15.19 -2.93 -9.11


Direct investment enterprises in direct investor (reverse investment) 13.21 9.80 12.74 -6.93 -11.12





Reinvestment of earnings 86.72 -11.01 19.20 33.07 123.05

Debt instruments 117.31 149.04 110.94 151.26 39.24


Net* -314.15 -253.00 -248.84 -314.44 -227.94

Equity and investment fund shares -210.46 -115.14 -153.09 -160.25 -179.59

Equity other than reinvestment of earnings -123.74 -126.15 -133.89 -127.18 -56.54

Direct investor in direct investment enterprises -123.74 -126.15 -133.89 -127.18 -56.54

Reinvestment of earnings -86.72 11.01 -19.20 -33.07 -123.05

Debt instruments -103.69 -137.86 -95.75 -154.19 -48.35


Direct investment enterprises in direct investor (reverse investment) 13.21 9.80 12.74 -6.93 -11.12

* (+) net outflow, (-) net inflow

The distribution of direct investment by instruments is shown in Chart no. 23.

Chart no. 23. Direct investment: net incurrence of liabilities, by instruments (BPM6), (US$ million)

-314.15-253.00 -248.84

-314.44

-227.94

-400

-300

-200

-100

0

100

200

300

400

2011 2012 2013 2014 2015

Net incurrence of liabilitiesNet acquisition of financial assetsDirect investment, net

347.93

282.58 290.46

349.93

234.41

-500

50100150200250300350400

2011 2012 2013 2014 2015

Debt instruments Reinvestment of earnings

Equity other than reinvestment of earnings Net incurrence of liabilities

66


For comparison, direct investment calculated in accordance with BPM5 are given in Table no. 22 and Charts no. 24 - 25.

Additional according to BPM5

According to the statistical indicators calculated under the BPM5 standard, direct investment abroad of the residents of the Republic of Moldova recorded in 2015 net outflows in the amount of USD 17.59 million, which consist mainly of participation in the equity of affiliated enterprises abroad.

Direct investment in domestic economy recorded net inflows in the amount of USD 182.47 million. Inflows, amounting to USD 324.69 million, decreased by 16.5% compared with 2014. New inflows of equity capital amounted to USD 93.63 million, mainly in the equity capital of other sectors - USD 92.59 million.

The outflows related to direct investment in domestic economy amounted to USD 142.22 million, resulting from the reimbursements (as scheduled) of intercompany loans contracted from foreign direct investors (USD 119.37 million), the withdrawal of equity capital (USD 21.51 million) and the loans granted to foreign investors (USD 1.34 million).

Table no. 22. Direct investment, based on the directional principle (BPM5), (US$ million) 2011 2012 2013 2014 2015

inflow outflow inflow outflow inflow outflow inflow outflow inflow outflow

Direct investment 440.10 172.46 374.64 199.35 368.81 154.95 389.77 231.61 325.63 160.75

Abroad 0.04 20.61 0.41 20.19 0.21 29.09 0.69 43.11 0.94 18.53

In domestic economy 440.06 151.85 374.23 179.16 368.60 125.86 389.08 188.50 324.69 142.22

Equity capital* 187.24 43.34 210.12 65.57 185.97 25.65 185.47 19.87 93.63 21.51

Banks 7.64 12.21 18.60 32.64 7.48 36.66 1.04 0.90

Other sectors 179.60 43.34 197.91 46.97 153.33 18.17 148.81 19.87 92.59 20.61

Reinvested earnings 86.72 -11.01 19.20 33.07 123.05

Banks 10.91 5.26 8.81 -4.46 23.12

Other sectors 75.81 -16.27 10.39 37.53 99.93

Other capital (other sectors)** 166.10 108.51 175.12 113.59 163.43 100.21 170.54 168.63 108.01 120.71

Claims on direct investors 7.27 20.48 0.03 9.83 5.62 18.36 28.22 21.29 12.46 1.34

Liabilities to direct investors 158.83 88.03 175.09 103.76 157.81 81.85 142.32 147.34 95.55 119.37

* including purchases of real estate by nonresidents ** includes intercompany lending of other sectors only, intercompany lending of banks is recorded under “other investment”

Chart no. 24. Direct investment according to BPM5, yearly dynamics (US$ million)

267.64

175.29

213.86

158.16 164.88

-80

0

80

160

240

320

2011 2012 2013 2014 2015

In domestic economy

Abroad

Direct investment

67


Chart no. 25. Direct investment in the economy of the Republic of Moldova (net flows), BPM5 (US$ million)

4.4.2. Portfolio investment and financial derivatives

Portfolio investment recorded net inflows of USD 2.27 million in 2015, resulting mainly from the purchase of shares in resident banks by non-residents (USD 3.19 million) (Table no. 23).

Table no. 23. Portfolio investment (US$ million) 2011 2012 2013 2014 2015


Equity and investment fund shares -0.13 0.18 0.13 -0.73 1.12

Nonfinancial corporations, Hs and NPISHs* -0.13 0.18 0.13 -0.73 1.12

Debt instruments 5.29 -7.16 0.27 -2.70 -0.07

Deposit-taking corporations, except central bank 5.29 -7.16 0.30 -1.09 -0.07

Nonfinancial corporations, Hs and NPISHs -0.03 -1.61



Deposit-taking corporations, except central bank 3.66 13.10 10.21 7.32 3.19

Nonfinancial corporations, Hs and NPISHs 1.41 1.26 -0.14 2.99 0.06

Debt instruments 0.06 0.09 0.07

Deposit-taking corporations, except central bank 0.06

General government 0.07

Nonfinancial corporations, Hs and NPISHs 0.09

Net** 0.03 -21.34 -9.76 -13.74 -2.27

Equity and investment fund shares -5.20 -14.18 -9.94 -11.04 -2.13

Deposit-taking corporations, except central bank -3.66 -13.10 -10.21 -7.32 -3.19

Nonfinancial corporations, Hs and NPISHs -1.54 -1.08 0.27 -3.72 1.06

Debt instruments 5.23 -7.16 0.18 -2.70 -0.14

Deposit-taking corporations, except central bank 5.23 -7.16 0.30 -1.09 -0.07

General government -0.07

Nonfinancial corporations, Hs and NPISHs -0.12 -1.61

* Hs – households; NPISHs – nonprofit institutions serving households; **(+) net outflow, (-) net inflow

Financial derivatives recorded net inflows in the amount of USD 0.70 million, as a result of foreign currency swaps trading by licensed banks with non-resident banks.

4.4.3. Other investment

In 2015, other investment7 (currency and deposits, loans, trade credits and advances, other accounts receivable/payable) resulted in net outflows in the amount of USD 93.68 million (net

7 According to BPM6, the acquisition of financial assets in the form of other investment has the same values as under BPM5 (only with different sign), while the net incurrence of liabilities entails modifications: (1) debt to foreign investors on energy resources imports and arrears on intercompany loans debt service are reflected in

288.21

195.07

242.74

200.58 182.47

-50

0

50

100

150

200

250

300

2011 2012 2013 2014 2015

Other capitalReinvested earnings and undistributed branch profitsEquity capital

68


short-term capital outflows amounted to USD 104.34 million, while long-term capital flows recorded inflows amounting to USD 10.66 million). This development was determined by the net increase in assets by USD 41.46 million and the net decrease in liabilities by USD 52.22 million (Table no. 24, Chart no. 26).

Table no. 24. Other investment, assets and liabilities, by maturity (US$ million) 2011 2012 2013 2014 2015


long-term -2.67 0.33 37.89 29.10 -0.24

short-term -105.96 -225.52 83.67 309.36 41.70


long-term 336.15 447.48 132.48 62.46 10.42

short-term 263.10 39.49 375.67 -27.58 -62.64

Net* -707.88 -712.16 -386.59 303.58 93.68

long-term -338.82 -447.15 -94.59 -33.36 -10.66

short-term -369.06 -265.01 -292.00 336.94 104.34

*(+) net outflow, (-) net inflow

Chart no. 26. Other investment, net flows, by maturity (US$ million)

*(+) net outflow, (-) net inflow

During 2015, the net increase in other investment financial assets (by USD 41.46 million) was influenced mainly by the increase in assets in the form of currency and deposits of nonfinancial corporations, households and nonprofit institutions serving households (by USD 119.18 million), an effect reduced by the decrease in currency and deposits of the licensed banks by USD 30.49 million (Table no. 25, Charts no. 27, 28).

A decrease in assets in the form of trade credits and advances of other sectors (by USD 46.19 million) was also recorded, as well as in assets in the form of loans (by USD 1.04 million) granted to nonresidents by licensed banks and other sectors.

The net decrease in other investment liabilities by USD 52.22 million (Chart no. 29) was mainly influenced by the withdrawal of deposits by non-residents in the net amount of USD 119.75 million and the closure of current accounts held with resident banks, as well as by the decrease in other liabilities of other sectors (by USD 4.00 million) and of the licensed banks (by USD 0.47 million).

At the same time, the liabilities in the form of trade credits and advances received by the enterprises of other sectors from non-resident trade partners increased (by USD 51.99 million). The value of net drawings on external loans of the general government and other sectors (USD 98.32 million and USD 42.18 million) was higher than net loan reimbursements made by the

direct investment and not in other investment; (2) transactions related to loans are registered according to actual payments, unlike the BPM5 under which these were reflected as scheduled.

-707.88

-712.16

-386.59

303.58

93.68

-800

-600

-400

-200

0

200

400

2011 2012 2013 2014 2015

Short-term Long-term Net*

69


banking sector and the central bank (USD 85.33 million and USD 35.16 million), which influenced upwardly the flow of liabilities in the form of loans (USD 20.01 million).

Table no. 25. Other investment, assets and liabilities, by sector (US$ million) 2011 2012 2013 2014 2015


General government -0.55

Deposit-taking corporations, except central bank -81.70 93.84 346.25 -211.48 -31.12

Other sectors, of which: -26.93 -318.48 -224.69 549.94 72.58

NFC, Hs and NPISHs -29.00 -319.57 -223.01 548.31 73.11

Other financial corporations 2.07 1.09 -1.68 1.63 -0.53


Central bank 129.21 138.51 -21.61 -29.27 -35.16


Deposit-taking corporations, except central bank 143.49 32.64 268.43 -230.48 -205.55

Other sectors, of which: 276.06 216.42 224.63 191.83 90.17

NFC, Hs and NPISHs 276.81 219.23 221.58 191.27 91.44

Other financial corporations -0.75 -2.81 3.05 0.56 -1.27

Net* -707.88 -712.16 -386.59 303.58 93.68

Central bank -129.21 -138.51 21.61 29.27 35.16

General government -50.49 -99.95 -36.70 -102.80 -98.32

Deposit-taking corporations, except central bank -225.19 61.20 77.82 19.00 174.43

Other sectors, of which: -302.99 -534.90 -449.32 358.11 -17.59

NFC, Hs and NPISHs -305.81 -538.80 -444.59 357.04 -18.33

Other financial corporations 2.82 3.90 -4.73 1.07 0.74

*(+) net outflow, (-) net inflow Note: NFC – nonfinancial corporations; Hs – households; NPISHs – nonprofit institutions serving households

Chart no. 27. Other investment, net flows, by sector (US$ million)

Chart no. 28. Other investment – net acquisition of financial assets, by instruments (US$ million)

-707.88

-712.16

-386.59

303.58

93.68

-900

-700

-500

-300

-100

100

300

2011 2012 2013 2014 2015

Other sectorsDeposit-taking corporations, except central bankGeneral governmentCentral bankNet

-108.63

-225.19

121.56

338.46

41.46

-300

-200

-100

0

100

200

300

400

2011 2012 2013 2014 2015

Other accounts receivableTrade credits and advancesLoansCurrency and depositsNet acquisition of financial assets

70


Chart no. 29. Other investment – net incurrence of liabilities, by instruments (US$ million)

Loans within other investment recorded net inflows in the amount of USD 21.05 million (Table no. 26).

Table no. 26. External loans, by sectors and by maturity, assets and liabilities (US$ million) 2011 2012 2013 2014 2015

Net acquisition of financial assets -1.99 4.96 37.79 29.29 -1.04

Deposit-taking corporations, except central bank -1.80 0.78 -0.14 4.85 -0.63

short-term -0.14 0.23 -0.23

long-term -1.80 0.78 4.62 -0.40

Nonfinancial corporations, Hs and NPISHs -0.19 4.18 37.93 24.44 -0.41

short-term 0.68 4.08 0.04 -0.04 -0.57

long-term -0.87 0.10 37.89 24.48 0.16


Central bank 129.21 138.51 -21.61 -29.27 -35.16

long-term 129.21 138.51 -21.61 -29.27 -35.16


long-term 50.49 99.40 36.70 102.80 98.32


short-term 18.25 10.40 23.72 -5.45 0.15

long-term 71.83 28.35 14.78 -115.78 -85.48

Nonfinancial corporations, Hs and NPISHs 87.03 189.11 146.94 65.62 43.64

short-term 2.30 3.70 48.31 -38.51 5.44

long-term 84.73 185.41 98.63 104.13 38.20

Other financial corporations 4.58 0.24 7.98 4.58 -1.46

long-term 4.58 0.24 7.98 4.58 -1.46

Net* -363.38 -461.05 -170.72 6.79 -21.05

Central bank -129.21 -138.51 21.61 29.27 35.16

long-term -129.21 -138.51 21.61 29.27 35.16

General government -50.49 -99.40 -36.70 -102.80 -98.32

long-term -50.49 -99.40 -36.70 -102.80 -98.32

Deposit-taking corporations, except central bank -91.88 -37.97 -38.64 126.08 84.70

short-term -18.25 -10.40 -23.86 5.68 -0.38

long-term -73.63 -27.57 -14.78 120.40 85.08

Nonfinancial corporations, Hs and NPISHs -87.22 -184.93 -109.01 -41.18 -44.05

short-term -1.62 0.38 -48.27 38.47 -6.01

long-term -85.60 -185.31 -60.74 -79.65 -38.04

Other financial corporations -4.58 -0.24 -7.98 -4.58 1.46

long-term -4.58 -0.24 -7.98 -4.58 1.46

*(+) net outflow, (-) net inflow Note: Hs – households; NPISHs – nonprofit institutions serving households

The evolution of loan liabilities, by maturity and by institutional sectors, is shown in Charts no. 31 and 31.

599.25

486.97 508.15

34.88

-52.22

-200

-100

0

100

200

300

400

500

600

700

2011 2012 2013 2014 2015

Other accounts payableTrade credits and advancesLoansCurrency and depositsNet incurrence of liabilities

71


Chart no. 30. External loans (net incurrence of liabilities), by maturity (US$ million)

Chart no. 31. External loans (net incurrence of liabilities), by sector (US$ million)

In 2015, there were contracted loans8 in the total amount of USD 353.90 million, of which long-term - USD 341.55 million and short-term - USD 12.35 million (Table no. 27). The sectors that benefited from external financing were mainly: nonfinancial corporations, households and nonprofit institutions serving households with drawings amounting to USD 173.54 million, followed by general government, including local government - USD 138.71 million, deposit-taking corporations, except central bank - USD 24.63 million, other financial corporations - USD 17.02 million.

The main creditors of general government were: International Development Association - USD 36.35 million; European Investment Bank - USD 38.79 million; Japan International Cooperation Agency - USD 31.22 million; European Bank for Reconstruction and Development - USD 12.44 million; International Bank for Reconstruction and Development - USD 10.09 million; International Fund for Agricultural Development - USD 3.65 million; Council of Europe Development Bank - USD 3.14 million; UniCredit Bank Austria - USD 2.67 million and other creditors.

8 According to BPM6, the increase in net loan liabilities also includes, in addition to actual drawings, the accumulation of arrears on interest. At the same time, loans within other investment also include the transactions of the “Other financial corporations” sector (under BPM5, the transactions of other financial corporations with foreign direct capital were included in direct investment – other capital).

361.39

466.01

208.51

22.5 20.01

-100

0

100

200

300

400

500

2011 2012 2013 2014 2015

Long-termShort-termExternal loans (net incurrence of liabilities)

129.

21

138.

51

-21.

61

-29.

27

-35.

16

50.4

9

99.4

0

36.7

0 102.

80

98.3

2

90.0

8

38.7

5

38.5

0

-121

.23

-85.

33

91.6

1

189.

35

154.

92

70.2

0

42.1

8

-250-200-150-100

-500

50100150200250300350400450500

2011 2012 2013 2014 2015

Central bankGeneral governmentDeposit-taking corporations, except central bankOther sectorsNet incurrence of liabilities

72


Table no. 27. External loans (net incurrence of liabilities), drawings and repayments (US$ million) 2011 2012 2013 2014 2015

draw. rep. draw. rep. draw. rep. draw. rep. draw. rep. Loans 807.26 445.87 1058.02 592.01 779.32 570.81 537.50 515.00 353.90 333.89

Central bank 135.37 6.16 154.64 16.13 21.61 29.27 35.16

long-term 135.37 6.16 154.64 16.13 21.61 29.27 35.16

General government 112.80 62.31 152.98 53.58 100.76 64.06 155.98 53.18 138.71 40.39

long-term 112.80 62.31 152.98 53.58 100.76 64.06 155.98 53.18 138.71 40.39

Deposit-taking corporations, except central bank

242.51 152.43 310.31 271.56 269.80 231.30 78.40 199.63 24.63 109.96

short-term 43.05 24.80 172.73 162.33 42.73 19.01 23.80 29.25 4.43 4.28

long-term 199.46 127.63 137.58 109.23 227.07 212.29 54.60 170.38 20.20 105.68

Nonfinancial corporations, Hs and NPISHs 285.26 198.23 423.01 233.90 388.28 241.34 271.80 206.18 173.54 129.90

short-term 15.73 13.43 34.24 30.54 52.63 4.32 13.35 51.86 7.92 2.48

long-term 269.53 184.80 388.77 203.36 335.65 237.02 258.45 154.32 165.62 127.42

Other financial corporations 31.32 26.74 17.08 16.84 20.48 12.50 31.32 26.74 17.02 18.48

long-term 31.32 26.74 17.08 16.84 20.48 12.50 31.32 26.74 17.02 18.48 Note: Hs – households; NPISHs – nonprofit institutions serving households

External loan reimbursements made during 2015 amounted to USD 333.89 million, of which by nonfinancial corporations, households and nonprofit institutions serving households - USD 129.90 million, deposit-taking corporations (banks) - USD 109.96 million, general government - USD 40.39 million, other financial corporations - USD 18.48 million. In 2015, the National Bank of Moldova made reimbursements in the amount of USD 35.16 million of the IMF loans contracted previously.

4.4.4. Official reserve assets

During 2015, official reserve assets (as a result of actual transactions evaluated at the daily exchange rate) decreased by USD 306.49 million9 in net terms. SDR assets increased by USD 16.89 million. Currency and deposits placed in other central banks decreased by USD 32.83 million, while placements in other foreign banks decreased by USD 25.39 million. Assets in the form of securities decreased by USD 265.16 million (Table no. 28, Chart no. 32).

Table no. 28. Official reserve assets, flows (US$ million) 2011 2012 2013 2014 2015

Reserve assets 275.05 498.65 282.05 -538.45 -306.49 Monetary gold 0.38 Special drawing rights 0.54 0.73 4.76 -4.93 16.89 Currency and deposits 29.63 389.44 -105.89 -77.55 -58.22

Claims on monetary authorities -132.89 18.44 -102.66 100.48 -32.83 Claims on other entities 162.52 371.00 -3.23 -178.03 -25.39

Debt securities 244.50 108.48 383.18 -455.97 -265.16 short-term -25.38 long-term 244.50 108.48 383.18 -430.59 -265.16

9 According to BPM6, official reserve assets flows are recorded in the balance of payments with the same values as pursuant to BPM5, but with the opposite sign.

73


Chart no. 32. Official reserve assets flows, by instruments (US$ million)

275.05

498.65

282.05

-538.45

-306.49

-600

-400

-200

0

200

400

600

2011 2012 2013 2014 2015

Debt securities

Currency and deposits

Special drawing rights

Monetary gold

Reserve assets

74


4.5. ANALYTICAL PERESENTATION OF THE BALANCE OF PAYMENTS Table no. 29. Balance of payments of the Republic of Moldova in analytical presentation (according to BPM6), (US$ million)

2011 2012 2013* 2014* 2015* CURRENT ACCOUNT -879.28 -675.59 -516.48 -569.08 -414.84

Goods -2,984.55 -3,067.87 -3,138.41 -3,041.19 -2,087.86

Services 159.05 108.97 146.93 123.05 130.87

Primary income 577.52 816.27 870.96 823.12 457.89

Secondary income 1,368.70 1,467.04 1,604.04 1,525.94 1,084.26

CAPITAL ACCOUNT 31.99 21.23 57.92 96.78 22.88 Net lending (+) / net borrowing (-) (current and capital account balance)

-847.29 -654.36 -458.56 -472.30 -391.96

Net lending (+) / net borrowing (-) (financial account balance) -869.11 -847.75 -666.91 -54.48 -177.95


net acquisition of financial assets 33.78 29.58 41.62 35.49 6.47

net incurrence of liabilities 347.93 282.58 290.46 349.93 234.41

Portfolio investment 0.03 -21.34 -9.76 -13.74 -2.27

net acquisition of financial assets 5.16 -6.98 0.40 -3.43 1.05

net incurrence of liabilities 5.13 14.36 10.16 10.31 3.32

Financial derivatives -0.19 0.24 -0.11 -0.61 -0.70

Other investment -554.80 -573.65 -408.20 274.31 52.96

net acquisition of financial assets -108.63 -225.19 121.56 338.46 41.46

net incurrence of liabilities, of which: 446.17 348.46 529.76 64.15 -11.50

Loans 208.31 327.50 230.12 51.77 60.73

deposit-taking corporations, except central bank 90.08 38.75 38.50 -121.23 -85.33

general government 26.62 99.40 36.70 102.80 103.88

other sectors 91.61 189.35 154.92 70.20 42.18

other financial flows 237.86 20.96 299.64 12.38 -72.23

Net errors and omissions 72.82 127.54 95.31 -91.36 -51.76

OVERALL BALANCE 94.64 320.93 303.66 -509.18 -265.77

Financing -94.64 -320.93 -303.66 509.18 265.77

IMF loans (net incurrence of liabilities) 153.08 138.51 -21.61 -29.27 -40.72

Change in reserve assets** (net acquisition of financial assets) 275.05 498.65 282.05 -538.45 -306.49

Exceptional financing 27.33 39.21 Secondary income - intergovernmental grants 27.33 39.21

Note: Increases in both financial assets and liabilities are recorded with a positive sign, while decreases in financial assets and liabilities – with a negative sign. * revised data

** valued at daily exchange rate

In the analytical presentation of the balance of payments, the overall balance of the Republic of Moldova resulted in a deficit of USD 265.77 million in 2015, financed from the official reserve assets. The NBM and general government made reimbursements of the loans previously contracted from the IMF in the amount of USD 40.72 million. No exceptional financing transactions were conducted during the reporting period.

75


ADDITIONAL according to BPM5

Table no. 30. Balance of payments of the Republic of Moldova in analytical presentation (according to BPM5) (US$ million)

2011 2012 2013* 2014* 2015* CURRENT ACCOUNT -899.68 -610.23 -468.72 -534.47 -321.97

Goods -2,875.98 -2,936.04 -2,999.43 -2,899.81 -1,959.32 Services 31.39 9.14 16.32 -31.32 5.22 Income 577.24 817.32 871.98 824.58 460.87 Current transfers 1,367.67 1,499.35 1,642.41 1,572.08 1,171.26

CAPITAL AND FINANCIAL ACCOUNT 769.16 692.21 567.93 -229.39 21.74 Capital account -19.49 -36.67 -35.45 -62.44 -66.71 Financial account 788.65 728.88 603.38 -166.95 88.45

Direct investment 267.64 175.29 213.86 158.16 164.88 Portfolio investment -0.03 21.34 9.76 13.11 2.27 Financial derivatives 0.19 -0.24 0.11 0.61 0.70 Other investment 520.85 532.49 379.65 -338.83 -79.40 Assets 108.63 225.19 -121.56 -338.46 -41.46 Liabilities 412.22 307.30 501.21 -0.37 -37.94

Errors and omissions 93.48 95.43 87.22 -77.32 -55.04 OVERALL BALANCE -37.04 177.41 186.43 -841.18 -355.27 Financing 37.04 -177.41 -186.43 841.18 355.27

IMF loans (net) 153.08 138.51 -21.61 -29.27 -40.72 Change in reserve assets** -275.05 -498.65 -282.05 538.45 306.49 Exceptional financing 159.01 182.73 117.23 332.00 89.50

unilateral transfers – intergovernmental grants 78.55 63.86 53.70 111.20 other investment - liabilities 80.46 118.87 63.53 220.80 89.50 - governmental loans for budget support 8.64 37.28 11.20 34.14 15.01 - arrears (net) 71.82 81.59 52.33 186.66 74.49

* revised data

** valued at daily exchange rate

Unlike the analytical presentation of the balance of payments according to BPM6, the exceptional financing according to BPM5 includes the arrears on external debt service and a number of transactions related to governmental loans and grants.

76


V. INTERNATIONAL BANK OPERATIONS STATISTICS

During 2015, the national banking system recorded financial inflows amounting to USD 39,739.22 million and outflows of USD 39,734.14 million, payments exceeding receipts by USD 5.08 million. Compared to 2014, inflows decreased by 33.9% and outflows - by 31.8% (in 2014 compared to 2013, inflows decreased by 8.2% and outflows - by 11.1%) (Chart no. 33).

Chart no. 33. Aggregated international financial flows via the national banking system (US$ million)

The volume of payment and receipt operations with the European Union countries recorded decreases both in inflows and outflows by 24.5% and 35.2%, respectively, compared to 2014 (in 2014 compared with 2013, receipts increased by 0.8%, while payments decreased by 20.0%). Transactions with the EU countries accounted for 46.0% of total inflows and 48.3% of total outflows.

The banking flows with the CIS countries decreased significantly compared to the previous year: inflows by 84.7% and outflows by 67.2% (in 2014 compared with 2013, inflows decreased by 34.4%, while outflows increased by 2.3%). These registered a share of 8.1% of total inflows and 6.8% of total outflows.

The volume of payment and receipt operations related to external trade in goods decreased by 21.3% on export and by 23.7% on import, compared to 2014, amounting to USD 1,542.60 million and USD 3,427.85 million, respectively. The share of these operations in total flows accounted for 3.9% on inflows and 8.6% on outflows. The coverage rate of payments for the imports of goods by the receipts from exports of goods constituted 45.0%, increasing by 1.4 percentage points compared to 2014.

The volume of international bank operations related to services decreased by 14.3% on receipts compared to last year (down to USD 741.70 million) and by 20.5% on payments (recording USD 581.23 million). The coverage rate of payments by receipts on services was 127.6%, increasing by 9.3 percentage points compared to 2014. Transport services held the largest share of 38.0%

28,429.33 25,152.16 32,050.76 24,215.83

18,277.25

7,954.56 13,655.35

24,027.67 21,030.45

3,218.46

30,644.23 30,564.9037,031.02

29,621.9019,193.13

3,889.34 4,266.85 8,013.06 8,201.552,691.92

48,391.7949,572.03

65,498.7060,102.63

39,739.22

48,305.28 48,856.34

65,518.9958,253.40

39,734.14

-80000

-60000

-40000

-20000

0

20000

40000

60000

80000

2011 2012 2013 2014 2015

outflows inflows

EU CIS TOTAL

77


on receipts and 33.5% on payments in services-related operations. The following types of services also recorded significant receipts and payments: travel - 22.7% and 26.2%, telecommunications - 10.2% and 5.0%, information services - 8.1% and 6.7%, constructions - 4.7% and 4.6%, advertising and marketing services - 4.1% and 1.2%, legal, accounting and consulting services - 3.3% and 5.3%, government services - 3.1% and 3.5%, insurance services - 0.6% and 2.5% of total services (receipts and payments).

The volume of bank operations related to grants and technical assistance from abroad decreased by 55.5% compared to 2014, amounting to USD 145.69 million.

Money transfers from abroad to individuals from the Republic of Moldova via the licensed banks amounted to USD 1,129.36 million10, decreasing by 30.0% compared to 2014 (Chart no. 34), of which through money transfer systems - USD 940.95 million, on a net basis11. Money transfers from abroad in favour of individuals on a gross basis12 amounted to USD 1,227.37 million, of which via money transfer systems - USD 1,038.96 million.

Chart no. 34. Net money transfers from abroad made in favor of individuals via authorized banks, yearly dynamics (US$ million)

*MTS - money transfer systems operating in the Republic of Moldova

In terms of geographical origin of transfers in favour of individuals, transfers from CIS countries held the share of 45.2% (decreasing by 48.9% compared to 2014), while those from the EU countries - 27.7% (down by 2.7% as against 2014).

10 Totals include both international transfers via money transfer systems (MTS) and other international bank

transfers in favour of individuals (except for transfers related to entrepreneurial activities and investment transfers). Totals also include internal bank transfers from non-residents (representative offices of international institutions or of foreign economic agents, embassies, consulates, government offices) to resident individuals.

11 Net transfers include data on a net basis only of transfers via MTS, according to clearing between the system and licensed banks (balance between inflows and outflows). Data on MTS reflect the actual amounts transferred from the system to licensed bank. Bank transfers of individuals, other than those via MTS, are reflected on a gross basis.

12 Gross transfers include data reflected on a gross basis, including transfers via MTS, calculated based on the cash amounts given out to individuals at licensed banks' counters.

1,443.471,494.23

1,608.981,612.96

1,129.36

1,266.291,328.70

1,432.62 1,426.84

940.95

0

500

1,000

1,500

2,000

2011 2012 2013 2014 2015

Total

MTS*

78


Chart no. 35. Money transfers from abroad made in favor of individuals, by main source countries, 2015

Within the distribution of transfers in favour of individuals by country, Russia continued to be the main source and held the share of 43.2% (USD 488.00 million) of the total (decreasing by 17.3 percentage points compared to 2014). Other important sources of transfers were: Italy - 11.7% (USD 131.93 million), Israel - 10.6% (USD 119.54 million), USA - 9.2% (USD 103.59 million), the UK - 3.2% (USD 35.93 million), Germany - 2.6% (USD 29.84 million), France - 1.9% (USD 21.28 million), Turkey - 1.3% (USD 15.23 million), followed by Spain and Greece. It should be mentioned that the transfers form these ten countries (including Russia) represent 85.2% of total transfers in the Republic of Moldova (USD 962.22 million).

Table no. 31. Geographic structure of net money transfers from abroad made in favor of individuals, in dynamics, 2011-2015

2011 2012 2013 2014 2015

US$ million

% US$

million %

US$ million

% US$

million %

US$ million

%

TOTAL 1,443.47 100.0 1,494.23 100.0 1,608.98 100.0 1,612.96 100.0 1,129.36 100.0

CIS 884.40 61.3 986.06 66.0 1,054.94 65.6 998.04 61.9 510.31 45.2 European Union 331.46 23.0 278.66 18.6 297.26 18.5 321.60 19.9 312.89 27.7 Other countries 227.61 15.8 229.51 15.4 256.78 16.0 293.32 18.2 306.15 27.1

Russia 867.22 60.1 968.80 64.8 1,031.63 64.1 975.47 60.5 488.00 43.2 Italy 166.53 11.5 136.47 9.1 144.49 9.0 153.88 9.5 131.93 11.7 Israel 76.88 5.3 79.89 5.3 95.23 5.9 105.92 6.6 119.54 10.6 USA 72.98 5.1 73.32 4.9 74.54 4.6 86.48 5.4 103.59 9.2 United Kingdom 20.51 1.4 20.08 1.3 21.60 1.3 25.03 1.6 35.93 3.2 Germany 16.27 1.1 16.43 1.1 19.27 1.2 23.61 1.5 29.84 2.6 France 20.50 1.4 18.58 1.2 20.70 1.3 22.12 1.4 21.28 1.9 Turkey 17.08 1.2 15.03 1.0 16.33 1.0 15.85 1.0 15.23 1.3 Spain 18.74 1.3 15.81 1.1 15.13 0.9 13.47 0.8 11.67 1.0 Greece 15.57 1.1 11.17 0.7 8.84 0.5 8.82 0.5 5.21 0.5 Other countries 151.20 10.5 138.66 9.3 161.22 10.0 182.32 11.3 167.14 14.8

Within the currency structure of transfers from abroad in favour of individuals13 (Chart no. 36), transfers in USD accounted for a share of 42.3%, followed by transfers in EUR - 32.9% and those in Russian roubles - 24.8%.

13 The currency structure of gross transfers via MTS reflects the currencies in which the amounts transferred have

been received by individuals (regardless of the original currency transferred from abroad).

Russia43.2%

Italy11.7%

Israel10.6%

USA9.2%

UK3.2%

Germany2.6%

France1.9%

Turkey1.3% Spain

1.0%Other countries

15.3%

79


Chart no. 36. Currency structure of net money transfers from abroad made in favor of individuals

via authorized banks (%)

The analysis of the currency structure of international financial flows recorded in the national banking system in 2015 (Chart no. 37) shows that those in USD held the share of 70.9% in total inflows and 71.2% in total outflows (increasing by 12.6 percentage points on inflows and by 3.7 percentage points on outflows compared to 2014). Within the operations related to the trade in goods and services, operations in USD accounted for 47.8% of receipts and for 49.0% of payments.

The share of the European Union currency in external transactions was 20.9% on inflows and 21.1% on outflows (decreasing by 6.1 percentage points on inflows and by 5.4 percentage points on outflows compared with 2014). Within the flows related to the trade in goods and services, operations in EUR accounted for 44.9% of receipts and for 45.9% of payments.

Operations in Russian roubles held a share of 3.0% on inflows and 2.6% on outflows, both decreased by 9.2 percentage points and 0.8 percentage points, respectively. Within the flows related to the trade in goods and services, operations in Russian roubles accounted for 3.6% of receipts and for 4.0% of payments.

Chart no. 37. Currency structure of financial flows via national banking system (US$ million)

42.2 38.9 31.3 27.242.3

41.637.1

35.1 36.1

32.9

16.2 24.033.6 36.7

24.8

0%

20%

40%

60%

80%

100%

2011 2012 2013 2014 2015

USD EUR RUB

24,436.99

27,945.41

39,361.40

35,048.71

28,192.08

18,486.18

14,333.08

10,985.17

16,233.72

8,299.32

3,426.34

5,962.40

13,449.16

7,362.12

1,205.64

2,048.28

1,331.14

1,702.98

1,458.07

2,042.17

24,832.63

30,636.21

47,931.72

39,329.96

28,286.45

18,760.79

14,488.80

11,831.08

15,417.14

8,374.51

2,676.01

2,375.86

4,081.44

1,992.56

1,052.76

2,035.85

1,355.47

1,674.75

1,513.74

2,020.41

-70,000

-50,000

-30,000

-10,000

10,000

30,000

50,000

2011 2012 2013 2014 2015

Outflows Inflows

USD EUR RUB Other currencies

80


VI. INTERNATIONAL INVESTMENT POSITION OF THE REPUBLIC OF

MOLDOVA AS OF 31.12.2015

The International investment position (IIP) of the Republic of Moldova continued the downward trend of the previous periods, its debit balance reached the level of USD -5,654.17 million, increasing by 1.0% compared to the one recorded at the end of 2014. The increase and the negative ongoing evolution of the IIP debit balance was due to the net actual transactions with non-residents during 2015 (USD -443.72 million) and to price changes (USD -5.90 million), partially offset by the impact of the exchange rate fluctuations of the original currencies against the U.S. dollar (USD 389.95 million) and other changes (USD 4.03 million), which caused the increase in the debit position by USD 55.64 million by the end of 2015 (Table no. 32).

Table no. 32. International investment position of the Republic of Moldova as of 12/31/2015 (US$ million)

Position as

of 12/31/2014*

Changes reflecting Position as of

12/31/2015* total

changes BOP

transactions price

changes

exchange rate

changes

other changes

International investment position (net) -5,598.53 -55.64 -443.72 -5.90 389.95 4.03 -5,654.17

Assets 3,711.60 -375.96 -246.39 -3.80 -125.77 3,335.64

Direct investment abroad 179.50 17.59 17.59 197.09

Equity capital 169.24 15.58 15.58 184.82 Other capital 10.26 2.01 2.01 12.27 Portfolio investment 3.78 1.05 1.05 4.83

Equity securities 1.95 1.12 1.12 3.07 Debt securities 1.83 -0.07 -0.07 1.76 Financial derivatives 4.00 4.00

Other investment 1,367.69 5.22 41.46 -36.24 1,372.91

Trade credits 95.89 -44.02 -46.19 2.17 51.87 Loans 77.39 -1.04 -1.04 76.35 Currency and deposits 906.39 50.28 88.69 -38.41 956.67 Other assets 288.02 288.02 Reserve assets** 2,156.63 -399.82 -306.49 -3.80 -89.53 1,756.81

Liabilities 9,310.13 -320.32 197.33 2.10 -515.72 -4.03 8,989.81 Direct investment in domestic economy 3,613.78 -147.71 182.47 2.10 -332.28 3,466.07

Equity capital and reinvested earnings 2,661.20 -110.65 195.17 2.10 -307.92 2,550.55 Other capital 952.58 -37.06 -12.70 -24.36 915.52 Portfolio investment 113.27 3.32 3.32 116.59

Equity securities 113.18 3.25 3.25 116.43 Debt securities 0.09 0.07 0.07 0.16 Financial derivatives 4.08 0.70 0.70 4.78

Other investment 5,579.00 -176.63 10.84 -183.44 -4.03 5,402.37

Trade credits 1,136.92 9.68 51.99 -42.31 1,146.60 Loans 3,060.03 -120.80 4.58 -121.56 -3.82 2,939.23 Currency and deposits 233.57 -132.08 -119.75 -12.33 101.49 Other liabilities 977.99 73.81 74.02 -0.21 1,051.80 SDR allocation 170.49 -7.24 -7.24 163.25 * revised data; ** BOP flow valued at daily exchange rate; Note: Official cross-exchange rates of original currencies against the US dollar at period-end are used for the evaluation of stocks.

Compared to the end of 2014, the stock of financial assets decreased by 10.1% and that of financial liabilities - by 3.4%. Both the flow of actual balance of payments transactions (USD -246.39 million) and the exchange rate fluctuations of the original currencies against the U.S. dollar (USD -125.77 million), as well as the changes in asset prices (USD -3.80 million) contributed to the decrease in the stock of financial assets compared to 2014. The stock of financial liabilities decreased by 3.4% compared to the end of 2014 due to the exchange rate

81


fluctuations (USD -515.72 million) and to other changes in the amount of USD -4.03 million14, in spite of the positive flow recorded in the balance of payments during 2015 (USD 197.33 million) and the price changes of USD +2.10 million.

The evolution of the IIP during the last five years is shown in Chart no. 38.

Chart no. 38. International investment position dynamics, at year-end (US$ million)

As of 31.12.2015, the external financial assets recorded a stock of USD 3,335.64 million, decreasing by USD 375.96 million. The decrease in the stock of financial assets started during 2014 (by 8.0%) and continued in 2015 (-10.1%). During 2009-2013, these recorded constant increases (reaching the maximum level in 2012 : +18.1%).

Angajamentele financiare externe au înregistrat la 31.12.2015 un stoc în valoare de 8,989.81 mil. USD, în scădere cu 320.32 mil. USD comparativ cu finele anului 2014. Stocul pasivelor financiare a demonstrat o evoluție asemănătoare stocului de active, s-a accelerat rata de diminuare a acestuia (cu 2.6 p.p, față de anul 2014), precedată de creștere în perioada 2009-2013 (maximală în 2012: +12.9 la sută).

The external financial liabilities recorded a stock of USD 8,989.81 million as of 31.12.2015, decreasing by USD 320.32 million compared to the end of 2014. The stock of financial liabilities recorded a similar evolution as the stock of assets, its decreasing rate accelerated (by 2.6 percentage points compared to 2014), preceded by growth during the period 2009-2013 (maximum level in 2012: +12.9%).

Taking into account the aforementioned developments, the slowdown in net IIP deterioration (from an average of 8.5% during 2009-2013 to 4.7% and 1.0% in 2014 and 2015, respectively) reflects in fact the economic crisis that the national economy is facing, when both financial assets and liabilities are decreasing, the last ones at a faster pace.

As of 31.12.2015, the stock of financial liabilities exceeded the stock of assets 2.7 times. In 2009-2013, this ratio was on average 2.5 to 1.

14 Other changes amounting to USD 4.03 million consist of the reclassification of the public external debt into domestic debt (USD 3.82 million) and cancellation of the debts of other sectors (0.21) to non-resident partners.

3,006.96 3,549.79 4,035.92 3,711.60 3,335.64

-7,832.05-8,635.11

-9,381.97 -9,310.13 -8,989.81

-4,825.09 -5,085.32 -5,346.05 -5,598.53 -5,654.17

-12,000

-10,000

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

2011 2012 2013 2014 2015

Assets Liabilities Net investment position

82


Structure of financial assets and liabilities by functional categories

The structure of financial assets and liabilities by functional categories is shown in Chart no. 39.

Chart no. 39. External assets and liabilities structure, by functional categories, as of 12/31/2015, %

The reserve assets held the largest share in the stock of financial assets, followed by other investment, direct investment abroad, and portfolio investment and financial derivatives with a share of 0.3% (Chart no. 40).

Chart no. 40. External financial assets, at year-end (US$ million)

As of 31.12.2015, the official reserve assets totaled USD 1,756.81 million, decreasing by 18.5% compared to the end of previous year. The stock of official reserve assets was influenced by net flow in the balance of payments (USD -306.49 million, calculated at the daily exchange rate), by the exchange rate fluctuations of the original currencies against the U.S. dollar (USD -89.53 million) and by price changes of securities and monetary gold (USD -3.80 million).

The major part of reserve assets is in the form of securities, their share decreasing by 4.5 percentage points compared to the end of previous year. Currency and deposits represent 42.6% of the reserves, their share increasing by 3.6 percentage points compared to the end of 2014. As of 31.12.2015, the monetary gold and special drawing rights along with the reserve position in the IMF remained insignificant and increased from 0.2% to 1.2% in total reserves compared to 31.12.2014.

5.9

38.641.2

60.152.7

0

20

40

60

80

100

Assets Liabilities

%

Reserve assets

Other investment

Portfolio investment and financialderivatives

Direct investment

88.4

2

108.

20

137.

08

179.

50

197.

09

15.6

8

8.94

11.1

0

7.78

8.83

937.

54

917.

65

1,0

67.1

1

1,36

7.69

1,37

2.911,

965.

32 2,51

5.0

0

2,82

0.6

3

2,15

6.63

1,75

6.81

0

500

1,000

1,500

2,000

2,500

3,000

2011 2012 2013 2014 2015

Direct investment Portfolio investment and financial derivatives Other investment Reserve assets

83


Chart no. 41. Reserve assets structure

Note: FCD – foreign currency and deposits; SDR – special drawing rights

The stock of direct investment abroad totalled USD 197.09 million, increasing by 9.8% compared to the end of 2014.

Assets in the form of other investment increased by 0.4% compared to the end of 2014 and amounted to USD 1,372.91 million.

The stock of assets in the form of currency and deposits of licensed banks at the end of 2015 was mainly in Euro, with a share of 54.3% (decreasing by 4.0 percentage points compared to end of 2014), and in USD, with a share of 43.2% (increasing by 4.6 percentage points compared to end of previous year) (Chart no. 42). Given its composition mainly in EUR, as a result of Euro depreciation against the U.S. dollar, the stock of assets in the form of currency and bank deposits depreciated by USD 38.41 million.

Chart no. 42. Structure of external assets in the form of currency and deposits held by authorized banks, by currency

a. End of 2015

b. End of 2014

FCD39.0%

Securities60.8%

Monetary gold0.1%

SDR and Reserve position in the the

Fund0.1%

Other0.2%

31.12.2014

FCD42.6%

Securities56.3%

Monetary gold0.1%

SDR and Reserve position in the Fund

1.0%Other1.2%

31.12.2015

USD43.2%

EUR54.3%

RUB1.3%

Other1.2%

USD38.6%

EUR58.3%

RUB2.2%

Other0.9%

84


Within the external liabilities structure, other investment continued to hold the largest share of 60.1%, their value decreasing by 3.2% compared to the end of 2014, followed by direct investment with a share of 38.6% (by 4.1% less in value than at the end of 2014) and portfolio investment and financial derivatives with a share of 1.4%. Other investment consisted of loans in the ratio of 54.4%, 21.2% - trade credits, 19.5% - other liabilities, 1.9% - currency and deposits and 3.0% - SDR allocations. Compared to the end of 2014, the stock of other liabilities increased by 7.5% and that of trade credits - by 0.9%, while the stock of currency and bank deposits decreased by 56.5%, of SDR allocations - by 4.2% and of loans - by 3.9%.

Chart no. 43. External financial liabilities, at year-end (US$ million)

The low share of 28.4% (down by 1.6 percentage points compared to the end of 2014) of foreign investment (in the form of equity capital and reinvested earnings) in the total external liabilities represents a cause of concern, these being the less volatile and secure financing source.

Compared to the end of 2014, the stock of direct investment of non-residents in the economy of the Republic of Moldova recorded a decrease by 4.1% (or by USD 147.71 million), compared to -0.2% in 2014 as against 2013. Although during 2015 net capital inflows were recorded amounting to USD 182.47 million, and the value of shares increased by USD 2.10 million, as a result of the price increase, however their effect was partially offset by the devaluation generated by the influence of exchange rate of the original currencies against US dollar (USD -32.28 million).

The stock of foreign direct investment reached at the end of 2015 the level of USD 3,466.07 million (Chart no. 44), of which equity capital and reinvested earnings held a share of 73.6% and intercompany loans (other capital) - 26.4%. The composition of intercompany loans is mixed, where the stock of liabilities in the form of loans contracted from foreign direct investors represents USD 943.06 million and the stock of claims in the form of loans granted by the resident enterprises with foreign capital to their direct investors from abroad amounts to USD 27.54 million.

In terms of geographical distribution of accumulated equity capital, investors from the EU held the largest share of 52.4%. Investors from CIS countries held a share of 11.1% of total accumulated equity capital, while those from other countries - 36.5% (Chart no. 45).

3,26

1.0

6

3,46

6.67

3,62

0.9

7

3,61

3.78

3,46

6.0

7

75.7

4

90.2

6

113.

64

117.

35

121.

37

4,49

5.25

5,0

78.1

8

5,64

7.36

5,57

9.0

0

5,40

2.37

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011 2012 2013 2014 2015

Direct investment Portfolio investment and financial derivatives Other invesment

85


Chart no. 44. FDI in domestic economy*, main components (US$ million)

*stocks calculated according to the historical cost principle

Chart no. 45. FDI in domestic economy stock* – equity capital, by geographic region (US$ million)

*stocks calculated according to the historical cost principle

Charts no. 46 a. and b. reflect the distribution of the stock of FDI in equity capital accumulated in the domestic economy by main countries, in dynamics.

Chart no. 46. FDI stock* – equity capital, by main countries (US$ million)

a. Banks b. Other sectors

* stocks calculated according to the historical cost principle, by immediate investor’s country

2,420.65 2,557.88 2,639.53 2,661.20 2,550.55

840.41908.79 981.44 952.58 915.52

288.21

195.07242.74

200.58182.47

0

50

100

150

200

250

300

350

400

450

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2011 2012 2013 2014 2015

Intercompany loans, stock at year-end (left axis)Equity capital and reinvested earnings, stock at year-end (left axis)Net flow (right axis)

52.5 52.8 52.0 52.8 52.4

11.8 11.4 11.7 11.2 11.1

35.7 35.8 36.4 36.0 36.5

0

20

40

60

80

100

End of 2011 End of 2012 End of 2013 End of 2014 End of 2015

% European Union CIS Other countries

0 10 20 30 40 50 60 70 80

Greece

USA

Austria

UK

Cyprus

Russia

Germany

France

Romania

Italy

End of 2015

End of 2014

End of 2013

0 25 50 75 100 125 150 175 200 225

France

Switzerland

Romania

Turkey

Germany

Cyprus

USA

Italy

Netherlands

Russia

End of 2015

End of 2014

End of 2013

86


Financial intermediation remained the main economic activity that benefited from foreign investment (24.3% of the FDI stock in the form of equity capital), followed by manufacturing (23.4%). Other activities that have attracted foreign investors were real estate transactions, wholesale and retail trade, transport and communications, energy industry. The distribution by types of economic activity of the FDI stock in the form of equity capital accumulated in the domestic economy is shown in Chart no. 47.

Chart no. 47. FDI, equity capital stock as of 12/31/2015, by industry

Source: NBM calculations based on reports collected by the NBS

At the end of 2015, the stock of liabilities in the form of currency and deposits was largely in EUR, with a share of 47.0%, increasing by 5.4 percentage points compared to the end of 2014. The stock in USD decreased significantly to 42.1% compared to 50.6% at the end of previous year (by 8.5 percentage points). The stock in Russian roubles also decreased, from 1.4% to 0.1% of the total, while the share of Moldovan leu increased from 6.4% to 10.8%.

As a result of depreciation of the single European currency, Russian rouble and Moldovan leu against the U.S. dollar, the currency and deposits of non-residents with licensed banks devalued cumulatively during 2015 by USD 12.33 million.

Charts no. 48 a. and b. reflect the currency composition of banks’ liabilities stock in the form of currency and deposits.

Chart no. 48. Currency structure of external liabilities in the form of currency and deposits held by authorized banks

a. end of 2015

b. end of 2014

Financial intermediation

24.3%

Manufacturing industry

23.4%

Real estate, renting and business services

14.8%

Wholesale and retail trade; repair on personal goods

14.7%

Transport and communications

9.1%

Electricity, gas and water supply

6.8%

Construction2.2%

Healthcare and social assistance

1.4%

Agriculture, hunting and forestry

1.3% Other2.0%

USD42.1%

EUR47.0%

RUB0.1%

MDL10.8%

USD50.6%

EUR41.6%

RUB1.4%

MDL6.4%

87


Structure of financial assets and liabilities by institutional sectors

The structure of the external assets and liabilities of the Republic of Moldova by institutional sectors as of 31.12.2015 changed insignificantly compared to the previous year (Chart no. 49).

Chart no. 49. Structure of external financial assets and liabilities by sector, at year-end (US$ million)

The major share in total external assets is still held by monetary authorities (52.7%), followed by other sectors (31.2%) and by the banking sector (16.1%).

The financial assets of other sectors increased by 9.9% compared to the end of 2014, the stock of the rest of sectors recorded decreases (by 18.5% - the stock of monetary authorities sector and by 11.5% - the banking sector stock).

Within external liabilities, other sectors held the largest share of 73.0%, the government and the banking sector - 15.0% and 8.2%, respectively, and monetary authorities - 3.8%. Compared to the end of 2014, the external liabilities of the government sector slightly increased by 2.5%, the liabilities of other sectors decreased slightly by 0.8%, while those of the banking sector and monetary authorities decreased significantly by 25.6% and 13.2%, respectively.

Structure of financial assets and liabilities by maturity

In terms of structure by maturity (Chart no. 50), short-term assets prevailed in total assets with a share of 91.9%, consisting largely of reserve assets (57.3%) and other investment (42.1%). Long-term assets hold a share of 8.1% in total assets, increasing by 6.4% compared to the end of 2014. Direct investment abroad with a stock of USD 184.82 million hold a share of 68.1% of long-term assets, followed by other investment (30.3%) and portfolio investment (1.6%).

Within the external financial liabilities structure, long-term liabilities held the major share (63.5%), while short-term liabilities held a share of 36.5%. The stocks of long-term and short-term liabilities decreased slightly by 2.4% and 4.0%, respectively.

Liabilities, both long-term and short-term, are represented mainly by other investment (53.3% and 71.9%, respectively) and by direct investment (44.7% and 27.9%, respectively).

1,96

5.32

2,51

5.0

0

2,82

0.6

3

2,15

6.63

1,75

6.81

0.3

9

0.3

9

0.3

9

0.3

9

0.3

9

306.

76

499.

08

854.

07

607.

72

537.

23

734.

49

535.

32

360

.83

947.

28

1,0

41.2

1

-327

.05

-467

.34

-445

.07

-390

.70

-339

.29

-1,1

57.9

2

-1,2

65.5

9

-1,3

05.

17

-1,3

20.3

7

-1,3

53.7

6

-911

.87

-953

.64

-1,2

66.8

2

-986

.11

-734

.00

-5,4

35.2

1

-5,9

48.5

4

-6,3

64.9

1

-6,6

12.9

5

-6,5

62.7

6

-9,000-8,000-7,000-6,000-5,000-4,000-3,000-2,000-1,000

01,0002,0003,000

2011 2012 2013 2014 2015

Liab

ilit

ies

Ass

ets

Monetary authorities General government Banks Other sectors

88


Chart no. 50. Structure of external financial assets and liabilities by maturity, at year-end (US$ million)

2,89

5.13

3,42

5.66

3,84

5.57

3,45

7.16

3,0

64.8

1

111.

83

124.

13

190

.35

254.

44

270

.83

-2,6

64.2

2

-2,8

45.6

9

-3,3

26.6

5

-3,3

61.5

1

-3,2

81.1

3

-5,1

67.8

3

-5,7

89.4

2

-6,0

55.3

2

-5,9

48.6

2

-5,7

08.

68

-11,000

-9,000

-7,000

-5,000

-3,000

-1,000

1,000

3,000

5,000

7,000

9,000

2011 2012 2013 2014 2015

Laib

ilit

ies

Ass

ets

Short-term Long-term

89


VII. EXTERNAL DEBT OF THE REPUBLIC OF MOLDOVA AS OF 31.12.2015

(according to the EDS Guide 2013/BPM6)

7.1. Evolution and structure of external debt

The gross external debt of the Republic of Moldova15 decreased during 2015 by USD 224.83 million or by 3.4% compared to the end of 2014, reaching USD 6,345.43 million on 31.12.2015 (Table no. 33).

Table no. 33. Gross external debt of the Republic of Moldova, at year-end (US$ million) 2011 2012 2013 2014 2015

General government 1,157.92 1,265.59 1,305.17 1,320.37 1,353.69

long-term 1,157.92 1,265.59 1,305.17 1,320.37 1,353.69

Loans 977.77 1,084.14 1,123.89 1,149.88 1,190.44

SDR allocations 180.15 181.45 181.28 170.49 163.25

Central bank 327.05 467.34 445.07 390.70 339.29

long-term 327.05 467.34 445.07 390.70 339.29

Loans 327.05 467.34 445.07 390.70 339.29


short-term 184.17 189.32 423.37 278.80 146.39

Loans 28.85 38.85 42.56 37.12 37.26

Currency and deposits 148.99 144.80 371.33 233.57 101.49

Other debt liabilities 6.33 5.67 9.48 8.11 7.64

long-term 360.78 392.51 433.47 300.52 205.18

Loans 360.78 392.51 433.47 300.52 205.18

Other sectors 2,037.97 2,254.17 2,485.56 2,578.83 2,592.65

short-term 1,094.72 1,118.78 1,237.51 1,266.15 1,277.12

Loans 26.91 30.81 79.20 41.49 46.78

Trade credit and advances 947.34 987.77 1,066.57 1,136.92 1,146.60

Other debt liabilities 120.46 100.20 91.74 87.74 83.74

of which debt for energy resources* 118.84 94.12 90.12 86.12 82.12

long-term 943.25 1,135.39 1,248.05 1,312.68 1,315.53

Loans 943.25 1,135.39 1,248.05 1,312.68 1,315.53

Direct investment: intercompany lending 1,291.46 1,450.91 1,581.74 1,701.04 1,708.23 Debt liabilities of direct investment enterprises to foreign investors

1,291.46 1,450.91 1,581.74 1,701.04 1,708.23

short-term 7.02 13.54 9.71 12.99 12.40

long-term 1,284.44 1,437.37 1,572.03 1,688.05 1,695.83

TOTAL 5,359.35 6,019.84 6,674.38 6,570.26 6,345.43

*other than natural gas, the debt for which is shown under intercompany lending within direct investment, long-term

By institutional sectors, the external debt as of 31.12.2015 is divided as follows: other sectors - 40.9%, public administration and central bank - 26.7%, liabilities to foreign direct investors - 26.9%, deposit-taking corporations - 5.5% (Chart no. 51).

15 The total stock of gross external debt calculated according to BPM6 standard (EDS 2013) is the same as according to BPM5, but with changes in structure. The arrears on external debt service are not reflected as a separate component, but together with the loans to which they refer. Other arrears are divided by maturity, particularly the debt for the import of natural gas is included in the long-term debt within intercomapany lending under direct investment.

90


Chart no. 51. External debt by sector, at year-end (US$ million)

At the end of 2015, public and publicly guaranteed external debt amounted to USD 1,702.04 million (-1.7% compared to the end of 2014), while private non-guaranteed debt - USD 4,643.39 million (-4.0% compared to 31.12.2014) (Table no. 34).

Table no. 34. External public and publicly guaranteed debt and non-guaranteed private debt at year-end (US$ million)

2011 2012 2013 2014 2015 Public and publicly guaranteed debt 1,521.35 1,762.57 1,774.92 1,731.05 1,702.04 long-term 1,521.35 1,762.57 1,774.92 1,731.05 1,702.04

Loans 1,341.20 1,581.12 1,593.64 1,560.56 1,538.79 of which: debt of public corporations and ATU* 47.04 46.47 38.09 34.23 25.72

SDR allocations from IMF 180.15 181.45 181.28 170.49 163.25 Non-guaranteed private debt 3,838.00 4,257.27 4,899.46 4,839.21 4,643.39 short-term 1,278.88 1,308.10 1,660.88 1,544.95 1,423.51

Loans 55.76 69.66 121.76 78.61 84.04 Currency and deposits 148.99 144.80 371.33 233.57 101.49 Trade credit and advances 947.34 987.77 1,066.57 1,136.92 1,146.60 Other debt liabilities 126.79 105.87 101.22 95.85 91.38

long-term 1,267.65 1,498.26 1,656.84 1,593.22 1,511.65 Loans 1,267.65 1,498.26 1,656.84 1,593.22 1,511.65

Direct investment: intercompany lending 1,291.46 1,450.91 1,581.74 1,701.04 1,708.23 Debt liabilities of direct investment enterprises to foreign

investors 1,291.46 1,450.91 1,581.74 1,701.04 1,708.23 short-term 7.02 13.54 9.71 12.99 12.40 long-term 1,284.44 1,437.37 1,572.03 1,688.05 1,695.83

TOTAL 5,359.35 6,019.84 6,674.38 6,570.26 6,345.43 *administrative territorial units

The evolution of external debt structure by maturity is shown in Chart no. 52.

Chart no. 52. Structure of external debt by maturity, at year-end (US$ million)

4,327.834,711.78

5,359.356,019.84

6,674.38 6,570.26 6,345.43

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2009 2010 2011 2012 2013 2014 2015

General government and Central bank Deposit-taking corporations, except central bank

Other sectors Debt liabilities to foreign direct investors

TOTAL

4,073.44 4,698.20 5,003.79 5,012.32 4,909.52

1,285.911,321.64

1,670.59 1,557.94 1,435.91

0

2,000

4,000

6,000

8,000

2011 2012 2013 2014 2015

Long-term Short-term

91


As of 31.12.2015, long-term liabilities totalled USD 4,909.52 million (-2.1% compared to 31.12.2014) and included: loans from foreign direct investors in proportion of 34.6%, other long-term loans - 62.1% and SDR allocations - 3.3% (Chart no. 53). The short-term external debt amounted to USD 1,435.91 million (-7.8% compared to 31.12.2014) and included: trade credit and advances (consisting mostly of advances received and outstanding invoices) - 79.8%, non-residents’ accounts and bank deposits with licensed banks of the Republic of Moldova - 7.1%, short-term loans - 6.7% and other debt liabilities - 6.4% (Chart no. 54).

Loans and SDR allocations amounted to USD 4,397.08 million (69.3% of gross external debt), of which 38.7% belonged to the public sector (the NBM debt, direct governmental debt and private debt assumed by the government as a result of guarantee activation, public corporations’ and administrative-territorial units’ (ATU) debt), while loans contracted by economic agents of the private sector, including intercompany lending, represent 61.3% (Table no. 35).

Table no. 35. Loans and SDR allocations, by sector, at year-end (US$ million) 2011 2012 2013 2014 2015

Central bank 327.05 467.34 445.07 390.70 339.29

Loans (from IMF) 327.05 467.34 445.07 390.70 339.29 Direct governmental debt 1,134.85 1,239.92 1,286.62 1,305.02 1,337.02

Loans 954.70 1,058.48 1,105.34 1,134.53 1,173.77 SDR allocations from IMF 180.15 181.45 181.28 170.49 163.25

Publicly guaranteed assumed debt 7.63 5.64 3.55 1.10 Other sectors 7.63 5.64 3.55 1.10

Loans 7.63 5.64 3.55 1.10 Debt of ATU* 15.44 20.02 15.00 14.25 16.66

Loans 15.44 20.02 15.00 14.25 16.66 Debt of public corporations 31.60 26.45 23.09 19.98 9.06

Other sectors 31.60 26.45 23.09 19.98 9.06 Loans 31.60 26.45 23.09 19.98 9.06

Private debt guaranteed by the government 4.78 3.19 1.60 Other sectors 4.78 3.19 1.60

Loans 4.78 3.19 1.60 Non-guaranteed private debt 2,280.27 2,607.28 2,912.80 2,805.28 2,695.05

Banks 389.63 431.36 476.03 337.64 242.44 Loans 389.63 431.36 476.03 337.64 242.44

Other sectors (including intercompany lending) 1,890.64 2,175.92 2,436.76 2,467.64 2,452.61 Loans 1,890.64 2,175.92 2,436.76 2,467.64 2,452.61

TOTAL 3,801.62 4,369.84 4,687.73 4,536.33 4,397.08 *administrative-territorial units

Chart no. 53. Structure of long-term external debt by type of liability, end of 2015

Chart no. 54. Structure of short-term external debt by type of liability, end of 2015

Intercompany loans34.6%

Other loans62.1%

SDR allocations3.3%

Loans6.7%

Currency and

deposits7.1%

Trade credits and advances79.8%

Other debt liabilities

6.4%

92


During 2015, the Republic of Moldova continued to benefit from the support of international organisations and foreign governments, the Government of the Republic of Moldova and the administrative-territorial units (ATU) borrowed USD 138.71 million for projects financed from external sources, the overall situation being shown in Table no. 36.

Table no. 36. Loans and SDR allocations – additional details (US$ million)

Stock at the end of

2014 Drawings

Actual principal payments

Exchange rate

changes

Other adjustments

Stock at the end of 2015

Debt of central bank 390.70 -35.16 -16.25

339.29

multilateral loans 390.70 -35.16 -16.25 339.29 Direct governmental debt 1,305.02 133.56 -37.50 -64.06

1,337.02

multilateral loans and SDR allocations 1,133.90 99.66 -29.38 -59.38 1,144.80 bilateral loans 171.12 33.90 -8.12 -4.68

192.22

Publicly guaranteed assumed debt 1.10 -0.99 -0.11

from other creditors 1.10 -0.99 -0.11

Debt of ATU 14.25 5.15 -1.89 -0.85 16.66

multilateral loans 14.25 4.79 -1.85 -0.84

16.35 from other creditors 0.36 -0.04 -0.01 0.31

Debt of public corporations 19.98 0.64 -6.15 -1.59 -3.82* 9.06 multilateral loans 7.24 0.64 -0.97 -0.80 6.11 from other creditors 12.74

-5.18 -0.79 -3.82 2.95

Non-guaranteed private debt 2,805.28 308.80 -347.39 -71.64 2,695.05 multilateral loans 267.22 17.08 -84.51 -6.53 193.26 from other creditors 2,538.06 291.72 -262.88 -65.11 2,501.79

TOTAL 4,536.33 448.15 -429.08 -154.50 -3.82 4,397.08 *reclassification of external debt of public corporations into internal debt

The distribution of external liabilities by main creditors is shown in Table no. 37.

The direct governmental debt to multilateral creditors totalled USD 1,144.80 million, increasing by 1.0% compared to 31.12.2014. The largest share in the debt stock to multilateral creditors was held by: IBRD and IDA - 49.8%, IMF - 25.3%, EIB - 12.7%, IFAD - 5.4%. The liabilities to bilateral creditors totalled USD 192.22 million, increasing by 12.3% compared to 31.12.2014. Within the debt to bilateral creditors one should mention the share of Japan - 28.6%, Russia - 27.7% and USA - 19.9%.

As of 31.12.2015, all institutional sectors of the Republic of Moldova accumulated debts in the form of loans (including SDR allocations) from international organisations in the amount of USD 1,699.81 million, and USD 2,697.27 million (of which 92.8% represent private non-guaranteed debt) - from other creditors. The share of lending by international organisations in total debt in the form of loans and SDR allocations decreased by 1.3 percentage points from the value recorded at the end of 2014 to the level of 38.7% as of 31.12.2015.

93


Table no. 37. Loans and SDR allocations, by creditor, at year-end (US$ million) 2011 2012 2013 2014 2015 Central bank 327.05 467.34 445.07 390.70 339.29

IMF 327.05 467.34 445.07 390.70 339.29 Direct governmental debt 1,134.85 1,239.92 1,286.62 1,305.02 1,337.02 Multilateral creditors 920.06 1,039.32 1,107.08 1,133.90 1,144.80

IBRD and IDA 508.16 562.93 568.70 564.16 570.51 IMF 325.54 327.89 327.58 308.09 289.46 EIB 24.15 62.03 86.49 124.55 145.77 IFAD 45.42 54.24 63.84 61.51 61.77 EBRD 3.49 14.41 32.74 48.06 50.29 CEB 13.30 17.82 27.73 27.53 27.00

Bilateral creditors 214.79 200.60 179.54 171.12 192.22 Japan 21.23 16.25 10.38 24.62 55.03 Russia 96.89 84.68 70.06 55.45 53.20 USA 48.65 46.07 43.48 40.90 38.31 Germany 31.29 30.31 28.64 22.81 19.69 Austria 9.04 15.21 18.00 18.79 Romania 9.40 8.06 6.72 5.37 4.03 Turkey 6.35 5.56 4.76 3.97 3.17 other 0.98 0.63 0.29

Publicly guaranteed assumed debt 7.63 5.64 3.55 1.10 Other creditors 7.63 5.64 3.55 1.10

Debt of ATU 15.44 20.02 15.00 14.25 16.66 Multilateral creditors 11.43 11.32 13.95 14.25 16.35

EIB 6.43 6.63 6.88 6.08 8.68 IFC 5.00 4.69 7.07 8.17 5.73 EBRD 1.94

Other creditors 4.01 8.70 1.05 0.31 Debt of public corporations 31.60 26.45 23.09 19.98 9.06 Multilateral creditors 16.39 16.50 5.66 7.24 6.11

EBRD 14.80 14.86 5.66 7.24 6.11 EIB 1.59 1.64

Other creditors 15.21 9.95 17.43 12.74 2.95 Private debt guaranteed by the government 4.78 3.19 1.60 Multilateral creditors 4.78 3.19 1.60

EBRD 4.78 3.19 1.60 Non-guaranteed private debt 2,280.27 2,607.28 2,912.80 2,805.28 2,695.05

Multilateral creditors 307.84 358.37 353.79 267.22 193.26 Other creditors 1,972.43 2,248.91 2,559.01 2,538.06 2,501.79

TOTAL 3,801.62 4,369.84 4,687.73 4,536.33 4,397.08

Table no. 38 shows the evolution of indicators related to the external debt service of the Republic of Moldova.

Table no. 38. External debt service indicators UM 2011 2012 2013 2014 2015

Gross external debt at year-end US$ million 5,359.35 6,019.84 6,674.38 6,570.26 6,345.43 External debt in the form of loans and SDR allocations US$ million 3,801.62 4,369.85 4,687.72 4,536.33 4,397.08 Public and publicly guaranteed external debt US$ million 1,521.35 1,762.57 1,774.92 1,731.05 1,702.04 Public and publicly guaranteed external debt (in the form of loans and SDR allocations) service (actual payments according to schedule)

US$ million 95.26 100.63 126.27 110.70 98.28

Governmental external debt service (actual payments, according to schedule)

US$ million 77.92 63.95 69.10 66.10 51.76

Public and publicly guaranteed external debt (in the form of loans and SDR allocations) service / Exports of goods and services

% 3.5 3.7 4.2 3.7 4.0

Governmental external debt service/ Exports of goods and services

% 2.8 2.4 2.3 2.2 2.1

94


7.2. Indebtedness indicators

At the end of 2015, the ratio between gross external debt and GDP reached 97.7%, increasing by 15.4 percentage points compared to 2014 (although the amount of gross external debt decreased, its ratio to GDP increased due to the fall in GDP expressed in USD) (Chart no. 55).

Chart no. 55. External debt to GDP ratio, yearly dynamics, %

The public and publicly guaranteed external debt of the Republic of Moldova did not exceed the ceiling of 40 percent of GDP16, reaching the level of 26.2%, up by 4.5 percentage points (Chart no. 56).

Chart no. 56. Public and publicly guaranteed external debt to GDP ratio, yearly dynamics, %

As a ratio to exports of goods and services in 2015, public and publicly guaranteed external debt made up 68.8%, increasing by 10.2 percentage points compared to 2014 due to the exports decrease (Chart no. 57).

16 Note: Indicative thresholds based on the World Bank CPIA (Country Policy and Institutional Assessment) score. In 2015, the score of the Republic of Moldova decreased to 3.70, so the thresholds were established at the level: 40 percent for the ratio between the public and publicly guaranteed external debt (PPGED) and GDP, 150 percent for PPGED to exports ratio, 250 percent for PPGED to government revenue ratio, 20 percent for PPGED service to exports ratio and 20 percent for PPGED service to government revenue ratio. http://www.imf.org/external/np/pp/eng/2013/110513.pdf

76.482.6 83.6 82.3

97.7

21.7 24.2 22.2 21.726.2

54.7 58.4 61.4 60.6

71.5

0

30

60

90

120

150

2011 2012 2013 2014 2015

Gross external debt/ GDP

Public and publicly guaranteed external debt/ GDP

Non-guaranteed private debt/ GDP

21.724.2

22.2 21.7

26.2

0

10

20

30

40

50

60

2011 2012 2013 2014 2015

Public and publicly guaranteed external debt/ GDP

Indicative threshold

95


Chart no. 57. Public and publicly guaranteed external debt to exports of goods and services ratio, %

The ratio between the public and publicly guaranteed external debt and government revenue increased by 16.0 percentage points compared to the end of 2014 (from 57.3% in 2014 to 73.3% in the reporting year) (Chart no. 58).

Chart no. 58. Public and publicly guaranteed external debt to government revenue ratio, %

Scheduled payments on public liabilities service as a ratio to the exports of goods and services were below the level of 5 percent in the last five years (Chart no. 59).

Chart no. 59. Public external debt service* to exports of goods and services ratio, %

* including service on private loans guaranteed and assumed by the government

55.565.1 58.5 58.6

68.8

0

50

100

150

200

2011 2012 2013 2014 2015

Public and publicly guaranteed external debt/ Exports of goods and services


59.2 63.7 60.6 57.373.3

0

50

100

150

200

250

300

350

2011 2012 2013 2014 2015

Public and publicly guaranteed external debt/ Government revenue


3.5 3.7 4.2 3.7 4.0

0

5

10

15

20

25

30

2011 2012 2013 2014 2015

Public external debt service (scheduled)/ Exports of goods and services


96


The pressure of public external debt service on public finances increased by 0.5 percentage points during 2015, remaining at a low level (4.2% of government revenue) (Chart no. 60).

Chart no. 60. Public external debt service* to government revenue ratio, %

* including service on private loans guaranteed and assumed by the government

The coverage rate of short-term external debt by official reserve assets constituted 122.3%, decreasing by 16.1 percentage points compared to previous year (Chart no. 61).

Chart no. 61. Official reserve assets to short-term external debt ratio, %

3.7 3.6 4.3 3.7 4.2

0

5

10

15

20

25

30

2011 2012 2013 2014 2015

Public external debt service (scheduled)/ Government revenue Indicative threshold

152.8

190.3

168.8

138.4122.3

0

50

100

150

200

250

2011 2012 2013 2014 2015

Official reserve assets / Short-term external debt 100%

97


VIII. CHANGES MADE IN THE BALANCE OF PAYMENTS, INTERNATIONAL INVESTMENT POSITION AND EXTERNAL DEBT FOR PREVIOUS PERIODS (2009-2014) COMPARED WITH THE VERSION PUBLISHED IN THE EDITION FOR 2014

In the process of compilation of the balance of payments (BOP), international investment

position (IIP), and external debt (ED) data for previous periods are revised. The origin of

changes can be the following:

- data specification (DS);

- modification and / or specification of data estimation methodology (MSM);

- modification in the offsetting entry or in classification (MOEC).

The types of changes specified by item of the balance of payments, international investment

position, and external debt are given in the table below.

Item Statistical statement

Period Type of change

Comments

Goods BOP 2013 – 2014

DS

Customs database data received from the NBS were specified. Net exports of goods under merchanting based on ITRS data were revised.

Services – Maintenance and repair services

BOP 2013 – 2014

DS Data revision based on ITRS.

Services - Transport - Passengers

BOP 2013 – 2014

DS, MSM Data revision based on ITRS. Handling (avia) transactions were specified.

Services - Transport - Freight BOP 2013 – 2014


Services - Transport - Other BOP 2013 – 2014

DS, MSM Data revision based on ITRS. Aircraft servicing transactions were specified.

Services - Travel - Business travel - Acquisition of goods and services by border and seasonal workers

BOP 2013 – 2014

DS Data sources were updated.

Services - Travel - Business travel - Other

BOP 2013 – 2014

DS, MSM Data revision based on ITRS. Transactions of non-resident economic agents’ representations have been specified.

Services - Travel - Personal travel BOP 2013 – 2014


Services - Construction BOP 2014 DS Data sources were updated.

Services - Insurance and pension services

BOP 2013 – 2014

DS, MSM Data sources were updated. Reinsurance transactions contracted from non-residents were specified.

Services - Financial services BOP 2014 DS Data revision based on ITRS. Services - Telecommunications, computer and information services

BOP 2013-2014


Services - Charges for the use of intellectual property

BOP 2013-2014


Services - Operating leasing services

BOP 2013-2014


Services - Legal services BOP 2013-2014


Services - Business and other management consulting services and public relations services

BOP 2013-2014

DS, MSM Data sources were updated. International projects and grants - related transactions, including governmental, were specified.

98


Services - Marketing services (advertising, market research, opinion polls)

BOP 2013-2014


Services - Research and development services

BOP 2013-2014


Services - Architectural, engineering and other technical services

BOP 2013-2014


Services - Other business services BOP 2013-2014


Services - Personal, cultural and recreational services

BOP 2013-2014


Services – Government goods and services

BOP 2013-2014

DS, MSM Data sources were updated. International projects and grants - related transactions, including governmental, were specified.

Primary income - Compensation of employees

BOP 2013-2014


Primary income - Direct investment income

BOP 2013-2014


Primary income - Portfolio investment income

BOP 2013-2014


Primary income - Other investment income

BOP 2013-2014


Secondary income – general government - current international cooperation

BOP 2013-2014

DS Data sources were updated. International projects and grants - related transactions, including governmental, were specified.

Secondary income – general government - miscellaneous current transfers

BOP 2013-2014


Secondary income - personal transfers

BOP 2013-2014


Secondary income - other sectors (nonfinancial corporations, households and nonprofit institutions serving households) - Net nonlife insurance premiums / claims

BOP 2013 – 2014

DS, MSM

Data sources were updated. Reinsurance transactions contracted from non-residents were specified.

Capital account - capital transfers BOP 2013-2014

DS

Data sources were updated.

Direct investment - net acquisition of assets - equity and investment fund shares - other sectors

BOP, IIP 2015 DS Data specification (ITRS).

Direct investment - net acquisition of assets - debt instruments - other sectors

BOP, IIP 2015 DS Data specification (ITRS).

Direct investment - net incurrence of liabilities - equity and investment fund shares - other sectors

BOP, IIP 2015 DS, MSM

Methodological changes in data processing and updating of data according to the sources: 1-Invest and financial statements (balance sheet and related information)

Direct investment - net incurrence of liabilities – reinvestment of earnings - other sectors

BOP, IIP 2015 DS, MSM

Methodological changes in estimating the reinvestment of earnings based on the operational profit principle, according to the sources: 1-Invest and financial statements (balance sheet and related information)

Direct investment - net incurrence of liabilities - debt instruments - other sectors

BOP, IIP, ED

2015 DS Updating of DMFAS database and ITRS data, revision of estimations.

99


Other investment - trade credits and advances - net acquisition of assets - other sectors

BOP, IIP 2015 DS, MSM Methodological changes in data processing and updating of sources (ITRS and customs declarations database)

Other investment - currency and deposits - net acquisition of assets - other sectors

BOP, IIP 2014-2015

DS, MSM

Methodological changes in estimating cash based on data on individuals’ deposits, interbank and intrabank market transactions

Other investment - trade credits and advances - net incurrence of liabilities - other sectors

BOP, IIP, ED

2015 DS, MSM Methodological changes in data processing and updating of sources (ITRS and customs declarations database)

Other investment - loans - net incurrence of liabilities - other sectors, deposit-taking corporations, excluding central bank

BOP, IIP, ED

2015 DS Updating of DMFAS and ITRS database, revision of estimations.

Other investment - other accounts payable - net incurrence of liabilities - other sectors

BOP, IIP, ED

2015 DS Updating of DMFAS and ITRS database, revision of estimations.

Reserve assets BOP, IIP 2009-2015

DS, MSM

Methodological changes in data processing (assessment of flows at the daily exchange rates against the U.S. dollar of currencies from the reserve assets composition)

100


IX. CONCEPTUAL METHODOLOGICAL CHANGES (CMC) IN THE

TRANSITION FROM BPM5 TO BPM6

The transition to new methodological standards in the field of balance of payments statistics

involves significant changes that may have a major impact on the interpretation of data by

users.

These changes recorded in the balance of payments may be divided into two categories:

1. Conceptual changes relating to:

• application of new principles for the elaboration of items:

1. direct investment is recorded on the asset-liability basis compared to the

directional principle used in BPM5, while standard components are classified

based on the nature of relationship between the participants in a direct

investment group (direct investor, direct investment enterprise, their branches

and other affiliated entities);

2. flows of financial instruments are recorded in aggregate on a net basis;

3. loans are recorded based on actual payments (in BPM5, payments were

reflected as scheduled, a principle that is still valid for the recording of interest

on loans in the primary income account);

4. arrears on loans service are not recorded separately, but are included under

loans.

• introduction of new items;

• new requirements for structuring the items both by providing additional details

and by their recombination;

• reclassification of some components of the balance of payments;

• introduction of a new classification of institutional sectors reconciled with the

SNA and other macroeconomic statistics:

1. central bank;

2. general government;

3. deposit-taking corporations, except the central bank;

4. other sectors:

1. other financial corporations;

2. non-financial corporations;

3. households;

4. non-profit institutions serving households.

2. Changes to the form of presentation involving renaming, revision of aggregates

calculation method and of sign convention for the presentation of indicators

(Table no. 39).

Changes to each separate item are set out below. The major changes according to BPM6, with

impact on the balance of payments, refer to certain reclassifications in the current account

components.

101


Table no. 39. Changes implied by the new BPM6 methodology No. Name BPM6 BPM5

1. Current and capital accounts transactions

Credit and debit transactions are recorded with a plus sign.

Credit transactions are recorded with a plus sign, while debit transactions - with a minus sign.

2. Financial account transactions

Financial flows are presented on a net basis for each instrument: Net acquisition of financial assets and net incurrence of liabilities.

Financial flows are presented in detail on credit and debit: financial assets and financial liabilities.

3. Financial account Form of presentation: net acquisition of financial assets/net incurrence of liabilities/net • net acquisition of financial assets - the

increase in financial assets minus the reduction of financial assets;

• net incurrence of liabilities - increase in liabilities minus the reduction of financial liabilities;

• net - net acquisition of financial assets minus net incurrence of liabilities

Form of presentation: credit/debit/net

4. Financial account The increase in both financial assets and financial liabilities is recorded with a plus sign (positive), while the reduction in financial assets and liabilities - with a minus sign (negative).

The increase in financial assets and reduction in financial liabilities is recorded with a minus sign (negative), while the reduction in financial assets and increase in financial liabilities - with a plus sign (positive).

5. Financial account The Net in BPM6 will have the opposite sign to BPM5, but the same economic significance.

6. Current and capital account balance

Net lending (+)/net borrowing (-)(current and capital account balance)

The current account balance is presented separately and the capital and financial account balance is also presented separately.

7. Financial account balance

Net lending (+)/net borrowing (-)(financial account balance)

Financial account balance

8. Financial account balance

It is calculated as the difference between the changes in assets and changes in liabilities.

It is calculated as the sum of changes in assets and changes in liabilities.

9. Equality of balances concept

The current and capital account balance is conceptually equal to the financial account balance (the item "net errors and omissions" is introduced to reach equality).

The current account balance is conceptually equal to the capital and financial account balance with the sign reversed (the item "net errors and omissions" is introduced to reach the equality).

10. Net errors and omissions

It is calculated as the difference between the financial account balance and the current and capital account balance

It is calculated as the difference between the current account balance and the capital and financial account balance.

11. Current account Primary income Income 12. Current account Secondary income Current transfers 13. Exceptional

financing It only includes transactions that lead to changes in official reserve assets.

The arrears on external debt service of the economic agents in other sectors and historic debt for energy resources import are also included in addition to the transactions that lead to changes in official reserve assets.

Current account - goods:

1. The value of goods that cross the border but don’t change ownership (such as goods for

processing, identified by the nature of transaction) and the value of repairs on goods

are excluded from the statistics of international trade in goods;

102


2. The value of goods that change ownership, but do not cross the border (net exports of

goods under merchanting) is added;

3. Re-exports, i.e. the goods produced in other economies and previously imported and

then re-exported without significant transformation, which constitute a sizeable part

of our country's exports, are recorded separately (as a memo item).

Current account - services:

1. Processing services on goods owned by third parties (manufacturing services on

physical inputs owned by others) and maintenance and repair services are added;

2. Financial intermediation services indirectly measured (FISIM) are introduced, which

consists of that part of interest that represents the implicit cost of financial

intermediation (in BPM5 it was not determined separately from interest and was included

under income);

3. Postal and currier services are presented separately;

4. Personal and business travel is further refined to show accommodation, catering and other

services;

5. The expenses on local construction materials by non-resident construction enterprises

are included under construction services (BPM5 - other business services).

Current account – primary income (in BPM5 - income):

1. Investment income follows the functional classification, thus the reserve assets income is

presented separately (in BPM5 it was included under other investment income and

portfolio investment income, depending on the instrument in the composition of

reserves);

2. Direct investment income is detailed by the type of investment relationship;

3. Other equity income (except for direct and portfolio investment), a new financial

category presented separately in accordance with the BPM6, is included under other

investment income;

4. Interest income is adjusted to reflect the pure interest, given that the FISIM component

part is included under financial services.

Current account - secondary income (in BPM5 - current transfers):

1. Taxes on production and imports are excluded and transferred to primary income;

2. Technical assistance, that is part of or is related to capital investment projects, is

excluded and recorded as capital transfer in the capital account (it was not explicitly

defined in the BPM5);

3. The concept of personal transfers is introduced, which is wider than workers'

remittances, as it includes all transfers between individuals, not only those of economic

migrants who are employed abroad and considered residents of other economies.

Capital account:

1. High-value inheritances, which are considered as capital transfers and not as current

transfers, are included;

2. A conventional rule is introduced to distinguish debt forgiveness from debt

write-off;

103


3. Migrants' transfers, which consist of personal effects, financial assets and liabilities of

individuals changing their residence are excluded (these do not represent resident - non-

resident transactions reflected in the balance of payments).

Financial account - direct investment:

1. Direct investment is presented on an assets-liability basis, as distinct from the

directional principle (in the Republic of Moldova and abroad) used in BPM5;

2. In the standard components, direct investment is classified based on the nature of

relationship between the investor and the investment enterprise. Thus, in item "Direct

investor in direct investment enterprises", the reporting economy of the direct

investor records the direct investor's assets, while the reporting economy of the direct

investment enterprise records the liabilities ("mirror" presentation) of the direct

investment enterprise.

3. In item "Direct investment enterprises in direct investor" (reverse investment), the

reporting economy of the direct investment enterprise records the assets of the direct

investment enterprise, while the reporting economy of the direct investor records the

liabilities of the direct investor.

4. The item other capital (intercompany loans within DI) in BPM5 is renamed as debt

instruments in BPM6;

5. Drawings and repayments of loans from foreign direct investors - financial

corporations, other than deposit-taking corporations, are no more recorded under

direct investment as in BPM5, but under other investment based on their type or

financial category (in loans, trade credit, other debts, portfolio investment);

6. Debt between other types of affiliated financial institutions are included under direct

investment.

Financial account - portfolio investment and financial derivatives:

1. Reinvested earnings of investment funds are recorded as balance of payments

transactions (the BPM5 provided that these reinvested earnings be only included in the

international investment position, as valuation changes);

2. Financial instruments are presented by original maturity (short-term and long-term).

Financial account - other investment:

1. Instruments are presented by maturity (short-term and long-term);

2. The adjustments for trade credits are not applied to goods for processing (which,

according to BPM6, are removed from goods);

3. Loans are recorded based on the actual payments principle, the arrears on interest

and principal are included under the item loans (arrears on interest are recorded on

credit, while arrears on principal - on debit) and are no longer reflected under the item

other liabilities (as according to BPM5), but are presented as a memo item.

104

ANNEXES:

Annex 1. Balance of payments of the Republic of Moldova, 2009-2015 (BPM6)Annex 2. Balance of payments aggregates in analytical presentation, 2009-2015 (BPM6)Annex 3. Balance of payments of the Republic of Moldova, 2013 (BPM6)Annex 4. Balance of payments of the Republic of Moldova, 2014 (BPM6)Annex 5. Balance of payments of the Republic of Moldova, 2015 (BPM6)Annex 6. Balance of payments of the Republic of Moldova, 2015 (BPM5)Annex 7. Balance of payments of the Republic of Moldova, 2009-2015 (BPM5)Annex 8. Balance of payments of the Republic of Moldova with CIS countries, 2015 (BPM5)Annex 9. Balance of payments of the Republic of Moldova with the Rest of the World, 2015 Annex 10. Balance of payments of the Republic of Moldova with Russia, 2009-2015 (BPM5)Annex 11. Balance of payments of the Republic of Moldova with Romania, 2009-2015 (BPM5)Annex 12. Balance of payments of the Republic of Moldova with Germany, 2009-2015 (BPM5)Annex 13. Balance of payments of the Republic of Moldova with Belarus, 2009-2015 (BPM5)Annex 14. Balance of payments of the Republic of Moldova with Ukraine, 2009-2015 (BPM5)Annex 15. Exports of goods by groups of countries, FOB pricesAnnex 16. Imports of goods by groups of countries, CIF pricesAnnex 17. Exports of main Harmonized System categories of goods, by countryAnnex 18. Imports (CIF) of main Harmonized System categories of goods, by countryAnnex 19. Exports of goods by main Harmonized System categoriesAnnex 20. Imports (CIF) of goods by main Harmonized System categoriesAnnex 21. International investment position of the Republic of Moldova for 31.12.2005 - 31.12.2015, summary tableAnnex 22. International investment position of the Republic of Moldova as of 31.03.2015, with additional details Annex 23. International investment position of the Republic of Moldova as of 30.06.2015, with additional detailsAnnex 24. International investment position of the Republic of Moldova as of 30.09.2015, with additional detailsAnnex 25. International investment position of the Republic of Moldova as of 31.12.2015, with additional detailsAnnex 26. International investment position of the Republic of Moldova for 31.12.2009 - 31.12.2015, analytical presentation, by sectorAnnex 27. International investment position of the Republic of Moldova for 31.12.2009-31.12.2015, analytical presentation, by maturityAnnex 28. Gross external debt of the Republic of Moldova for 31.12.2009-31.12.2015, by sector

105

Annex 1. Balance of payments of the Republic of Moldova, 2009-2015 (BPM6)

2009 2010 2011 2012 2013* 2014* 2015*Current account -485.19 -481.47 -851.95 -636.38 -516.48 -569.08 -414.84 Credit 3,593.62 4,077.71 5,183.02 5,379.73 5,928.98 5,746.22 4,519.60 Debit 4,078.81 4,559.18 6,034.97 6,016.11 6,445.46 6,315.30 4,934.44 Goods and services -1,998.58 -2,255.50 -2,825.50 -2,958.90 -2,991.48 -2,918.14 -1,956.99 Credit 1,708.87 1,952.63 2,740.64 2,708.66 3,033.24 2,954.50 2,475.32 Debit 3,707.45 4,208.13 5,566.14 5,667.56 6,024.72 5,872.64 4,432.31 Goods -2,057.17 -2,327.09 -2,984.55 -3,067.87 -3,138.41 -3,041.19 -2,087.86 Credit 929.51 1,164.60 1,742.50 1,687.51 1,898.13 1,816.49 1,506.94 Debit 2,986.68 3,491.69 4,727.05 4,755.38 5,036.54 4,857.68 3,594.80

General merchandise on a balance of payments

basis-2,057.08 -2,316.85 -2,973.54 -3,055.47 -3,136.39 -3,065.86 -2,084.27

Credit 929.57 1,174.76 1,752.93 1,699.80 1,900.13 1,791.77 1,510.50 Debit 2,986.65 3,491.61 4,726.47 4,755.27 5,036.52 4,857.63 3,594.77 Of which Re-exports (credit) 155.55 254.09 553.49 559.19 504.61 350.64 287.41 Net exports of goods under merchanting (credit) -0.31 -10.41 -11.03 -14.33 -2.58 23.89 -4.03 Goods acquired under merchanting (negative -18.49 -38.40 -64.23 -73.01 -80.68 -70.08 -9.85 Goods sold under merchanting (credit) 18.18 27.99 53.20 58.68 78.10 93.97 5.82 Nonmonetary gold 0.22 0.17 0.02 1.93 0.56 0.78 0.44 Credit 0.25 0.25 0.60 2.04 0.58 0.83 0.47 Debit 0.03 0.08 0.58 0.11 0.02 0.05 0.03 Services 58.59 71.59 159.05 108.97 146.93 123.05 130.87 Credit 779.36 788.03 998.14 1,021.15 1,135.11 1,138.01 968.38 Debit 720.77 716.44 839.09 912.18 988.18 1,014.96 837.51 Manufacturing services on physical inputs owned

by others100.46 102.21 133.32 112.71 144.40 163.94 139.31

Credit 104.24 106.24 135.30 115.72 147.79 165.83 142.19 Debit 3.78 4.03 1.98 3.01 3.39 1.89 2.88 Goods for processing in reporting economy 111.73 102.09 98.21 130.37 151.07 174.07 140.13 Credit 395.77 410.56 522.09 526.35 565.74 557.74 470.28 Debit 284.04 308.47 423.88 395.98 414.67 383.67 330.15 Goods for processing abroad -3.28 0.26 3.42 0.12 0.25 -1.57 Credit 0.45 4.17 5.30 3.03 2.09 2.11 1.19 Debit 3.73 3.91 1.88 2.91 3.25 1.86 2.76 Maintenance and repair services n.i.e. -0.38 -5.12 -4.09 -12.99 -13.51 -9.05 -14.05 Credit 0.89 0.69 1.05 1.89 1.08 1.98 2.42 Debit 1.27 5.81 5.14 14.88 14.59 11.03 16.47 Transport 7.66 -8.20 8.93 11.35 39.46 10.94 20.89 Credit 266.56 259.55 359.94 380.22 422.74 397.31 322.22 Debit 258.90 267.75 351.01 368.87 383.28 386.37 301.33 Passenger 2.88 2.69 -4.68 -6.83 1.49 -3.97 -3.83 Credit 66.79 59.21 66.92 80.89 94.30 94.18 81.31 Debit 63.91 56.52 71.60 87.72 92.81 98.15 85.14 Freight 9.60 -8.72 12.93 13.90 31.68 13.61 23.15 Credit 167.81 163.92 244.08 247.73 269.73 247.84 200.85 Debit 158.21 172.64 231.15 233.83 238.05 234.23 177.70 Other -4.82 -2.17 0.68 4.28 6.29 1.30 1.57 Credit 31.96 36.42 48.94 51.60 58.71 55.29 40.06 Debit 36.78 38.59 48.26 47.32 52.42 53.99 38.49 Sea transport -10.41 -18.78 -17.63 -14.59 -15.44 -20.57 -11.42 Credit 2.16 1.33 1.86 3.35 4.48 6.64 7.33 Debit 12.57 20.11 19.49 17.94 19.92 27.21 18.75 Passenger -0.03 -0.04 0.01 Credit 0.04 Debit 0.03 0.04 0.03 Freight -8.80 -17.25 -16.28 -13.76 -14.35 -19.26 -10.57 Credit 2.06 1.21 1.71 2.71 3.40 5.12 5.44 Debit 10.86 18.46 17.99 16.47 17.75 24.38 16.01 Other -1.58 -1.49 -1.36 -0.83 -1.09 -1.31 -0.85 Credit 0.10 0.12 0.11 0.64 1.08 1.52 1.89 Debit 1.68 1.61 1.47 1.47 2.17 2.83 2.74 Air transport -6.19 -5.57 -9.63 -5.90 13.07 4.17 -5.40 Credit 77.03 76.43 92.66 106.62 129.12 130.60 99.68 Debit 83.22 82.00 102.29 112.52 116.05 126.43 105.08

US$ million

106

2009 2010 2011 2012 2013* 2014* 2015* Passenger 1.93 3.09 -8.00 -10.43 -1.30 -4.70 -4.43 Credit 53.70 47.95 55.59 65.26 77.55 81.90 71.77 Debit 51.77 44.86 63.59 75.69 78.85 86.60 76.20 Freight 6.14 4.96 7.41 11.40 17.91 12.58 6.49 Credit 11.91 14.07 16.12 19.37 24.47 18.97 11.61 Debit 5.77 9.11 8.71 7.97 6.56 6.39 5.12 Other -14.26 -13.62 -9.04 -6.87 -3.54 -3.71 -7.46 Credit 11.42 14.41 20.95 21.99 27.10 29.73 16.30 Debit 25.68 28.03 29.99 28.86 30.64 33.44 23.76 Other modes of transport 13.31 4.06 24.10 21.15 32.16 19.00 29.54 Credit 174.29 166.70 248.52 253.16 273.23 244.85 201.22 Debit 160.98 162.64 224.42 232.01 241.07 225.85 171.68 Passenger 0.98 -0.36 3.31 3.60 2.79 0.73 0.60 Credit 13.09 11.26 11.29 15.63 16.75 12.28 9.54 Debit 12.11 11.62 7.98 12.03 13.96 11.55 8.94 Freight 12.26 3.57 21.80 16.26 28.12 20.29 27.23 Credit 153.84 148.64 226.25 225.65 241.86 223.75 183.80 Debit 141.58 145.07 204.45 209.39 213.74 203.46 156.57 Other 0.07 0.85 -1.01 -1.84 1.25 -2.02 1.71 Credit 7.36 6.80 10.98 11.88 14.62 8.82 7.88 Debit 7.29 5.95 11.99 10.59 13.37 10.84 6.17 Postal and courier services 10.95 12.09 12.09 10.69 9.67 8.34 8.17 Credit 13.08 15.09 16.90 17.09 15.91 15.22 13.99 Debit 2.13 3.00 4.81 6.40 6.24 6.88 5.82 Travel -70.52 -78.14 -90.28 -109.18 -110.27 -123.37 -77.38 Credit 172.52 163.23 186.43 198.45 221.81 228.28 204.10 Debit 243.04 241.37 276.71 307.63 332.08 351.65 281.48 Business -55.25 -75.76 -98.51 -107.50 -120.30 -109.27 -57.90 Credit 56.32 48.94 50.22 56.60 63.85 65.56 67.40 Debit 111.57 124.70 148.73 164.10 184.15 174.83 125.30 Acquisition of goods and services by border,

seasonal, and other S-T workers-67.21 -83.30 -103.29 -113.15 -126.31 -117.97 -82.46

Credit 6.13 9.93 10.62 12.05 12.17 13.78 15.26 Debit 73.34 93.23 113.91 125.20 138.48 131.75 97.72 Other 11.96 7.54 4.78 5.65 6.01 8.70 24.56 Credit 50.19 39.01 39.60 44.55 51.68 51.78 52.14 Debit 38.23 31.47 34.82 38.90 45.67 43.08 27.58 Personal -15.27 -2.38 8.23 -1.68 10.03 -14.10 -19.48 Credit 116.20 114.29 136.21 141.85 157.96 162.72 136.70 Debit 131.47 116.67 127.98 143.53 147.93 176.82 156.18 Health-related 6.90 0.60 1.64 0.27 1.28 2.07 1.45 Credit 10.05 10.47 12.88 13.70 15.64 17.32 15.31 Debit 3.15 9.87 11.24 13.43 14.36 15.25 13.86 Education-related -25.96 -22.75 -21.59 -26.77 -28.88 -34.06 -36.09 Credit 0.49 18.68 23.15 23.33 26.76 27.08 23.63 Debit 26.45 41.43 44.74 50.10 55.64 61.14 59.72 Other 3.79 19.77 28.18 24.82 37.63 17.89 15.16 Credit 105.66 85.14 100.18 104.82 115.56 118.32 97.76 Debit 101.87 65.37 72.00 80.00 77.93 100.43 82.60 Construction 2.50 -7.60 -2.74 -5.57 -3.80 -2.30 -0.04 Credit 26.78 4.09 5.23 3.32 5.25 5.33 3.62 Debit 24.28 11.69 7.97 8.89 9.05 7.63 3.66 Construction abroad 26.78 4.09 5.23 3.32 5.25 5.33 3.62 Credit 26.78 4.09 5.23 3.32 5.25 5.33 3.62 Construction in the reporting economy -24.28 -11.69 -7.97 -8.89 -9.05 -7.63 -3.66 Debit 24.28 11.69 7.97 8.89 9.05 7.63 3.66 Insurance and pension services -9.81 -14.50 -11.77 -3.86 -5.38 -8.03 -5.13 Credit 2.11 1.20 1.51 0.88 0.70 0.79 0.26 Debit 11.92 15.70 13.28 4.74 6.08 8.82 5.39 Direct insurance -4.98 -7.23 -1.97 -2.17 -2.29 -1.28 -0.88 Credit 2.00 1.18 1.44 0.87 0.66 0.76 0.20 Debit 6.98 8.41 3.41 3.04 2.95 2.04 1.08 Reinsurance -4.80 -7.25 -7.19 -1.69 0.04 -6.74 -4.25 Credit 0.06 0.01 0.07 0.01 0.04 0.06 Debit 4.86 7.26 7.26 1.70 3.13 6.74 4.31 Auxiliary insurance services -0.03 -0.02 -2.61 -0.01

107

2009 2010 2011 2012 2013* 2014* 2015* Credit 0.05 0.01 0.03 Debit 0.08 0.03 2.61 0.04 Financial services -3.76 -5.45 -3.45 -3.37 -1.29 -2.88 -0.95 Credit 4.26 3.81 5.50 5.20 6.71 6.94 5.92 Debit 8.02 9.26 8.95 8.57 8.00 9.82 6.87 Explicitly charged and other financial services -2.02 -3.39 -1.88 -3.48 -1.01 -2.36 -1.34 Credit 3.14 3.10 4.63 3.67 5.29 5.70 4.53 Debit 5.16 6.49 6.51 7.15 6.30 8.06 5.87 Financial intermediation services indirectly

measured (FISIM)-1.74 -2.06 -1.57 0.11 -0.28 -0.52 0.39

Credit 1.12 0.71 0.87 1.53 1.42 1.24 1.39 Debit 2.86 2.77 2.44 1.42 1.70 1.76 1.00 Charges for the use of intellectual property n.i.e. -6.29 -7.89 -11.29 -14.14 -18.03 -18.04 -13.85 Credit 4.34 4.86 5.31 4.56 6.13 7.04 4.48 Debit 10.63 12.75 16.60 18.70 24.16 25.08 18.33 Telecommunications, computer, and information

services60.88 85.62 105.26 107.89 96.60 97.94 77.90

Credit 121.88 144.38 165.90 178.79 182.99 185.60 162.03 Debit 61.00 58.76 60.64 70.90 86.39 87.66 84.13 Telecommunications services 55.11 75.83 80.41 89.19 76.13 69.18 49.90 Credit 92.13 110.96 118.06 122.95 121.50 114.59 92.01 Debit 37.02 35.13 37.65 33.76 45.37 45.41 42.11 Computer services 5.46 4.33 16.18 10.54 11.31 21.56 22.07 Credit 22.20 22.02 35.12 42.15 48.64 58.76 59.05 Debit 16.74 17.69 18.94 31.61 37.33 37.20 36.98 Information services 0.31 5.46 8.67 8.16 9.16 7.20 5.93 Credit 7.55 11.40 12.72 13.69 12.85 12.25 10.97 Debit 7.24 5.94 4.05 5.53 3.69 5.05 5.04 Other business services -7.89 5.55 30.75 22.14 23.39 15.88 7.76 Credit 54.04 62.12 89.63 91.63 99.36 100.25 87.16 Debit 61.93 56.57 58.88 69.49 75.97 84.37 79.40 Research and development services 0.88 1.47 1.35 1.01 0.50 -0.38 Credit 1.03 1.62 1.95 2.18 1.27 1.10 Debit 0.15 0.15 0.60 1.17 0.77 1.48

Professional and management consulting

services-3.83 3.82 17.57 10.01 15.30 15.64 18.48

Credit 26.00 37.88 50.25 52.51 59.91 61.39 60.80 Debit 29.83 34.06 32.68 42.50 44.61 45.75 42.32

Technical, trade-related, and other business

services-4.06 0.85 11.71 10.78 7.08 -0.26 -10.34

Credit 28.04 23.21 37.76 37.17 37.27 37.59 25.26 Debit 32.10 22.36 26.05 26.39 30.19 37.85 35.60 Personal, cultural, and recreational services -0.92 -1.03 -0.95 -0.21 -1.37 -0.65 -2.41 Credit 0.01 0.07 0.34 1.33 1.51 1.98 2.08 Debit 0.93 1.10 1.29 1.54 2.88 2.63 4.49 Audiovisual and related services -0.92 -1.03 -0.95 -0.21 -1.37 -0.65 -2.41 Credit 0.01 0.07 0.34 1.33 1.51 1.98 2.08 Debit 0.93 1.10 1.29 1.54 2.88 2.63 4.49 Government goods and services n.i.e. -13.34 6.14 5.36 4.20 -3.27 -1.33 -1.18 Credit 21.73 37.79 42.00 39.16 39.04 36.68 31.90 Debit 35.07 31.65 36.64 34.96 42.31 38.01 33.08 Primary income 322.17 505.72 577.52 816.27 870.96 823.12 457.89 Credit 591.18 765.92 933.35 1,047.00 1,161.64 1,115.10 816.83 Debit 269.01 260.20 355.83 230.73 290.68 291.98 358.94 Compensation of employees 497.12 683.61 868.94 960.57 1,074.20 990.58 699.81 Credit 563.42 742.96 907.70 1,009.95 1,118.02 1,063.84 783.15 Debit 66.30 59.35 38.76 49.38 43.82 73.26 83.34 Investment income -174.14 -176.85 -290.13 -143.36 -201.94 -165.58 -239.29 Credit 28.64 24.02 27.72 39.27 45.88 54.07 36.52 Debit 202.78 200.87 317.85 182.63 247.82 219.65 275.81 Direct investment -138.27 -145.20 -250.35 -110.86 -157.80 -126.80 -208.94 Credit 2.31 6.74 6.36 6.16 7.12 7.35 8.25 Debit 140.58 151.94 256.71 117.02 164.92 134.15 217.19 Income on equity and investment fund shares -120.95 -133.04 -233.73 -105.90 -146.96 -109.38 -205.20 Credit 2.14 6.16 6.27 6.10 6.16 6.51 6.16 Debit 123.09 139.20 240.00 112.00 153.12 115.89 211.36

108

2009 2010 2011 2012 2013* 2014* 2015* Dividends and withdrawals from income of

quasi-corporations-132.51 -118.49 -147.01 -116.91 -127.76 -76.31 -82.15

Credit 2.14 6.16 6.27 6.10 6.16 6.51 6.16 Debit 134.65 124.65 153.28 123.01 133.92 82.82 88.31

Direct investor in direct investment

enterprises-132.51 -118.49 -147.01 -116.91 -24.98 -76.31 -82.15

Credit 2.14 6.16 6.27 6.10 6.16 6.51 6.16 Debit 134.65 124.65 153.28 123.01 31.14 82.82 88.31 Reinvested earnings 11.56 -14.55 -86.72 11.01 -19.20 -33.07 -123.05 Debit -11.56 14.55 86.72 -11.01 19.20 33.07 123.05 Interest -17.32 -12.16 -16.62 -4.96 -10.84 -17.42 -3.74 Credit 0.17 0.58 0.09 0.06 0.96 0.84 2.09 Debit 17.49 12.74 16.71 5.02 11.80 18.26 5.83

Direct investor in direct investment

enterprises-17.32 -12.16 -16.62 -4.96 -10.84 -17.42 -3.74

Credit 0.17 0.58 0.09 0.06 0.96 0.84 2.09 Debit 17.49 12.74 16.71 5.02 11.80 18.26 5.83 Memorandum: Interest before FISIM -17.32 -12.16 -16.62 -4.96 -10.84 -19.82 -3.86 Credit 0.17 0.58 0.09 0.06 0.96 0.86 2.07 Debit 17.49 12.74 16.71 5.02 11.80 20.68 5.93 Portfolio investment -1.55 -2.64 -2.98 -3.03 -5.97 -7.41 -4.67 Credit 0.10 0.28 0.21 0.44 0.44 0.18 Debit 1.55 2.74 3.26 3.24 6.41 7.85 4.85

Investment income on equity and investment

fund shares-1.19 -2.60 -3.16 -3.03 -5.97 -7.41 -4.58

Credit 0.10 0.09 0.21 0.44 0.44 0.18 Debit 1.19 2.70 3.25 3.24 6.41 7.85 4.76 Dividends on equity excluding investment

fund shares-1.19 -2.60 -3.16 -3.03 -5.97 -7.41 -4.58

Credit 0.10 0.09 0.21 0.44 0.44 0.18 Debit 1.19 2.70 3.25 3.24 6.41 7.85 4.76 Long-term interest -0.36 -0.04 0.18 Credit 0.19 Debit 0.36 0.04 0.01 Other investment -59.64 -44.97 -56.23 -59.60 -64.82 -61.37 -49.44 Credit 1.01 1.22 1.65 2.77 11.67 16.28 4.33 Debit 60.65 46.19 57.88 62.37 76.49 77.65 53.77 Interest -59.64 -44.97 -56.23 -59.60 -64.82 -61.37 -49.44 Credit 1.01 1.22 1.65 2.77 11.67 16.28 4.33 Debit 60.65 46.19 57.88 62.37 76.49 77.65 53.77 Memorandum: Interest before FISIM -61.38 -47.03 -57.80 -59.49 -65.10 -61.89 -49.05 Credit 1.01 1.22 1.65 2.77 11.67 16.28 4.33 Debit 62.39 48.25 59.45 62.26 76.77 78.17 53.38 Reserve assets (Credit) 25.32 15.96 19.43 30.13 26.65 30.00 23.76 Interest (Credit) 25.32 15.96 19.43 30.13 26.65 30.00 23.76 Other primary income -0.81 -1.04 -1.29 -0.94 -1.30 -1.88 -2.63 Credit -0.88 -1.06 -2.07 -2.22 -2.26 -2.81 -2.84 Debit -0.07 -0.02 -0.78 -1.28 -0.96 -0.93 -0.21 Taxes on products and production -0.81 -1.04 -1.29 -0.94 -1.30 -1.88 -2.59 Credit -0.88 -1.06 -2.07 -2.22 -2.26 -2.81 -2.87 Debit -0.07 -0.02 -0.78 -1.28 -0.96 -0.93 -0.28 Rent -0.04 Credit 0.03 Debit 0.07 Secondary income 1,191.22 1,268.31 1,396.03 1,506.25 1,604.04 1,525.94 1,084.26 Credit 1,293.57 1,359.16 1,509.03 1,624.07 1,734.10 1,676.62 1,227.45 Debit 102.35 90.85 113.00 117.82 130.06 150.68 143.19 General government 151.41 208.16 166.61 171.03 165.52 243.86 113.88 Credit 163.97 213.22 172.69 176.88 173.05 249.78 122.34 Debit 12.56 5.06 6.08 5.85 7.53 5.92 8.46 Current taxes on income, wealth, etc. (credit) 1.81 1.18 1.30 2.12 2.36 2.69 2.53 Social contributions (credit) 1.77 1.92 2.97 3.68 4.19 4.34 4.12 Social benefits (debit) 0.03 0.03 0.10 0.17 0.28 Current international cooperation 132.59 182.18 136.59 135.40 124.80 197.91 69.54 Credit 137.37 186.57 141.99 141.09 132.05 203.37 76.36

109

2009 2010 2011 2012 2013* 2014* 2015* Debit 4.78 4.39 5.40 5.69 7.25 5.46 6.82

Miscellaneous current transfers of general

government15.24 22.88 25.78 29.86 34.27 39.09 37.97

Credit 23.02 23.55 26.43 29.99 34.45 39.38 39.33 Debit 7.78 0.67 0.65 0.13 0.18 0.29 1.36 Financial corporations, nonfinancial

corporations, households, and NPISHs1,039.81 1,060.15 1,229.42 1,335.22 1,438.52 1,282.08 970.38

Credit 1,129.60 1,145.94 1,336.34 1,447.19 1,561.05 1,426.84 1,105.11 Debit 89.79 85.79 106.92 111.97 122.53 144.76 134.73 Personal transfers (Current transfers between

resident and nonresident households)768.28 953.49 864.55 932.88 1,023.47 938.29 686.20

Credit 788.93 1,009.87 905.41 976.49 1,073.52 1,012.08 756.97 Debit 20.65 56.38 40.86 43.61 50.05 73.79 70.77 Other current transfers 271.53 106.66 364.87 402.34 415.05 343.79 284.18 Credit 340.67 136.07 430.93 470.70 487.53 414.76 348.14 Debit 69.14 29.41 66.06 68.36 72.48 70.97 63.96 Current taxes on income, wealth, etc. (debit) 0.14 0.11 -0.64 -0.73 -1.07 -0.54 0.13 Social contributions -0.01 -0.05 Credit Debit 0.01 0.05 Social benefits 0.47 0.99 1.34 1.16 1.18 1.56 1.58 Credit 0.49 1.00 1.34 1.20 1.26 1.60 1.58 Debit 0.02 0.01 0.04 0.08 0.04 Net nonlife insurance premiums 14.79 8.13 8.96 18.00 8.35 4.25 4.92 Credit 14.79 8.13 8.96 18.00 8.35 4.25 4.92 Nonlife insurance claims -18.90 -10.85 -10.22 -7.20 -8.80 -8.90 -5.82 Debit 18.90 10.85 10.22 7.20 8.80 8.90 5.82 Current international cooperation 100.24 112.71 94.32 110.49 117.88 137.92 115.23 Credit 101.41 114.12 96.36 112.67 120.86 140.22 117.30 Debit 1.17 1.41 2.04 2.18 2.98 2.30 2.07 Miscellaneous current transfers 175.07 -4.20 269.88 279.16 295.37 208.42 168.40 Credit 223.98 12.82 324.27 338.83 357.06 268.69 224.34 Debit 48.91 17.02 54.39 59.67 61.69 60.27 55.94Capital account 12.68 5.20 31.99 21.23 57.92 96.78 22.88 Credit 42.41 46.95 84.69 76.02 110.39 177.66 97.29 Debit 29.73 41.75 52.70 54.79 52.47 80.88 74.41 Gross acquisitions (DR.) / disposals (CR.) of

nonproduced nonfinancial assets8.00 0.10 -0.08

Credit 8.00 0.10 Debit 0.08 Capital transfers 12.68 5.20 23.99 21.23 57.92 96.68 22.96 Credit 42.41 46.95 76.69 76.02 110.39 177.56 97.29 Debit 29.73 41.75 52.70 54.79 52.47 80.88 74.33 General government 30.22 33.56 51.48 57.35 93.37 158.10 89.34 Credit 30.22 33.56 51.48 57.90 93.37 158.10 89.34 Debit 0.55 Financial corporations, nonfinancial corporations,

households, and NPISHs-17.54 -28.36 -27.49 -36.12 -35.45 -61.42 -66.38

Credit 12.19 13.39 25.21 18.12 17.02 19.46 7.95 Debit 29.73 41.75 52.70 54.24 52.47 80.88 74.33Net lending (+) / net borrowing (-) (balance from current and capital account)

-472.51 -476.27 -819.96 -615.15 -458.56 -472.30 -391.96

Net lending (+) / net borrowing (-) (balance from financial account)

-388.09 -402.19 -747.14 -487.61 -363.25 -563.66 -443.72

Direct investment -261.61 -278.52 -314.15 -253.00 -248.84 -314.44 -227.94 Net acquisition of financial assets -3.42 7.60 33.78 29.58 41.62 35.49 6.47 Equity and investment fund shares 8.20 3.39 20.16 18.40 26.43 38.42 15.58 Equity other than reinvestment of earnings 8.20 3.39 20.16 18.40 26.43 38.42 15.58 Direct investor in direct investment enterprises 8.20 3.39 20.16 18.40 26.43 38.42 15.58 Debt instruments -11.62 4.21 13.62 11.18 15.19 -2.93 -9.11 Direct investor in direct investment enterprises -1.44 0.12 0.41 1.38 2.45 4.00 2.01 Direct investment enterprises in direct investor

(reverse investment)-10.18 4.09 13.21 9.80 12.74 -6.93 -11.12

Net incurrence of liabilities 258.19 286.12 347.93 282.58 290.46 349.93 234.41 Equity and investment fund shares 150.00 171.53 230.62 133.54 179.52 198.67 195.17

110

2009 2010 2011 2012 2013* 2014* 2015* Equity other than reinvestment of earnings 161.56 156.98 143.90 144.55 160.32 165.60 72.12 Direct investor in direct investment enterprises 161.56 156.98 143.90 144.55 160.32 165.60 72.12 Reinvestment of earnings -11.56 14.55 86.72 -11.01 19.20 33.07 123.05 Debt instruments 108.19 114.59 117.31 149.04 110.94 151.26 39.24 Direct investor in direct investment enterprises 108.19 114.59 117.31 149.04 110.94 151.26 39.24 Portfolio investment 5.87 -1.00 0.03 -21.34 -9.76 -13.74 -2.27 Net acquisition of financial assets 0.30 4.84 5.16 -6.98 0.40 -3.43 1.05 Equity and investment fund shares 0.30 0.47 -0.13 0.18 0.13 -0.73 1.12 Deposit-taking corporations, except central bank Other sectors 0.30 0.47 -0.13 0.18 0.13 -0.73 1.12

Nonfinancial corporations, households, and

NPISHs0.30 0.47 -0.13 0.18 0.13 -0.73 1.12

Debt securities 4.37 5.29 -7.16 0.27 -2.70 -0.07 Deposit-taking corporations, except central bank 4.37 5.29 -7.16 0.30 -1.09 -0.07 Long-term 4.37 5.29 -7.16 0.30 -1.09 -0.07 Other sectors -0.03 -1.61 Long-term -0.03 -1.61


NPISHs-0.03 -1.61

Long-term -0.03 -1.61 Net incurrence of liabilities -5.57 5.84 5.13 14.36 10.16 10.31 3.32 Equity and investment fund shares -3.96 5.84 5.07 14.36 10.07 10.31 3.25 Deposit-taking corporations, except central bank -0.52 3.66 13.10 10.21 7.32 3.19 General government -6.35 5.75 Other sectors 2.91 0.09 1.41 1.26 -0.14 2.99 0.06


NPISHs2.91 0.09 1.41 1.26 -0.14 2.99 0.06

Debt securities -1.61 0.06 0.09 0.07 Deposit-taking corporations, except central bank 0.06 General government -1.61 0.07 Other sectors 0.09


NPISHs0.09

Financial derivatives (other than reserves) and employee stock options

-0.34 0.63 -0.19 0.24 -0.11 -0.61 -0.70

Deposit-taking corporations, except the central

bank-0.34 0.63 -0.19 0.24 -0.11 -0.61 -0.70

Net acquisition of financial assets 0.08 0.63 0.01 0.24 0.12 0.11 Deposit-taking corporations, except the central 0.08 0.63 0.01 0.24 0.12 0.11 Net incurrence of liabilities 0.42 0.20 0.23 0.72 0.70 Deposit-taking corporations, except central bank 0.42 0.20 0.23 0.72 0.70 Other investment 69.68 -417.56 -707.88 -712.16 -386.59 303.58 93.68 Net acquisition of financial assets 210.56 -75.51 -108.63 -225.19 121.56 338.46 41.46 Net incurrence of liabilities 140.88 342.05 599.25 486.97 508.15 34.88 -52.22 Currency and deposits 306.26 7.93 -219.12 -126.00 18.66 186.92 208.44 Net acquisition of financial assets 259.62 -61.66 -171.43 -131.45 244.78 79.04 88.69 Deposit-taking corporations, except central bank 186.77 -43.99 -79.90 93.06 445.99 -179.65 -30.49 Short-term 186.77 -43.99 -79.90 93.06 445.99 -179.65 -30.49 Other sectors 72.85 -17.67 -91.53 -224.51 -201.21 258.69 119.18 Nonfinancial corporations, households, NPISHs 72.85 -17.67 -91.53 -224.51 -201.21 258.69 119.18 Net incurrence of liabilities -46.64 -69.59 47.69 -5.45 226.12 -107.88 -119.75 Deposit-taking corporations, except the central -46.64 -69.59 47.69 -5.45 226.12 -107.88 -119.75 Loans 48.84 -298.13 -363.38 -461.05 -170.72 6.79 -21.05 Net acquisition of financial assets -4.20 7.39 -1.99 4.96 37.79 29.29 -1.04 Deposit-taking corporations, except the central 4.88 -1.80 0.78 -0.14 4.85 -0.63 Short-term -0.14 0.23 -0.23 Long-term 4.88 -1.80 0.78 4.62 -0.40 Other sectors -4.20 2.51 -0.19 4.18 37.93 24.44 -0.41 Short-term 0.68 4.08 0.04 -0.04 -0.57 Long-term -4.20 2.51 -0.87 0.10 37.89 24.48 0.16


NPISHs-4.20 2.51 -0.19 4.18 37.93 24.44 -0.41

Short-term 0.68 4.08 0.04 -0.04 -0.57 Long-term -4.20 2.51 -0.87 0.10 37.89 24.48 0.16 Net incurrence of liabilities -53.04 305.52 361.39 466.01 208.51 22.50 20.01

111

2009 2010 2011 2012 2013* 2014* 2015* Central bank -14.86 52.93 129.21 138.51 -21.61 -29.27 -35.16 Credit and loans with the IMF -14.86 52.93 129.21 138.51 -21.61 -29.27 -35.16 Deposit-taking corporations, except the central -54.93 33.85 90.08 38.75 38.50 -121.23 -85.33 Short-term -46.18 18.25 10.40 23.72 -5.45 0.15 Long-term -8.75 33.85 71.83 28.35 14.78 -115.78 -85.48 General government -3.41 166.14 50.49 99.40 36.70 102.80 98.32 Credit and loans with the IMF 121.74 23.87 -5.56 Other long-term -3.41 44.40 26.62 99.40 36.70 102.80 103.88 Other sectors 20.16 52.60 91.61 189.35 154.92 70.20 42.18 Short-term -3.51 7.48 2.30 3.70 48.31 -38.51 5.44 Long-term 23.67 45.12 89.31 185.65 106.61 108.71 36.74 Other financial corporations -8.65 -24.28 4.58 0.24 7.98 4.58 -1.46


NPISHs28.81 76.88 87.03 189.11 146.94 65.62 43.64

Short-term -3.51 7.48 2.30 3.70 48.31 -38.51 5.44 Long-term 32.32 69.40 84.73 185.41 98.63 104.13 38.20 Trade credit and advances -105.56 -120.33 -135.93 -129.65 -135.12 -137.82 -98.18 Net acquisition of financial assets -44.86 -21.24 64.79 -98.15 -61.41 -12.19 -46.19 Other sectors -44.86 -21.24 64.79 -98.15 -61.41 -12.19 -46.19 Other financial corporations 0.16 2.78 2.07 1.09 -1.68 1.63 -0.53


NPISHs-45.02 -24.02 62.72 -99.24 -59.73 -13.82 -45.66

Net incurrence of liabilities 60.70 99.09 200.72 31.50 73.71 125.63 51.99 Other sectors 60.70 99.09 200.72 31.50 73.71 125.63 51.99 Other financial corporations -3.17 -4.04 -5.33 -3.05 -4.93 -4.02 0.19


NPISHs63.87 103.13 206.05 34.55 78.64 129.65 51.80

Other accounts receivable/payable 4.34 -7.03 10.55 4.54 -99.41 247.69 4.47 Net acquisition of financial assets -0.55 -99.60 242.32 Deposit-taking corporations, except central bank -99.60 -36.68 General government -0.55


NPISHs279.00

Short-term 279.00 Net incurrence of liabilities -4.34 7.03 -10.55 -5.09 -0.19 -5.37 -4.47 Deposit-taking corporations, except central bank 0.61 5.72 -0.66 3.81 -1.37 -0.47 Nonfinancial corporations, households, NPISHs -4.34 6.42 -16.27 -4.43 -4.00 -4.00 -4.00

Special drawing rights 184.20 Reserve assets -201.69 294.26 275.05 498.65 282.05 -538.45 -306.49 Monetary gold 0.38 Special drawing rights 1.79 -3.13 0.54 0.73 4.76 -4.93 16.89 Other reserve assets -203.48 297.39 274.13 497.92 277.29 -533.52 -323.38 Currency and deposits -149.68 -176.09 29.63 389.44 -105.89 -77.55 -58.22 Claims on monetary authorities -63.15 155.55 -132.89 18.44 -102.66 100.48 -32.83 Claims on other entities -86.53 -331.64 162.52 371.00 -3.23 -178.03 -25.39 Securities -53.80 473.48 244.50 108.48 383.18 -455.97 -265.16Net errors and omissions 84.42 74.08 72.82 127.54 95.31 -91.36 -51.76

Memorandum itemsExceptional financing 52.47 27.33 39.21 Secondary income 52.47 27.33 39.21 Other intergovernmental grants 52.47 27.33 39.21

Supplementary ItemsArrears not in exceptional financing 29.15 35.34 26.21 9.08 15.88 70.61 36.99Personal remittances: Credit 1,684.00 1,832.86 2,018.50 1,913.40 1,414.69

112

2009 2010 2011 2012 2013* 2014* 2015*CURRENT ACOUNT -485.19 -533.94 -879.28 -675.59 -516.48 -569.08 -414.84Goods -2,057.17 -2,327.09 -2,984.55 -3,067.87 -3,138.41 -3,041.19 -2,087.86Services 58.59 71.59 159.05 108.97 146.93 123.05 130.87Primary income 322.17 505.72 577.52 816.27 870.96 823.12 457.89Secondary income 1,191.22 1,215.84 1,368.70 1,467.04 1,604.04 1,525.94 1,084.26CAPITAL ACCOUNT 12.68 5.20 31.99 21.23 57.92 96.78 22.88Net lending (+) / net borrowing (-) (balance from current and capital account)

-472.51 -528.74 -847.29 -654.36 -458.56 -472.30 -391.96

Net lending (+) / net borrowing (-) (balance from financial account)

-201.26 -521.78 -869.11 -847.75 -666.91 -54.48 -177.95

Direct investment -261.61 -278.52 -314.15 -253.00 -248.84 -314.44 -227.94 net acquisition of financial assets -3.42 7.60 33.78 29.58 41.62 35.49 6.47 net incurrence of liabilities 258.19 286.12 347.93 282.58 290.46 349.93 234.41Portfolio investment 5.87 -1.00 0.03 -21.34 -9.76 -13.74 -2.27 net acquisition of financial assets 0.30 4.84 5.16 -6.98 0.40 -3.43 1.05 net incurrence of liabilities -5.57 5.84 5.13 14.36 10.16 10.31 3.32Financial derivatives -0.34 0.63 -0.19 0.24 -0.11 -0.61 -0.70Other investment 54.82 -242.89 -554.80 -573.65 -408.20 274.31 52.96

net acquisition of financial assets 210.56 -75.51 -108.63 -225.19 121.56 338.46 41.46 net incurrence of liabilities, of which: 155.74 167.38 446.17 348.46 529.76 64.15 -11.50 loans -38.18 130.85 208.31 327.50 230.12 51.77 60.73 deposit-taking corporations, except central bank -54.93 33.85 90.08 38.75 38.50 -121.23 -85.33 general government -3.41 44.40 26.62 99.40 36.70 102.80 103.88 other sectors 20.16 52.60 91.61 189.35 154.92 70.20 42.18

other financial flows 193.92 36.53 237.86 20.96 299.64 12.38 -72.23Net errors and omissions 84.42 74.08 72.82 127.54 95.31 -91.36 -51.76OVERALL BALANCE -186.83 67.12 94.64 320.93 303.66 -509.18 -265.77Financing 186.83 -67.12 -94.64 -320.93 -303.66 509.18 265.77 IMF loans (net incurrence of liabilities) -14.86 174.67 153.08 138.51 -21.61 -29.27 -40.72 Change in reserve assets** (net acquisition of financial assets)

-201.69 294.26 275.05 498.65 282.05 -538.45 -306.49

Exceptional financing 52.47 27.33 39.21

Secondary income - intergovernmental grants 52.47 27.33 39.21

* revised data** valued at the daily exchange rate

Annex 2. Balance of payments aggregates in analytical presentation, 2009-2015 (BPM6)

US$ million

113

Annex 3. Balance of payments of the Republic of Moldova, 2013 (BPM6)

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Current account -156.83 -222.25 -86.42 -50.98 -516.48

Credit 1,272.30 1,394.58 1,559.60 1,702.50 5,928.98

Debit 1,429.13 1,616.83 1,646.02 1,753.48 6,445.46

Goods and services -643.67 -782.86 -745.51 -819.44 -2,991.48

Credit 709.01 691.30 779.57 853.36 3,033.24

Debit 1,352.68 1,474.16 1,525.08 1,672.80 6,024.72

Goods -668.01 -815.03 -795.10 -860.27 -3,138.41

Credit 462.82 409.55 475.74 550.02 1,898.13

Debit 1,130.83 1,224.58 1,270.84 1,410.29 5,036.54

General merchandise on a balance of payments basis -663.88 -818.97 -802.59 -850.95 -3,136.39

Credit 466.94 405.61 468.25 559.33 1,900.13

Debit 1,130.82 1,224.58 1,270.84 1,410.28 5,036.52

Of which Re-exports (credit) 149.07 118.67 126.10 110.77 504.61

Net exports of goods under merchanting (credit) -4.32 3.91 7.19 -9.36 -2.58

Goods acquired under merchanting (negative credit) -17.78 -16.90 -9.82 -36.18 -80.68

Goods sold under merchanting (credit) 13.46 20.81 17.01 26.82 78.10

Nonmonetary gold 0.19 0.03 0.30 0.04 0.56

Credit 0.20 0.03 0.30 0.05 0.58

Debit 0.01 0.01 0.02

Services 24.34 32.17 49.59 40.83 146.93

Credit 246.19 281.75 303.83 303.34 1,135.11

Debit 221.85 249.58 254.24 262.51 988.18

Manufacturing services on physical inputs owned by others 27.63 37.98 38.38 40.41 144.40

Credit 29.52 38.78 38.49 41.00 147.79

Debit 1.89 0.80 0.11 0.59 3.39

Goods for processing in reporting economy 37.07 29.43 45.56 39.01 151.07

Credit 129.58 149.74 146.73 139.69 565.74

Debit 92.51 120.31 101.17 100.68 414.67

Goods for processing abroad -1.31 -0.32 0.48 -0.01

Credit 0.49 0.45 0.59 0.56 2.09

Debit 1.80 0.77 0.11 0.57 3.25

Maintenance and repair services n.i.e. -3.04 -5.73 -2.98 -1.76 -13.51

Credit 0.29 0.34 0.32 0.13 1.08

Debit 3.33 6.07 3.30 1.89 14.59

Transport 1.57 8.46 17.94 11.49 39.46

Credit 93.29 105.01 114.62 109.82 422.74

Debit 91.72 96.55 96.68 98.33 383.28

Passenger -1.67 -1.12 0.44 3.84 1.49

Credit 18.47 26.27 26.52 23.04 94.30

Debit 20.14 27.39 26.08 19.20 92.81

Freight -0.41 9.62 16.79 5.68 31.68

Credit 61.21 64.56 72.30 71.66 269.73

Debit 61.62 54.94 55.51 65.98 238.05

Other 3.65 -0.04 0.71 1.97 6.29

Credit 13.61 14.18 15.80 15.12 58.71

Debit 9.96 14.22 15.09 13.15 52.42

Sea transport -2.88 -3.11 -4.80 -4.65 -15.44

Credit 0.64 1.20 1.23 1.41 4.48

Debit 3.52 4.31 6.03 6.06 19.92

Freight -2.74 -3.06 -4.29 -4.26 -14.35

Credit 0.38 1.01 0.96 1.05 3.40

Debit 3.12 4.07 5.25 5.31 17.75

Other -0.14 -0.05 -0.51 -0.39 -1.09

Credit 0.26 0.19 0.27 0.36 1.08

Debit 0.40 0.24 0.78 0.75 2.17

Air transport 3.38 0.06 2.91 6.72 13.07

Credit 27.36 34.11 35.63 32.02 129.12

Debit 23.98 34.05 32.72 25.30 116.05

Passenger -1.77 -1.87 -0.68 3.02 -1.30

US$ million

114

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Credit 15.62 22.19 20.91 18.83 77.55

Debit 17.39 24.06 21.59 15.81 78.85

Freight 3.88 4.21 5.23 4.59 17.91

Credit 5.37 5.82 6.73 6.55 24.47

Debit 1.49 1.61 1.50 1.96 6.56

Other 1.27 -2.28 -1.64 -0.89 -3.54

Credit 6.37 6.10 7.99 6.64 27.10

Debit 5.10 8.38 9.63 7.53 30.64

Other modes of transport -1.14 8.94 17.42 6.94 32.16

Credit 61.46 65.63 73.88 72.26 273.23

Debit 62.60 56.69 56.46 65.32 241.07

Passenger 0.10 0.75 1.12 0.82 2.79

Credit 2.85 4.08 5.61 4.21 16.75

Debit 2.75 3.33 4.49 3.39 13.96

Freight -1.55 8.47 15.85 5.35 28.12

Credit 55.46 57.73 64.61 64.06 241.86

Debit 57.01 49.26 48.76 58.71 213.74

Other 0.31 -0.28 0.45 0.77 1.25

Credit 3.15 3.82 3.66 3.99 14.62

Debit 2.84 4.10 3.21 3.22 13.37

Postal and courier services 2.21 2.57 2.41 2.48 9.67

Credit 3.83 4.07 3.88 4.13 15.91

Debit 1.62 1.50 1.47 1.65 6.24

Travel -22.17 -30.03 -27.39 -30.68 -110.27

Credit 47.05 52.84 63.48 58.44 221.81

Debit 69.22 82.87 90.87 89.12 332.08

Business -23.03 -31.84 -33.45 -31.98 -120.30

Credit 12.62 15.72 18.20 17.31 63.85

Debit 35.65 47.56 51.65 49.29 184.15

Acquisition of goods and services by border, seasonal, and other S-

T workers-24.14 -32.06 -35.04 -35.07 -126.31

Credit 2.36 2.97 3.44 3.40 12.17

Debit 26.50 35.03 38.48 38.47 138.48

Other 1.11 0.22 1.59 3.09 6.01

Credit 10.26 12.75 14.76 13.91 51.68

Debit 9.15 12.53 13.17 10.82 45.67

Personal 0.86 1.81 6.06 1.30 10.03

Credit 34.43 37.12 45.28 41.13 157.96

Debit 33.57 35.31 39.22 39.83 147.93

Health-related 0.25 0.80 0.54 -0.31 1.28

Credit 3.42 3.93 4.42 3.87 15.64

Debit 3.17 3.13 3.88 4.18 14.36

Education-related -7.63 -7.91 -3.26 -10.08 -28.88

Credit 6.50 6.18 7.32 6.76 26.76

Debit 14.13 14.09 10.58 16.84 55.64

Other 8.24 8.92 8.78 11.69 37.63

Credit 24.51 27.01 33.54 30.50 115.56

Debit 16.27 18.09 24.76 18.81 77.93

Construction -0.89 -1.24 -1.59 -0.08 -3.80

Credit 0.69 1.09 0.45 3.02 5.25

Debit 1.58 2.33 2.04 3.10 9.05

Construction abroad 0.69 1.09 0.45 3.02 5.25

Credit 0.69 1.09 0.45 3.02 5.25

Construction in the reporting economy -1.58 -2.33 -2.04 -3.10 -9.05

Debit 1.58 2.33 2.04 3.10 9.05

Insurance and pension services -1.22 -1.35 -1.11 -1.70 -5.38

Credit 0.15 0.05 0.14 0.36 0.70

Debit 1.37 1.40 1.25 2.06 6.08

Direct insurance -0.72 -0.58 -0.41 -0.58 -2.29

Credit 0.15 0.05 0.13 0.33 0.66

Debit 0.87 0.63 0.54 0.91 2.95

115

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Reinsurance -0.50 -0.77 -0.70 -1.12 0.04

Credit 0.01 0.03 0.04

Debit 0.50 0.77 0.71 1.15 3.13

Financial services -0.47 0.05 -0.60 -0.27 -1.29

Credit 1.40 1.77 1.50 2.04 6.71

Debit 1.87 1.72 2.10 2.31 8.00

Explicitly charged and other financial services -0.47 -0.09 -0.32 -0.13 -1.01

Credit 1.03 1.37 1.23 1.66 5.29

Debit 1.50 1.46 1.55 1.79 6.30

Financial intermediation services indirectly measured (FISIM) 0.14 -0.28 -0.14 -0.28

Credit 0.37 0.40 0.27 0.38 1.42

Debit 0.37 0.26 0.55 0.52 1.70

Charges for the use of intellectual property n.i.e. -4.59 -3.49 -6.21 -3.74 -18.03

Credit 1.03 1.56 1.64 1.90 6.13

Debit 5.62 5.05 7.85 5.64 24.16

Telecommunications, computer, and information services 22.69 25.25 25.42 23.24 96.60

Credit 42.01 45.84 47.59 47.55 182.99

Debit 19.32 20.59 22.17 24.31 86.39

Telecommunications services 19.83 19.09 19.67 17.54 76.13

Credit 28.62 30.90 32.47 29.51 121.50

Debit 8.79 11.81 12.80 11.97 45.37

Computer services 0.55 3.87 3.54 3.35 11.31

Credit 10.35 11.65 11.80 14.84 48.64

Debit 9.80 7.78 8.26 11.49 37.33

Information services 2.31 2.29 2.21 2.35 9.16

Credit 3.04 3.29 3.32 3.20 12.85

Debit 0.73 1.00 1.11 0.85 3.69

Other business services 7.86 4.64 8.91 1.98 23.39

Credit 23.08 25.12 25.67 25.49 99.36

Debit 15.22 20.48 16.76 23.51 75.97

Research and development services 0.65 0.13 0.24 -0.01 1.01

Credit 0.78 0.34 0.47 0.59 2.18

Debit 0.13 0.21 0.23 0.60 1.17

Professional and management consulting services 2.99 4.21 5.44 2.66 15.30

Credit 13.42 15.80 15.66 15.03 59.91

Debit 10.43 11.59 10.22 12.37 44.61

Technical, trade-related, and other business services 4.22 0.30 3.23 -0.67 7.08

Credit 8.88 8.98 9.54 9.87 37.27

Debit 4.66 8.68 6.31 10.54 30.19

Personal, cultural, and recreational services -0.18 -0.61 -0.25 -0.33 -1.37

Credit 0.27 0.33 0.40 0.51 1.51

Debit 0.45 0.94 0.65 0.84 2.88

Audiovisual and related services -0.18 -0.61 -0.25 -0.33 -1.37

Credit 0.27 0.33 0.40 0.51 1.51

Debit 0.45 0.94 0.65 0.84 2.88

Government goods and services n.i.e. -2.85 -1.76 -0.93 2.27 -3.27

Credit 7.41 9.02 9.53 13.08 39.04

Debit 10.26 10.78 10.46 10.81 42.31

Primary income 173.65 183.60 238.59 275.12 870.96

Credit 222.63 295.78 323.71 319.52 1,161.64

Debit 48.98 112.18 85.12 44.40 290.68

Compensation of employees 204.61 273.87 300.86 294.86 1,074.20

Credit 214.54 284.12 311.67 307.69 1,118.02

Debit 9.93 10.25 10.81 12.83 43.82

Investment income -30.54 -90.00 -61.95 -19.45 -201.94

Credit 8.79 12.14 12.58 12.37 45.88

Debit 39.33 102.14 74.53 31.82 247.82


Credit 1.22 2.17 2.25 1.48 7.12

Debit 23.12 76.54 55.89 9.37 164.92

Income on equity and investment fund shares -20.30 -73.15 -48.40 -5.11 -146.96

116

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Credit 0.60 2.10 2.11 1.35 6.16

Debit 20.90 75.25 50.51 6.46 153.12

Dividends and withdrawals from income of quasi-corporations -5.78 -52.77 -39.42 -29.79 -127.76

Credit 0.60 2.10 2.11 1.35 6.16

Debit 6.38 54.87 41.53 31.14 133.92


Credit 0.60 2.10 2.11 1.35 6.16

Debit 6.38 54.87 41.53 31.14 31.14

Reinvested earnings -14.52 -20.38 -8.98 24.68 -19.20

Debit 14.52 20.38 8.98 -24.68 19.20

Interest -1.60 -1.22 -5.24 -2.78 -10.84

Credit 0.62 0.07 0.14 0.13 0.96

Debit 2.22 1.29 5.38 2.91 11.80


Credit 0.62 0.07 0.14 0.13 0.96

Debit 2.22 1.29 5.38 2.91 11.80

Memorandum: Interest before FISIM -1.60 -1.22 -5.24 -2.78 -10.84

Credit 0.62 0.07 0.14 0.13 0.96

Debit 2.22 1.29 5.38 2.91 11.80

Portfolio investment -0.17 -4.33 -0.42 -1.05 -5.97

Credit 0.01 0.05 0.37 0.01 0.44

Debit 0.18 4.38 0.79 1.06 6.41

Investment income on equity and investment fund shares -0.17 -4.33 -0.42 -1.05 -5.97

Credit 0.01 0.05 0.37 0.01 0.44

Debit 0.18 4.38 0.79 1.06 6.41

Dividends on equity excluding investment fund shares -0.17 -4.33 -0.42 -1.05 -5.97

Credit 0.01 0.05 0.37 0.01 0.44

Debit 0.18 4.38 0.79 1.06 6.41

Other investment -14.68 -17.65 -14.86 -17.63 -64.82

Credit 1.35 3.57 2.99 3.76 11.67

Debit 16.03 21.22 17.85 21.39 76.49

Interest -14.68 -17.65 -14.86 -17.63 -64.82

Credit 1.35 3.57 2.99 3.76 11.67

Debit 16.03 21.22 17.85 21.39 76.49


Credit 1.35 3.57 2.99 3.76 11.67

Debit 16.03 21.08 18.13 21.53 76.77

Reserve assets (Credit) 6.21 6.35 6.97 7.12 26.65

Interest (Credit) 6.21 6.35 6.97 7.12 26.65

Other primary income -0.42 -0.27 -0.32 -0.29 -1.30

Credit -0.70 -0.48 -0.54 -0.54 -2.26

Debit -0.28 -0.21 -0.22 -0.25 -0.96

Taxes on products and production -0.42 -0.27 -0.32 -0.29 -1.30

Credit -0.70 -0.48 -0.54 -0.54 -2.26

Debit -0.28 -0.21 -0.22 -0.25 -0.96

Secondary income 313.19 377.01 420.50 493.34 1,604.04

Credit 340.66 407.50 456.32 529.62 1,734.10

Debit 27.47 30.49 35.82 36.28 130.06


Credit 28.61 28.15 27.11 89.18 173.05

Debit 1.71 1.73 2.68 1.41 7.53

Current taxes on income, wealth, etc. (credit) 0.78 0.50 0.51 0.57 2.36

Social contributions (credit) 1.01 1.02 1.05 1.11 4.19

Social benefits (debit) 0.02 0.02 0.03 0.03 0.10

Current international cooperation 16.00 15.79 18.22 74.79 124.80

Credit 17.64 17.45 20.85 76.11 132.05

Debit 1.64 1.66 2.63 1.32 7.25

Miscellaneous current transfers of general government 9.13 9.13 4.68 11.33 34.27

Credit 9.18 9.18 4.70 11.39 34.45

Debit 0.05 0.05 0.02 0.06 0.18

117

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Financial corporations, nonfinancial corporations, households, and

NPISHs286.29 350.59 396.07 405.57 1,438.52

Credit 312.05 379.35 429.21 440.44 1,561.05

Debit 25.76 28.76 33.14 34.87 122.53

Personal transfers (Current transfers between resident and

nonresident households)210.07 243.35 281.96 288.09 1,023.47

Credit 221.37 254.57 295.20 302.38 1,073.52

Debit 11.30 11.22 13.24 14.29 50.05

Other current transfers 76.22 107.24 114.11 117.48 415.05

Credit 90.68 124.78 134.01 138.06 487.53

Debit 14.46 17.54 19.90 20.58 72.48

Current taxes on income, wealth, etc. (debit) -0.64 -0.27 -0.16 -1.07

Social benefits 0.23 0.30 0.28 0.37 1.18

Credit 0.24 0.33 0.32 0.37 1.26

Debit 0.01 0.03 0.04 0.08

Net nonlife insurance premiums 2.52 1.53 1.08 3.22 8.35

Credit 2.52 1.53 1.08 3.22 8.35

Nonlife insurance claims -2.08 -2.33 -1.71 -2.68 -8.80

Debit 2.08 2.33 1.71 2.68 8.80


Credit 25.35 27.10 32.83 35.58 120.86

Debit 0.60 0.41 0.83 1.14 2.98

Miscellaneous current transfers 50.80 80.41 82.19 81.97 295.37

Credit 62.57 95.82 99.78 98.89 357.06

Debit 11.77 15.41 17.59 16.92 61.69

Capital account 1.67 12.22 12.64 31.39 57.92

Credit 13.20 23.67 27.49 46.03 110.39

Debit 11.53 11.45 14.85 14.64 52.47


Credit 13.20 23.67 27.49 46.03 110.39

Debit 11.53 11.45 14.85 14.64 52.47


Credit 9.77 20.53 23.30 39.77 93.37


NPISHs-8.10 -8.31 -10.66 -8.38 -35.45

Credit 3.43 3.14 4.19 6.26 17.02

Debit 11.53 11.45 14.85 14.64 52.47

Net lending (+) / net borrowing (-) (balance from current and capital account)

-155.16 -210.03 -73.78 -19.59 -458.56

Net lending (+) / net borrowing (-) (balance from financial account) -146.92 -186.39 24.60 -54.54 -363.25 Direct investment -81.48 -19.85 -48.87 -98.64 -248.84

Net acquisition of financial assets -2.33 5.37 17.50 21.08 41.62




Debt instruments -4.74 0.79 15.30 3.84 15.19


Direct investment enterprises in direct investor (reverse

investment)-5.08 -0.06 14.48 3.40 12.74





Reinvestment of earnings 14.52 20.38 8.98 -24.68 19.20

Debt instruments 15.56 -17.89 22.45 90.82 110.94

Direct investor in direct investment enterprises 15.56 -17.89 22.45 90.82 110.94


Net acquisition of financial assets -0.57 1.06 0.35 -0.44 0.40

Equity and investment fund shares 0.88 0.03 -0.78 0.13

Other sectors 0.88 0.03 -0.78 0.13

Nonfinancial corporations, households, and NPISHs 0.88 0.03 -0.78 0.13

118

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Debt securities -0.57 0.18 0.32 0.34 0.27

Deposit-taking corporations, except central bank -0.54 0.18 0.32 0.34 0.30

Long-term -0.54 0.18 0.32 0.34 0.30

Other sectors -0.03 -0.03

Long-term -0.03 -0.03

Nonfinancial corporations, households, and NPISHs -0.03 -0.03

Long-term -0.03 -0.03




Other sectors 0.02 0.06 -0.23 0.01 -0.14

Nonfinancial corporations, households, and NPISHs 0.02 0.06 -0.23 0.01 -0.14

Debt securities 0.13 -0.04 0.09

Other sectors 0.13 -0.04 0.09

Nonfinancial corporations, households, and NPISHs 0.13 -0.04 0.09


-0.13 -0.06 0.06 0.02 -0.11

Deposit-taking corporations, except the central bank -0.13 -0.06 0.06 0.02 -0.11


Deposit-taking corporations, except the central bank 0.02 0.01 0.07 0.02 0.12

Net incurrence of liabilities 0.15 0.07 0.01 0.23

Deposit-taking corporations, except central bank 0.15 0.07 0.01 0.23




Currency and deposits -12.03 -5.32 26.93 9.08 18.66



Short-term 7.67 67.41 132.00 238.91 445.99

Other sectors -10.83 -50.55 -123.24 -16.59 -201.21

Short-term -10.83 -50.55 -123.24 -16.59 -201.21

Nonfinancial corporations, households, NPISHs -10.83 -50.55 -123.24 -16.59 -201.21

Short-term -10.83 -50.55 -123.24 -16.59 -201.21

Net incurrence of liabilities 8.87 22.18 -18.17 213.24 226.12

Deposit-taking corporations, except the central bank 8.87 22.18 -18.17 213.24 226.12

Short-term 8.87 22.18 -18.17 213.24 226.12

Loans -39.45 3.97 -119.11 -16.13 -170.72


Deposit-taking corporations, except the central bank -0.05 -0.01 -0.08 -0.14

Short-term -0.05 -0.01 -0.08 -0.14

Other sectors 12.83 0.30 24.15 0.65 37.93

Short-term 0.64 0.09 -0.69 0.04

Long-term 12.19 0.21 24.15 1.34 37.89

Nonfinancial corporations, households, and NPISHs 12.83 0.30 24.15 0.65 37.93

Short-term 0.64 0.09 -0.69 0.04

Long-term 12.19 0.21 24.15 1.34 37.89

Net incurrence of liabilities 52.23 -3.68 143.18 16.78 208.51

Central bank -3.33 -6.56 -5.05 -6.67 -21.61

Credit and loans with the IMF -3.33 -6.56 -5.05 -6.67 -21.61

Deposit-taking corporations, except the central bank 0.30 19.25 35.11 -16.16 38.50

Short-term 8.81 12.41 2.50 23.72

Long-term 0.30 10.44 22.70 -18.66 14.78

General government -6.72 16.31 5.49 21.62 36.70

Other long-term -6.72 16.31 5.49 21.62 36.70

Other sectors 61.98 -32.68 107.63 17.99 154.92

Short-term -0.14 0.57 23.58 24.30 48.31

Long-term 62.12 -33.25 84.05 -6.31 106.61

Other financial corporations 0.86 1.90 4.15 1.07 7.98

Long-term 0.86 1.90 4.15 1.07 7.98

Nonfinancial corporations, households, and NPISHs 61.12 -34.58 103.48 16.92 146.94

Short-term -0.14 0.57 23.58 24.30 48.31

119

Q I2013

Q II2013

Q III2013

Q IV2013

2013

Long-term 61.26 -35.15 79.90 -7.38 98.63

Trade credit and advances -5.68 -108.39 -17.50 -3.55 -135.12

Net acquisition of financial assets 0.47 -43.10 0.91 -19.69 -61.41

Other sectors 0.47 -43.10 0.91 -19.69 -61.41

Short-term 0.47 -43.10 0.91 -19.69 -61.41

Other financial corporations -0.28 -3.53 0.76 1.37 -1.68

Short-term -0.28 -3.53 0.76 1.37 -1.68

Nonfinancial corporations, households, and NPISHs 0.75 -39.57 0.15 -21.06 -59.73

Short-term 0.75 -39.57 0.15 -21.06 -59.73

Net incurrence of liabilities 6.15 65.29 18.41 -16.14 73.71

Other sectors 6.15 65.29 18.41 -16.14 73.71

Short-term 6.15 65.29 18.41 -16.14 73.71

Other financial corporations -0.82 1.23 -1.88 -3.46 -4.93

Short-term -0.82 1.23 -1.88 -3.46 -4.93

Nonfinancial corporations, households, and NPISHs 6.97 64.06 20.29 -12.68 78.64

Short-term 6.97 64.06 20.29 -12.68 78.64

Other accounts receivable/payable -10.39 -38.06 -27.41 -23.55 -99.41

Net acquisition of financial assets -11.39 -34.10 -32.11 -22.00 -99.60

Deposit-taking corporations, except central bank -11.39 -34.10 -32.11 -22.00 -99.60

Short-term -11.39 -34.10 -32.11 -22.00 -99.60

Net incurrence of liabilities -1.00 3.96 -4.70 1.55 -0.19

Deposit-taking corporations, except central bank 4.96 -3.70 2.55 3.81

Short-term 4.96 -3.70 2.55 3.81

Other sectors -1.00 -1.00 -1.00 -1.00 -4.00

Long-term -1.00 -1.00 -1.00 -1.00 -4.00


Long-term -1.00 -1.00 -1.00 -1.00 -4.00

Reserve assets 4.22 -14.31 211.00 81.14 282.05

Special drawing rights -0.94 3.36 3.51 -1.17 4.76

Other reserve assets 5.16 -17.67 207.49 82.31 277.29

Currency and deposits -173.47 -13.27 106.03 -25.18 -105.89

Claims on monetary authorities -144.45 10.55 -1.36 32.60 -102.66

Claims on other entities -29.02 -23.82 107.39 -57.78 -3.23

Securities 178.63 -4.40 101.46 107.49 383.18

Debt securities 178.63 -4.40 101.46 107.49 383.18

Long-term 178.63 -4.40 101.46 107.49 383.18

Net errors and omissions 8.24 23.64 98.38 -34.95 95.31

Supplementary Items

Arrears not in exceptional financing -1.70 1.66 4.53 11.39 15.88

Personal remittances: Credit 402.87 493.53 558.08 564.02 2,018.50

120


Q I2014

Q II2014

Q III2014

Q IV2014

2014

Current account -161.79 -111.52 -104.59 -191.18 -569.08

Credit 1,263.62 1,482.84 1,515.71 1,484.05 5,746.22

Debit 1,425.41 1,594.36 1,620.30 1,675.23 6,315.30


Credit 697.43 741.91 721.35 793.81 2,954.50

Debit 1,324.99 1,468.55 1,487.23 1,591.87 5,872.64

Goods -660.30 -754.44 -794.12 -832.33 -3,041.19

Credit 437.93 447.36 428.39 502.81 1,816.49

Debit 1,098.23 1,201.80 1,222.51 1,335.14 4,857.68


Credit 434.11 448.71 426.79 482.16 1,791.77

Debit 1,098.21 1,201.79 1,222.50 1,335.13 4,857.63


Net exports of goods under merchanting (credit) 3.52 -1.37 1.42 20.32 23.89




Credit 0.30 0.02 0.18 0.33 0.83

Debit 0.02 0.01 0.01 0.01 0.05

Services 32.74 27.80 28.24 34.27 123.05

Credit 259.50 294.55 292.96 291.00 1,138.01

Debit 226.76 266.75 264.72 256.73 1,014.96

Manufacturing services on physical inputs owned by others 40.53 43.22 42.31 37.88 163.94

Credit 40.91 43.91 42.64 38.37 165.83

Debit 0.38 0.69 0.33 0.49 1.89

Goods for processing in reporting economy 40.82 40.18 55.45 37.62 174.07

Credit 139.29 155.10 141.37 121.98 557.74

Debit 98.47 114.92 85.92 84.36 383.67

Goods for processing abroad 0.73 -0.42 0.02 -0.08 0.25

Credit 1.10 0.25 0.35 0.41 2.11

Debit 0.37 0.67 0.33 0.49 1.86

Maintenance and repair services n.i.e. -1.44 -2.36 -0.53 -4.72 -9.05

Credit 0.41 0.32 0.74 0.51 1.98

Debit 1.85 2.68 1.27 5.23 11.03

Transport 1.92 9.54 5.45 -5.97 10.94

Credit 91.32 107.57 102.68 95.74 397.31

Debit 89.40 98.03 97.23 101.71 386.37

Passenger -0.44 -0.89 -3.12 0.48 -3.97

Credit 16.88 30.07 26.82 20.41 94.18

Debit 17.32 30.96 29.94 19.93 98.15

Freight 1.24 10.20 8.60 -6.43 13.61

Credit 60.87 63.62 60.83 62.52 247.84

Debit 59.63 53.42 52.23 68.95 234.23

Other 1.12 0.23 -0.03 -0.02 1.30

Credit 13.57 13.88 15.03 12.81 55.29

Debit 12.45 13.65 15.06 12.83 53.99

Sea transport -4.21 -4.79 -5.98 -5.59 -20.57

Credit 1.28 1.32 2.23 1.81 6.64

Debit 5.49 6.11 8.21 7.40 27.21

Freight -4.08 -4.46 -5.50 -5.22 -19.26

Credit 0.96 0.94 1.82 1.40 5.12

Debit 5.04 5.40 7.32 6.62 24.38

Other -0.13 -0.33 -0.48 -0.37 -1.31

Credit 0.32 0.38 0.41 0.41 1.52

Debit 0.45 0.71 0.89 0.78 2.83

Air transport 3.95 -0.15 -0.44 0.81 4.17

Credit 27.18 38.88 36.44 28.10 130.60

Debit 23.23 39.03 36.88 27.29 126.43

US$ million

121

Q I2014

Q II2014

Q III2014

Q IV2014

2014

Passenger -0.62 -1.34 -3.37 0.63 -4.70

Credit 14.06 27.08 22.90 17.86 81.90

Debit 14.68 28.42 26.27 17.23 86.60

Freight 4.34 2.94 3.56 1.74 12.58

Credit 5.69 4.37 4.68 4.23 18.97

Debit 1.35 1.43 1.12 2.49 6.39

Other 0.23 -1.75 -0.63 -1.56 -3.71

Credit 7.43 7.43 8.86 6.01 29.73

Debit 7.20 9.18 9.49 7.57 33.44

Other modes of transport -0.12 12.21 10.03 -3.12 19.00

Credit 59.04 63.57 60.36 61.88 244.85

Debit 59.16 51.36 50.33 65.00 225.85

Passenger 0.18 0.45 0.25 -0.15 0.73

Credit 2.82 2.99 3.92 2.55 12.28

Debit 2.64 2.54 3.67 2.70 11.55

Freight 0.98 11.72 10.54 -2.95 20.29

Credit 54.22 58.31 54.33 56.89 223.75

Debit 53.24 46.59 43.79 59.84 203.46

Other -1.28 0.04 -0.76 -0.02 -2.02

Credit 2.00 2.27 2.11 2.44 8.82

Debit 3.28 2.23 2.87 2.46 10.84


Credit 3.82 3.80 3.65 3.95 15.22

Debit 1.52 1.53 1.81 2.02 6.88

Travel -29.61 -41.93 -36.81 -15.02 -123.37

Credit 45.05 54.46 63.06 65.71 228.28

Debit 74.66 96.39 99.87 80.73 351.65

Business -22.03 -34.07 -32.84 -20.33 -109.27

Credit 12.78 15.09 18.18 19.51 65.56

Debit 34.81 49.16 51.02 39.84 174.83


T workers-24.31 -33.15 -34.11 -26.40 -117.97

Credit 2.55 3.39 3.74 4.10 13.78

Debit 26.86 36.54 37.85 30.50 131.75

Other 2.28 -0.92 1.27 6.07 8.70

Credit 10.23 11.70 14.44 15.41 51.78

Debit 7.95 12.62 13.17 9.34 43.08

Personal -7.58 -7.86 -3.97 5.31 -14.10

Credit 32.27 39.37 44.88 46.20 162.72

Debit 39.85 47.23 48.85 40.89 176.82

Health-related 0.54 0.45 0.56 0.52 2.07

Credit 3.78 4.16 4.62 4.76 17.32

Debit 3.24 3.71 4.06 4.24 15.25


Credit 5.33 6.54 7.40 7.81 27.08

Debit 16.29 17.01 10.94 16.90 61.14

Other 2.84 2.16 -0.99 13.88 17.89

Credit 23.16 28.67 32.86 33.63 118.32

Debit 20.32 26.51 33.85 19.75 100.43

Construction 0.03 -1.92 -1.00 0.59 -2.30

Credit 0.99 0.99 1.36 1.99 5.33

Debit 0.96 2.91 2.36 1.40 7.63


Credit 0.99 0.99 1.36 1.99 5.33


Debit 0.96 2.91 2.36 1.40 7.63


Credit 0.25 0.15 0.10 0.29 0.79

Debit 1.90 3.02 1.95 1.95 8.82


Credit 0.24 0.15 0.09 0.28 0.76

122

Q I2014

Q II2014

Q III2014

Q IV2014

2014

Debit 0.73 0.64 0.37 0.30 2.04

Reinsurance -1.15 -2.37 -1.57 -1.65 -6.74

Debit 1.15 2.37 1.57 1.65 6.74

Auxiliary insurance services -0.01 -0.01 0.01 -0.01

Credit 0.01 0.01 0.01 0.03

Debit 0.02 0.01 0.01 0.04

Financial services -0.36 -0.37 -1.16 -0.99 -2.88

Credit 1.80 1.62 1.50 2.02 6.94

Debit 2.16 1.99 2.66 3.01 9.82

Explicitly charged and other financial services -0.29 -0.40 -0.83 -0.84 -2.36

Credit 1.46 1.27 1.25 1.72 5.70

Debit 1.75 1.67 2.08 2.56 8.06

Financial intermediation services indirectly measured (FISIM) -0.07 0.03 -0.33 -0.15 -0.52

Credit 0.34 0.35 0.25 0.30 1.24

Debit 0.41 0.32 0.58 0.45 1.76


Credit 1.48 2.11 1.94 1.51 7.04

Debit 6.10 6.28 6.32 6.38 25.08


Credit 43.67 47.40 48.11 46.42 185.60

Debit 20.72 22.57 20.65 23.72 87.66


Credit 26.88 29.96 30.72 27.03 114.59

Debit 9.03 11.71 12.43 12.24 45.41


Credit 13.64 14.44 14.49 16.19 58.76

Debit 10.46 9.53 7.30 9.91 37.20


Credit 3.15 3.00 2.90 3.20 12.25

Debit 1.23 1.33 0.92 1.57 5.05

Other business services 8.24 3.91 -1.15 4.88 15.88

Credit 24.93 26.02 21.85 27.45 100.25

Debit 16.69 22.11 23.00 22.57 84.37

Research and development services 0.34 -0.03 0.07 0.12 0.50

Credit 0.56 0.27 0.23 0.21 1.27

Debit 0.22 0.30 0.16 0.09 0.77


Credit 14.10 15.22 12.98 19.09 61.39

Debit 10.12 11.15 10.76 13.72 45.75

Technical, trade-related, and other business services 3.92 -0.13 -3.44 -0.61 -0.26

Credit 10.27 10.53 8.64 8.15 37.59

Debit 6.35 10.66 12.08 8.76 37.85

Personal, cultural, and recreational services 0.33 -0.13 -0.26 -0.59 -0.65

Credit 0.75 0.52 0.40 0.31 1.98

Debit 0.42 0.65 0.66 0.90 2.63

Audiovisual and related services 0.33 -0.13 -0.26 -0.59 -0.65

Credit 0.75 0.52 0.40 0.31 1.98

Debit 0.42 0.65 0.66 0.90 2.63

Government goods and services n.i.e. -3.58 0.05 0.16 2.04 -1.33

Credit 7.94 9.48 8.58 10.68 36.68

Debit 11.52 9.43 8.42 8.64 38.01

Primary income 157.28 218.48 228.99 218.37 823.12

Credit 225.54 306.39 321.18 261.99 1,115.10

Debit 68.26 87.91 92.19 43.62 291.98

Compensation of employees 197.50 276.54 289.26 227.28 990.58

Credit 214.49 294.22 307.93 247.20 1,063.84

Debit 16.99 17.68 18.67 19.92 73.26


Credit 11.73 13.07 13.82 15.45 54.07

Debit 51.31 70.57 73.71 24.06 219.65


123

Q I2014

Q II2014

Q III2014

Q IV2014

2014

Credit 0.83 2.36 2.75 1.41 7.35

Debit 31.30 47.32 52.16 3.37 134.15

Income on equity and investment fund shares -27.15 -39.01 -46.07 2.85 -109.38

Credit 0.61 2.17 2.54 1.19 6.51

Debit 27.76 41.18 48.61 -1.66 115.89


Credit 0.61 2.17 2.54 1.19 6.51

Debit 13.82 33.15 9.02 26.83 82.82


Credit 0.61 2.17 2.54 1.19 6.51

Debit 13.82 33.15 9.02 26.83 82.82


Debit 13.94 8.03 39.59 -28.49 33.07

Interest -3.32 -5.95 -3.34 -4.81 -17.42

Credit 0.22 0.19 0.21 0.22 0.84

Debit 3.54 6.14 3.55 5.03 18.26


Credit 0.22 0.19 0.21 0.22 0.84

Debit 3.54 6.14 3.55 5.03 18.26


Credit 0.22 0.19 0.21 0.22 0.86

Debit 3.54 6.14 3.55 5.03 20.68


Credit 0.10 0.26 0.03 0.05 0.44

Debit 0.80 4.82 0.83 1.40 7.85


Credit 0.10 0.26 0.03 0.05 0.44

Debit 0.80 4.82 0.83 1.40 7.85


Credit 0.10 0.26 0.03 0.05 0.44

Debit 0.80 4.82 0.83 1.40 7.85


Credit 3.82 3.74 3.88 4.84 16.28

Debit 19.21 18.43 20.72 19.29 77.65

Interest -15.39 -14.69 -16.84 -14.45 -61.37

Credit 3.82 3.74 3.88 4.84 16.28

Debit 19.21 18.43 20.72 19.29 77.65


Credit 3.82 3.74 3.88 4.84 16.28

Debit 19.28 18.40 21.05 19.44 78.17


Interest (Credit) 6.98 6.71 7.16 9.15 30.00


Credit -0.68 -0.90 -0.57 -0.66 -2.81

Debit -0.04 -0.34 -0.19 -0.36 -0.93


Credit -0.68 -0.90 -0.57 -0.66 -2.81

Debit -0.04 -0.34 -0.19 -0.36 -0.93


Credit 340.65 434.54 473.18 428.25 1,676.62

Debit 32.16 37.90 40.88 39.74 150.68


Credit 38.66 54.94 63.24 92.94 249.78

Debit 1.28 1.57 2.15 0.92 5.92





Credit 25.33 41.86 56.47 79.71 203.37

Debit 1.16 1.48 2.10 0.72 5.46


124

Q I2014

Q II2014

Q III2014

Q IV2014

2014

Credit 11.52 11.51 4.84 11.51 39.38

Debit 0.08 0.05 0.01 0.15 0.29


NPISHs271.11 343.27 371.21 296.49 1,282.08

Credit 301.99 379.60 409.94 335.31 1,426.84

Debit 30.88 36.33 38.73 38.82 144.76


nonresident households)198.90 253.42 279.05 206.92 938.29

Credit 215.37 270.45 297.82 228.44 1,012.08

Debit 16.47 17.03 18.77 21.52 73.79


Credit 86.62 109.15 112.12 106.87 414.76

Debit 14.41 19.30 19.96 17.30 70.97

Current taxes on income, wealth, etc. (debit) -0.09 -0.51 -0.01 0.07 -0.54

Social benefits 0.37 0.37 0.37 0.45 1.56

Credit 0.37 0.37 0.41 0.45 1.60

Debit 0.04 0.04


Credit 1.07 1.29 1.02 0.87 4.25


Debit 2.01 2.98 1.92 1.99 8.90


Credit 29.76 35.69 34.91 39.86 140.22

Debit 0.65 0.63 0.32 0.70 2.30


Credit 55.42 71.80 75.78 65.69 268.69

Debit 11.84 16.20 17.69 14.54 60.27

Capital account 1.59 48.09 12.48 34.62 96.78

Credit 15.62 67.03 36.64 58.37 177.66

Debit 14.03 18.94 24.16 23.75 80.88

Gross acquisitions (DR.) / disposals (CR.) of nonproduced nonfinancial

assets0.10 0.10

Credit 0.10 0.10


Credit 15.52 67.03 36.64 58.37 177.56

Debit 14.03 18.94 24.16 23.75 80.88


Credit 12.87 62.53 29.91 52.79 158.10


NPISHs-11.38 -14.44 -17.43 -18.17 -61.42

Credit 2.65 4.50 6.73 5.58 19.46

Debit 14.03 18.94 24.16 23.75 80.88


-160.20 -63.43 -92.11 -156.56 -472.30

Net lending (+) / net borrowing (-) (balance from financial account) -194.36 -4.60 -79.30 -285.40 -563.66 Direct investment -141.90 -0.77 -82.53 -89.24 -314.44





Debt instruments -3.64 1.88 10.80 -11.97 -2.93



investment)-4.13 -0.66 10.64 -12.78 -6.93






Debt instruments 90.10 -71.82 40.92 92.06 151.26

Direct investor in direct investment enterprises 90.10 -71.82 40.92 92.06 151.26

125

Q I2014

Q II2014

Q III2014

Q IV2014

2014


Net acquisition of financial assets -2.00 0.36 -0.15 -1.64 -3.43

Equity and investment fund shares -0.14 0.22 -0.03 -0.78 -0.73

Other sectors -0.14 0.22 -0.03 -0.78 -0.73

Nonfinancial corporations, households, and NPISHs -0.14 0.22 -0.03 -0.78 -0.73

Debt securities -1.86 0.14 -0.12 -0.86 -2.70

Deposit-taking corporations, except central bank -0.25 0.14 -0.12 -0.86 -1.09

Long-term -0.25 0.14 -0.12 -0.86 -1.09


Long-term -1.61 -1.61

Nonfinancial corporations, households, and NPISHs -1.61 -1.61

Long-term -1.61 -1.61



Deposit-taking corporations, except central bank 3.09 4.29 -0.06 7.32

Other sectors 0.10 0.83 2.06 2.99

Nonfinancial corporations, households, and NPISHs 0.10 0.83 2.06 2.99


-0.19 0.11 -0.28 -0.25 -0.61

Deposit-taking corporations, except the central bank -0.19 0.11 -0.28 -0.25 -0.61

Net acquisition of financial assets 0.11 0.11

Deposit-taking corporations, except the central bank 0.11 0.11

Net incurrence of liabilities 0.19 0.28 0.25 0.72

Deposit-taking corporations, except central bank 0.19 0.28 0.25 0.72

Other investment 49.41 -14.57 14.72 254.02 303.58

Net acquisition of financial assets 109.12 76.02 162.77 -9.45 338.46

Net incurrence of liabilities 59.71 90.59 148.05 -263.47 34.88

Currency and deposits 29.25 48.54 32.40 76.73 186.92

Net acquisition of financial assets 105.99 85.20 183.40 -295.55 79.04


Short-term 105.27 34.76 121.88 -441.56 -179.65

Other sectors 0.72 50.44 61.52 146.01 258.69

Short-term 0.72 50.44 61.52 146.01 258.69

Nonfinancial corporations, households, NPISHs 0.72 50.44 61.52 146.01 258.69

Short-term 0.72 50.44 61.52 146.01 258.69

Net incurrence of liabilities 76.74 36.66 151.00 -372.28 -107.88

Deposit-taking corporations, except the central bank 76.74 36.66 151.00 -372.28 -107.88

Short-term 76.74 36.66 151.00 -372.28 -107.88

Loans 1.85 1.93 54.30 -51.29 6.79


Deposit-taking corporations, except the central bank -0.04 2.60 1.54 0.75 4.85

Short-term 0.45 -0.22 0.23

Long-term -0.04 2.60 1.09 0.97 4.62

Other sectors 0.01 -4.78 0.44 28.77 24.44

Short-term 0.01 -0.05 -0.04

Long-term -4.73 0.44 28.77 24.48

Nonfinancial corporations, households, and NPISHs 0.01 -4.78 0.44 28.77 24.44

Short-term 0.01 -0.05 -0.04

Long-term -4.73 0.44 28.77 24.48

Net incurrence of liabilities -1.88 -4.11 -52.32 80.81 22.50

Central bank -6.87 -6.72 -9.35 -6.33 -29.27


Deposit-taking corporations, except the central bank -8.82 -14.78 -29.29 -68.34 -121.23

Short-term 7.00 0.06 -0.01 -12.50 -5.45

Long-term -15.82 -14.84 -29.28 -55.84 -115.78


Other long-term 4.43 40.03 16.29 42.05 102.80

Other sectors 9.38 -22.64 -29.97 113.43 70.20

Short-term 0.44 -22.61 -16.01 -0.33 -38.51

Long-term 8.94 -0.03 -13.96 113.76 108.71

126

Q I2014

Q II2014

Q III2014

Q IV2014

2014

Other financial corporations -4.72 0.59 4.28 4.43 4.58

Long-term -4.72 0.59 4.28 4.43 4.58

Nonfinancial corporations, households, and NPISHs 14.10 -23.23 -34.25 109.00 65.62

Short-term 0.44 -22.61 -16.01 -0.33 -38.51

Long-term 13.66 -0.62 -18.24 109.33 104.13

Trade credit and advances 15.94 -66.04 -72.98 -14.74 -137.82

Net acquisition of financial assets 3.16 -7.00 -22.61 14.26 -12.19

Other sectors 3.16 -7.00 -22.61 14.26 -12.19

Short-term 3.16 -7.00 -22.61 14.26 -12.19

Other financial corporations 0.45 0.96 0.14 0.08 1.63

Short-term 0.45 0.96 0.14 0.08 1.63

Nonfinancial corporations, households, and NPISHs 2.71 -7.96 -22.75 14.18 -13.82

Short-term 2.71 -7.96 -22.75 14.18 -13.82

Net incurrence of liabilities -12.78 59.04 50.37 29.00 125.63

Other sectors -12.78 59.04 50.37 29.00 125.63

Short-term -12.78 59.04 50.37 29.00 125.63

Other financial corporations -1.10 -2.45 -0.34 -0.13 -4.02

Short-term -1.10 -2.45 -0.34 -0.13 -4.02

Nonfinancial corporations, households, and NPISHs -11.68 61.49 50.71 29.13 129.65

Short-term -11.68 61.49 50.71 29.13 129.65

Other accounts receivable/payable 2.37 1.00 1.00 243.32 247.69

Net acquisition of financial assets 242.32 242.32

Deposit-taking corporations, except central bank -36.68 -36.68

Short-term -36.68 -36.68

Other sectors 279.00 279.00

Short-term 279.00 279.00

Nonfinancial corporations, households, and NPISHs 279.00 279.00

Short-term 279.00 279.00


Deposit-taking corporations, except central bank -1.37 -1.37

Short-term -1.37 -1.37

Other sectors -1.00 -1.00 -1.00 -1.00 -4.00

Long-term -1.00 -1.00 -1.00 -1.00 -4.00


Long-term -1.00 -1.00 -1.00 -1.00 -4.00

Reserve assets -96.49 14.56 -10.29 -446.23 -538.45

Special drawing rights -2.93 7.99 -7.46 -2.53 -4.93

Other reserve assets -93.56 6.57 -2.83 -443.70 -533.52

Currency and deposits 11.35 -19.37 15.37 -84.90 -77.55

Claims on monetary authorities -15.14 5.42 18.65 91.55 100.48

Claims on other entities 26.49 -24.79 -3.28 -176.45 -178.03

Securities -104.91 25.94 -18.20 -358.80 -455.97

Debt securities -104.91 25.94 -18.20 -358.80 -455.97

Short-term -25.38 -25.38

Long-term -79.53 25.94 -18.20 -358.80 -430.59

Net errors and omissions -34.16 58.83 12.81 -128.84 -91.36

Supplementary Items

Arrears not in exceptional financing 11.69 14.05 23.31 21.56 70.61


127


Q I2015

Q II2015

Q III2015

Q IV2015

2015

Current account -138.50 -127.03 -117.06 -32.25 -414.84

Credit 1,053.06 1,181.40 1,101.18 1,183.96 4,519.60

Debit 1,191.56 1,308.43 1,218.24 1,216.21 4,934.44


Credit 596.49 630.57 584.42 663.84 2,475.32

Debit 1,069.34 1,124.81 1,107.33 1,130.83 4,432.31

Goods -499.40 -519.42 -552.33 -516.71 -2,087.86

Credit 380.15 386.66 333.96 406.17 1,506.94

Debit 879.55 906.08 886.29 922.88 3,594.80


Credit 381.79 385.64 336.04 407.03 1,510.50

Debit 879.53 906.08 886.29 922.87 3,594.77


Net exports of goods under merchanting (credit) -1.75 0.86 -2.10 -1.04 -4.03




Credit 0.11 0.16 0.02 0.18 0.47

Debit 0.02 0.01 0.03

Services 26.55 25.18 29.42 49.72 130.87

Credit 216.34 243.91 250.46 257.67 968.38

Debit 189.79 218.73 221.04 207.95 837.51

Manufacturing services on physical inputs owned by others 33.87 36.67 31.67 37.10 139.31 Credit 34.41 37.32 32.10 38.36 142.19 Debit 0.54 0.65 0.43 1.26 2.88 Goods for processing in reporting economy 34.84 32.76 40.51 32.02 140.13 Credit 110.30 123.41 121.18 115.39 470.28 Debit 75.46 90.65 80.67 83.37 330.15 Goods for processing abroad -0.30 -0.24 -0.28 -0.75 -1.57 Credit 0.24 0.39 0.13 0.43 1.19 Debit 0.54 0.63 0.41 1.18 2.76 Maintenance and repair services n.i.e. -6.12 -4.32 -2.04 -1.57 -14.05 Credit 0.58 0.50 0.35 0.99 2.42

Debit 6.70 4.82 2.39 2.56 16.47

Transport 1.73 4.65 7.93 6.58 20.89

Credit 72.82 83.02 86.79 79.59 322.22

Debit 71.09 78.37 78.86 73.01 301.33

Passenger 2.40 -2.63 -3.62 0.02 -3.83

Credit 15.35 24.55 24.44 16.97 81.31

Debit 12.95 27.18 28.06 16.95 85.14

Freight -0.84 7.95 11.41 4.63 23.15

Credit 48.51 49.29 51.22 51.83 200.85

Debit 49.35 41.34 39.81 47.20 177.70

Other 0.17 -0.67 0.14 1.93 1.57

Credit 8.96 9.18 11.13 10.79 40.06

Debit 8.79 9.85 10.99 8.86 38.49

Sea transport -3.24 -2.79 -2.71 -2.68 -11.42

Credit 1.80 1.85 1.44 2.24 7.33

Debit 5.04 4.64 4.15 4.92 18.75

Freight -3.10 -2.66 -2.31 -2.50 -10.57

Credit 1.34 1.32 1.10 1.68 5.44

Debit 4.44 3.98 3.41 4.18 16.01

Other -0.14 -0.13 -0.40 -0.18 -0.85

Credit 0.46 0.53 0.34 0.56 1.89

Debit 0.60 0.66 0.74 0.74 2.74

Air transport 0.41 -4.18 -3.05 1.42 -5.40

Credit 17.62 28.30 30.72 23.04 99.68

Debit 17.21 32.48 33.77 21.62 105.08

Passenger 2.30 -2.70 -3.78 -0.25 -4.43

US$ million

128

Q I2015

Q II2015

Q III2015

Q IV2015

2015

Credit 13.42 22.21 21.42 14.72 71.77

Debit 11.12 24.91 25.20 14.97 76.20

Freight -0.13 1.75 2.68 2.19 6.49

Credit 1.23 2.94 3.78 3.66 11.61

Debit 1.36 1.19 1.10 1.47 5.12

Other -1.76 -3.23 -1.95 -0.52 -7.46

Credit 2.97 3.15 5.52 4.66 16.30

Debit 4.73 6.38 7.47 5.18 23.76

Other modes of transport 2.58 9.68 11.60 5.68 29.54

Credit 49.93 49.38 51.29 50.62 201.22

Debit 47.35 39.70 39.69 44.94 171.68

Passenger 0.10 0.07 0.16 0.27 0.60

Credit 1.93 2.34 3.02 2.25 9.54

Debit 1.83 2.27 2.86 1.98 8.94

Freight 2.39 8.86 11.04 4.94 27.23

Credit 45.94 45.03 46.34 46.49 183.80

Debit 43.55 36.17 35.30 41.55 156.57

Other 0.09 0.75 0.40 0.47 1.71

Credit 2.06 2.01 1.93 1.88 7.88

Debit 1.97 1.26 1.53 1.41 6.17


Credit 3.47 3.49 3.34 3.69 13.99

Debit 1.49 1.55 1.25 1.53 5.82

Travel -19.04 -23.22 -18.55 -16.57 -77.38

Credit 39.44 49.53 59.38 55.75 204.10

Debit 58.48 72.75 77.93 72.32 281.48

Business -14.17 -15.47 -14.08 -14.18 -57.90

Credit 14.39 17.74 18.17 17.10 67.40

Debit 28.56 33.21 32.25 31.28 125.30


T workers-18.20 -22.24 -21.74 -20.28 -82.46

Credit 3.56 3.96 3.78 3.96 15.26

Debit 21.76 26.20 25.52 24.24 97.72

Other 4.03 6.77 7.66 6.10 24.56

Credit 10.83 13.78 14.39 13.14 52.14

Debit 6.80 7.01 6.73 7.04 27.58

Personal -4.87 -7.75 -4.47 -2.39 -19.48

Credit 25.05 31.79 41.21 38.65 136.70

Debit 29.92 39.54 45.68 41.04 156.18

Health-related 0.59 0.09 0.11 0.66 1.45

Credit 2.95 3.57 4.11 4.68 15.31

Debit 2.36 3.48 4.00 4.02 13.86


Credit 3.78 5.98 6.95 6.92 23.63

Debit 15.83 16.43 10.57 16.89 59.72

Other 6.59 2.61 -0.96 6.92 15.16

Credit 18.32 22.24 30.15 27.05 97.76

Debit 11.73 19.63 31.11 20.13 82.60

Construction -0.11 0.18 -0.54 0.43 -0.04

Credit 0.69 0.97 0.86 1.10 3.62

Debit 0.80 0.79 1.40 0.67 3.66


Credit 0.69 0.97 0.86 1.10 3.62


Debit 0.80 0.79 1.40 0.67 3.66


Credit 0.03 0.03 0.07 0.13 0.26

Debit 0.82 1.30 1.57 1.70 5.39


Credit 0.03 0.03 0.07 0.07 0.20

129

Q I2015

Q II2015

Q III2015

Q IV2015

2015

Debit 0.17 0.17 0.38 0.36 1.08

Reinsurance -0.65 -1.13 -1.19 -1.28 -4.25

Credit 0.06 0.06

Debit 0.65 1.13 1.19 1.34 4.31

Financial services -0.71 -0.70 -0.20 0.66 -0.95

Credit 1.11 1.20 1.36 2.25 5.92

Debit 1.82 1.90 1.56 1.59 6.87

Explicitly charged and other financial services -0.72 -0.95 -0.16 0.49 -1.34

Credit 0.82 0.71 1.11 1.89 4.53

Debit 1.54 1.66 1.27 1.40 5.87

Financial intermediation services indirectly measured (FISIM) 0.01 0.25 -0.04 0.17 0.39

Credit 0.29 0.49 0.25 0.36 1.39

Debit 0.28 0.24 0.29 0.19 1.00


Credit 0.83 1.57 0.96 1.12 4.48

Debit 5.04 4.94 3.43 4.92 18.33


Credit 41.11 42.78 40.16 37.98 162.03

Debit 21.17 21.43 23.07 18.46 84.13


Credit 24.11 25.25 22.77 19.88 92.01

Debit 8.42 11.56 12.65 9.48 42.11


Credit 13.71 15.37 15.23 14.74 59.05

Debit 11.05 8.63 9.35 7.95 36.98


Credit 3.29 2.16 2.16 3.36 10.97

Debit 1.70 1.24 1.07 1.03 5.04

Other business services 4.82 -3.20 -0.40 6.54 7.76

Credit 19.01 19.45 20.62 28.08 87.16

Debit 14.19 22.65 21.02 21.54 79.40

Research and development services 0.02 0.47 -0.31 -0.56 -0.38

Credit 0.15 0.53 0.21 0.21 1.10

Debit 0.13 0.06 0.52 0.77 1.48


Credit 13.81 14.57 14.89 17.53 60.80

Debit 6.83 12.19 9.52 13.78 42.32

Technical, trade-related, and other business services -2.18 -6.05 -5.46 3.35 -10.34

Credit 5.05 4.35 5.52 10.34 25.26

Debit 7.23 10.40 10.98 6.99 35.60

Personal, cultural, and recreational services -0.60 -0.33 -1.23 -0.25 -2.41

Credit 0.32 0.42 0.45 0.89 2.08

Debit 0.92 0.75 1.68 1.14 4.49

Audiovisual and related services -0.60 -0.33 -1.23 -0.25 -2.41

Credit 0.32 0.42 0.45 0.89 2.08

Debit 0.92 0.75 1.68 1.14 4.49

Government goods and services n.i.e. -2.23 -1.26 -0.34 2.65 -1.18

Credit 5.99 7.12 7.36 11.43 31.90

Debit 8.22 8.38 7.70 8.78 33.08

Primary income 94.78 72.87 140.33 149.91 457.89

Credit 185.06 219.36 212.50 199.91 816.83

Debit 90.28 146.49 72.17 50.00 358.94

Compensation of employees 156.50 188.73 184.27 170.31 699.81

Credit 175.06 210.68 204.61 192.80 783.15

Debit 18.56 21.95 20.34 22.49 83.34


Credit 10.48 9.19 8.67 8.18 36.52

Debit 71.93 124.56 51.75 27.57 275.81


Credit 2.25 2.33 2.34 1.33 8.25

130

Q I2015

Q II2015

Q III2015

Q IV2015

2015

Debit 58.37 109.36 37.87 11.59 217.19

Income on equity and investment fund shares -56.74 -105.10 -33.99 -9.37 -205.20

Credit 0.68 2.12 2.20 1.16 6.16

Debit 57.42 107.22 36.19 10.53 211.36


Credit 0.68 2.12 2.20 1.16 6.16

Debit 14.55 25.94 21.27 26.55 88.31


Credit 0.68 2.12 2.20 1.16 6.16

Debit 14.55 25.94 21.27 26.55 88.31


Debit 42.87 81.28 14.92 -16.02 123.05

Interest 0.62 -1.93 -1.54 -0.89 -3.74

Credit 1.57 0.21 0.14 0.17 2.09

Debit 0.95 2.14 1.68 1.06 5.83

Direct investor in direct investment enterprises 0.62 -1.93 -1.54 -0.89 -3.74

Credit 1.57 0.21 0.14 0.17 2.09

Debit 0.95 2.14 1.68 1.06 5.83

Memorandum: Interest before FISIM 0.62 -1.93 -1.54 -0.89 -3.86

Credit 1.57 0.21 0.14 0.17 2.07

Debit 0.95 2.14 1.68 1.06 5.93


Credit 0.01 0.01 0.11 0.05 0.18

Debit 0.23 3.37 0.80 0.45 4.85


Credit 0.01 0.01 0.11 0.05 0.18

Debit 0.23 3.37 0.71 0.45 4.76


Credit 0.01 0.01 0.11 0.05 0.18

Debit 0.23 3.37 0.71 0.45 4.76

Long - term interest -0.09

Debit 0.09


Credit 1.41 1.89 0.45 0.58 4.33

Debit 13.33 11.83 13.08 15.53 53.77

Interest -11.92 -9.94 -12.63 -14.95 -49.44

Credit 1.41 1.89 0.45 0.58 4.33

Debit 13.33 11.83 13.08 15.53 53.77


Credit 1.41 1.89 0.45 0.58 4.33

Debit 13.32 11.58 13.12 15.36 53.38


Interest (Credit) 6.81 4.96 5.77 6.22 23.76


Credit -0.48 -0.51 -0.78 -1.07 -2.84

Debit -0.21 -0.02 0.08 -0.06 -0.21


Credit -0.51 -0.51 -0.78 -1.07 -2.87

Debit -0.21 -0.05 0.06 -0.08 -0.28

Rent 0.03 -0.03 -0.02 -0.02 -0.04

Credit 0.03 0.03

Debit 0.03 0.02 0.02 0.07


Credit 271.51 331.47 304.26 320.21 1,227.45

Debit 31.94 37.13 38.74 35.38 143.19


Credit 32.75 33.67 24.36 31.56 122.34

Debit 1.10 3.46 2.00 1.90 8.46




131

Q I2015

Q II2015

Q III2015

Q IV2015

2015


Credit 19.59 20.40 17.84 18.53 76.36

Debit 0.99 2.14 1.92 1.77 6.82


Credit 11.49 11.49 4.87 11.48 39.33

Debit 0.05 1.25 0.01 0.05 1.36

Financial corporations, nonfinancial corporations, households,

and NPISHs207.92 264.13 243.16 255.17 970.38

Credit 238.76 297.80 279.90 288.65 1,105.11

Debit 30.84 33.67 36.74 33.48 134.73


nonresident households)154.46 183.01 174.00 174.73 686.20

Credit 171.18 200.19 193.45 192.15 756.97

Debit 16.72 17.18 19.45 17.42 70.77


Credit 67.58 97.61 86.45 96.50 348.14

Debit 14.12 16.49 17.29 16.06 63.96

Current taxes on income, wealth, etc. (debit) 0.15 -0.02 0.13

Social benefits 0.30 0.55 0.33 0.40 1.58

Credit 0.30 0.55 0.33 0.40 1.58


Credit 0.45 0.93 1.17 2.37 4.92


Debit 0.91 1.38 1.66 1.87 5.82


Credit 28.82 27.46 26.63 34.39 117.30

Debit 0.65 0.60 0.43 0.39 2.07


Credit 38.01 68.67 58.32 59.34 224.34

Debit 12.56 14.36 15.20 13.82 55.94

Capital account -4.63 8.79 10.03 8.69 22.88

Credit 12.39 25.72 31.74 27.44 97.29

Debit 17.02 16.93 21.71 18.75 74.41

Gross acquisitions (DR.) / disposals (CR.) of nonproduced nonfinancial

assets-0.08 -0.08

Debit 0.08 0.08

Capital transfers -4.63 8.79 10.03 8.77 22.96

Credit 12.39 25.72 31.74 27.44 97.29

Debit 17.02 16.93 21.71 18.67 74.33


Credit 10.55 23.29 29.44 26.06 89.34


NPISHs-15.18 -14.50 -19.41 -17.29 -66.38

Credit 1.84 2.43 2.30 1.38 7.95

Debit 17.02 16.93 21.71 18.67 74.33


-143.13 -118.24 -107.03 -23.56 -391.96

Net lending (+) / net borrowing (-) (balance from financial account) -200.57 -125.03 -92.59 -25.53 -443.72

Direct investment -144.55 -76.60 15.60 -22.39 -227.94

Net acquisition of financial assets 3.60 0.53 -1.03 3.37 6.47




Debt instruments -4.47 -2.11 -2.66 0.13 -9.11

Direct investor in direct investment enterprises 1.26 0.56 0.30 -0.11 2.01


investment)-5.73 -2.67 -2.96 0.24 -11.12

Net incurrence of liabilities 148.15 77.13 -16.63 25.76 234.41




132

Q I2015

Q II2015

Q III2015

Q IV2015

2015


Debt instruments 85.90 -22.53 -46.95 22.82 39.24

Direct investor in direct investment enterprises 85.90 -22.53 -46.95 22.82 39.24

Portfolio investment -1.39 -1.50 0.45 0.17 -2.27


Equity and investment fund shares 1.15 -0.03 1.12



Debt securities -0.34 -0.14 0.45 -0.04 -0.07

Deposit-taking corporations, except central bank -0.34 -0.14 0.45 -0.04 -0.07

Long-term -0.34 -0.14 0.45 -0.04 -0.07

Net incurrence of liabilities 2.20 1.33 -0.21 3.32

Equity and investment fund shares 2.20 1.26 -0.21 3.25

Deposit-taking corporations, except central bank 1.93 1.26 3.19



Debt securities 0.07 0.07

General government 0.07 0.07


-0.14 -0.23 -0.26 -0.07 -0.70




Other investment 258.27 -55.71 -92.31 -16.57 93.68

Net acquisition of financial assets 207.27 -58.61 -31.12 -76.08 41.46

Net incurrence of liabilities -51.00 -2.90 61.19 -59.51 -52.22

Currency and deposits 257.97 -32.64 -4.31 -12.58 208.44

Net acquisition of financial assets 215.76 -50.91 -11.30 -64.86 88.69

Deposit-taking corporations, except central bank 123.25 -61.17 -21.03 -71.54 -30.49

Short-term 123.25 -61.17 -21.03 -71.54 -30.49

Other sectors 92.51 10.26 9.73 6.68 119.18

Short-term 92.51 10.26 9.73 6.68 119.18

Nonfinancial corporations, households, NPISHs 92.51 10.26 9.73 6.68 119.18

Short-term 92.51 10.26 9.73 6.68 119.18



Short-term -42.21 -18.27 -6.99 -52.28 -119.75

Loans 24.35 10.58 -42.71 -13.27 -21.05

Net acquisition of financial assets 2.70 -4.57 0.45 0.38 -1.04


Short-term -0.23 -0.23

Long-term -0.01 -0.33 -0.02 -0.04 -0.40

Other sectors 2.94 -4.24 0.47 0.42 -0.41

Short-term -0.03 -0.53 0.01 -0.02 -0.57

Long-term 2.97 -3.71 0.46 0.44 0.16

Nonfinancial corporations, households, and NPISHs 2.94 -4.24 0.47 0.42 -0.41

Short-term -0.03 -0.53 0.01 -0.02 -0.57

Long-term 2.97 -3.71 0.46 0.44 0.16

Net incurrence of liabilities -21.65 -15.15 43.16 13.65 20.01

Central bank -10.96 -6.14 -10.88 -7.18 -35.16



Short-term 0.14 -0.02 -0.01 0.04 0.15

Long-term -19.33 -37.30 -16.78 -12.07 -85.48


Credit and loans with the IMF -5.56 -5.56

Other long-term 20.06 18.20 44.15 21.47 103.88

Other sectors -11.56 10.11 32.24 11.39 42.18

Short-term 3.09 0.36 1.04 0.95 5.44

Long-term -14.65 9.75 31.20 10.44 36.74

Other financial corporations -1.49 -0.14 -0.46 0.63 -1.46

133

Q I2015

Q II2015

Q III2015

Q IV2015

2015

Long-term -1.49 -0.14 -0.46 0.63 -1.46

Nonfinancial corporations, households, and NPISHs -10.07 10.25 32.70 10.76 43.64

Short-term 3.09 0.36 1.04 0.95 5.44

Long-term -13.16 9.89 31.66 9.81 38.20

Trade credit and advances -25.05 -34.40 -46.91 8.18 -98.18

Net acquisition of financial assets -11.19 -3.13 -20.27 -11.60 -46.19

Other sectors -11.19 -3.13 -20.27 -11.60 -46.19

Short-term -11.19 -3.13 -20.27 -11.60 -46.19

Other financial corporations -0.10 -0.22 -0.21 -0.53

Short-term -0.10 -0.22 -0.21 -0.53

Nonfinancial corporations, households, and NPISHs -11.09 -2.91 -20.06 -11.60 -45.66 Short-term -11.09 -2.91 -20.06 -11.60 -45.66 Net incurrence of liabilities 13.86 31.27 26.64 -19.78 51.99 Other sectors 13.86 31.27 26.64 -19.78 51.99 Short-term 13.86 31.27 26.64 -19.78 51.99 Other financial corporations -0.05 -0.14 0.38 0.19 Short-term -0.05 -0.14 0.38 0.19 Nonfinancial corporations, households, and NPISHs 13.91 31.41 26.26 -19.78 51.80 Short-term 13.91 31.41 26.26 -19.78 51.80 Other accounts receivable/payable 1.00 0.75 1.62 1.10 4.47 Net incurrence of liabilities -1.00 -0.75 -1.62 -1.10 -4.47 Deposit-taking corporations, except central bank 0.25 -0.62 -0.10 -0.47 Short-term 0.25 -0.62 -0.10 -0.47 Other sectors -1.00 -1.00 -1.00 -1.00 -4.00 Long-term -1.00 -1.00 -1.00 -1.00 -4.00 Nonfinancial corporations, households, NPISHs -1.00 -1.00 -1.00 -1.00 -4.00 Long-term -1.00 -1.00 -1.00 -1.00 -4.00

Reserve assets -312.76 9.01 -16.07 13.33 -306.49

Special drawing rights 1.09 15.18 -12.35 12.97 16.89

Other reserve assets -313.85 -6.17 -3.72 0.36 -323.38

Currency and deposits -247.95 -4.39 46.47 147.65 -58.22

Claims on monetary authorities -43.35 29.50 -14.53 -4.45 -32.83

Claims on other entities -204.60 -33.89 61.00 152.10 -25.39

Securities -65.90 -1.78 -50.19 -147.29 -265.16

Debt securities -65.90 -1.78 -50.19 -147.29 -265.16

Long-term -65.90 -1.78 -50.19 -147.29 -265.16

Net errors and omissions -57.44 -6.79 14.44 -1.97 -51.76

Supplementary Items

Arrears not in exceptional financing 4.07 6.45 10.00 16.47 36.99


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139

Annex 7. Balance of payments of the Republic of Moldova, 2009-2015 (BPM5)

2009 2010 2011 2012 2013* 2014* 2015*

Current account -446.67 -437.36 -821.13 -546.37 -415.02 -423.27 -321.97

Goods and services -1988.54 -2242.89 -2844.59 -2926.90 -2983.11 -2931.13 -1954.10

Credit 2000.04 2270.82 3142.89 3135.12 3454.44 3323.39 2807.24

Debit -3988.58 -4513.71 -5987.48 -6062.02 -6437.55 -6254.52 -4761.34

Goods -1948.79 -2219.45 -2875.98 -2936.04 -2999.43 -2899.81 -1959.32

Exports total (FOB) 1326.93 1590.43 2281.97 2233.11 2469.62 2354.43 1984.86

General merchandise 902.77 1146.76 1722.92 1668.30 1863.96 1760.19 1482.24

Goods for processing 396.22 414.73 527.39 529.38 567.83 559.85 471.47

Processing abroad 0.45 4.17 5.30 3.03 2.09 2.11 1.19

Processing in the compiling economy 395.77 410.56 522.09 526.35 565.74 557.74 470.28

Repairs on goods 0.89 0.69 1.05 1.89 1.08 1.98 2.42

Goods acquired in ports by carriers 26.80 28.00 30.01 31.50 36.17 31.58 28.26

Nonmonetary gold 0.25 0.25 0.60 2.04 0.58 0.83 0.47

Imports total (FOB) -3275.72 -3809.88 -5157.95 -5169.15 -5469.05 -5254.24 -3944.18

General merchandise -2974.11 -3472.49 -4695.20 -4720.07 -4993.03 -4805.11 -3548.49

o.w. energy (except for electricity) -652.99 -732.77 -1046.76 -1039.51 -1045.66 -997.88 -665.77

Goods for processing -287.77 -312.38 -425.76 -398.89 -417.92 -385.53 -332.91

Processing abroad -3.73 -3.91 -1.88 -2.91 -3.25 -1.86 -2.76

Processing in the compiling economy -284.04 -308.47 -423.88 -395.98 -414.67 -383.67 -330.15

Repairs on goods -1.27 -5.81 -5.14 -14.88 -14.59 -11.03 -16.47

Goods acquired in ports by carriers -12.54 -19.12 -31.27 -35.20 -43.49 -52.52 -46.28

Nonmonetary gold -0.03 -0.08 -0.58 -0.11 -0.02 -0.05 -0.03

Services -39.75 -23.44 31.39 9.14 16.32 -31.32 5.22

Credit 673.11 680.39 860.92 902.01 984.82 968.96 822.38

Debit -712.86 -703.83 -829.53 -892.87 -968.50 -1000.28 -817.16

Transportation -3.29 -20.29 -3.16 0.66 29.79 2.60 12.72

Credit 253.48 244.46 343.04 363.13 406.83 382.09 308.23

Debit -256.77 -264.75 -346.20 -362.47 -377.04 -379.49 -295.51

of which: Passenger 2.88 2.69 -4.68 -6.83 1.49 -3.97 -3.83

Credit 66.79 59.21 66.92 80.89 94.30 94.18 81.31

Debit -63.91 -56.52 -71.60 -87.72 -92.81 -98.15 -85.14

of which: Freight 9.60 -8.72 12.93 13.90 31.68 13.61 23.15

Credit 167.81 163.92 244.08 247.73 269.73 247.84 200.85

Debit -158.21 -172.64 -231.15 -233.83 -238.05 -234.23 -177.70

of which: Other -15.77 -14.26 -11.41 -6.41 -3.38 -7.04 -6.60

Credit 18.88 21.33 32.04 34.51 42.80 40.07 26.07

Debit -34.65 -35.59 -43.45 -40.92 -46.18 -47.11 -32.67

Travel -70.52 -78.14 -90.28 -109.18 -110.27 -123.37 -77.38

Credit 172.52 163.23 186.43 198.45 221.81 228.28 204.10

Debit -243.04 -241.37 -276.71 -307.63 -332.08 -351.65 -281.48

Business travel -55.25 -75.76 -98.51 -107.50 -120.30 -109.27 -57.90

Credit 56.32 48.94 50.22 56.60 63.85 65.56 67.40

Debit -111.57 -124.70 -148.73 -164.10 -184.15 -174.83 -125.30

Personal travel -15.27 -2.38 8.23 -1.68 10.03 -14.10 -19.48

Credit 116.20 114.29 136.21 141.85 157.96 162.72 136.70

Debit -131.47 -116.67 -127.98 -143.53 -147.93 -176.82 -156.18

Communications services 66.06 87.92 92.50 99.88 85.80 77.52 58.07

Credit 105.21 126.05 134.96 140.04 137.41 129.81 106.00

Debit -39.15 -38.13 -42.46 -40.16 -51.61 -52.29 -47.93

US$ million

140

2009 2010 2011 2012 2013* 2014* 2015*

Construction services 2.50 -7.60 -2.74 -5.57 -3.80 -2.30 -0.04

Credit 26.78 4.09 5.23 3.32 5.25 5.33 3.62

Debit -24.28 -11.69 -7.97 -8.89 -9.05 -7.63 -3.66

Insurance services -9.81 -14.50 -11.77 -3.86 -5.38 -8.03 -5.13

Credit 2.11 1.20 1.51 0.88 0.70 0.79 0.26

Debit -11.92 -15.70 -13.28 -4.74 -6.08 -8.82 -5.39

Financial services -2.02 -3.39 -1.88 -3.48 -1.01 -2.36 -1.34

Credit 3.14 3.10 4.63 3.67 5.29 5.70 4.53

Debit -5.16 -6.49 -6.51 -7.15 -6.30 -8.06 -5.87

Computer and information services 5.77 9.79 24.85 18.70 20.47 28.76 28.00

Credit 29.75 33.42 47.84 55.84 61.49 71.01 70.02

Debit -23.98 -23.63 -22.99 -37.14 -41.02 -42.25 -42.02

Royalties and license fees -6.29 -7.89 -11.29 -14.14 -18.03 -18.04 -13.85

Credit 4.34 4.86 5.31 4.56 6.13 7.04 4.48

Debit -10.63 -12.75 -16.60 -18.70 -24.16 -25.08 -18.33

Other business services -7.89 5.55 30.75 22.14 23.39 15.88 7.76

Credit 54.04 62.12 89.63 91.63 99.36 100.25 87.16

Debit -61.93 -56.57 -58.88 -69.49 -75.97 -84.37 -79.40

Personal, cultural, and recreational services -0.92 -1.03 -0.95 -0.21 -1.37 -0.65 -2.41

Credit 0.01 0.07 0.34 1.33 1.51 1.98 2.08

Debit -0.93 -1.10 -1.29 -1.54 -2.88 -2.63 -4.49

Government services, n.i.e. -13.34 6.14 5.36 4.20 -3.27 -1.33 -1.18

Credit 21.73 37.79 42.00 39.16 39.04 36.68 31.90

Debit -35.07 -31.65 -36.64 -34.96 -42.31 -38.01 -33.08

Income 321.24 504.70 577.24 817.32 871.98 824.58 460.87

Credit 592.06 766.98 935.42 1049.22 1163.90 1118.01 819.70

Debit -270.82 -262.28 -358.18 -231.90 -291.92 -293.43 -358.83

Compensation of employees including border, seasonal,

and other workers497.12 683.61 868.94 960.57 1074.20 990.58 699.81

Credit 563.42 742.96 907.70 1009.95 1118.02 1063.84 783.15

Debit -66.30 -59.35 -38.76 -49.38 -43.82 -73.26 -83.34

Investment income -175.88 -178.91 -291.70 -143.25 -202.22 -166.00 -238.94

Credit 28.64 24.02 27.72 39.27 45.88 54.17 36.55

Debit -204.52 -202.93 -319.42 -182.52 -248.10 -220.17 -275.49

Direct investment -138.27 -145.20 -250.35 -110.86 -157.80 -126.80 -208.94

Credit 2.31 6.74 6.36 6.16 7.12 7.35 8.25

Debit -140.58 -151.94 -256.71 -117.02 -164.92 -134.15 -217.19

Dividends and distributed branch profits -132.51 -118.49 -147.01 -116.91 -127.76 -76.31 -82.15

Credit 2.14 6.16 6.27 6.10 6.16 6.51 6.16

Debit -134.65 -124.65 -153.28 -123.01 -133.92 -82.82 -88.31

Reinvested earnings and undistributed branch

profits11.56 -14.55 -86.72 11.01 -19.20 -33.07 -123.05

Debit 11.56 -14.55 -86.72 11.01 -19.20 -33.07 -123.05

Income on debt (interest) -17.32 -12.16 -16.62 -4.96 -10.84 -17.42 -3.74

Credit 0.17 0.58 0.09 0.06 0.96 0.84 2.09

Debit -17.49 -12.74 -16.71 -5.02 -11.80 -18.26 -5.83

Portfolio investment 17.64 11.02 12.69 24.06 18.46 20.33 17.44

Credit 19.19 13.76 15.95 27.30 24.87 28.18 22.29

Debit -1.55 -2.74 -3.26 -3.24 -6.41 -7.85 -4.85

Income on equity (dividends) -1.19 -2.60 -3.16 -3.03 -5.97 -7.41 -4.58

Credit 0.10 0.09 0.21 0.44 0.44 0.18

Debit -1.19 -2.70 -3.25 -3.24 -6.41 -7.85 -4.76

141

2009 2010 2011 2012 2013* 2014* 2015*

Banks -0.89 -1.82 -3.08 -2.64 -4.09 -4.93 -2.46

Credit 0.01 0.03 0.37 0.03

Debit -0.89 -1.82 -3.08 -2.65 -4.12 -5.30 -2.49

Other sectors -0.30 -0.78 -0.08 -0.39 -1.88 -2.48 -2.12

Credit 0.10 0.09 0.20 0.41 0.07 0.15

Debit -0.30 -0.88 -0.17 -0.59 -2.29 -2.55 -2.27

Income on debt (interest) 18.83 13.62 15.85 27.09 24.43 27.74 22.02

Credit 19.19 13.66 15.86 27.09 24.43 27.74 22.11

Bonds and notes 18.83 13.62 15.85 27.09 24.43 27.74 22.02

Credit 19.19 13.66 15.86 27.09 24.43 27.74 22.11

Monetary authorities 19.19 13.66 15.67 27.09 24.43 27.74 22.11

Credit 19.19 13.66 15.67 27.09 24.43 27.74 22.11

Other investment -55.25 -44.73 -54.04 -56.45 -62.88 -59.53 -47.44

Credit 7.14 3.52 5.41 5.81 13.89 18.64 6.01

Debit -62.39 -48.25 -59.45 -62.26 -76.77 -78.17 -53.45

Monetary authorities 5.28 1.75 2.34 0.69 -0.22 -0.22 -0.47

Credit 6.13 2.30 3.76 3.04 2.22 2.26 1.65

Debit -0.85 -0.55 -1.42 -2.35 -2.44 -2.48 -2.12

General government -18.26 -14.59 -15.67 -15.38 -15.88 -16.03 -14.11

Debit -18.26 -14.59 -15.67 -15.38 -15.88 -16.03 -14.11

Banks -22.12 -11.74 -17.30 -25.83 -19.87 -17.72 -10.06

Credit 0.82 1.06 1.43 2.75 11.12 12.33 2.38

Debit -22.94 -12.80 -18.73 -28.58 -30.99 -30.05 -12.44

Other sectors -20.15 -20.15 -23.41 -15.93 -26.91 -25.56 -22.80

Credit 0.19 0.16 0.22 0.02 0.55 4.05 1.98

Debit -20.34 -20.31 -23.63 -15.95 -27.46 -29.61 -24.78

Current transfers 1220.63 1300.83 1446.22 1563.21 1696.11 1683.28 1171.26

Credit 1323.99 1392.87 1562.63 1684.24 1829.77 1838.00 1317.84

Debit -103.36 -92.04 -116.41 -121.03 -133.66 -154.72 -146.58

General government 172.44 219.78 185.64 192.58 204.50 314.71 149.57

Credit 186.16 226.08 194.44 200.83 214.35 323.49 160.93

Debit -13.72 -6.30 -8.80 -8.25 -9.85 -8.78 -11.36

Other sectors 1048.19 1081.05 1260.58 1370.63 1491.61 1368.57 1021.69

Credit 1137.83 1166.79 1368.19 1483.41 1615.42 1514.51 1156.91

Debit -89.64 -85.74 -107.61 -112.78 -123.81 -145.94 -135.22

Personal transfers 627.24 589.23 864.55 932.88 1023.47 938.29 686.20

Credit 635.21 608.47 905.41 976.49 1073.52 1012.08 756.97

Debit -7.97 -19.24 -40.86 -43.61 -50.05 -73.79 -70.77

Other transfers 420.95 491.82 396.03 437.75 468.14 430.28 335.49

Credit 502.62 558.32 462.78 506.92 541.90 502.43 399.94

Debit -81.67 -66.50 -66.75 -69.17 -73.76 -72.15 -64.45

Capital and financial account 370.55 373.83 727.65 450.94 327.80 500.59 377.01

Capital account -17.54 -28.36 -19.49 -36.67 -35.45 -62.44 -66.71

Credit 12.19 13.39 33.21 18.12 17.02 18.44 7.70

Debit -29.73 -41.75 -52.70 -54.79 -52.47 -80.88 -74.41

Capital transfers -17.54 -28.36 -27.49 -36.67 -35.45 -62.54 -66.63

Credit 12.19 13.39 25.21 18.12 17.02 18.34 7.70

Debit -29.73 -41.75 -52.70 -54.79 -52.47 -80.88 -74.33

Other sectors -17.54 -28.36 -27.49 -36.12 -35.45 -62.54 -66.63

Credit 12.19 13.39 25.21 18.12 17.02 18.34 7.70

Debit -29.73 -41.75 -52.70 -54.24 -52.47 -80.88 -74.33

Other 0.06 0.73 -27.49 -36.12 -35.45 -62.54 -66.63

142

2009 2010 2011 2012 2013* 2014* 2015*

Credit 0.06 1.33 25.21 18.12 17.02 18.34 7.70

Debit -0.60 -52.70 -54.24 -52.47 -80.88 -74.33

Acquisition/disposal of nonproduced nonfinancial

assets8.00 0.10 -0.08

Credit 8.00 0.10

Financial account 388.09 402.19 747.14 487.61 363.25 563.03 443.72

Direct investment 201.57 204.39 267.64 175.29 213.86 158.16 164.88

Abroad -6.76 -3.51 -20.57 -19.78 -28.88 -42.42 -17.59

Equity capital -8.20 -3.39 -20.16 -18.40 -26.43 -38.42 -15.58

Claims on affiliated enterprises -8.20 -3.39 -20.16 -18.40 -26.43 -38.42 -15.58

Other sectors -8.20 -3.39 -20.16 -18.40 -26.43 -38.42 -15.58

Other capital 1.44 -0.12 -0.41 -1.38 -2.45 -4.00 -2.01

Claims on affiliated enterprises 1.44 -0.12 -0.41 -1.38 -2.45 -4.00 -2.01

Other sectors 1.44 -0.12 -0.41 -1.38 -2.45 -4.00 -2.01

In reporting economy 208.33 207.90 288.21 195.07 242.74 200.58 182.47

Equity capital 161.56 156.98 143.90 144.55 160.32 165.60 72.12

Liabilities to direct investors 161.56 156.98 143.90 144.55 160.32 165.60 72.12

Banks 25.45 34.03 7.64 -6.39 25.16 36.66 0.14

Other sectors 136.11 122.95 136.26 150.94 135.16 128.94 71.98

Other 136.11 122.95 136.26 150.94 135.16 128.94 71.98

Reinvested earnings -11.56 14.55 86.72 -11.01 19.20 33.07 123.05

Liabilities -11.56 14.55 86.72 -11.01 19.20 33.07 123.05

Banks -21.48 -24.66 10.91 5.26 8.81 -4.46 23.12

Other sectors 9.92 39.21 75.81 -16.27 10.39 37.53 99.93

Other capital 58.33 36.37 57.59 61.53 63.22 1.91 -12.70

Claims on direct investors 10.18 -4.09 -13.21 -9.80 -12.74 6.93 11.12

Other sectors 10.18 -4.09 -13.21 -9.80 -12.74 6.93 11.12

Liabilities to direct investors 48.15 40.46 70.80 71.33 75.96 -5.02 -23.82

Drawings 165.30 154.94 158.83 175.09 157.81 142.32 95.55

Repayments -117.15 -114.48 -88.03 -103.76 -81.85 -147.34 -119.37

Portfolio investment -5.87 1.00 -0.03 21.34 9.76 13.11 2.27

Assets -0.30 -4.84 -5.16 6.98 -0.40 3.43 -1.05

Equity securities -0.30 -0.47 0.13 -0.18 -0.13 0.73 -1.12

Other sectors -0.30 -0.47 0.13 -0.18 -0.13 0.73 -1.12

Debt securities -4.37 -5.29 7.16 -0.27 2.70 0.07

Bonds and notes -4.37 -5.29 7.16 -0.27 2.70 0.07

Banks -4.37 -5.29 7.16 -0.30 1.09 0.07


Liabilities -5.57 5.84 5.13 14.36 10.16 9.68 3.32

Equity securities 2.39 5.84 5.07 14.36 10.07 9.68 3.25

Banks -0.52 5.75 3.66 13.10 10.21 6.78 3.19

Other sectors 2.91 0.09 1.41 1.26 -0.14 2.90 0.06

Debt securities -7.96 0.06 0.09 0.07

Bonds and notes -6.35 0.06 0.09

Other sectors 0.09

Financial derivatives, net 0.34 -0.63 0.19 -0.24 0.11 0.61 0.70

Banks 0.34 -0.63 0.19 -0.24 0.11 0.61 0.70

Financial derivatives, assets -0.08 -0.63 -0.01 -0.24 -0.12 -0.11

Banks -0.08 -0.63 -0.01 -0.24 -0.12 -0.11

Financial derivatives, liabilities 0.42 0.20 0.23 0.72 0.70

Banks 0.42 0.20 0.23 0.72 0.70

Other investment -9.64 491.69 754.39 789.87 421.57 -147.30 -30.62

143

2009 2010 2011 2012 2013* 2014* 2015*

Assets -210.56 75.51 108.63 225.19 -121.56 -338.46 -41.46

Trade credits 44.86 21.24 -64.79 98.15 61.41 12.19 46.19

Other sectors 44.86 21.24 -64.79 98.15 61.41 12.19 46.19

Short-term 44.86 21.24 -64.79 98.15 61.41 12.19 46.19

Loans 4.20 -7.39 1.99 -4.96 -37.79 -29.29 1.04

Banks -4.88 1.80 -0.78 0.14 -4.85 0.63

Long-term -4.88 1.80 -0.78 0.14 -4.62 0.40

Short-term -0.23 0.23

Other sectors 4.20 -2.51 0.19 -4.18 -37.93 -24.44 0.41

Long-term 4.20 -2.51 0.87 -0.10 -37.89 -24.48 -0.16

Short-term -0.68 -4.08 -0.04 0.04 0.57

Currency and deposits -259.62 61.66 171.43 131.45 -244.78 -79.04 -88.69

Banks -186.77 43.99 79.90 -93.06 -445.99 179.65 30.49

Other sectors -72.85 17.67 91.53 224.51 201.21 -258.69 -119.18

Other assets 0.55 99.60 -242.32

Banks 99.60 36.68

Short-term 99.60 36.68

Other sectors -279.00

Short-term -279.00

Liabilities 200.92 416.18 645.76 564.68 543.13 191.16 10.84

Trade credits 60.70 99.09 200.72 31.50 73.71 125.63 51.99

Other sectors 60.70 99.09 200.72 31.50 73.71 125.63 51.99

Short-term 60.70 99.09 200.72 31.50 73.71 125.63 51.99

Loans -59.98 292.13 331.39 457.70 191.62 -11.88 4.58

Monetary authorities -14.86 52.93 129.21 138.51 -21.61 -29.27 -35.16

Use of Fund credit and loans -14.86 52.93 129.21 138.51 -21.61 -29.27 -35.16

Repayments -14.86 -8.41 -6.16 -16.13 -21.61 -29.27 -35.16

General government -3.41 166.14 50.49 99.40 36.70 102.80 98.32

Use of Fund credit and loans (GG) 121.74 23.87 -5.56

Repayments -5.56

Other long-term -3.41 44.40 26.62 99.40 36.70 102.80 103.88

Drawings 41.19 90.31 88.93 152.98 100.76 155.98 138.71

Repayments -44.60 -45.91 -62.31 -53.58 -64.06 -53.18 -34.83

Banks -54.93 33.85 90.08 38.75 38.50 -121.23 -85.33

Long-term -8.75 33.85 71.83 28.35 14.78 -115.78 -85.48

Drawings 98.04 154.21 199.46 137.58 227.07 54.60 20.20

Repayments -106.79 -120.36 -127.63 -109.23 -212.29 -170.38 -105.68

Short-term -46.18 18.25 10.40 23.72 -5.45 0.15

Other sectors 13.22 39.21 61.61 181.04 138.03 35.82 26.75

Long-term 16.99 33.29 61.73 178.75 90.76 85.04 22.27

Drawings 173.00 205.31 287.18 399.23 345.86 278.15 173.40

Repayments -156.01 -172.02 -225.45 -220.48 -255.10 -193.11 -151.13

Short-term -3.77 5.92 -0.12 2.29 47.27 -49.22 4.48

Currency and deposits -46.64 -69.59 47.69 -5.45 226.12 -107.88 -119.75

Banks -46.64 -69.59 47.69 -5.45 226.12 -107.88 -119.75

Other liabilities 62.64 94.55 65.96 80.93 51.68 185.29 74.02

Banks 0.61 5.72 -0.66 3.81 -1.37 -0.47

Short-term 0.61 5.72 -0.66 3.81 -1.37 -0.47

Other sectors 62.64 93.94 60.24 81.59 47.87 186.66 74.49

Short-term 62.64 93.94 60.24 81.59 47.87 186.66 74.49

Reserve assets 201.69 -294.26 -275.05 -498.65 -282.05 538.45 306.49

Monetary gold -0.38

144

2009 2010 2011 2012 2013* 2014* 2015*

Special drawing rights -1.79 3.13 -0.54 -0.73 -4.76 4.93 -16.89

Foreign exchange 203.48 -297.39 -274.13 -497.92 -277.29 533.52 323.38

Currency and deposits 149.68 176.09 -29.63 -389.44 105.89 77.55 58.22

Securities 53.80 -473.48 -244.50 -108.48 -383.18 455.97 265.16

Net errors and omissions 76.12 63.53 93.48 95.43 87.22 -77.32 -55.04

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36.0

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6.0

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1.27

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2.54

-14

2.54

Sho

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3.70

0.4

53.

250

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0.7

10

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2.20

1.36

0.8

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7.66

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Cu

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4.0

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9.0

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R

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1.0

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152.

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65.9

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1.78

1.78

50.1

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147.

2914

7.29

265.

1626

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Net

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52.9

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298

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69.9

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204

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52.9

515

1.24

152

Annex 10. Balance of payments of the Republic of Moldova with Russia, 2009-2015 (BPM5)

2009 2010 2011 2012 2013 2014 2015*

Current account 559.19 834.95 1114.16 1305.76 1386.78 1054.43 470.10


Credit 434.34 534.87 796.94 811.73 785.81 568.11 373.91

Debit -646.88 -679.13 -865.27 -886.88 -875.69 -891.19 -653.49

Goods -190.95 -97.62 -30.07 -12.80 -11.68 -237.90 -254.61




Processing abroad 3.44 0.02 0.05


Repairs on goods 0.03 0.27 0.15 0.13 0.34




Goods for processing -0.37 -0.61 -4.24 -3.96 -6.01 -2.93

Processing abroad -0.49

Processing in the compiling economy -0.37 -0.61 -3.75 -3.96 -6.01 -2.93

Repairs on goods -0.84 -2.30 -0.51 -1.61 -3.45 -1.83 -0.63


Services -21.59 -46.64 -38.26 -62.35 -78.20 -85.18 -24.97

Credit 138.98 120.52 157.94 143.27 139.79 136.05 124.47

Debit -160.57 -167.16 -196.20 -205.62 -217.99 -221.23 -149.44

Transportation 6.42 -5.94 6.81 16.83 14.24 0.36 13.59

Credit 72.58 62.98 93.30 106.52 106.31 98.92 85.33

Debit -66.16 -68.92 -86.49 -89.69 -92.07 -98.56 -71.74

o.w. pipeline transport -5.01 -9.73 -10.52 -14.78 -10.32 -13.82 -1.78

Credit 24.71 19.99 28.57 28.37 28.82 25.89 24.01

Debit -29.72 -29.72 -39.09 -43.15 -39.14 -39.71 -25.79

Travel -55.95 -69.36 -87.35 -96.60 -105.04 -94.55 -51.13

Credit 9.64 5.52 4.16 3.81 4.34 6.61 10.40

Debit -65.59 -74.88 -91.51 -100.41 -109.38 -101.16 -61.53


Credit 36.60 38.15 41.17 20.07 12.62 11.69 13.12

Debit -4.67 -4.72 -4.61 -4.24 -4.11 -3.87 -3.02

Construction services -0.61 -3.12 -0.04 0.01 0.20 0.29 0.12

Credit 7.81 0.16 0.17 0.16 0.30 0.42 0.17

Debit -8.42 -3.28 -0.21 -0.15 -0.10 -0.13 -0.05


Credit 0.05 0.06 0.12 0.03 0.10 0.01

Debit -4.09 -3.55 -2.90 -0.73 -0.45 -1.06 -0.62

Financial services 0.57 0.65 0.89 1.06 1.51 0.82 0.58

Credit 0.75 0.84 1.18 1.39 1.84 1.38 0.88

Debit -0.18 -0.19 -0.29 -0.33 -0.33 -0.56 -0.30

Computer and information services -0.57 -1.23 -1.18 -0.87 -0.33 -2.41 -0.35

Credit 1.31 0.22 0.51 0.72 1.12 2.28 2.94

Debit -1.88 -1.45 -1.69 -1.59 -1.45 -4.69 -3.29


Credit 1.60 1.79 1.55 0.79 1.30 2.11 1.94

Debit -2.99 -2.97 -3.61 -4.87 -4.15 -4.46 -2.87

Other business services 0.38 2.24 5.56 4.98 4.46 4.51 3.70

Credit 3.46 4.58 8.07 6.98 7.57 7.61 5.82

Debit -3.08 -2.34 -2.51 -2.00 -3.11 -3.10 -2.12

Personal, cultural, and recreational services -0.69 -0.92 -0.71 -0.05 -0.54 -0.27 -1.23

Credit 0.01 0.27 0.40 0.33

Debit -0.70 -0.92 -0.71 -0.05 -0.81 -0.67 -1.56

US$ million

153

2009 2010 2011 2012 2013 2014 2015*

Government services, n.i.e. 2.36 2.28 6.04 1.24 1.99 1.66 1.19

Credit 5.17 6.22 7.71 2.80 4.02 4.63 3.53

Debit -2.81 -3.94 -1.67 -1.56 -2.03 -2.97 -2.34

Income 360.28 531.54 658.72 769.83 818.38 763.79 387.03

Credit 364.36 518.40 668.90 762.64 851.34 779.77 410.43

Debit -4.08 13.14 -10.18 7.19 -32.96 -15.98 -23.40

Compensation of employees including border,

seasonal, and other workers363.98 517.88 659.25 750.20 828.67 746.56 387.54

Credit 364.28 518.22 668.62 760.92 842.53 767.70 409.03

Debit -0.30 -0.34 -9.37 -10.72 -13.86 -21.14 -21.49

Investment income -3.70 13.66 -0.53 19.63 -10.29 17.23 -0.51

Credit 0.08 0.18 0.28 1.72 8.81 12.07 1.40

Debit -3.78 13.48 -0.81 17.91 -19.10 5.16 -1.91

Direct investment 3.98 19.07 4.52 22.07 -11.72 12.86 1.92

Credit 0.08 0.01 0.01 0.01 0.02

Debit 3.98 19.07 4.44 22.06 -11.73 12.85 1.90


Credit 0.08 0.01 0.01 0.01 0.02

Debit -0.12 -0.18 -0.13 -0.20 -0.27 -0.38 -1.06


profits 4.17 19.44 4.88 22.43 -11.42 13.85 2.98

Debit 4.17 19.44 4.88 22.43 -11.42 13.85 2.98

Income on debt (interest) -0.07 -0.19 -0.31 -0.17 -0.04 -0.62 -0.02

Debit -0.07 -0.19 -0.31 -0.17 -0.04 -0.62 -0.02

Portfolio investment -0.02 0.04 0.01 0.11 -0.90 -0.50

Credit 0.01 0.04 0.01 0.21 0.01

Debit -0.03 -0.10 -0.91 -0.50

Income on equity (dividends) -0.02 0.04 0.01 0.11 -0.90 -0.50

Credit 0.01 0.04 0.01 0.21 0.01

Debit -0.03 -0.10 -0.91 -0.50

Banks -0.10 -0.91 -0.50

Debit -0.10 -0.91 -0.50

Other sectors -0.02 0.04 0.01 0.21 0.01

Credit 0.01 0.04 0.01 0.21 0.01

Other investment -7.68 -5.39 -5.09 -2.45 1.32 5.27 -1.93

Credit 0.08 0.17 0.16 1.70 8.59 12.05 1.38

Debit -7.76 -5.56 -5.25 -4.15 -7.27 -6.78 -3.31


Debit -6.79 -4.77 -3.85 -3.08 -2.17 -1.16 -0.47

Banks -0.44 -0.03 -0.21 0.95 3.89 7.31 -1.26

Credit 0.08 0.11 0.16 1.70 8.35 11.89 1.38

Debit -0.52 -0.14 -0.37 -0.75 -4.46 -4.58 -2.64

Other sectors -0.45 -0.59 -1.03 -0.32 -0.40 -0.88 -0.20

Credit 0.06 0.24 0.16

Debit -0.45 -0.65 -1.03 -0.32 -0.64 -1.04 -0.20


Credit 454.87 498.34 578.20 670.69 726.61 696.55 433.10

Debit -43.42 -50.67 -54.43 -59.61 -68.33 -82.83 -70.45


Credit 16.94 6.56 1.33 1.14 1.29 1.44 1.70

Debit -0.89 -0.65 -0.67 -0.85 -0.83 -0.95 -0.71

Other sectors 395.40 441.76 523.11 610.79 657.82 613.23 361.66

Credit 437.93 491.78 576.87 669.55 725.32 695.11 431.40

Debit -42.53 -50.02 -53.76 -58.76 -67.50 -81.88 -69.74


Credit 236.73 234.36 443.35 525.17 572.16 545.55 324.44

Debit -7.11 -15.78 -15.51 -17.71 -22.46 -38.86 -37.72

Other transfers 165.78 223.18 95.27 103.33 108.12 106.54 74.94

Credit 201.20 257.42 133.52 144.38 153.16 149.56 106.96

154

2009 2010 2011 2012 2013 2014 2015*

Debit -35.42 -34.24 -38.25 -41.05 -45.04 -43.02 -32.02

Capital and financial account -61.79 -38.68 -14.58 -78.21 -104.66 231.24 -41.74

Capital account -5.77 -6.55 5.49 0.66 0.82 -8.32 -12.93

Capital transfers -5.77 -6.55 5.49 0.66 0.82 -8.32 -12.93

Other sectors -5.77 -6.55 5.49 0.66 0.82 -8.32 -12.93

Credit 2.35 3.01 19.64 16.48 15.58 16.16 5.83

Debit -8.12 -9.56 -14.15 -15.82 -14.76 -24.48 -18.76

Migrants' transfers -5.77 -6.50

Credit 2.35 3.01

Debit -8.12 -9.51

Other -0.05 5.49 0.66 0.82 -8.32 -12.93

Credit 19.64 16.48 15.58 16.16 5.83

Debit -0.05 -14.15 -15.82 -14.76 -24.48 -18.76

Financial account -56.02 -32.13 -20.07 -78.87 -105.48 239.56 -28.81

Direct investment -3.37 -17.40 10.38 -17.52 12.04 -20.00 -2.92

Abroad -2.57 -1.01 -1.61 -0.42 -17.11 -1.66 -1.15

Equity capital -2.57 -0.98 -1.47 -0.39 -16.12 -2.03 -1.13


Other sectors -2.57 -0.98 -1.47 -0.39 -16.12 -2.03 -1.13

Other capital -0.03 -0.14 -0.03 -0.99 0.37 -0.02

Claims on affiliated enterprises -0.03 -0.14 -0.03 -0.99 0.37 -0.02

Other sectors -0.03 -0.14 -0.03 -0.99 0.37 -0.02

In reporting economy -0.80 -16.39 11.99 -17.10 29.15 -18.34 -1.77

Equity capital 4.67 3.01 15.81 -3.22 19.30 6.15 3.14

Liabilities to direct investors 4.67 3.01 15.81 -3.22 19.30 6.15 3.14

Banks 2.00 1.32 0.75 3.59

Other sectors 2.67 1.69 15.06 -3.22 19.30 2.56 3.14

Reinvested earnings -4.17 -19.44 -4.88 -22.43 11.42 -13.85 -2.98

Liabilities -4.17 -19.44 -4.88 -22.43 11.42 -13.85 -2.98

Banks 0.21 -1.91 -0.89 -3.35 -6.79

Other sectors -4.38 -17.53 -3.99 -22.43 11.42 -10.50 3.81

Other capital -1.30 0.04 1.06 8.55 -1.57 -10.64 -1.93

Claims on direct investors -0.17 0.01

Other sectors -0.17 0.01

Liabilities to direct investors -1.30 0.04 1.06 8.55 -1.40 -10.64 -1.94

Drawings 3.50 1.82 1.97 8.92 0.14 0.11 0.06

Repayments -4.80 -1.78 -0.91 -0.37 -1.54 -10.75 -2.00

Other sectors -1.30 0.04 1.06 8.55 -1.40 -10.64 -1.94

Drawings 3.50 1.82 1.97 8.92 0.14 0.11 0.06

Repayments -4.80 -1.78 -0.91 -0.37 -1.54 -10.75 -2.00

Portfolio investment 0.01 2.15 1.09 2.57 0.91 3.87

Liabilities 0.01 2.16 1.09 2.57 0.91 3.87

Other sectors 0.01 0.44 -0.21 1.09

Debt securities 0.07

Bonds and notes 0.07

Banks 0.07

Financial derivatives, net -0.01 -0.09 -0.05 0.14 0.03 0.07

Banks -0.01 -0.09 -0.05 0.14 0.03 0.07

Financial derivatives, liabilities 0.01 0.16 0.03 0.07

Banks 0.01 0.16 0.03 0.07

Other investment -52.65 -16.79 -31.54 -63.87 -118.57 255.66 -25.96

Assets -65.53 -73.32 -80.32 -162.24 -427.80 284.11 -43.09

Trade credits -4.92 1.02 -5.60 18.93 8.62 6.49 9.88

Other sectors -4.92 1.02 -5.60 18.93 8.62 6.49 9.88

Short-term -4.92 1.02 -5.60 18.93 8.62 6.49 9.88

Loans -1.98

Other sectors -1.98

Long-term -1.98

155

2009 2010 2011 2012 2013 2014 2015*

Currency and deposits -60.61 -72.36 -74.72 -181.17 -436.42 277.62 -52.97

Banks -0.78 -4.02 3.54 -91.37 -334.19 382.89 8.76

Other sectors -59.83 -68.34 -78.26 -89.80 -102.23 -105.27 -61.73

Liabilities 12.88 56.53 48.78 98.37 309.23 -28.45 17.13

Trade credits -4.46 8.91 18.59 2.45 5.97 17.69 7.34

Other sectors -4.46 8.91 18.59 2.45 5.97 17.69 7.34

Short-term -4.46 8.91 18.59 2.45 5.97 17.69 7.34

Loans -8.69 -4.63 -11.66 8.90 88.78 -23.35 6.79


Long-term -12.20 -12.20 -12.20 -12.20 -14.62 -14.62 -2.25

Repayments -12.20 -12.20 -12.20 -12.20 -14.62 -14.62 -2.25

Banks 2.67 3.00 19.99 27.72 -9.00 -9.85

Long-term 2.67 16.59 5.00 -9.00 -10.00

Drawings 2.67 22.71 39.00

Repayments -6.12 -34.00 -9.00 -10.00

Other sectors 3.51 4.90 -2.46 1.11 75.68 0.27 18.89

Long-term 3.46 2.23 0.30 0.92 75.68 0.31 18.96

Drawings 8.93 3.10 7.36 4.24 77.54 3.03 27.20

Repayments -5.47 -0.87 -7.06 -3.32 -1.86 -2.72 -8.24

Short-term 0.05 2.67 -2.76 0.19 -0.04 -0.07

Currency and deposits -9.80 -0.48 -2.88 10.20 178.96 -144.58 -39.72

Banks -9.80 -0.48 -2.88 10.20 178.96 -144.58 -39.72


Other sectors 35.83 52.73 44.73 76.82 35.52 121.79 42.72

Short-term 35.83 52.73 44.73 76.82 35.52 121.79 42.72

156

2009 2010 2011 2012 2013 2014 2015

Current account -301.73 -352.13 -517.76 -542.91 -634.00 -693.37 -437.35


Credit 307.76 319.84 469.12 449.65 512.39 526.26 515.29

Debit -627.07 -710.06 -1001.38 -1012.42 -1173.15 -1290.51 -981.09

Goods -295.10 -378.83 -509.82 -547.62 -627.46 -734.60 -429.36




Processing abroad 0.42 0.44 0.65 0.56 0.42 1.08 0.34


Repairs on goods 0.33 0.07 0.07 0.20 0.14 0.14 0.29





Processing abroad -1.36 -0.19 -0.23 -0.61 -0.31 -0.54 -0.51


Repairs on goods -0.07 -0.34 -0.45 -9.95 -5.37 -1.20 -1.39


Services -24.21 -11.39 -22.44 -15.15 -33.30 -29.65 -36.44

Credit 61.25 66.43 81.92 82.66 90.74 87.33 62.17

Debit -85.46 -77.82 -104.36 -97.81 -124.04 -116.98 -98.61

Transport -13.60 -12.97 -12.64 -3.52 4.43 7.41 10.94

Credit 18.79 17.99 26.18 24.39 31.60 27.27 23.28

Debit -32.39 -30.96 -38.82 -27.91 -27.17 -19.86 -12.34

Travel -17.98 -21.37 -20.12 -24.20 -29.88 -35.21 -37.74

Credit 4.34 2.86 4.10 3.40 3.51 6.55 4.51

Debit -22.32 -24.23 -24.22 -27.60 -33.39 -41.76 -42.25


Credit 28.23 33.72 35.02 37.99 31.74 26.98 15.05

Debit -13.90 -4.66 -12.52 -15.63 -18.22 -15.70 -11.12

Construction services -2.75 -1.56 -1.22 -2.37 -3.79 -1.38 -0.09

Credit 0.37 0.65 0.58 0.24 0.83 1.30 1.77

Debit -3.12 -2.21 -1.80 -2.61 -4.62 -2.68 -1.86


Credit 0.07 0.02 0.04 0.11 0.04

Debit -0.16 -0.45 -1.03 -0.52 -0.45 -0.42 -0.04

Financial services -0.11 0.01 -0.06 -0.04 -0.11 0.02 -0.40

Credit 0.06 0.13 0.13 0.15 0.16 0.31 0.22

Debit -0.17 -0.12 -0.19 -0.19 -0.27 -0.29 -0.62

Computer and information services -0.75 -1.35 -0.22 1.21 -0.78 3.99 2.39

Credit 2.31 2.05 4.63 5.36 5.72 7.48 6.68

Debit -3.06 -3.40 -4.85 -4.15 -6.50 -3.49 -4.29


Credit 0.08 0.08 0.07 0.06 0.21 0.25 0.10

Debit -0.42 -0.30 -0.75 -1.19 -1.33 -0.93 -0.66

Other business services -3.39 -2.73 -2.33 -0.18 -0.96 -5.01 -7.84

Credit 5.80 6.54 9.27 9.01 14.36 14.92 9.21

Debit -9.19 -9.27 -11.60 -9.19 -15.32 -19.93 -17.05

Personal, cultural, and recreational services -0.01 0.07 0.11 -0.12 0.49 -0.25 -0.17

Credit 0.07 0.13 0.13 0.55 0.33 0.25

Debit -0.01 -0.02 -0.25 -0.06 -0.58 -0.42

Government services, n.i.e. 0.55 0.05 -6.77 -6.68 -14.76 -9.44 -6.86

Credit 1.27 2.27 1.79 1.89 1.95 1.90 1.10

US$ million

Annex 11. Balance of payments of the Republic of Moldova with Romania, 2009-2015 (BPM5)

157

2009 2010 2011 2012 2013 2014 2015

Debit -0.72 -2.22 -8.56 -8.57 -16.71 -11.34 -7.96

Income -11.63 3.17 -16.50 -12.05 -12.91 -16.33 -18.32

Credit 5.16 2.96 3.74 3.46 3.91 4.22 5.62

Debit -16.79 0.21 -20.24 -15.51 -16.82 -20.55 -23.94



Credit 5.13 2.79 3.21 3.07 3.46 4.08 5.32

Debit -0.27 -0.79 -1.85 -1.90 -2.05 -2.41 -1.95

Investment income -16.49 1.17 -17.86 -13.22 -14.32 -18.00 -21.69

Credit 0.03 0.17 0.53 0.39 0.45 0.14 0.30

Debit -16.52 1.00 -18.39 -13.61 -14.77 -18.14 -21.99

Direct investment -15.74 2.44 -16.91 -11.41 -12.80 -15.68 -20.62

Credit 0.01 0.01 0.01 0.01

Debit -15.75 2.43 -16.92 -11.41 -12.80 -15.69 -20.62


Credit 0.01 0.01 0.01

Debit -24.93 -6.21 -8.26 -5.71 -6.02 -4.65 -7.55


profits 9.65 9.31 -7.71 -5.50 -6.61 -9.96 -12.78

Debit 9.65 9.31 -7.71 -5.50 -6.61 -9.96 -12.78

Interest -0.47 -0.67 -0.94 -0.20 -0.17 -1.08 -0.29

Debit -0.47 -0.67 -0.95 -0.20 -0.17 -1.08 -0.29

Portfolio investment -0.14 -0.09 -0.01 -0.01 -0.03 -0.27 -0.01

Debit -0.14 -0.09 -0.01 -0.01 -0.07 -0.27 -0.01

Income on equity (dividends) -0.14 -0.09 -0.01 -0.01 -0.03 -0.27 -0.01

Debit -0.14 -0.09 -0.01 -0.01 -0.07 -0.27 -0.01

Other sectors -0.14 -0.09 -0.01 -0.01 -0.03 -0.27 -0.01

Debit -0.14 -0.09 -0.01 -0.01 -0.07 -0.27 -0.01


Credit 0.02 0.16 0.52 0.39 0.41 0.13 0.30

Debit -0.63 -1.34 -1.46 -2.19 -1.90 -2.18 -1.36

Banks -0.22 -0.58 -0.43 -1.38 -0.98 -1.30 -0.70

Credit 0.02 0.16 0.42 0.39 0.41 0.13 0.24

Debit -0.24 -0.74 -0.85 -1.77 -1.39 -1.43 -0.94

Other sectors -0.39 -0.60 -0.51 -0.42 -0.51 -0.75 -0.36

Credit 0.10 0.06

Debit -0.39 -0.60 -0.61 -0.42 -0.51 -0.75 -0.42


Credit 30.69 36.18 34.20 35.13 43.65 91.14 50.48

Debit -1.48 -1.26 -3.20 -3.22 -3.98 -3.93 -3.71


Credit 12.86 23.82 19.34 21.75 27.06 59.21 33.63

Debit -0.26 -0.31 -0.56 -0.38 -0.85 -0.68 -0.46

Other sectors 16.61 11.41 12.22 10.54 13.46 28.68 13.60

Credit 17.83 12.36 14.86 13.38 16.59 31.93 16.85

Debit -1.22 -0.95 -2.64 -2.84 -3.13 -3.25 -3.25


Credit 12.77 6.01 7.76 6.95 7.69 6.93 6.18

Debit -0.08 -1.52 -1.59 -1.67 -2.15 -2.24

Other transfers 3.84 5.48 5.98 5.18 7.44 23.90 9.66

Credit 5.06 6.35 7.10 6.43 8.90 25.00 10.67

Debit -1.22 -0.87 -1.12 -1.25 -1.46 -1.10 -1.01

Capital and financial account 73.12 48.01 12.30 55.29 52.91 118.78 19.78

Capital account 0.56 0.91 -1.13 -0.90 -0.58 -2.02 -1.98

Capital transfers 0.56 0.91 -1.13 -0.90 -0.58 -2.02 -1.98

Credit 1.44 1.30 0.02 0.01

Debit -0.88 -0.39 -1.15 -0.90 -0.58 -2.02 -1.99

Other sectors 0.56 0.91 -1.13 -0.90 -0.58 -2.02 -1.98

158

2009 2010 2011 2012 2013 2014 2015

Credit 1.44 1.30 0.02 0.01

Debit -0.88 -0.39 -1.15 -0.90 -0.58 -2.02 -1.99

Other -1.13 -0.90 -0.58 -2.02 -1.98

Credit 0.02 0.01

Debit -1.15 -0.90 -0.58 -2.02 -1.99

Financial account 72.56 47.10 13.43 56.19 53.49 120.80 21.76

Direct investment 41.23 25.11 0.99 20.00 24.89 24.33 16.49

Abroad 0.01 -0.27 -11.45 -0.93 -3.14 -2.69 -4.47

Equity capital -0.27 -11.38 -0.20 -2.45 -2.28 -4.02

Other sectors -0.27 -11.38 -0.20 -2.45 -2.28 -4.02

Other capital 0.01 -0.07 -0.73 -0.69 -0.41 -0.45

Other sectors 0.01 -0.07 -0.73 -0.69 -0.41 -0.45

In reporting economy 41.22 25.38 12.44 20.93 28.03 27.02 20.96

Equity capital 19.76 24.52 3.84 9.23 2.94 11.27 3.72


Banks 18.66 18.47 5.51 7.41

Other sectors 1.10 6.05 -1.67 9.23 2.94 3.86 3.72

Reinvested earnings -9.65 -9.31 7.71 5.50 6.61 9.96 12.78

Liabilities -9.65 -9.31 7.71 5.50 6.61 9.96 12.78

Banks -16.31 -13.92 3.46 3.79 4.01 2.49 5.79

Other sectors 6.66 4.61 4.25 1.71 2.60 7.47 6.99

Other capital 31.11 10.17 0.89 6.20 18.48 5.79 4.46

Claims on direct investors 0.05 0.91 -0.40 -0.01 0.72

Other sectors 0.05 0.91 -0.40 -0.01 0.72


Drawings 37.11 13.04 11.72 10.13 19.09 26.83 14.44

Repayments -6.05 -3.78 -10.43 -3.92 -1.33 -21.04 -9.98

Other sectors 31.06 9.26 1.29 6.21 17.76 5.79 4.46

Drawings 37.11 13.04 11.72 10.13 19.09 26.83 14.44

Repayments -6.05 -3.78 -10.43 -3.92 -1.33 -21.04 -9.98

Portfolio investment -0.11 0.13 -0.04

Assets -0.05

Equity securities -0.05

Other sectors -0.05

Liabilities -0.06 0.13 -0.04

Equity securities -0.06 -0.04

Banks -0.06 -0.04

Debt securities 0.13

Bonds and notes 0.13

Other sectors 0.13

Other investment 31.33 22.10 12.44 36.19 28.47 96.51 5.27

Assets 13.07 -9.20 -39.24 18.41 8.88 10.23 23.20

Trade credits 14.66 -3.38 -38.55 18.14 5.36 10.04 23.63

Other sectors 14.66 -3.38 -38.55 18.14 5.36 10.04 23.63

Short-term 14.66 -3.38 -38.55 18.14 5.36 10.04 23.63

Loans -4.66 -1.03

Banks -4.66 -1.03

Long-term -4.66 -1.03

Currency and deposits -1.59 -1.16 -0.69 1.30 3.52 0.19 -0.43

Banks -0.07 0.36 -0.11 -0.02 0.23 -0.38 -0.16

Other sectors -1.52 -1.52 -0.58 1.32 3.29 0.57 -0.27

Liabilities 18.26 31.30 51.68 17.78 19.59 86.28 -17.93

Trade credits 30.44 21.58 45.48 9.34 6.90 70.32 29.16

Other sectors 30.44 21.58 45.48 9.34 6.90 70.32 29.16

Short-term 30.44 21.58 45.48 9.34 6.90 70.32 29.16

Loans -1.92 8.03 6.07 4.83 2.63 -2.66 -4.94

Banks -0.90 2.41 5.11 2.44 -0.78 -2.98 -3.48

Long-term -0.90 2.41 5.11 1.44 -4.78 -2.98 -3.49

159

2009 2010 2011 2012 2013 2014 2015

Drawings 5.00 8.47 18.36 8.89 8.56 20.37 0.53

Repayments -5.90 -6.06 -13.25 -7.45 -13.34 -23.35 -4.02

Other sectors -1.02 5.62 0.96 3.73 3.41 0.32 -1.46

Long-term -1.38 4.27 2.21 5.41 2.61 0.30 -1.23

Drawings 1.71 6.89 5.76 12.01 8.22 6.18 7.60

Repayments -3.09 -2.62 -3.55 -6.60 -5.61 -5.88 -8.83

Short-term 0.36 1.35 -1.25 -1.68 0.80 0.02 -0.23

Currency and deposits -10.44 0.25 -2.54 3.45 8.86 16.40 -44.28

Banks -10.44 0.25 -2.54 3.45 8.86 16.40 -44.28


Other sectors 0.18 1.44 2.67 0.16 1.20 2.22 2.13

Short-term 0.18 1.44 2.67 0.16 1.20 2.22 2.13

160

Annex 12. Balance of payments of the Republic of Moldova with Germany, 2009-2015 (BPM5)

2009 2010 2011 2012 2013 2014 2015*

Current account -210.03 -223.63 -365.83 -381.02 -361.29 -299.08 -174.43


Credit 106.82 103.21 133.93 103.42 143.56 166.43 142.27

Debit -318.35 -354.88 -513.85 -508.10 -529.87 -499.12 -359.78

Goods -201.27 -233.87 -359.88 -384.52 -364.14 -299.92 -195.66

Credit 76.37 76.45 107.54 71.65 114.33 138.10 117.55



Processing abroad 0.04 0.12 0.08


Repairs on goods 0.07 0.02 0.01 0.02 0.04 0.04





Processing abroad -0.65 -1.56 -0.02


Repairs on goods -0.05 -0.20 -0.15 -0.07 -4.63 -5.98


Services -10.26 -17.80 -20.04 -20.16 -22.17 -32.77 -21.85

Credit 30.45 26.76 26.39 31.77 29.23 28.33 24.72

Debit -40.71 -44.56 -46.43 -51.93 -51.40 -61.10 -46.57

Transportation -11.78 -12.73 -19.15 -18.48 -14.35 -21.82 -11.38

Credit 5.85 6.66 7.64 8.57 12.42 11.40 10.24

Debit -17.63 -19.39 -26.79 -27.05 -26.77 -33.22 -21.62

Travel 0.82 -1.75 -0.86 -0.99 -3.39 -2.69 -3.82

Credit 11.53 7.88 6.40 7.38 5.57 7.26 5.73

Debit -10.71 -9.63 -7.26 -8.37 -8.96 -9.95 -9.55

Communications services 5.32 5.69 3.24 3.88 -2.13 -2.95 -2.30

Credit 6.96 7.82 5.63 6.83 0.36 0.40 0.38

Debit -1.64 -2.13 -2.39 -2.95 -2.49 -3.35 -2.68

Construction services 1.11 -0.62 0.21 0.12 -0.39 -0.36 0.02

Credit 1.63 0.35 0.51 0.36 0.47 0.07 0.11

Debit -0.52 -0.97 -0.30 -0.24 -0.86 -0.43 -0.09


Credit 0.01 0.03 0.02 0.01 0.02 0.03 0.02

Debit -1.17 -3.56 -0.92 -0.59 -0.55 -0.34 -0.23

Financial services -1.24 -1.29 -1.14 -1.27 -1.94 -2.02 -0.92

Credit 0.22 0.25 0.34 0.23 0.28 0.33 0.50

Debit -1.46 -1.54 -1.48 -1.50 -2.22 -2.35 -1.42

Computer and information services -0.60 -2.50 -1.16 -0.16 0.42 0.10 1.35

Credit 0.54 0.32 0.61 1.98 2.38 2.09 2.53

Debit -1.14 -2.82 -1.77 -2.14 -1.96 -1.99 -1.18

Royalties and license fees 0.06 -0.08 -0.49 -0.09 -0.22 -0.12 -0.78

Credit 0.18 0.17 0.26 0.13 0.15 0.36 0.14

Debit -0.12 -0.25 -0.75 -0.22 -0.37 -0.48 -0.92

Other business services -2.82 -1.94 -1.14 -4.50 -1.82 -4.25 -4.38

Credit 2.64 1.46 3.27 3.65 4.68 3.84 3.79

Debit -5.46 -3.40 -4.41 -8.15 -6.50 -8.09 -8.17

Personal, cultural, and recreational services -0.02 -0.01 -0.06 -0.01 -0.05 0.01

Credit 0.02 0.01 0.03 0.06

Debit -0.02 -0.01 -0.08 -0.02 -0.08 -0.05

Government services, n.i.e. 0.05 0.95 1.36 1.97 2.19 1.70 0.56

Credit 0.89 1.82 1.71 2.61 2.89 2.52 1.22

Debit -0.84 -0.87 -0.35 -0.64 -0.70 -0.82 -0.66

US$ million

161

2009 2010 2011 2012 2013 2014 2015*

Income -21.52 -0.83 -22.56 -12.82 -9.54 -5.31 6.82

Credit 9.11 9.77 10.91 8.95 9.46 12.99 18.52

Debit -30.63 -10.60 -33.47 -21.77 -19.00 -18.30 -11.70



Credit 6.55 6.16 5.92 6.33 7.56 11.39 17.75

Debit -0.14 -0.30 -1.57 -1.23 -1.37 -1.32 -1.77

Investment income -27.93 -6.69 -26.91 -17.92 -15.73 -15.38 -9.16

Credit 2.56 3.61 4.99 2.62 1.90 1.60 0.77

Debit -30.49 -10.30 -31.90 -20.54 -17.63 -16.98 -9.93

Direct investment -24.99 -5.93 -24.52 -12.19 -9.25 -6.98 -4.53

Debit -24.99 -5.93 -24.52 -12.19 -9.25 -6.98 -4.53


Debit -11.10 -4.71 -6.52 -5.13 -4.11 -5.85 -4.83


profits -10.36 0.94 -17.58 -6.22 -3.65 0.51 0.30

Debit -10.36 0.94 -17.58 -6.22 -3.65 0.51 0.30

Income on debt (interest) -3.53 -2.16 -0.42 -0.84 -1.49 -1.64

Debit -3.53 -2.16 -0.42 -0.84 -1.49 -1.64

Portfolio investment 1.89 2.68 3.77 1.83 1.41 0.96 0.57

Credit 1.89 2.74 3.79 1.84 1.41 1.19 0.64

Debit -0.06 -0.02 -0.01 -0.23 -0.07

Income on equity (dividends) -0.02 -0.02 -0.01 -0.23 -0.07

Debit -0.02 -0.02 -0.01 -0.23 -0.07

Banks -0.22

Debit -0.22

Other sectors -0.02 -0.02 -0.01 -0.01 -0.07

Debit -0.02 -0.02 -0.01 -0.01 -0.07

Income on debt (interest) 1.89 2.70 3.79 1.84 1.41 1.19 0.64

Credit 1.89 2.74 3.79 1.84 1.41 1.19 0.64

Debit -0.04

Bonds and notes 1.89 2.70 3.79 1.84 1.41 1.19 0.64

Credit 1.89 2.74 3.79 1.84 1.41 1.19 0.64

Debit -0.04


Credit 1.89 2.74 3.60 1.84 1.41 1.19 0.64

Other sectors -0.04 0.19

Credit 0.19

Debit -0.04


Credit 0.67 0.87 1.20 0.78 0.49 0.41 0.13

Debit -5.50 -4.31 -7.36 -8.34 -8.38 -9.77 -5.33


Credit 0.35 0.56 0.75 0.49 0.23 0.27 0.13


Debit -2.06 -2.04 -1.65 -2.45 -2.56 -2.36 -0.86

Banks -0.95 -0.35 -3.29 -3.36 -2.60 -1.75 -0.94

Credit 0.28 0.28 0.43 0.28 0.26 0.14

Debit -1.23 -0.63 -3.72 -3.64 -2.86 -1.89 -0.94

Other sectors -2.17 -1.61 -1.97 -2.24 -2.96 -5.52 -3.53

Credit 0.04 0.03 0.02 0.01

Debit -2.21 -1.64 -1.99 -2.25 -2.96 -5.52 -3.53


Credit 33.38 31.81 39.27 39.95 37.62 41.93 39.67

Debit -10.36 -2.94 -2.62 -3.47 -3.06 -3.01 -3.41

General government -3.28 4.90 10.81 8.62 6.51 7.14 5.72

Credit 4.02 5.06 10.93 8.91 6.65 7.26 5.74

Debit -7.30 -0.16 -0.12 -0.29 -0.14 -0.12 -0.02

162

2009 2010 2011 2012 2013 2014 2015*

Other sectors 26.30 23.97 25.84 27.86 28.05 31.78 30.54

Credit 29.36 26.75 28.34 31.04 30.97 34.67 33.93

Debit -3.06 -2.78 -2.50 -3.18 -2.92 -2.89 -3.39


Credit 16.31 12.02 13.84 13.85 16.47 18.74 20.23

Debit -0.04 -0.28 -1.71 -1.27 -1.33 -1.56 -1.62

Other transfers 10.03 12.23 13.71 15.28 12.91 14.60 11.93

Credit 13.05 14.73 14.50 17.19 14.50 15.93 13.70

Debit -3.02 -2.50 -0.79 -1.91 -1.59 -1.33 -1.77

Capital and financial account -61.71 49.92 117.02 100.56 90.07 -46.88 49.79

Capital account -0.80 -1.20 -2.66 -1.41 -1.38 -2.81 -2.97

Credit 0.06 0.38 0.01 0.01

Debit -0.86 -1.58 -2.66 -1.42 -1.39 -2.81 -2.97

Capital transfers -0.80 -1.20 -2.66 -1.41 -1.38 -2.81 -2.97

Credit 0.06 0.38 0.01 0.01

Debit -0.86 -1.58 -2.66 -1.42 -1.39 -2.81 -2.97

Other sectors -0.80 -1.20 -2.66 -1.41 -1.38 -2.81 -2.97

Credit 0.06 0.38 0.01 0.01

Debit -0.86 -1.58 -2.66 -1.42 -1.39 -2.81 -2.97

Other 0.29 -2.66 -1.41 -1.38 -2.81 -2.97

Credit 0.29 0.01 0.01

Debit -2.66 -1.42 -1.39 -2.81 -2.97

Financial account -60.91 51.12 119.68 101.97 91.45 -44.07 52.76

Direct investment 23.45 -5.27 35.35 34.16 14.88 -21.80 1.50

Abroad -1.13 -0.80 -1.45 -7.57 -2.82 -1.23 -1.98

Equity capital -1.13 -0.80 -1.45 -7.57 -2.82 -1.23 -1.94


Other sectors -1.13 -0.80 -1.45 -7.57 -2.82 -1.23 -1.56

Liabilities to affiliated enterprises -0.38

Other sectors -0.38

Other capital -0.04

Claims on affiliated enterprises -0.04

Other sectors -0.04

In reporting economy 24.58 -4.47 36.80 41.73 17.70 -20.57 3.48

Equity capital 21.46 12.50 14.08 21.18 1.41 5.60 -0.73

Liabilities to direct investors 21.46 12.50 14.08 21.18 1.41 5.60 -0.73

Banks 4.79 3.91 1.38 8.54 1.93 1.32

Other sectors 16.67 8.59 12.70 12.64 -0.52 4.28 -0.73

Reinvested earnings 10.36 -0.94 17.58 6.22 3.65 -0.51 -0.30

Liabilities 10.36 -0.94 17.58 6.22 3.65 -0.51 -0.30

Banks -1.74 -0.78 0.49 0.72 1.59 1.86 3.21

Other sectors 12.10 -0.16 17.09 5.50 2.06 -2.37 -3.51

Other capital -7.24 -16.03 5.14 14.33 12.64 -25.66 4.51

Liabilities to direct investors -7.24 -16.03 5.14 14.33 12.64 -25.66 4.51

Drawings 14.45 9.51 12.44 17.84 23.91 2.60 4.55

Repayments -21.69 -25.54 -7.30 -3.51 -11.27 -28.26 -0.04

Other sectors -7.24 -16.03 5.14 14.33 12.64 -25.66 4.51

Drawings 14.45 9.51 12.44 17.84 23.91 2.60 4.55

Repayments -21.69 -25.54 -7.30 -3.51 -11.27 -28.26 -0.04

Portfolio investment -0.01 -0.02 -0.05 -0.03 0.01 0.08

Liabilities -0.01 0.24 0.01 -0.01

Equity securities -0.01 0.24 0.01 -0.01

Banks 0.01

Other sectors -0.01 0.24 -0.01

Financial derivatives, net -0.36 0.13 -0.19 -0.03 0.58 0.30

Banks -0.36 0.13 -0.19 -0.03 0.58 0.30

Financial derivatives, assets -0.01 -0.36 -0.02 -0.19 -0.10 -0.11

Banks -0.01 -0.36 -0.02 -0.19 -0.10 -0.11

163

2009 2010 2011 2012 2013 2014 2015*

Financial derivatives, liabilities 0.01 0.15 0.07 0.69 0.30

Banks 0.01 0.15 0.07 0.69 0.30

Other investment -84.36 56.76 84.22 68.05 76.63 -22.86 50.88

Assets -94.83 -1.49 48.66 66.22 90.28 -13.55 61.51

Trade credits 8.96 0.50 -2.92 13.01 2.41 0.75 1.79

Other sectors 8.96 0.50 -2.92 13.01 2.41 0.75 1.79

Short-term 8.96 0.50 -2.92 13.01 2.41 0.75 1.79

Currency and deposits -103.79 -1.99 51.58 53.21 87.87 -14.30 59.72

Banks -103.79 -1.95 51.22 -3.23 20.99 -59.78 31.31

Other sectors -0.04 0.36 56.44 66.88 45.48 28.41

Liabilities 10.47 58.25 35.56 1.83 -13.65 -9.31 -10.63

Trade credits 20.51 9.69 14.97 5.94 3.13 5.33 2.21

Other sectors 20.51 9.69 14.97 5.94 3.13 5.33 2.21

Short-term 20.51 9.69 14.97 5.94 3.13 5.33 2.21

Loans -0.87 46.98 15.35 0.90 -17.57 -14.57 -13.33


Long-term -4.15 -3.95 -4.16 -4.05 -4.93 -4.93 -1.79

Drawings 0.07

Repayments -4.22 -3.95 -4.16 -4.05 -4.93 -4.93 -1.79

Banks 3.50 26.28 15.49 -9.01 -16.30 -5.98 -5.39

Long-term 3.50 26.28 12.74 -9.41 -16.30 -0.53 -5.39

Drawings 4.93 40.25 39.75 17.94 9.97 20.09

Repayments -1.43 -13.97 -27.01 -27.35 -26.27 -20.62 -5.39

Short-term 2.75 0.40 -5.45

Other sectors -0.22 24.65 4.02 13.96 3.66 -3.66 -6.15

Long-term -0.22 8.36 2.12 13.93 3.84 -3.57 -6.40

Drawings 12.09 23.00 22.19 25.55 17.51 15.30 14.25

Repayments -12.31 -14.64 -20.07 -11.62 -13.67 -18.87 -20.65

Short-term 16.29 1.90 0.03 -0.18 -0.09 0.25

Other liabilities 0.02 1.58 5.24 -5.01 0.79 -0.07 0.49

Banks 5.02 -5.02 -1.37

Short-term 5.02 -5.02 -1.37

Other sectors 0.02 1.58 0.22 0.01 0.79 1.30 0.49

Short-term 0.02 1.58 0.22 0.01 0.79 1.30 0.49

164

2009 2010 2011 2012 2013 2014 2015

Current account -41.67 -23.32 -105.26 -75.04 -77.89 3.09 56.10

Goods and services -51.89 -31.26 -111.92 -83.36 -85.09 -4.45 50.13

Credit 86.12 88.53 83.98 88.03 97.85 142.35 138.25

Debit -138.01 -119.79 -195.90 -171.39 -182.94 -146.80 -88.12

Goods -39.89 -24.14 -97.77 -70.60 -71.19 6.12 56.18



Goods for processing 0.10 0.12 0.02 0.58 0.23

Processing abroad 0.01

Processing in the compiling economy 0.09 0.12 0.02 0.58 0.23

Repairs on goods 0.04 0.09 0.06 0.06 0.14



Goods for processing -0.04 -0.08 -0.08 -0.43 -0.15

Processing abroad -0.04

Processing in the compiling economy -0.08 -0.08 -0.43 -0.15

Repairs on goods -0.03 -0.07 -0.02 -0.01 -0.01

Goods procured in ports by carriers -0.46 -0.81 -0.82 -1.62 -1.09

Services -12.00 -7.12 -14.15 -12.76 -13.90 -10.57 -6.05

Credit 5.23 7.74 7.50 6.31 6.56 6.70 5.55

Debit -17.23 -14.86 -21.65 -19.07 -20.46 -17.27 -11.60

Transportation -10.10 -5.64 -13.42 -11.76 -12.90 -8.80 -3.90

Credit 3.44 6.37 6.26 5.37 5.26 5.77 4.72

Debit -13.54 -12.01 -19.68 -17.13 -18.16 -14.57 -8.62

Travel -1.85 -1.62 -1.26 -1.16 -1.11 -1.52 -1.04

Credit 0.85 0.28 0.23 0.46 0.54 0.50 0.45

Debit -2.70 -1.90 -1.49 -1.62 -1.65 -2.02 -1.49

Communications services 0.20 0.17 0.17 0.06 0.02 0.03

Credit 0.33 0.33 0.30 0.17 0.02 0.03

Debit -0.13 -0.16 -0.13 -0.11

Construction services 0.07 -0.02 -0.01 -0.01

Credit 0.07

Debit -0.02 -0.01 -0.01

Insurance services -0.03

Debit -0.03

Financial services 0.16

Credit 0.16

Computer and information services 0.01 -0.14 -0.02 -0.89

Credit 0.01 0.04 0.08 0.06

Debit -0.18 -0.10 -0.95

Royalties and license fees -0.01 0.01 0.02 0.03 0.04 -0.01 0.01

Credit 0.03 0.05 0.05 0.06 0.03 0.02

Debit -0.01 -0.02 -0.03 -0.02 -0.02 -0.04 -0.01

Other business services -0.12 -0.05 0.29 0.18 0.37 -0.03 -0.15

Credit 0.13 0.17 0.34 0.26 0.47 0.18 0.10

Debit -0.25 -0.22 -0.05 -0.08 -0.10 -0.21 -0.25

Personal, cultural, and recreational services -0.01 0.02

Credit 0.02

Debit -0.01

Government services, n.i.e. -0.18 0.02 -0.11 -0.07 -0.18 -0.18 -0.13

Credit 0.41 0.55 0.16 0.17 0.14 0.15

Debit -0.59 -0.53 -0.27 -0.07 -0.35 -0.32 -0.28

Income 5.78 3.91 3.99 4.42 4.39 3.99 2.74

Credit 5.78 3.58 4.36 4.31 4.47 4.76 3.29

US$ million

Annex 13. Balance of payments of the Republic of Moldova with Belarus, 2009-2015 (BPM5)

165

2009 2010 2011 2012 2013 2014 2015

Debit 0.33 -0.37 0.11 -0.08 -0.77 -0.55

Compensation of employees including border, seasonal,

and other workers5.69 3.50 4.13 3.96 4.20 4.33 2.74

Credit 5.69 3.51 4.30 4.14 4.47 4.69 3.23

Debit -0.01 -0.17 -0.18 -0.27 -0.36 -0.49

Investment income 0.09 0.41 -0.14 0.46 0.19 -0.34

Credit 0.09 0.07 0.06 0.17 0.07 0.06

Debit 0.34 -0.20 0.29 0.19 -0.41 -0.06

Direct investment 0.09 0.34 -0.14 0.29 0.19 -0.34 -0.04

Debit 0.34 -0.20 0.29 0.19 -0.41 -0.06

Dividends and distributed branch profits 0.09 0.06 -0.05 0.07 0.02

Credit 0.09 0.06 0.07 0.02

Reinvested earnings and undistributed branch profits 0.34 -0.20 0.29 0.24 -0.41 -0.06

Debit 0.34 -0.20 0.29 0.24 -0.41 -0.06

Portfolio investment 0.07 0.17 0.04

Income on equity (dividends) 0.07 0.17 0.04

Credit 0.07 0.17 0.04

Other sectors 0.07 0.17 0.04

Credit 0.07 0.17 0.04


Credit 5.08 4.30 3.19 4.53 3.70 4.79 4.04

Debit -0.64 -0.27 -0.52 -0.63 -0.89 -1.24 -0.81

General government -0.03 1.48 0.01 1.36 -0.04 0.02 0.07

Credit 0.13 1.55 0.04 1.40 0.02 0.05 0.08

Debit -0.16 -0.07 -0.03 -0.04 -0.06 -0.03 -0.01

Other sectors 4.47 2.55 2.66 2.54 2.85 3.53 3.16

Credit 4.95 2.75 3.15 3.13 3.68 4.74 3.96

Debit -0.48 -0.20 -0.49 -0.59 -0.83 -1.21 -0.80


Credit 3.65 1.59 2.09 2.32 2.53 3.05 2.41

Debit -0.24 -0.33 -0.51 -0.69 -0.54

Other transfers 0.82 0.96 0.81 0.55 0.83 1.17 1.29

Credit 1.30 1.16 1.06 0.81 1.15 1.69 1.55

Debit -0.48 -0.20 -0.25 -0.26 -0.32 -0.52 -0.26

Capital and financial account -0.08 1.49 2.94 0.93 0.95 0.57 -4.21

Capital account 0.13 0.10 0.06 0.09 0.34 0.23 0.03

Capital transfers 0.13 0.10 0.06 0.09 0.34 0.23 0.03

Other sectors 0.13 0.10 0.06 0.09 0.34 0.23 0.03

Credit 0.13 0.23 0.23 0.22 0.54 0.49 0.26

Debit -0.13 -0.17 -0.13 -0.20 -0.26 -0.23

Other 0.06 0.09 0.34 0.23 0.03

Credit 0.23 0.22 0.54 0.49 0.26

Debit -0.17 -0.13 -0.20 -0.26 -0.23

Financial account -0.21 1.39 2.88 0.84 0.61 0.34 -4.24

Direct investment -0.01 -0.32 0.09 -0.34 -0.45 0.39 -4.13

Abroad -0.01 -0.02 -0.11 -0.06 -0.05 -0.02 -4.29

Equity capital -0.01 -4.21

Claims on affiliated enterprises -0.01 -4.21


Other capital -0.02 -0.11 -0.06 -0.05 -0.02 -0.08

Claims on affiliated enterprises -0.02 -0.11 -0.06 -0.05 -0.02 -0.08

Other sectors -0.02 -0.11 -0.06 -0.05 -0.02 -0.08

In reporting economy -0.30 0.20 -0.28 -0.40 0.41 0.16

Equity capital 0.04 0.02 0.10

Liabilities to direct investors 0.04 0.02 0.10

Other sectors 0.04 0.02 0.10

Reinvested earnings -0.34 0.20 -0.29 -0.24 0.41 0.06

Liabilities -0.34 0.20 -0.29 -0.24 0.41 0.06

166

2009 2010 2011 2012 2013 2014 2015

Other sectors -0.34 0.20 -0.29 -0.24 0.41 0.06

Other capital -0.01 -0.16

Liabilities to direct investors -0.01 -0.15

Repayments -0.01 -0.15


Other investment -0.20 1.70 2.79 1.18 1.06 -0.05 -0.11

Assets -0.56 0.35 -0.27 0.81 0.53 -0.22 0.20

Trade credits -0.61 0.66 -0.11 0.79 0.43 0.07 0.07

Other sectors -0.61 0.66 -0.11 0.79 0.43 0.07 0.07

Short-term -0.61 0.66 -0.11 0.79 0.43 0.07 0.07

Currency and deposits 0.05 -0.31 -0.16 0.02 0.10 -0.29 0.13

Banks 0.04 -0.07 0.03 -0.05 0.04

Other sectors 0.01 -0.31 -0.09 -0.01 0.10 -0.24 0.09

Liabilities 0.36 1.35 3.06 0.37 0.53 0.17 -0.31

Trade credits 0.44 1.31 3.00 0.26 0.56 0.19 0.08

Other sectors 0.44 1.31 3.00 0.26 0.56 0.19 0.08

Short-term 0.44 1.31 3.00 0.26 0.56 0.19 0.08


Banks -0.08 0.04 0.06 0.11 -0.03 -0.02 -0.39

167

Annex 14. Balance of payments of the Republic of Moldova with Ukraine, 2009-2015 (BPM5)

2009 2010 2011 2012 2013* 2014* 2015*

Current account -381.14 -473.45 -609.81 -558.50 -603.81 -470.35 -337.97


Credit 111.82 120.00 190.09 160.95 184.85 145.35 83.96

Debit -551.77 -637.15 -843.42 -778.79 -851.65 -655.36 -438.91

Goods -440.52 -514.91 -660.35 -625.92 -675.46 -520.63 -375.53



Goods for processing 0.03 0.01 0.15 0.23 0.14 0.09

Processing abroad 0.02 0.01 0.15 0.15 0.13 0.06

Processing in the compiling economy 0.01 0.08 0.01 0.03

Repairs on goods 0.22 0.36 0.40 0.28 0.50 0.56 0.86

Goods acquired in ports by carriers 0.13 0.32 0.08 0.02 0.12




Processing abroad -0.03 -0.46 -0.06 -0.37 -0.09 -0.06


Repairs on goods -0.08 -0.14 -0.40 -2.01 -2.96 -1.24 -1.12


Services 0.57 -2.24 7.02 8.08 8.66 10.62 20.58

Credit 28.50 25.46 32.83 35.24 41.00 35.56 37.15

Debit -27.93 -27.70 -25.81 -27.16 -32.34 -24.94 -16.57

Transportation 5.85 4.12 15.44 15.23 17.18 15.27 15.88

Credit 13.14 12.28 18.61 20.05 23.13 20.09 20.55

Debit -7.29 -8.16 -3.17 -4.82 -5.95 -4.82 -4.67

Travel -8.25 -9.64 -10.43 -11.21 -13.37 -6.59 0.40

Credit 6.51 3.50 3.27 2.36 3.78 5.50 7.15

Debit -14.76 -13.14 -13.70 -13.57 -17.15 -12.09 -6.75

Communications services 0.25 1.20 0.53 -0.18 -0.11 0.09 0.18

Credit 1.61 2.32 1.58 0.71 0.35 0.32 0.50

Debit -1.36 -1.12 -1.05 -0.89 -0.46 -0.23 -0.32

Construction services -0.39 -1.03 -3.30 -3.29 -1.73 -2.68 -0.85

Credit 0.06 0.03 0.07 0.02 0.04 0.01

Debit -0.45 -1.06 -3.37 -3.31 -1.77 -2.69 -0.85


Debit -0.39 -0.26 -0.18 -0.10 -0.09 -0.08 -0.02

Financial services 0.29 0.15 0.13 0.09 0.03 0.17 0.25

Credit 0.30 0.17 0.26 0.18 0.08 0.22 0.25

Debit -0.01 -0.02 -0.13 -0.09 -0.05 -0.05

Computer and information services -0.30 -0.31 0.06 -0.46 -0.38 -0.40 -0.46

Credit 0.13 0.17 0.79 0.38 0.61 0.25 0.17

Debit -0.43 -0.48 -0.73 -0.84 -0.99 -0.65 -0.63

Royalties and license fees -0.42 0.07 0.05 -0.04 -0.17 -0.05 -0.30

Credit 0.10 0.14 0.32 0.20 0.38 0.37 0.03

Debit -0.52 -0.07 -0.27 -0.24 -0.55 -0.42 -0.33

Other business services 2.81 2.61 4.02 7.34 7.72 5.25 5.38

Credit 4.90 5.22 6.26 9.34 11.87 7.70 7.18

Debit -2.09 -2.61 -2.24 -2.00 -4.15 -2.45 -1.80

Personal, cultural, and recreational services -0.15 -0.06 0.04 -0.03 -0.22 -0.20 -0.28

Credit 0.12 0.05 0.08 0.01

Debit -0.15 -0.06 -0.08 -0.03 -0.27 -0.28 -0.29

US$ million

168

2009 2010 2011 2012 2013* 2014* 2015*

Government services, n.i.e. 1.20 0.89 0.63 0.72 -0.20 -0.16 0.40

Credit 1.68 1.61 1.52 1.99 0.71 1.02 1.31

Debit -0.48 -0.72 -0.89 -1.27 -0.91 -1.18 -0.91

Income 34.91 26.88 30.75 43.52 42.86 30.60 7.76

Credit 34.50 33.70 42.59 47.11 56.90 30.35 19.33

Debit 0.41 -6.82 -11.84 -3.59 -14.04 0.25 -11.57

Compensation of employees including border, seasonal, and

other workers34.27 33.48 39.63 43.66 52.77 27.33 7.88

Credit 34.41 33.58 42.48 46.98 56.89 30.33 19.33

Debit -0.14 -0.10 -2.85 -3.32 -4.12 -3.00 -11.45

Investment income 0.64 -6.60 -8.88 -0.14 -9.91 3.27 -0.12

Credit 0.09 0.12 0.11 0.13 0.01 0.02

Debit 0.55 -6.72 -8.99 -0.27 -9.92 3.25 -0.12

Direct investment 0.55 -6.49 -8.55 -0.16 -9.66 3.74 0.35

Credit 0.01

Debit 0.55 -6.49 -8.56 -0.16 -9.66 3.74 0.35


Credit 0.01

Debit -0.21 -0.36 -0.16 -0.13 -0.08 -0.01 -0.03

Reinvested earnings and undistributed branch profits 0.76 -6.13 -8.40 -0.03 -9.58 3.75 0.38

Debit 0.76 -6.13 -8.40 -0.03 -9.58 3.75 0.38

Portfolio investment -0.21 -0.09 -0.02 -0.24 -0.43 -0.40

Debit -0.21 -0.09 -0.02 -0.24 -0.43 -0.40

Income on equity (dividends) -0.21 -0.09 -0.02 -0.24 -0.43 -0.40

Debit -0.21 -0.09 -0.02 -0.24 -0.43 -0.40

Banks -0.21 -0.08 -0.24 -0.43 -0.39

Debit -0.21 -0.08 -0.24 -0.43 -0.39

Other sectors -0.01 -0.02 -0.01

Debit -0.01 -0.02 -0.01

Other investment 0.09 0.10 -0.24 0.04 -0.01 -0.04 -0.07

Credit 0.09 0.12 0.10 0.13 0.01 0.02

Debit -0.02 -0.34 -0.09 -0.02 -0.06 -0.07

Banks 0.09 0.10 -0.24 0.12 -0.01 -0.04 -0.07

Credit 0.09 0.12 0.10 0.13 0.01 0.02

Debit -0.02 -0.34 -0.01 -0.02 -0.06 -0.07

Other sectors -0.08

Debit -0.08


Credit 26.52 19.52 20.69 25.01 31.24 18.86 14.76

Debit -2.62 -2.70 -7.92 -9.19 -11.11 -9.80 -5.54


Credit 2.82 1.61 1.07 0.70 1.13 1.01 0.64

Debit -0.29 -0.16 -0.29 -0.29 -0.55 -0.71 -0.33

Other sectors 21.37 15.37 11.99 15.41 19.55 8.76 8.91

Credit 23.70 17.91 19.62 24.31 30.11 17.85 14.12

Debit -2.33 -2.54 -7.63 -8.90 -10.56 -9.09 -5.21


Credit 21.98 15.53 17.59 21.69 26.77 15.19 11.61

Debit -0.10 -0.40 -4.71 -5.79 -6.73 -5.50 -4.02

Other transfers -0.51 0.24 -0.89 -0.49 -0.49 -0.93 1.32

Credit 1.72 2.38 2.03 2.62 3.34 2.66 2.51

Debit -2.23 -2.14 -2.92 -3.11 -3.83 -3.59 -1.19

Capital and financial account -1.90 12.37 12.59 1.29 9.82 -0.39 -2.97

Capital account 3.45 1.59 -1.74 -1.11 -0.92 -0.28 -0.02

169

2009 2010 2011 2012 2013* 2014* 2015*

Capital transfers 3.45 1.59 -1.74 -1.11 -0.92 -0.28 -0.02

Other sectors 3.45 1.59 -1.74 -1.11 -0.92 -0.28 -0.02

Credit 4.31 3.65 0.01 0.06 0.06 0.04

Debit -0.86 -2.06 -1.75 -1.17 -0.98 -0.28 -0.06

Migrants' transfers 3.45 1.55

Credit 4.31 3.61

Debit -0.86 -2.06

Other 0.04 -1.74 -1.11 -0.92 -0.28 -0.02

Credit 0.04 0.01 0.06 0.06 0.04

Debit -1.75 -1.17 -0.98 -0.28 -0.06

Financial account -5.35 10.78 14.33 2.40 10.74 -0.11 -2.95

Direct investment 1.59 8.11 7.72 -6.23 11.76 -3.22 -0.41

Abroad -1.27 -0.04 -2.12 -7.62 -1.12 -1.05 -0.01

Equity capital -1.27 -2.07 -7.62 -0.93 -1.01 -0.01

Claims on affiliated enterprises -1.27 -2.07 -7.62 -0.93 -1.01 -0.01

Other sectors -1.27 -2.07 -7.62 -0.93 -1.01 -0.01

Other capital -0.04 -0.05 -0.19 -0.04

Claims on affiliated enterprises -0.04 -0.05 -0.19 -0.04

Other sectors -0.04 -0.05 -0.19 -0.04

In reporting economy 2.86 8.15 9.84 1.39 12.88 -2.17 -0.40

Equity capital 3.58 1.78 1.07 0.87 3.33 0.28 0.01


Other sectors 3.58 1.78 1.07 0.87 3.33 0.28 0.01

Reinvested earnings -0.76 6.13 8.40 0.03 9.58 -3.75 -0.38

Liabilities -0.76 6.13 8.40 0.03 9.58 -3.75 -0.38

Other sectors -0.76 6.13 8.40 0.03 9.58 -3.75 -0.38

Other capital 0.04 0.24 0.37 0.49 -0.03 1.30 -0.03

Claims on direct investors -0.04

Other sectors -0.04

Liabilities to direct investors 0.04 0.24 0.37 0.49 0.01 1.30 -0.03

Drawings 0.07 0.24 0.40 0.49 0.01 1.48 0.03

Repayments -0.03 -0.03 -0.18 -0.06

Other sectors 0.04 0.24 0.37 0.49 0.01 1.30 -0.03

Drawings 0.07 0.24 0.40 0.49 0.01 1.48 0.03

Repayments -0.03 -0.03 -0.18 -0.06

Portfolio investment -0.16 1.73 1.31 4.28

Liabilities -0.16 1.73 1.31 4.28

Equity securities -0.16 1.73 1.31 4.28

Banks 1.73 1.31 4.28

Other sectors -0.16

Other investment -6.78 0.94 5.30 8.63 -5.30 3.11 -2.54

Assets -2.95 -0.67 -1.74 8.29 -3.83 4.47 0.22

Trade credits 1.71 1.05 -0.41 6.31 0.86 0.10 0.19

Other sectors 1.71 1.05 -0.41 6.31 0.86 0.10 0.19

Short-term 1.71 1.05 -0.41 6.31 0.86 0.10 0.19

Currency and deposits -4.66 -1.72 -1.33 1.98 -4.69 4.37 0.03

Banks -3.82 0.86 0.13 2.98 -3.08 3.11 0.07

Other sectors -0.84 -2.58 -1.46 -1.00 -1.61 1.26 -0.04

Liabilities -3.83 1.61 7.04 0.34 -1.47 -1.36 -2.76

Trade credits -1.28 3.51 8.94 1.51 1.11 0.74 0.31

Other sectors -1.28 3.51 8.94 1.51 1.11 0.74 0.31

Short-term -1.28 3.51 8.94 1.51 1.11 0.74 0.31

Loans 0.01 0.68 -0.60 0.01 -0.32

Other sectors 0.01 0.68 -0.60 0.01 -0.32

Long-term 0.03 0.62 -0.60 0.01 -0.27

170

2009 2010 2011 2012 2013* 2014* 2015*

Drawings 0.03 0.69 0.04 0.01 0.02

Repayments -0.07 -0.64 -0.29

Short-term -0.02 0.06 -0.05


Banks -0.21 0.09 0.10 0.15 -0.04 -0.11 -0.81

Other liabilities -2.34 -2.00 -2.00 -2.00 -1.94 -2.00 -1.94

Other sectors -2.34 -2.00 -2.00 -2.00 -1.94 -2.00 -1.94

Short-term -2.34 -2.00 -2.00 -2.00 -1.94 -2.00 -1.94

*revised data

171

Annex 15. Exports of goods by groups of countries, FOB prices

2014 2015

p.p.**

European Union, of which: 1,013.94 1,137.24 1,245.86 1,217.62 53.3 61.9 97.7 -1.2

Romania 356.72 411.08 433.94 446.37 18.5 22.7 102.9 0.5

Italy 202.37 185.20 243.40 197.04 10.4 10.0 81.0 -2.0

United Kingdom 83.89 105.47 108.16 138.16 4.6 7.0 127.7 1.3

Germany 70.20 113.13 137.52 117.21 5.9 6.0 85.2 -0.9

Poland 74.18 85.27 64.43 68.46 2.8 3.5 106.3 0.2

France 30.17 35.48 37.61 43.13 1.6 2.2 114.7 0.2

Bulgaria 33.85 32.57 37.87 28.17 1.6 1.4 74.4 -0.4

Czechia 16.92 25.65 29.93 27.68 1.3 1.4 92.5 -0.1

Greece 13.34 25.31 26.72 25.41 1.1 1.3 95.1 -0.1

Netherlands 16.65 15.79 20.52 24.24 0.9 1.2 118.1 0.2

Austria 17.92 19.20 23.81 21.61 1.0 1.1 90.8 -0.1

Spain 15.04 10.94 11.68 18.57 0.5 0.9 159.0 0.3

Latvia 4.84 4.96 11.22 10.57 0.5 0.5 94.2 0.0

Belgium 9.51 8.27 11.22 9.40 0.5 0.5 83.8 -0.1

Slovakia 5.86 7.83 8.28 8.90 0.4 0.5 107.5 0.0

Lithuania 14.90 15.26 16.76 8.70 0.7 0.4 51.9 -0.3

Cyprus 4.51 8.81 6.94 7.02 0.3 0.4 101.2 0.0

Hungary 28.75 15.71 5.52 4.35 0.2 0.2 78.8 -0.1

Estonia 3.04 3.38 4.42 4.26 0.2 0.2 96.4 0.0

Sweden 2.01 2.05 2.40 3.09 0.1 0.2 128.8 0.0

Denmark 0.94 1.05 1.67 3.05 0.1 0.2 182.6 0.1

Portugal 5.65 2.76 0.41 0.38 0.0 0.0 92.7 0.0

Finland 1.15 0.77 0.47 0.33 0.0 0.0 70.2 0.0

CIS, of which: 928.11 923.21 735.66 492.28 31.4 25.0 66.9 -10.4

Russia 655.14 631.94 423.72 240.65 18.1 12.2 56.8 -7.8

Belarus 80.73 90.33 134.69 131.56 5.8 6.7 97.7 -0.1

Kazakhstan 50.30 39.25 45.31 58.62 1.9 3.0 129.4 0.6

Ukraine 122.40 140.38 109.23 45.83 4.7 2.3 42.0 -2.7

Uzbekistan 8.19 7.60 8.14 6.57 0.3 0.3 80.7 -0.1

Azerbaijan 5.37 6.47 5.91 3.52 0.3 0.2 59.6 -0.1

Kyrgyzstan 2.84 3.25 3.28 1.89 0.1 0.1 57.6 -0.1

Turkmenistan 0.83 0.97 1.24 1.78 0.1 0.1 143.5 0.0

Armenia 1.37 1.10 2.14 1.11 0.1 0.1 51.9 0.0

Tajikistan 0.94 1.92 2.00 0.75 0.1 0.0 37.5 -0.1

Other countries, of which: 219.81 367.85 358.01 256.93 15.3 13.1 71.8 -4.3

Turkey 56.06 127.15 104.68 64.42 4.5 3.3 61.5 -1.7

Switzerland 5.12 47.80 49.24 35.37 2.1 1.8 71.8 -0.6

USA 29.99 25.26 32.09 22.02 1.4 1.1 68.6 -0.4

Iraq 22.71 13.16 10.29 17.09 0.4 0.9 166.1 0.3

Indonesia 0.34 1.77 6.27 11.63 0.3 0.6 185.5 0.2

Lebanon 1.67 2.15 10.27 8.61 0.4 0.4 83.8 -0.1

China 8.30 6.53 8.23 8.55 0.4 0.4 103.9 0.0

Syria 0.94 0.64 2.64 5.71 0.1 0.3 de 2.2 ori 0.1

Egypt 0.40 0.38 8.41 3.10 0.4 0.2 36.9 -0.2

Malaysia 1.16 5.22 3.09 0.2 0.2 59.2 -0.1

Canada 1.05 1.20 1.25 2.58 0.1 0.1 de 2.1 ori 0.1

Serbia 1.78 2.33 2.55 0.1 0.1 109.4 0.0

Israel 2.23 4.69 2.87 2.27 0.1 0.1 79.1 0.0

Sudan 0.36 0.47 0.01 2.24 0.0 0.1 de 224 ori 0.1

Macedonia 0.78 0.81 1.26 1.86 0.1 0.1 147.6 0.0

Sri Lanka 0.04 1.62 0.1 0.1

Japan 1.07 0.46 1.44 1.29 0.1 0.1 89.6 0.0

Virgin Islands, British 0.07 0.99 1.15 0.0 0.1 116.2 0.0

Share in total2015 / 2014


%

2012 2013 2014 2015

172

2014 2015

p.p.**



%

2012 2013 2014 2015

Myanmar 0.22 1.04 0.0 0.05 de 4.7 ori 0.0

Iran 1.22 0.92 2.08 0.90 0.1 0.05 43.3 -0.1

Vietnam 0.51 3.42 3.16 0.90 0.1 0.05 28.5 -0.1

Nigeria 1.16 1.85 1.97 0.80 0.1 0.04 40.6 -0.1

United Arab Emirates 1.69 1.03 0.51 0.76 0.0 0.04 149.0 0.0

Panama 0.42 1.15 0.43 0.66 0.0 0.03 153.5 0.0

Pakistan 1.94 7.92 0.63 0.3 0.03 8.0 -0.3

Saudi Arabia 0.11 0.08 1.68 0.53 0.1 0.03 31.5 0.0

India 3.67 0.72 0.64 0.29 0.0 0.01 45.3 0.0

Philippines 0.06 1.23 1.39 0.29 0.1 0.01 20.9 0.0

Libya 4.62 4.39 2.34 0.27 0.1 0.01 11.5 -0.1

Algeria 1.46 0.03 0.16 0.01 0.0

South Africa 1.22 0.53 0.08 0.00 0.0

Afghanistan 8.22 0.99 0.04 0.04 0.0 0.00 100.0

New Zealand 26.73 32.47 20.77 0.01 0.9 0.00 -0.9

San Marino 2.75 1.39

Belize 7.83 6.82

Swaziland 1.44

Total 2,161.86 2,428.30 2,339.53 1,966.83 100.0 100.0 84.1 -15.9

** Percentage points

Source: NBM calculations based on NBS

* Influence of the country on growth (+) / decrease (-) of exports of goods

173

Annex 16. Imports of goods by groups of countries, CIF prices

2014 2015

p.p.**

European Union, of which: 2,627.34 2,827.80 2,922.71 2,258.45 55.0 56.6 77.3 -22.7

Romania 898.84 1029.92 1166.14 874.11 21.9 21.9 75.0 -25.0

Germany 415.67 431.33 406.63 290.69 7.6 7.3 71.5 -28.5

Italy 285.59 306.67 311.66 242.58 5.9 6.1 77.8 -22.2

Poland 172.07 166.79 181.63 143.96 3.4 3.6 79.3 -20.7

Hungary 136.48 146.31 110.18 86.64 2.1 2.2 78.6 -21.4

Austria 95.57 93.94 107.57 79.96 2.0 2.0 74.3 -25.7

Bulgaria 97.80 102.50 95.79 77.17 1.8 1.9 80.6 -19.4

Netherlands 55.81 68.83 78.58 59.28 1.5 1.5 75.4 -24.6

United Kingdom 60.99 67.61 67.37 56.97 1.3 1.4 84.6 -15.4

France 52.54 58.92 52.83 46.50 1.0 1.2 88.0 -12.0

Belgium 46.99 51.30 47.94 41.71 0.9 1.0 87.0 -13.0

Greece 42.02 37.10 34.21 40.07 0.6 1.0 117.1 17.1

Czechia 43.87 56.16 53.43 39.44 1.0 1.0 73.8 -26.2

Lithuania 46.88 47.24 43.23 38.53 0.8 1.0 89.1 -10.9

Spain 27.99 29.43 29.87 27.82 0.6 0.7 93.1 -6.9

Slovenia 31.98 32.91 30.27 27.52 0.6 0.7 90.9 -9.1

Slovakia 26.94 24.50 25.70 21.57 0.5 0.5 83.9 -16.1

Latvia 13.91 13.86 16.41 13.22 0.3 0.3 80.6 -19.4

Denmark 12.58 11.76 13.66 12.24 0.3 0.3 89.6 -10.4

Finland 30.32 15.61 18.03 11.74 0.3 0.3 65.1 -34.9

Sweden 14.33 11.74 12.37 10.64 0.2 0.3 86.0 -14.0

Estonia 6.88 6.93 5.61 5.92 0.1 0.1 105.5 5.5

Ireland 3.37 6.99 4.95 4.02 0.1 0.1 81.2 -18.8

Portugal 4.27 4.43 3.64 2.66 0.1 0.1 73.1 -26.9

CIS, of which: 1,694.64 1,746.45 1,522.31 1,059.71 28.6 26.6 69.6 -30.4

Russia 741.48 709.02 718.73 537.73 13.5 13.5 74.8 -25.2

Ukraine 749.12 815.92 628.82 419.56 11.8 10.5 66.7 -33.3

Belarus 168.22 179.58 142.08 83.69 2.7 2.1 58.9 -41.1

Uzbekistan 8.68 9.60 15.03 11.06 0.3 0.3 73.6 -26.4

Kazakhstan 23.47 22.82 16.71 5.22 0.3 0.1 31.2 -68.8

Turkmenistan 2.57 3.75 1.31 0.03

Kyrgyzstan 0.27 4.95 0.34 0.13 0.0 0.0 38.20 -61.8

Other countries, of which: 890.95 918.15 871.94 668.65 16.4 16.8 76.7 -23.3

Turkey 376.24 370.12 305.81 256.11 5.8 6.4 83.7 -16.3

China 260.77 275.51 278.15 205.54 5.2 5.2 73.9 -26.1

Switzerland 34.86 42.81 39.70 32.82 0.7 0.8 82.7 -17.3

Israel 41.29 41.92 18.59 24.88 0.3 0.6 133.8 33.8

Japan 2.82 5.37 18.08 23.41 0.3 0.6 129.5 29.5

USA 34.62 33.17 29.58 17.26 0.6 0.4 58.4 -41.6

India 14.91 17.64 19.25 16.50 0.4 0.4 85.7 -14.3

Korea 14.99 19.58 21.72 13.97 0.4 0.4 64.3 -35.7

Serbia 13.64 17.88 18.55 11.87 0.3 0.3 64.0 -36.0

Singapore 5.40 5.26 7.59 7.04 0.1 0.2 92.8 -7.2

Vietnam 8.31 9.67 7.69 4.44 0.1 0.1 57.7 -42.3

Georgia 3.65 5.37 2.51 4.44 0.0 0.1 176.9 76.9

Malaysia 2.96 4.60 4.79 3.92 0.1 0.1 81.8 -18.2

Argentina 6.00 3.63 3.76 3.53 0.1 0.1 93.9 -6.1

United Arab Emirates 6.78 6.75 5.46 3.08 0.1 0.1 56.4 -43.6

Ecuador 3.93 1.87 2.36 2.10 0.0 0.1 89.0 -11.0

Albania 0.03 0.01 6.70 0.04 0.1 0.0 0.6 -99.4

Bosnia and Herzegovina 2.16 2.07 2.12 1.71 0.0 0.0 80.7 -19.3

Bangladesh 1.76 2.83 3.21 1.82 0.1 0.0 56.7 -43.3

Brazil 8.74 8.36 29.52 0.87 0.6 0.0 2.9 -97.1

Canada 5.38 4.26 5.37 1.71 0.1 0.0 31.8 -68.2



$US million %

2012 2013 2014 2015

174

2014 2015

p.p.**



$US million %

2012 2013 2014 2015

Sri Lanka 2.03 2.00 1.91 1.81 0.0 0.0 94.8 -5.2

Indonesia 3.17 2.07 2.42 1.85 0.0 0.0 76.4 -23.6

New Zealand 4.47 1.20 1.67 0.43 0.0 0.0 25.7 -74.3

Pakistan 2.29 1.08 1.62 1.31 0.0 0.0 80.9 -19.1

Egypt 2.09 2.16 2.11 1.78 0.0 0.0 84.4 -15.6

Total 5,212.93 5,492.40 5,316.96 3,986.81 100.0 100.0 75.0 -25.0

** Percentage points* Influence of the country on growth (+) / decrease (-) of imports of goods

Source: NBM calculations based on NBS data (database of customs declarations), selections on imports by country of shipment

175

Annex 17. Exports of main Harmonized System categories of goods, by country

2015 2014

I. Live animals and animal products, of which: 37.81 37.17 59.73 37.50 100.0 100.0 62.8

Russia 23.90 19.96 13.28 5.80 22.2 15.5 43.7

Syria 0.22 0.48 2.51 5.60 4.2 14.9 2.2 times

Iraq 4.03 4.97 1.62 5.29 2.7 14.1 3.3 times

Kazakhstan 2.42 4.59 5.85 4.66 9.8 12.4 79.7

Egypt 2.54 6.8

Italy 0.01 0.92 2.12 1.5 5.7 2.3 times

Germany 0.84 0.89 2.23 1.73 3.7 4.6 77.6

France 0.07 0.75 2.84 1.40 4.8 3.7 49.3

Slovakia 0.31 0.37 0.80 1.37 1.3 3.7 171.3

II. Vegetable products, of which: 360.49 507.05 549.65 501.69 100.0 100.0 91.3

Romania 28.79 40.10 56.39 92.50 10.3 18.4 164.0

United Kingdom 22.43 41.27 42.74 81.92 7.8 16.3 191.7

Belarus 11.97 17.34 40.03 70.66 7.3 14.1 176.5

France 26.69 29.68 28.48 35.80 5.2 7.1 125.7

Turkey 14.62 44.39 49.36 28.11 9.0 5.6 56.9

Switzerland 1.88 44.83 40.65 19.13 7.4 3.8 47.1

Russia 110.80 104.10 58.84 18.65 10.7 3.7 31.7

Greece 9.66 12.53 21.91 18.43 4.0 3.7 84.1

Italy 8.26 18.52 23.31 15.19 4.2 3.0 65.2

Germany 7.72 17.21 18.71 14.39 3.4 2.9 76.9

Poland 4.33 8.88 12.39 11.96 2.3 2.4 96.5

Indonesia 1.06 6.13 11.63 1.1 2.3 189.7

Austria 5.97 6.56 10.82 9.20 2.0 1.8 85.0

Lebanon 1.62 1.62 9.31 7.48 1.7 1.5 80.3

Ukraine 24.90 34.62 35.55 7.35 6.5 1.5 20.7

Kazakhstan 1.23 1.82 3.00 5.64 0.5 1.1 188.0

Cyprus 3.27 1.34 4.93 5.56 0.9 1.1 112.8

Iraq 14.61 1.79 2.82 4.21 0.5 0.8 149.3

Bulgaria 2.89 2.08 3.35 4.09 0.6 0.8 122.1

Spain 3.69 5.30 4.55 3.51 0.8 0.7 77.1

Malaysia 1.12 5.21 3.07 0.9 0.6 58.9

Lithuania 3.50 2.72 3.41 2.91 0.6 0.6 85.3

Canada 0.20 0.46 0.68 1.88 0.1 0.4 2.8 times

USA 0.30 0.19 1.08 1.82 0.2 0.4 168.5

Sri Lanka 1.62 0.3

Sweden 1.59 1.64 1.49 1.45 0.3 0.3 97.3

Denmark 0.79 1.00 1.17 1.34 0.2 0.3 114.5

Georgia 0.22 0.49 0.39 1.14 0.1 0.2 2.9 times

Myanmar 0.22 1.04 0.0 0.2 4.7 times

Czechia 0.37 0.61 1.00 1.00 0.2 0.2 100.0

III. Animal or vegetable fats and oils, of which: 89.72 44.04 77.52 72.02 100.0 100.0 92.9

Italy 48.51 20.83 56.13 41.22 72.4 57.2 73.4

Spain 7.77 2.63 5.17 14.10 6.7 19.6 2.7 times

Netherlands 8.60 11.9

Iraq 0.07 2.83 3.9

Romania 15.60 3.96 7.64 2.68 9.9 3.7 35.1IV. Prepared foodstuffs; beverages, spirits and vinegar; tobacco, of which:

390.89 427.30 378.45 303.26 100.0 100.0 80.1

Belarus 56.19 58.20 57.78 46.61 15.3 15.4 80.7

Kazakhstan 25.33 23.39 28.83 40.87 7.6 13.5 141.8

Romania 34.89 41.80 32.10 27.01 8.5 8.9 84.1

Poland 28.26 25.87 19.36 20.56 5.1 6.8 106.2

2015 / 2014

%

2012 2013 2014 2015Share in total

$US million

176

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

Russia 100.24 72.90 58.82 16.73 15.5 5.5 28.4

Ukraine 43.71 54.07 36.77 16.70 9.7 5.5 45.4

Germany 11.02 26.68 21.10 15.15 5.6 5.0 71.8

USA 26.70 21.68 19.22 15.13 5.1 5.0 78.7

Switzerland 0.05 1.11 5.42 12.90 1.4 4.3 2.4 times

Czechia 5.55 9.68 9.41 9.91 2.5 3.3 105.3

Austria 8.92 9.83 9.98 9.44 2.6 3.1 94.6

Georgia 6.80 12.21 9.70 8.06 2.6 2.7 83.1

China 5.75 3.85 5.44 6.29 1.4 2.1 115.6

Iraq 4.00 6.14 5.75 4.73 1.5 1.6 82.3

Greece 1.93 2.59 1.83 3.24 0.5 1.1 177.0

Latvia 2.35 1.94 2.91 2.69 0.8 0.9 92.4

Lithuania 3.57 3.57 4.32 2.51 1.1 0.8 58.1

Estonia 1.54 1.66 1.81 2.34 0.5 0.8 129.3

Bulgaria 5.48 1.57 1.28 2.32 0.3 0.8 181.3

Slovakia 1.09 2.22 2.74 2.08 0.7 0.7 75.9

Hungary 0.43 1.94 0.33 1.85 0.1 0.6 5.6 times

Turkey 1.52 0.73 3.00 1.79 0.8 0.6 59.7

Israel 0.60 0.65 1.00 1.04 0.3 0.3 104.0

Kyrgyzstan 2.05 2.07 1.72 0.98 0.5 0.3 57.0

V. Mineral products, of which: 33.08 41.72 27.92 16.89 100.0 100.0 60.5

Bulgaria 8.41 15.75 12.03 7.34 43.1 43.5 61.0

Romania 12.28 10.01 7.05 5.19 25.3 30.7 73.6

Belarus 3.68 4.59 4.50 1.81 16.1 10.7 40.2

Ukraine 0.33 2.50 1.23 0.73 4.4 4.3 59.3

VI. Products of the chemical industries, of which:

145.75 167.91 168.27 118.85 100.0 100.0 70.6

Russia 115.69 127.73 120.35 76.96 71.5 64.8 63.9

Uzbekistan 2.86 4.69 4.68 4.97 2.8 4.2 106.2

Ukraine 10.62 7.02 9.23 4.38 5.5 3.7 47.5

Poland 0.69 1.00 1.97 4.25 1.2 3.6 2.2 times

Georgia 1.31 2.12 3.24 3.86 1.9 3.2 119.1

Latvia 1.07 2.00 3.32 2.83 2.0 2.4 85.2

Belarus 2.87 3.61 4.11 2.54 2.4 2.1 61.8

Turkey 0.09 0.19 0.21 2.50 0.1 2.1 11.9 times

Germany 1.14 1.80 2.45 2.10 1.5 1.8 85.7

Denmark 0.40 1.41 0.2 1.2 3.5 times

Romania 1.19 1.38 1.18 1.39 0.7 1.2 117.8

Kazakhstan 1.64 1.59 1.59 1.16 0.9 1.0 73.0

Azerbaijan 1.02 1.72 2.17 1.05 1.3 0.9 48.4

Lithuania 2.40 1.80 4.43 0.93 2.6 0.8 21.0

VII. Plastics, rubber and articles thereof, of which:

60.50 62.65 45.62 40.28 100.0 100.0 88.3

Russia 41.43 42.20 22.53 21.83 49.4 54.2 96.9

Romania 2.18 3.06 6.02 5.70 13.2 14.2 94.7

USA 1.59 2.09 2.15 2.99 4.7 7.4 139.1

Italy 3.88 3.23 3.79 1.73 8.3 4.3 45.6

France 1.46 0.98 1.05 1.55 2.3 3.8 147.6

VIII. Raw hides and skins, leather, furskins and articles thereof, of which:

30.96 33.42 34.67 25.03 100.0 100.0 72.2

Italy 22.86 26.81 29.24 22.17 84.3 88.6 75.8

Germany 3.22 2.46 2.24 1.24 6.5 5.0 55.4

Ukraine 1.25 0.90 0.75 0.37 2.2 1.5 49.3

IX. Wood and articles of wood, of which: 12.20 9.48 8.33 7.98 100.0 100.0 95.8

Italy 2.13 1.76 2.15 2.72 25.8 34.1 126.5

Romania 0.81 0.64 1.26 1.51 15.1 18.9 119.8

177

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

X. Pulp of wood, paper and paperboard and articles thereof, of which:

19.81 25.61 19.64 10.57 100.0 100.0 53.8

Romania 4.39 4.77 3.41 3.23 17.4 30.6 94.7

Russia 6.64 10.37 5.79 2.45 29.5 23.2 42.3

Ukraine 3.03 4.09 3.46 2.13 17.6 20.2 61.6

XI. Textiles and textile articles, of which: 343.44 330.50 330.14 273.70 100.0 100.0 82.9

Italy 94.68 92.22 106.32 92.93 32.2 34.0 87.4

United Kingdom 59.90 62.10 63.81 53.35 19.3 19.5 83.6

Germany 23.64 20.98 27.41 26.14 8.3 9.6 95.4

Russia 77.44 66.88 49.67 24.45 15.0 8.9 49.2

Romania 16.50 15.63 17.23 20.28 5.2 7.4 117.7

Turkey 31.76 29.72 23.84 18.62 7.2 6.8 78.1

Poland 15.91 17.11 16.29 14.75 4.9 5.4 90.5

Bulgaria 3.66 4.89 6.90 5.18 2.1 1.9 75.1

Belarus 0.03 0.22 0.55 4.26 0.2 1.6 7.7 times

France 0.51 1.44 1.26 2.28 0.4 0.8 181.0

Belgium 2.88 2.91 2.92 1.84 0.9 0.7 63.0

Ukraine 5.42 4.87 2.73 1.83 0.8 0.7 67.0

Slovakia 0.82 1.04 1.13 0.94 0.3 0.3 83.2

XII. Footwear, headgear, umbrellas and similar articles, of which:

40.03 36.07 34.05 24.03 100.0 100.0 70.6

Romania 19.98 16.63 20.40 13.80 59.9 57.4 67.6

Italy 8.46 7.01 7.43 6.20 21.8 25.8 83.4

Russia 8.08 8.72 3.10 1.85 9.1 7.7 59.7

XIII. Articles of stone, plaster, cement, glass or similar materials; ceramic products, of which:

37.78 58.13 58.68 41.78 100.0 100.0 71.2

Romania 9.09 18.61 18.95 20.85 32.3 49.9 110.0

Turkey 2.32 10.50 12.49 5.06 21.3 12.1 40.5

Greece 1.32 2.07 2.65 2.72 4.5 6.5 102.6

Italy 2.99 3.16 2.65 2.53 4.5 6.1 95.5

Georgia 5.74 7.47 7.77 2.31 13.2 5.5 29.7

Russia 5.06 6.29 4.60 1.22 7.8 2.9 26.5

Bulgaria 1.08 1.23 1.42 1.17 2.4 2.8 82.4

XIV. Pearls, precious or semi-precious stones, precious metals, metals clad and articles thereof; imitation jewellery; coins, of which:

2.28 1.10 1.42 0.82 100.0 100.0 57.7

Turkey 0.60 0.58 0.84 0.47 59.2 57.3 56.0

XV. Base metals and articles of base metal, of which:

73.30 123.31 55.15 43.24 100.0 100.0 78.4

Russia 26.36 49.51 14.61 14.33 26.5 33.1 98.1

Germany 16.65 13.31 16.20 11.70 29.4 27.1 72.2

Romania 5.94 6.99 6.60 5.98 12.0 13.8 90.6

Turkey 1.89 37.02 6.93 3.19 12.6 7.4 46.0

Austria 0.96 1.10 2.13 2.04 3.9 4.7 95.8

Italy 1.16 1.11 1.11 1.00 2.0 2.3 90.1

XVI. Machinery and mechanical appliances; electrical equipment; television image and sound recorders and reproducers, of which:

278.61 315.94 309.40 295.51 100.0 100.0 95.5

Romania 181.74 229.73 240.04 232.52 77.6 78.7 96.9

Russia 57.52 53.17 39.90 36.66 12.9 12.4 91.9

Italy 6.24 7.06 8.14 7.37 2.6 2.5 90.5

Kazakhstan 6.98 2.04 2.66 3.97 0.9 1.3 149.2

Ukraine 7.10 8.00 4.46 3.08 1.4 1.0 69.1

Turkey 1.00 0.19 1.51 1.15 0.5 0.4 76.2

Serbia 0.33 0.05 1.01 0.0 0.3

178

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

Belarus 2.08 1.29 0.70 0.94 0.2 0.3 134.3

XVII. Transportation means, of which: 63.87 46.80 27.78 18.03 100.0 100.0 64.9

Ukraine 9.23 7.97 7.82 5.00 28.1 27.7 63.9

Russia 28.86 24.27 4.67 2.78 16.8 15.4 59.5

Belgium 2.92 1.71 2.62 2.04 9.4 11.3 77.9

Sudan 0.10 0.01 1.97 0.0 10.9 197.0 times

Germany 1.96 3.58 1.85 1.40 6.7 7.8 75.7

Cyprus 3.65 1.32 7.3

USA 8.19 1.00 29.5 5.5 12.2

XVIII. Optical, photographic, cinematographic, medical or surgical instruments and apparatus; clocks and watches; musical instruments; parts and accessories thereof, of which:

33.17 41.19 36.01 28.28 100.0 100.0 78.5

Bulgaria 5.64 1.89 10.87 6.22 30.2 22.0 57.2

Russia 10.22 7.27 7.06 6.06 19.6 21.4 85.8

Latvia 0.06 0.08 3.77 3.49 10.5 12.3 92.6

Zambia 0.05 0.73 2.00 2.38 5.6 8.4 119.0

Slovakia 0.02 1.83 0.1 6.5 91.5 times

Turkey 0.08 2.42 5.25 1.23 14.6 4.3 23.4

Romania 0.66 0.50 1.16 1.08 3.2 3.8 93.1

Ukraine 2.20 2.04 1.20 1.07 3.3 3.8 89.2

Germany 1.31 1.31 1.19 1.06 3.3 3.7 89.1

Other, of which: 108.17 118.91 117.10 107.37 100.0 100.0 91.7

Germany 0.03 23.09 40.86 39.87 34.9 37.1 97.6

Czechia 9.17 14.02 17.09 15.72 14.6 14.6 92.0

Poland 12.24 8.35 9.96 13.72 8.5 12.8 137.8

Romania 16.27 14.23 11.82 10.97 10.1 10.2 92.8

Russia 28.49 30.29 17.82 9.74 15.2 9.1 54.7

Netherlands 5.85 7.37 9.11 6.69 7.8 6.2 73.4

Belgium 1.75 1.68 2.52 2.74 2.2 2.6 108.7

Slovakia 2.67 3.07 2.83 2.49 2.4 2.3 88.0

Lithuania 0.10 0.31 0.02 1.42 0.0 1.3 71.0 times

TOTAL 2,161.86 2,428.30 2,339.53 1,966.83 - - 84.1


179

Annex 18. Imports (CIF) of main Harmonized System categories of goods, by country

2015 2014

I. Live animals and animal products, of which: 130.30 146.80 158.76 99.93 100.0 100.0 108.1

Ukraine 28.88 35.42 47.73 21.62 30.1 21.6 134.8

Germany 14.36 14.68 15.32 13.53 9.6 13.5 104.4

Romania 8.41 9.61 15.87 11.91 10.0 11.9 165.1

Lithuania 20.40 22.36 14.80 10.06 9.3 10.1 66.2

Italy 2.99 4.00 6.37 5.79 4.0 5.8 159.3

Netherlands 4.39 5.32 5.38 4.09 3.4 4.1 101.1

Poland 4.79 5.48 4.10 3.85 2.6 3.9 74.8

Hungary 4.34 4.02 4.22 3.58 2.7 3.6 105.0

USA 6.13 4.86 5.75 2.97 3.6 3.0 118.3

Denmark 1.76 1.82 2.63 2.88 1.7 2.9 144.5

Russia 5.62 5.54 4.22 2.53 2.7 2.5 76.2

Belarus 4.85 5.52 3.74 2.50 2.4 2.5 67.8

Belgium 3.94 3.70 3.73 2.10 2.3 2.1 100.8

Spain 0.64 0.75 1.92 2.00 1.2 2.0 2.6 times

Estonia 1.88 1.54 1.83 1.57 1.2 1.6 118.8

United Kingdom 0.86 1.67 1.35 1.17 0.9 1.2 80.8

Uruguay 1.08 1.12 1.19 1.10 0.7 1.1 106.3

France 0.92 1.23 1.20 1.03 0.8 1.0 97.6

Canada 0.57 2.55 0.95 0.20 0.6 0.2 37.3

Brazil 4.78 5.04 3.99 0.67 2.5 0.7 79.2


Ukraine 33.74 34.62 23.54 27.21 12.0 14.0 68.0

Greece 24.51 19.05 18.53 26.70 9.5 13.8 97.3

Turkey 35.46 37.42 32.44 23.77 16.6 12.2 86.7

Romania 10.52 12.14 18.21 22.23 9.3 11.4 150.0

France 9.67 14.63 11.57 10.49 5.9 5.4 79.1

Netherlands 9.80 12.94 11.77 9.64 6.0 5.0 91.0

Russia 13.42 11.69 10.60 9.45 5.4 4.9 90.7

Italy 5.28 7.28 6.70 8.05 3.4 4.1 92.0

Germany 9.13 9.71 9.83 7.88 5.0 4.1 101.2

Hungary 5.88 4.71 8.80 7.86 4.5 4.0 186.8

Belarus 3.95 3.30 1.50 7.65 0.8 3.9 45.5

Spain 3.03 2.41 3.06 4.63 1.6 2.4 127.0

Poland 5.23 5.43 5.11 4.52 2.6 2.3 94.1

India 0.57 1.14 3.33 3.13 1.7 1.6 2.9 times

Slovakia 4.41 2.70 2.67 2.04 1.4 1.1 98.9

Argentina 3.03 1.57 1.46 1.97 0.7 1.0 93.0

Ecuador 3.44 1.54 1.90 1.75 1.0 0.9 123.4

Sri Lanka 1.98 1.94 1.84 1.72 0.9 0.9 94.8

Belgium 1.32 0.68 1.17 1.14 0.6 0.6 172.1

Pakistan 0.95 0.79 1.24 1.01 0.6 0.5 157.0

III. Animal or vegetable fats and oils, of which: 28.37 30.03 25.58 20.28 100.0 100.0 85.2

Russia 6.90 6.01 7.09 5.98 27.7 29.5 118.0

Ukraine 12.37 11.59 9.27 5.69 36.2 28.1 80.0

Malaysia 1.73 2.90 3.07 2.84 12.0 14.0 105.9

Romania 1.28 1.34 1.05 1.43 4.1 7.1 78.4

Italy 1.20 1.18 0.81 1.16 3.2 5.7 68.6

IV. Prepared foodstuffs; beverages, spirits and vinegar; tobacco, of which:

380.05 403.46 339.59 272.18 100.0 100.0 84.2

Ukraine 155.90 162.10 137.78 110.70 40.6 40.7 85.0

Russia 44.28 45.16 44.62 32.46 13.1 11.9 98.8

Romania 28.03 28.37 36.19 27.18 10.7 10.0 127.6

Germany 23.37 27.77 25.23 19.34 7.4 7.1 90.9

Poland 15.79 11.51 9.14 11.41 2.7 4.2 79.4

Italy 7.41 8.35 8.50 7.55 2.5 2.8 101.8

Netherlands 4.66 5.68 7.27 6.86 2.1 2.5 128.0

Hungary 6.39 6.86 7.97 6.44 2.3 2.4 116.2

2015 / 2014

%

2012 2013 2014 2015Share in total

$US million

180

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

Slovenia 2.86 2.62 3.21 4.87 0.9 1.8 122.5

Bulgaria 28.15 28.31 11.46 4.70 3.4 1.7 40.5

Turkey 5.08 4.79 3.74 3.84 1.1 1.4 78.1

Austria 3.41 3.71 3.66 3.56 1.1 1.3 98.7

Denmark 2.15 2.75 3.56 3.55 1.0 1.3 129.5

Belarus 16.58 26.60 2.82 3.17 0.8 1.2 10.6

Latvia 4.48 3.13 2.67 3.01 0.8 1.1 85.3

Czechia 1.00 1.60 1.43 2.80 0.4 1.0 89.4

Belgium 2.91 3.59 3.14 2.37 0.9 0.9 87.5

France 3.28 4.87 3.36 2.25 1.0 0.8 69.0

Spain 2.65 2.42 2.31 2.15 0.7 0.8 95.5

India 0.46 0.64 1.16 1.43 0.3 0.5 181.3

Greece 1.71 1.73 1.27 1.30 0.4 0.5 73.4

China 3.00 2.81 2.29 1.25 0.7 0.5 81.5

Zambia 4.96 4.32 4.86 1.21 1.4 0.4 112.5

Lithuania 0.42 0.60 0.92 1.09 0.3 0.4 153.3

V. Mineral products, of which: 1,217.56 1,256.72 1,153.82 733.69 100.0 100.0 91.8

Russia 505.11 453.60 476.90 325.61 41.3 44.4 105.1

Romania 329.05 392.92 457.71 306.35 39.7 41.8 116.5

Bulgaria 17.98 15.90 29.25 27.59 2.5 3.8 184.0

Belarus 77.91 71.57 59.12 26.24 5.1 3.6 82.6

Israel 29.90 32.14 9.08 17.65 0.8 2.4 28.3

Ukraine 162.59 209.07 69.58 11.24 6.0 1.5 33.3

Greece 4.09 5.04 3.02 2.60 0.3 0.4 59.9

Serbia 3.22 6.00 2.05 0.5 0.3 186.3

Kazakhstan 21.76 20.81 12.49 2.01 1.1 0.3 60.0

Germany 1.99 1.94 2.14 1.54 0.2 0.2 110.3

Zambia 0.02 1.49 0.0 0.2

Georgia 1.49 0.01 0.01 1.38 0.0 0.2 100.0

Poland 3.93 2.25 2.96 1.28 0.3 0.2 131.6

Turkmenistan 2.57 3.71 1.27 0.2

Lithuania 12.10 4.90 2.75 1.20 0.2 0.2 56.1

Hungary 7.89 6.25 1.51 1.08 0.1 0.1 24.2

VI. Products of the chemical industries, of which: 558.16 627.02 624.47 495.86 100.0 100.0 99.6

Romania 92.44 99.16 101.75 83.63 16.3 16.9 102.6

Russia 46.58 63.31 52.42 50.49 8.4 10.2 82.8

Turkey 48.75 57.08 59.44 44.59 9.5 9.0 104.1

Germany 52.77 57.48 61.32 43.04 9.8 8.7 106.7

Italy 50.98 61.89 62.57 37.99 10.0 7.7 101.1

Ukraine 53.19 49.43 51.00 36.01 8.2 7.3 103.2

China 23.75 32.84 24.27 21.99 3.9 4.4 73.9

Zambia 17.90 19.21 14.26 17.95 2.3 3.6 74.2

Hungary 17.55 18.83 20.74 16.48 3.3 3.3 110.1

Poland 17.83 17.82 19.34 16.02 3.1 3.2 108.5

France 12.71 14.24 12.69 13.59 2.0 2.7 89.1

Bulgaria 14.37 17.14 15.25 13.57 2.4 2.7 89.0

Slovenia 10.09 11.21 13.24 11.78 2.1 2.4 118.1

Uzbekistan 7.65 8.55 11.51 9.56 1.8 1.9 134.6

Austria 9.39 9.24 11.24 9.07 1.8 1.8 121.6

Netherlands 8.58 11.32 13.86 8.99 2.2 1.8 122.4

India 9.79 11.54 11.26 8.92 1.8 1.8 97.6

Belgium 5.52 10.19 7.51 8.08 1.2 1.6 73.7

Lithuania 2.37 3.58 5.12 4.57 0.8 0.9 143.0

Belarus 4.78 5.79 5.36 4.36 0.9 0.9 92.6

Latvia 4.83 5.35 6.15 4.31 1.0 0.9 115.0

Vietnam 5.28 7.14 4.97 2.73 0.8 0.6 69.6

Israel 2.42 2.04 1.85 2.48 0.3 0.5 90.7

Czechia 2.72 2.49 3.64 2.10 0.6 0.4 146.2

Kazakhstan 0.41 0.72 2.83 1.97 0.5 0.4 3.9 times

181

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

Ireland 2.38 2.41 2.73 1.95 0.4 0.4 113.3

Spain 2.31 1.86 2.23 1.85 0.4 0.4 119.9

Bosnia and Herzegovina 1.83 1.80 1.91 1.66 0.3 0.3 106.1

Georgia 0.33 0.57 0.95 1.58 0.2 0.3 166.7

USA 12.01 2.19 2.62 1.48 0.4 0.3 119.6

Sweden 0.63 0.39 0.49 1.27 0.1 0.3 125.6

United Kingdom 1.49 2.05 2.44 1.20 0.4 0.2 119.0

VII. Plastics, rubber and articles thereof, of which: 304.16 320.61 328.45 254.05 100.0 100.0 102.4

Romania 54.71 56.29 69.27 48.10 21.1 18.9 123.1

Turkey 42.54 46.13 31.46 29.30 9.6 11.5 68.2

China 37.79 34.21 36.94 25.91 11.2 10.2 108.0

Germany 27.40 30.93 28.53 24.29 8.7 9.6 92.2

Ukraine 30.24 33.79 35.82 22.17 10.9 8.7 106.0

Russia 17.70 20.68 21.98 19.17 6.7 7.5 106.3

Poland 14.53 16.53 17.25 14.52 5.3 5.7 104.4

Italy 12.62 11.95 12.54 9.39 3.8 3.7 104.9

Belarus 11.75 12.65 11.08 8.74 3.4 3.4 87.6

Bulgaria 8.90 8.75 10.02 8.04 3.1 3.2 114.5

Austria 1.33 2.68 6.99 5.76 2.1 2.3 2.6 times

Hungary 4.55 6.20 6.17 4.65 1.9 1.8 99.5

Czechia 6.82 6.52 6.01 4.33 1.8 1.7 92.2

Lithuania 1.41 2.02 3.42 3.67 1.0 1.4 169.3

Netherlands 2.32 3.14 4.26 3.48 1.3 1.4 135.7

Belgium 2.42 2.51 2.07 2.41 0.6 0.9 82.5

Greece 1.29 0.83 0.82 2.32 0.2 0.9 98.8

Serbia 4.45 3.26 2.26 1.0 0.9 73.3

United Kingdom 2.67 2.81 2.37 2.17 0.7 0.9 84.3

Slovakia 2.74 2.24 2.09 1.59 0.6 0.6 93.3

Israel 3.38 2.20 3.02 1.45 0.9 0.6 137.3

France 1.79 2.11 1.90 1.32 0.6 0.5 90.0

Japan 1.51 0.98 1.60 1.19 0.5 0.5 163.3

Spain 0.97 1.17 1.18 1.06 0.4 0.4 100.9


30.60 34.23 42.92 38.09 100.0 100.0 125.4

Hungary 0.06 1.13 7.36 12.53 17.1 32.9 6.5 times

Italy 14.19 14.58 16.09 12.22 37.5 32.1 110.4

Romania 7.12 7.57 8.39 6.48 19.5 17.0 110.8

Germany 1.31 0.95 1.06 1.26 2.5 3.3 111.6

China 1.56 1.48 1.77 1.01 4.1 2.7 119.6

Poland 0.25 1.70 1.79 0.99 4.2 2.6 105.3

Netherlands 0.97 1.29 1.71 0.98 4.0 2.6 132.6


Ukraine 30.37 31.40 34.65 32.46 33.8 38.5 110.4

Romania 19.82 25.74 25.00 15.98 24.4 19.0 97.1

Russia 6.56 5.60 6.49 7.22 6.3 8.6 115.9

Poland 7.26 7.19 8.33 7.02 8.1 8.3 115.9

China 9.68 8.94 11.03 5.91 10.8 7.0 123.4

Belarus 3.15 3.18 2.86 3.29 2.8 3.9 89.9

Turkey 1.57 1.67 1.32 1.98 1.3 2.3 79.0

Portugal 3.43 3.16 2.56 1.90 2.5 2.3 81.0

Germany 2.01 2.04 2.06 1.48 2.0 1.8 101.0

Belgium 0.89 1.01 1.38 1.40 1.3 1.7 136.6

Austria 0.98 1.36 1.29 1.25 1.3 1.5 94.9


121.12 125.39 121.02 75.00 100.0 100.0 96.5

Ukraine 20.98 21.96 20.13 12.80 16.6 17.1 91.7

Romania 17.60 23.32 19.78 11.81 16.3 15.7 84.8

Russia 17.08 15.54 14.08 10.24 11.6 13.7 90.6

Finland 2.96 3.78 5.70 5.00 4.7 6.7 150.8

182

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

Italy 4.59 4.44 4.62 4.10 3.8 5.5 104.1

Germany 6.29 6.67 5.47 4.08 4.5 5.4 82.0

Turkey 11.57 9.57 8.12 3.22 6.7 4.3 84.8

Czechia 2.68 2.54 2.74 2.53 2.3 3.4 107.9

Poland 11.71 12.92 13.65 2.47 11.3 3.3 105.7

China 2.81 3.30 3.39 2.42 2.8 3.2 102.7

Belarus 2.44 1.80 2.82 2.02 2.3 2.7 156.7

Serbia 1.35 1.93 2.01 1.6 2.7 143.0

Zambia 5.20 5.23 4.17 1.86 3.4 2.5 79.7

Slovakia 1.05 1.26 1.05 1.67 0.9 2.2 83.3

Bulgaria 2.18 2.85 3.41 1.63 2.8 2.2 119.6

USA 1.72 0.76 0.96 1.08 0.8 1.4 126.3

XI. Textiles and textile articles, of which: 384.76 386.92 356.99 285.92 100.0 100.0 92.3

Italy 70.37 71.27 75.63 65.13 21.2 22.8 106.1

Turkey 105.37 89.85 73.50 60.96 20.6 21.3 81.8

Germany 31.42 32.35 41.07 32.32 11.5 11.3 127.0

United Kingdom 38.20 40.20 34.91 29.62 9.8 10.4 86.8

Romania 18.48 27.85 32.08 27.10 9.0 9.5 115.2

China 19.07 16.93 19.15 15.90 5.4 5.6 113.1

Poland 27.39 18.76 14.05 10.86 3.9 3.8 74.9

Russia 8.62 10.01 10.96 8.43 3.1 2.9 109.5

Belarus 6.67 7.67 6.52 4.37 1.8 1.5 85.0

Ukraine 8.16 7.74 6.13 4.31 1.7 1.5 79.2

Belgium 10.74 7.94 6.96 3.60 1.9 1.3 87.7

Austria 1.63 1.68 2.50 3.00 0.7 1.0 148.8

Slovakia 2.98 3.36 3.38 2.92 0.9 1.0 100.6

Bulgaria 1.36 1.97 2.21 2.09 0.6 0.7 112.2

France 1.28 2.45 2.28 1.88 0.6 0.7 93.1

Bangladesh 1.76 2.83 3.15 1.80 0.9 0.6 111.3

Spain 1.64 1.26 1.15 1.80 0.3 0.6 91.3

Czechia 1.27 1.21 2.11 1.56 0.6 0.5 174.4

Zambia 0.53 1.35 1.75 1.51 0.5 0.5 129.6

Uzbekistan 0.14 0.16 1.21 0.0 0.4 114.3

India 0.48 0.87 1.17 0.98 0.3 0.3 134.5

Belarus 0.94 1.25 1.45 0.95 0.4 0.3 116.0XII. Footwear, headgear, umbrellas and similar articles, of which:

33.58 34.01 30.23 18.83 100.0 100.0 88.9

China 5.00 4.97 5.00 4.06 16.5 21.6 100.6

Romania 5.98 5.42 8.12 3.36 26.9 17.8 149.8

Italy 3.99 3.99 3.92 3.02 13.0 16.0 98.2

Turkey 9.48 9.23 3.43 1.88 11.3 10.0 37.2

Germany 2.22 2.17 1.97 1.49 6.5 7.9 90.8

Ukraine 2.89 3.08 2.61 0.99 8.6 5.3 84.7


129.18 140.55 134.30 101.84 100.0 100.0 95.6

Ukraine 31.88 28.98 28.89 21.03 21.5 20.7 99.7

Russia 13.41 14.60 15.54 15.18 11.6 14.9 106.4

Romania 19.92 24.10 21.83 13.90 16.3 13.6 90.6

China 14.47 17.17 17.12 12.34 12.7 12.1 99.7

Poland 6.58 7.55 8.74 6.42 6.5 6.3 115.8

Bulgaria 8.45 11.51 8.25 5.63 6.1 5.5 71.7

Belarus 7.14 7.52 7.52 5.20 5.6 5.1 100.0

Spain 5.22 6.14 5.47 5.04 4.1 4.9 89.1

Italy 4.99 5.17 5.08 4.16 3.8 4.1 98.3

Turkey 4.74 3.84 3.03 2.98 2.3 2.9 78.9

Germany 3.17 3.23 3.31 2.03 2.5 2.0 102.5

Czechia 1.38 1.34 1.55 1.46 1.2 1.4 115.7

Hungary 1.05 1.59 1.05 1.37 0.8 1.3 66.0

France 1.48 1.76 1.53 1.08 1.1 1.1 86.9

183

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million


8.84 9.21 9.02 7.32 100.0 100.0 97.9

Russia 4.09 4.20 4.29 3.90 47.6 53.3 102.1

XV. Base metals and articles of base metal, of which: 284.38 322.09 345.89 285.92 100.0 100.0 107.4

Ukraine 75.53 90.11 74.91 54.36 21.7 19.0 83.1

Romania 56.18 61.43 64.12 52.73 18.5 18.4 104.4

Austria 3.15 9.77 37.51 43.89 10.8 15.4 3.8 times

Turkey 34.00 35.10 39.89 30.30 11.5 10.6 113.6

China 24.91 26.21 29.10 26.43 8.4 9.2 111.0

Italy 14.09 18.45 16.63 14.75 4.8 5.2 90.1

Poland 13.78 14.08 16.96 13.79 4.9 4.8 120.5

Russia 7.59 9.73 12.21 11.76 3.5 4.1 125.5

Germany 14.05 15.84 14.36 9.23 4.2 3.2 90.7

Korea 6.48 8.17 9.78 5.92 2.8 2.1 119.7

Bulgaria 3.01 3.10 1.51 3.15 0.4 1.1 48.7

Belarus 4.59 4.10 5.98 3.13 1.7 1.1 145.9

Belgium 2.35 2.60 2.31 2.43 0.7 0.8 88.8

Hungary 3.86 2.73 2.59 1.55 0.7 0.5 94.9

Greece 3.07 2.57 2.61 1.54 0.8 0.5 101.6

Czechia 2.41 2.36 2.20 1.22 0.6 0.4 93.2


786.40 839.74 801.19 630.84 100.0 100.0 95.4

Romania 139.93 170.02 203.84 190.27 25.4 30.2 119.9

Germany 112.64 123.98 89.87 58.66 11.2 9.3 72.5

China 80.04 86.41 78.51 55.71 9.8 8.8 90.9

Italy 54.58 57.36 57.30 42.10 7.2 6.7 99.9

Ukraine 65.19 62.47 53.77 40.48 6.7 6.4 86.1

Turkey 48.17 42.71 28.22 30.94 3.5 4.9 66.1

Poland 26.83 26.67 39.03 26.61 4.9 4.2 146.3

Russia 30.69 27.16 27.47 25.61 3.4 4.1 101.1

Hungary 54.64 57.44 26.19 18.67 3.3 3.0 45.6

Netherlands 13.82 16.67 20.65 13.89 2.6 2.2 123.9

Lithuania 6.68 8.15 11.39 10.66 1.4 1.7 139.8

Czechia 10.43 20.57 16.91 9.94 2.1 1.6 82.2

Slovakia 8.05 6.65 9.48 9.11 1.2 1.4 142.6

Sweden 11.81 7.88 7.17 6.98 0.9 1.1 91.0

France 11.62 9.48 9.39 6.95 1.2 1.1 99.1

Singapore 2.96 2.96 6.35 6.73 0.8 1.1 2.1 times

Austria 14.76 13.49 13.39 6.12 1.7 1.0 99.3

Zambia 1.60 5.10 10.19 5.35 1.3 0.8 199.8

Bulgaria 8.64 6.70 7.73 5.16 1.0 0.8 115.4

USA 4.74 5.69 5.13 5.07 0.6 0.8 90.2

Spain 5.77 7.93 7.27 4.89 0.9 0.8 91.7

Belgium 5.14 5.56 7.06 4.85 0.9 0.8 127.0

Belarus 8.26 7.95 7.70 4.54 1.0 0.7 96.9

Slovenia 6.64 7.52 5.60 4.35 0.7 0.7 74.5

United Kingdom 5.91 4.01 5.21 3.76 0.7 0.6 129.9

Japan 0.41 2.33 4.25 3.53 0.5 0.6 182.4

Finland 4.96 4.27 3.63 2.93 0.5 0.5 85.0

Latvia 2.17 2.27 3.51 2.78 0.4 0.4 154.6

Serbia 2.79 2.38 2.39 0.3 0.4 85.3

Greece 5.29 2.95 3.26 2.38 0.4 0.4 110.5

Estonia 2.69 2.82 1.38 2.31 0.2 0.4 48.9

Ireland 0.79 4.40 2.03 1.88 0.3 0.3 46.1

Denmark 1.83 1.70 3.02 1.73 0.4 0.3 177.6

XVII. Transportation means, of which: 304.79 300.38 329.69 191.89 100.0 100.0 109.8

Germany 89.40 84.40 81.04 55.42 24.6 28.9 96.0

184

2015 20142015 / 2014

%

2012 2013 2014 2015Share in total

$US million

Romania 42.03 36.89 39.91 18.83 12.1 9.8 108.2

United Kingdom 3.42 9.74 14.56 12.35 4.4 6.4 149.5

Poland 8.41 11.25 12.01 10.45 3.6 5.4 106.8

Czechia 8.96 11.44 10.77 10.40 3.3 5.4 94.1

Belgium 9.20 9.85 8.34 8.53 2.5 4.4 84.7

Belarus 14.29 18.40 22.92 7.27 7.0 3.8 124.6

Italy 11.68 11.35 12.31 6.77 3.7 3.5 108.5

China 9.88 9.18 15.22 6.76 4.6 3.5 165.8

Turkey 17.19 18.18 10.98 6.67 3.3 3.5 60.4

Hungary 6.51 7.14 8.49 6.04 2.6 3.1 118.9

Russia 8.91 9.26 5.72 5.61 1.7 2.9 61.8

Ukraine 16.24 14.82 16.03 5.55 4.9 2.9 108.2

Korea 0.86 3.73 6.32 4.80 1.9 2.5 169.4

Slovenia 7.67 8.00 5.74 4.46 1.7 2.3 71.8

Netherlands 4.81 3.55 5.33 4.24 1.6 2.2 150.1

Lithuania 1.04 1.55 2.12 3.60 0.6 1.9 136.8

Austria 8.71 4.77 5.41 2.86 1.6 1.5 113.4

France 3.05 2.60 2.91 2.65 0.9 1.4 111.9

Greece 0.64 2.82 2.47 1.32 0.7 0.7 87.6


80.21 82.87 95.57 79.54 100.0 100.0 115.3

Japan 0.23 0.57 9.67 16.04 10.1 20.2 17.0 times

Romania 11.78 16.14 16.44 12.26 17.2 15.4 101.9

China 7.51 6.86 10.44 9.16 10.9 11.5 152.2

Germany 15.87 9.55 16.92 7.90 17.7 9.9 177.2

Turkey 1.25 0.95 1.40 4.12 1.5 5.2 147.4

Italy 4.09 2.90 2.64 3.82 2.8 4.8 91.0

Belgium 1.06 1.34 1.64 3.19 1.7 4.0 122.4

USA 4.14 7.55 4.26 2.26 4.5 2.8 56.4

Hungary 1.19 2.76 3.90 2.22 4.1 2.8 141.3

France 2.69 0.69 2.28 1.79 2.4 2.3 3.3 times

Zambia 2.89 2.84 1.69 1.68 1.8 2.1 59.5

Netherlands 1.20 2.30 2.01 1.59 2.1 2.0 87.4

United Kingdom 1.17 1.29 0.98 1.42 1.0 1.8 76.0

Poland 2.28 1.77 2.28 1.36 2.4 1.7 128.8

Lithuania 0.47 0.25 0.11 1.25 0.1 1.6 44.0

Russia 2.87 4.69 1.96 1.20 2.1 1.5 41.8

Other, of which: 133.25 131.86 121.56 117.15 100.0 100.0 92.2

Romania 35.33 31.35 26.31 20.47 21.6 17.5 83.9

China 19.37 22.81 22.58 15.69 18.6 13.4 99.0

Italy 18.75 19.44 17.38 14.83 14.3 12.7 89.4

Ukraine 16.64 16.22 15.54 12.11 12.8 10.3 95.8

Poland 4.88 5.00 5.99 11.63 4.9 9.9 119.8

Turkey 8.91 10.76 6.48 10.08 5.3 8.6 60.2

Germany 6.87 5.74 5.64 6.12 4.6 5.2 98.3

Netherlands 2.80 3.78 3.23 3.15 2.7 2.7 85.4

Hungary 0.95 0.55 0.50 2.89 0.4 2.5 90.9

Bulgaria 0.78 0.70 0.86 2.25 0.7 1.9 122.9

United Kingdom 2.33 1.67 2.26 1.94 1.9 1.7 135.3

TOTAL 5,212.93 5,492.40 5,316.96 3,986.81 - - 96.8

Source: NBM calculations based on NBS data, selections on imports by country of shipment

185

Annex 19. Exports of goods by main Harmonized System categories

2012 2013 2014 2015Structure*

20152015 / 2014

Degree of influence**

p.p.***

EXPORT - TOTAL 2,161.86 2,428.30 2,339.53 1,966.83 100.0 84.1 -15.9

I. Live animals and animal products, of which: 37.81 37.17 59.73 37.50 1.9 62.8 -1.0

Live animals 8.73 7.17 6.41 10.12 27.0 157.9 0.2Natural honey 2.32 3.25 9.70 9.51 25.4 98.0 0.0Meat of bovine animals 13.27 14.31 7.50 6.55 17.5 87.3 0.0Cheese and curd 4.63 4.89 5.36 4.03 10.7 75.2 -0.1Birds' eggs 0.19 0.38 0.30 2.07 5.5 6.9 times 0.1Butter and other fats derived from milk 0.12 2.30 1.64 1.86 5.0 113.4 0.0Meat of sheep or goats 6.84 3.01 3.29 1.31 3.5 39.8 -0.1Meat of swine 22.27 0.83 2.2 3.7 -0.9

II. Vegetable products, of which: 360.49 507.05 549.65 501.69 25.5 91.3 -2.0Edible fruit and nuts 202.32 203.96 194.02 194.66 38.8 100.3 0.0Sunflower seeds 72.65 136.14 105.56 143.69 28.6 136.1 1.6Wheat and meslin 16.02 65.88 81.31 52.50 10.5 64.6 -1.2Maize (corn) 13.71 28.07 82.03 43.90 8.8 53.5 -1.6Soya beans 19.52 7.79 18.40 23.28 4.6 126.5 0.2Barley 6.77 26.61 17.61 16.90 3.4 96.0 0.0Rape seeds 5.26 20.70 27.27 7.52 1.5 27.6 -0.8

III. Animal or vegetable fats and oils, of which: 89.72 44.04 77.52 72.02 3.7 92.9 -0.2

Sunflower-seed oil 80.73 41.64 74.08 69.00 95.8 93.1 -0.2Soya bean oil 8.61 1.84 2.47 2.32 3.2 93.9 0.0

IV. Prepared foodstuffs, beverages, tobacco, of which:

390.89 427.30 378.45 303.26 15.4 80.1 -3.2

Wine of fresh grapes and vermouths 142.11 149.60 111.83 97.72 32.2 87.4 -0.6Undenatured ethyl alcohol, spirits, liqueurs and

other spirituous beverages64.93 92.61 70.64 52.68 17.4 74.6 -0.8

Preparations of vegetables, fruit, nuts or other

parts of plants60.38 76.07 59.67 49.88 16.4 83.6 -0.4

Cane or beet sugar 29.32 23.39 49.80 33.85 11.2 68.0 -0.7Oil-cake and other solid residues 19.66 7.10 17.24 13.18 4.3 76.5 -0.2

Bread, pastry, cakes, biscuits and other bakers'

wares, whether or not containing cocoa13.11 16.92 16.65 13.10 4.3 78.7 -0.2

Waters, including mineral waters 4.09 4.48 4.00 3.36 1.1 84.0 0.0Beer made from malt 0.28 1.27 2.80 2.85 0.9 101.8 0.0

V. Mineral products, of which: 33.08 41.72 27.92 16.89 0.9 60.5 -0.5Petroleum oils and oils obtained from

bituminous minerals9.05 18.38 15.00 9.98 59.1 66.5 -0.2

Gypsum; anhydrite; plasters 16.28 9.71 6.90 4.79 28.4 69.4 -0.1

Pebbles, gravel, broken or crushed stone, of a

kind commonly used for concrete aggregates,

for road metalling or for railway

0.02 2.96 4.20 1.82 10.8 43.3 -0.1

Petroleum gases and other gaseous

hydrocarbons6.43 8.43 1.06 0.06 0.4 5.7 0.0

Hydraulic cements 0.93 2.02 0.31 0.0

VI. Products of the chemical industries, of which:

145.75 167.91 168.27 118.85 6.0 70.6 -2.1

Medicaments 93.40 112.40 124.44 75.65 63.7 60.8 -2.1

Soap 14.51 15.28 10.79 14.64 12.3 135.7 0.2

Preparations for use on the hair 28.08 21.56 16.37 7.93 6.7 48.4 -0.4

Beauty or make-up preparations and

preparations for the care of the skin0.86 2.19 2.22 3.51 3.0 158.1 0.1

Perfumery, cosmetic or toilet preparations 0.61 4.40 4.07 2.81 2.4 69.0 -0.1

$US million %

186

2012 2013 2014 2015Structure*

20152015 / 2014


p.p.***$US million %Pre-shave, shaving or after-shave preparations,

personal deodorants, bath preparations,

depilatories

1.08 2.76 2.25 2.30 1.9 102.2 0.0

Preparations for oral or dental hygiene 0.26 0.60 0.79 2.26 1.9 286.1 0.1Surface-active preparations, washing

preparations and cleaning preparations0.27 0.34 0.20 2.08 1.8 10.4 times 0.1

Essential oils 1.09 2.38 2.52 1.97 1.7 78.2 0.0

VII. Plastics, rubber and articles thereof, of which:

60.50 62.65 45.62 40.28 2.0 88.3 -0.2

Articles for the conveyance or packing, of

plastics18.44 20.12 21.83 15.79 39.2 72.3 -0.3

New pneumatic tyres, of rubber 7.00 7.01 2.56 9.26 23.0 3.6 times 0.3

Polyacetals 2.40 1.24 1.09 2.01 5.0 184.4 0.0

Synthetic rubber 6.23 6.57 5.85 1.99 4.9 34.0 -0.2


30.96 33.42 34.67 25.03 1.3 72.2 -0.4

Trunks, suit-cases, camera cases, musical

instrument cases; travelling-bags, insulated food

or beverages bags, toile

18.24 20.21 21.56 15.27 61.0 70.8 -0.3

Skins of bovine 4.51 5.10 5.04 4.02 16.1 79.8 0.0

Articles of apparel and clothing accessories, of

leather or of composition leather3.56 4.05 4.52 3.49 13.9 77.2 0.0

Natural furs and artificial furs 1.12 1.01 1.02 0.94 3.8 92.2 0.0


Wood and articles of wood; wood charcoal 7.62 9.64 7.77 7.51 94.1 96.7 0.0

Cork and articles of cork 0.90 1.31 0.78 0.47 5.9 60.3 0.0


19.81 25.61 19.64 10.57 0.5 53.8 -0.4

Labels, badges and similar articles of textile

materials1.84 1.65 2.84 3.09 29.2 108.8 0.0

Cartons, boxes, cases, bags and other packing

containers, of paper, paperboard; box files, letter

trays

1.18 1.61 2.83 2.30 21.8 81.3 0.0

Toilet or facial tissue stock, towel or napkin

stock and similar paper of a kind used for

household or sanitary purposes, cellulose

wadding

7.85 13.64 7.23 1.15 10.9 15.9 -0.3

XI. Textiles and textile articles, of which: 343.44 330.50 330.14 273.70 13.9 82.9 -2.4

Articles of apparel and clothing accessories, not

knitted or crocheted145.82 142.37 162.22 139.75 51.1 86.1 -1.0

Articles of apparel and clothing accessories,


Carpets 31.78 31.75 28.72 15.77 5.8 54.9 -0.6

Knitted or crocheted fabrics 20.63 16.72 11.94 8.64 3.2 72.4 -0.1

Cotton 3.53 2.83 2.47 4.98 1.8 2.0 times 0.1

Man-made filament 3.79 4.21 3.41 3.36 1.2 98.5 0.0


40.03 36.07 34.05 24.03 1.2 70.6 -0.4

Parts of footwear 12.16 13.98 14.82 12.66 52.7 85.4 -0.1

Footwear 27.56 21.74 18.68 11.10 46.2 59.4 -0.3


37.78 58.13 58.68 41.78 2.1 71.2 -0.7

Carboys, bottles and other containers, of glass 31.55 46.31 46.42 30.88 73.9 66.5 -0.7

Glass fibres 0.19 5.26 7.51 8.05 19.3 107.2 0.0Articles of stone, plaster, cement, asbestos 1.60 1.13 0.96 1.36 3.3 141.7 0.0Ceramic products 3.70 4.71 3.15 1.03 2.5 32.7 -0.1

187

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p.p.***$US million %


2.28 1.10 1.42 0.82 0.0 57.7 0.0


73.30 123.31 55.15 43.24 2.2 78.4 -0.5

Articles of iron or steel 20.14 23.60 15.24 13.77 31.8 90.4 -0.1

Copper waste and scrap 16.58 13.47 17.08 12.10 28.0 70.8 -0.2

Aluminium waste and scrap 4.94 4.50 5.05 4.57 10.6 90.5 0.0

Stoppers, caps and lids , capsules for bottles,

threaded bungs, bung covers4.39 4.30 4.05 2.79 6.5 68.9 -0.1

Ferrous products 6.64 28.32 1.79 2.52 5.8 140.8 0.0

Aluminium bars, rods and profile 0.58 1.27 0.45 2.06 4.8 4.6 times 0.1

Iron and steel 15.03 41.07 5.75 1.97 4.6 34.3 -0.2


278.61 315.94 309.40 295.51 15.0 95.5 -0.6

Insulated wire, cable and other insulated electric

conductors166.97 213.10 216.84 212.56 71.9 98.0 -0.2

Pumps for liquids 13.25 11.68 11.50 13.15 4.4 114.3 0.1

Machinery, plant or laboratory equipment, for

the treatment of materials by a process

involving a change of temperature

4.22 11.73 12.01 10.50 3.6 87.4 -0.1

Electrical apparatus for switching or protecting

electrical circuits, or for making connections to

or in electrical circuits

1.84 4.14 8.06 8.68 2.9 107.7 0.0

Electrical transformers, static converters (for

example, rectifiers) and inductors0.34 1.62 3.80 6.65 2.3 175.0 0.1

Electric motors and generators 1.44 1.96 2.54 3.93 1.3 154.7 0.1

Telephone sets 3.35 2.69 2.99 3.35 1.1 112.0 0.0

Air or vacuum pumps 9.14 5.77 3.34 2.68 0.9 80.2 0.0

Waste and scrap of primary cells, primary

batteries and electric accumulators2.71 2.85 3.07 2.58 0.9 84.0 0.0

Dishwashing machines; machinery for cleaning

or drying bottles or other containers2.37 1.26 3.60 2.28 0.8 63.3 -0.1

Air conditioning machines 1.61 1.52 0.43 2.02 0.7 4.7 times 0.1Agricultural, horticultural or forestry

machinery, other similar equipment4.42 3.58 2.83 1.43 0.5 50.5 -0.1

Turbo-jets 1.60 2.67 2.47 1.04 0.4 42.1 -0.1Taps, cocks, valves and similar appliances for

pipes0.91 2.96 1.50 0.91 0.3 60.7 0.0

Electric instantaneous or storage water heaters

and immersion heaters5.33 4.74 4.48 0.34 0.1 7.6 -0.2

XVII. Transportation means, of which: 63.87 46.80 27.78 18.03 0.9 64.9 -0.4

Motor cars and other motor vehicles principally

designed for the transport of persons6.86 7.69 7.56 5.17 28.7 68.4 -0.1

Tractors 3.91 1.57 0.87 1.63 9.0 187.4 0.0

Motor vehicles for the transport of goods 0.06 1.02 0.09 0.52 2.9 5.8 times 0.0


33.17 41.19 36.01 28.28 1.4 78.5 -0.3

Gas meters 16.52 26.83 22.88 15.14 53.5 66.2 -0.3

Direction finding compasses 2.38 1.29 1.20 2.27 8.0 189.2 0.0

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Orthopaedic appliances, including crutches,

surgical belts and trusses; hearing aids and other

appliances to compensate for a defect

0.97 1.53 2.25 2.12 7.5 94.2 0.0

Machines and appliances for testing the

hardness, strength, compressibility, elasticity or

other mechanical properties of materials

0.98 1.10 1.08 0.89 3.1 82.4 0.0

Surveying (including photogrammetrical

surveying), hydrographic, oceanographic,

hydrological, meteorological or geophysical

instruments and appliances

3.26 0.65 1.22 0.39 1.4 32.0 0.0

Other, of which: 108.17 118.91 117.10 107.37 5.5 91.7 -0.4

Furniture 87.58 101.17 104.92 94.31 87.8 89.9 -0.5

Mattress supports; articles of bedding and

similar furnishing4.02 4.85 4.07 3.47 3.2 85.3 0.0

Prefabricated buildings 1.80 2.03 2.83 2.99 2.8 105.7 0.0

Brooms, brushes, hand-operated mechanical

floor sweepers, not motorised, mops and feather

dusters

3.61 2.76 2.10 2.13 2.0 101.4 0.0

Sanitary towels and tampons, napkins 1.65 1.5 0.1

Source: NBM calculations based on NBS data (database of customs declarations)

* The share of group in total exports is indicated, whereas for specific items their share in the group total is shown

** Degree of influence of group of goods on exports growth (+) / decrease (-)

*** Percentage points

189

Annex 20. Imports (CIF) of goods by main Harmonized System categories

2012 2013 2014 2015Structure*

20152015 / 2014


p.p.***

IMPORT - TOTAL 5,212.93 5,492.40 5,316.96 3,986.81 100.0 75.0 -25.0

I. Live animals and animal products, of which: 130.30 146.80 158.76 99.93 2.5 62.9 -1.1Meat and edible meat offal 41.77 45.56 54.26 26.13 26.1 48.2 -0.5Fish, frozen 32.07 34.10 31.95 22.12 22.1 69.2 -0.2

Buttermilk, curdled milk and cream, yogurt,

and other fermented or acidified milk and

cream

16.82 22.23 21.68 14.61 14.6 67.4 -0.1

Cheese and curd 13.54 15.70 13.86 10.45 10.5 75.4 -0.1Live animals 7.57 8.69 17.16 8.19 8.2 47.7 -0.2Birds' eggs 4.12 4.16 3.47 5.28 5.3 152.2 0.0Fish fillets and other fish meat 5.22 4.52 3.97 2.77 2.8 69.8 0.0Butter and other fats, oils derived from milk 2.32 3.19 1.81 1.33 1.3 73.5 0.0


Edible fruit and nuts 68.73 67.05 65.53 74.60 38.4 113.8 0.2

Edible vegetables and certain roots and tubers 33.81 32.49 30.03 25.53 13.1 85.0 -0.1

Sunflower seeds 9.57 12.93 14.93 16.75 8.6 112.2 0.0Tea, coffe 10.77 11.94 12.62 12.50 6.4 99.0 0.0Bulbs, tubers, tuberous roots, corms, crowns

and rhizomes, dormant, in growth or in flower11.51 14.66 11.74 12.37 6.4 105.4 0.0

Wheat or meslin flour 5.20 5.79 8.84 8.01 4.1 90.6 0.0Maize (corn) 5.20 5.79 8.84 8.01 4.1 90.6 0.0Seeds, fruit and spores, of a kind used for

sowing6.90 7.87 6.47 5.49 2.8 84.9 0.0

Cereal grains 5.78 5.99 5.77 5.40 2.8 93.6 0.0Rice 6.38 6.36 6.41 5.23 2.7 81.6 0.0Malt, whether or not roasted 11.13 10.29 9.12 5.22 2.7 57.2 -0.1Soya beans 0.11 0.04 0.13 2.26 1.2 17.4 times 0.0Ground-nuts, not roasted 3.29 1.17 1.72 2.19 1.1 127.3 0.0III. Animal or vegetable fats and oils, of which:

28.37 30.03 25.58 20.28 0.5 79.3 -0.1

Margarine; edible mixtures or preparations of

animal or vegetable fats or oils13.64 13.59 14.91 12.14 59.9 81.4 -0.1

Palm oil 4.60 4.14 3.64 2.43 12.0 66.8 0.0Sunflower seed oil 5.60 7.18 2.78 1.71 8.4 61.5 0.0Animal or vegetable fats and oils and their

fractions, partly or wholly hydrogenated2.47 2.56 1.70 1.66 8.2 97.6 0.0

IV. Prepared foodstuffs, beverages, tobacco, of which:

380.05 403.46 339.59 272.18 6.8 80.1 -1.3

Cigars, cheroots, cigarillos and cigarettes 67.02 65.60 51.55 54.23 19.9 105.2 0.1Preparations of vegetables, fruit, nuts or other

parts of plants24.44 26.27 21.79 16.82 6.2 77.2 -0.1

Bread, pastry, cakes, biscuits and other bakers'

wares, whether or not containing cocoa22.21 25.61 22.15 15.64 5.7 70.6 -0.1

Undenatured ethyl alcohol, spirits, liqueurs

and other spirituous beverages33.42 41.46 25.63 15.54 5.7 60.6 -0.2

Chocolate and other food preparations

containing cocoa21.39 22.40 19.13 14.61 5.4 76.4 -0.1

Waters, including mineral waters 18.40 18.31 18.72 14.52 5.3 77.6 -0.1Sauces; condiments; mustard 17.32 18.79 17.24 13.20 4.8 76.6 -0.1Extracts, essences and concentrates, of coffee,

tea or maté 18.86 18.08 18.50 11.85 4.4 64.1 -0.1

Malt extract 11.28 12.48 12.59 9.71 3.6 77.1 -0.1Oil-cake and other solid residues 7.03 6.65 9.60 9.42 3.5 98.1 0.0Sugar confectionery, not containing cocoa 8.15 10.97 8.61 8.43 3.1 97.9 0.0Beer made from malt 14.36 13.64 11.25 7.97 2.9 70.8 -0.1Prepared or preserved fish 8.80 9.17 8.04 6.85 2.5 85.2 0.0Spaghetti, macaroni, noodles, lasagne, gnocchi,

ravioli, cannelloni; couscous6.69 6.53 6.84 5.15 1.9 75.3 0.0

Unmanufactured tobacco; tobacco refuse 14.74 10.50 8.53 4.75 1.7 55.7 -0.1Cane or beet sugar 20.82 25.21 7.40 3.68 1.4 49.7 -0.1

US$ million

$US million %

190

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p.p.***$US million %Cocoa paste 1.67 1.92 1.55 3.36 1.2 2.2 times 0.0Sausages and similar products, of meat, meat

offal or blood4.38 4.71 4.30 3.32 1.2 77.2 0.0

Lees 3.17 3.53 3.38 2.72 1.0 80.5 0.0

Prepared foods obtained by the swelling or

roasting of cereals or cereal products 2.87 3.42 3.23 2.61 1.0 80.8 0.0

Flour, powder and pellets of meat, for animal

consumption.1.79 2.56 3.65 2.59 1.0 71.0 0.0

Ice cream and other edible ice 1.97 2.10 1.80 2.10 0.8 116.7 0.0

V. Mineral products, of which: 1217.56 1256.72 1153.82 733.69 18.4 63.6 -7.9

Petroleum oils and oils obtained from

bituminous minerals584.82 620.66 581.21 396.34 54.0 68.2 -3.5

Petroleum gases and other gaseous

hydrocarbons496.47 457.78 458.35 288.99 39.4 63.1 -3.2

Coal; briquettes, ovoids and similar solid fuels

manufactured from coal24.20 27.02 16.14 18.73 2.6 116.0 0.0

Petroleum coke, petroleum bitumen and other

residues of petroleum oils31.84 25.58 25.89 10.16 1.4 39.2 -0.3

Hydraulic cements 2.10 1.85 1.37 5.06 0.7 369.3 0.1

Pebbles, gravel, broken or crushed stone, of a

kind commonly used for concrete aggregates,

for road metalling or for railway

6.63 9.15 8.25 4.94 0.7 59.9 -0.1

Salt 3.24 3.76 2.33 1.93 0.3 82.8 0.0Electrical energy 57.03 100.28 49.88 1.20 0.2 2.4 -0.9Gypsum; anhydrite; plasters whether or not

coloured1.82 1.88 2.00 1.09 0.1 54.5 0.0

Bituminous mixtures 1.24 1.58 2.21 0.82 0.1 37.1 0.0VI. Products of the chemical industries, of which:

558.16 627.02 624.47 495.86 12.4 79.4 -2.4

Medicaments 201.79 226.27 249.55 171.57 34.6 68.8 -1.5Insecticides, rodenticides, fungicides,

herbicides, anti-sprouting products and plant-

growth regulators, disinfectants and similar

products

53.86 61.40 58.13 54.12 10.9 93.1 -0.1

Fertilizers 40.71 53.09 51.95 51.44 10.4 99.0 0.0Soap, surface-active agents, washing and

cleaning preparations30.45 31.44 30.89 27.08 5.5 87.7 -0.1

Tanning extracts of vegetable origin; tannins

and their salts, ethers, esters and other

derivatives

32.23 33.27 33.96 27.08 5.5 79.7 -0.1

Soap 22.55 23.47 18.43 21.14 4.3 114.7 0.1Preparations for use on the hair 42.63 36.16 31.58 19.61 4.0 62.1 -0.2Organic chemicals 16.26 26.89 17.96 16.12 3.3 89.8 0.0Beauty or make-up preparations and

preparations for the care of the skin15.71 17.63 17.73 15.24 3.1 86.0 0.0

Inorganic chemicals 13.11 18.87 17.90 13.49 2.7 75.4 -0.1Human blood; animal blood for therapeutic,

prophylactic or diagnostic uses12.28 14.21 12.89 11.51 2.3 89.3 0.0

Pre-shave, shaving or after-shave

preparations, personal deodorants, bath

preparations, depilatories

11.19 13.61 12.91 10.20 2.1 79.0 -0.1

Perfumery, cosmetic or toilet preparations 7.31 8.35 8.57 6.60 1.3 77.0 0.0Diagnostic or laboratory reagents on a backing 6.35 6.79 7.79 6.04 1.2 77.5 0.0Lubricating preparations 6.40 6.96 7.47 5.94 1.2 79.5 0.0Preparations for oral or dental hygiene 4.46 4.92 4.40 5.30 1.1 120.5 0.0Binders 5.46 5.73 5.56 4.52 0.9 81.3 0.0Mixtures of odoriferous substances 4.37 4.34 4.63 4.38 0.9 94.6 0.0Anti-freezing preparation 3.31 3.22 2.82 2.06 0.4 73.0 0.0Wadding, gauze, bandages and similar articles 3.11 3.02 3.46 1.94 0.4 56.1 0.0VII. Plastics, rubber and articles thereof, of which:

304.16 320.61 328.45 254.05 6.4 77.3 -1.4

191

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Polymers 36.69 41.20 44.87 34.04 13.4 75.9 -0.2

New pneumatic tyres, of rubber 39.68 39.72 37.37 32.41 12.8 86.7 -0.1

Articles for the conveyance or packing, of

plastics25.98 28.75 29.34 23.42 9.2 79.8 -0.1

Monofilament 26.26 26.06 28.43 21.09 8.3 74.2 -0.1

Tubes, pipes and hoses 26.56 31.30 38.99 20.48 8.1 52.5 -0.3

Polyacetals, polycarbonates, polyesters 14.06 12.53 10.50 9.55 3.8 91.0 0.0

Tableware, kitchenware, other household

articles and hygienic or toilet articles, of

plastics

8.54 10.10 9.36 7.56 3.0 80.8 0.0

Builders' ware 9.58 11.31 10.24 7.36 2.9 71.9 -0.1Self-adhesive plates, sheets, film, foil, tape,

strip and other flat shapes4.48 4.80 4.65 3.89 1.5 83.7 0.0

Cellulose and its chemical derivatives 3.99 3.38 4.20 3.09 1.2 73.6 0.0

Synthetic rubber 7.04 7.89 6.61 2.93 1.2 44.3 -0.1

Conveyor or transmission belts 3.50 3.70 3.35 2.65 1.0 79.1 0.0

Floor coverings of plastics 3.15 3.55 3.34 2.32 0.9 69.5 0.0

Tubes, pipes and hoses, and fittings therefor,

of plastics3.63 3.24 2.44 1.85 0.7 75.8 0.0

Compounded rubber, unvulcanised, in

primary forms or in plates, sheets or strip9.44 5.94 4.54 1.68 0.7 37.0 -0.1


30.60 34.23 42.92 38.09 1.0 88.7 -0.1

Articles of apparel and clothing accessories, of

leather or of composition leather10.12 12.25 19.62 20.44 53.7 104.2 0.0

Tanned or crust hides 19.10 20.78 21.03 15.70 41.2 74.7 -0.1

Natural furs and artificial furs 1.38 1.20 2.27 1.95 5.1 85.9 0.0

IX. Wood and articles of wood, of which: 92.62 97.00 102.50 84.31 2.1 82.3 -0.3Particle board, oriented strand board and

similar board25.98 28.05 28.96 21.18 25.1 73.1 -0.1

Wood sawn or chipped lengthwise, sliced or

peeled17.40 19.63 21.90 21.00 24.9 95.9 0.0

Fibreboard of wood or other ligneous

materials15.29 15.63 18.71 15.24 18.1 81.5 -0.1

Builders' joinery and carpentry of wood 12.12 12.02 12.39 9.54 11.3 77.0 -0.1

Plywood, veneered panels and similar

laminated wood4.04 3.53 4.35 3.24 3.8 74.5 0.0

Wood continuously shaped 3.76 3.94 3.97 3.20 3.8 80.6 0.0

Wood in the rough 3.83 2.78 2.37 1.64 1.9 69.2 0.0


121.12 125.39 121.02 75.00 1.9 62.0 -0.9

Cartons, boxes, cases, bags and other packing

containers, of paper, paperboard; box files,

letter trays

9.03 9.41 9.59 8.27 11.0 86.2 0.0

Uncoated paper and paperboard, of a kind

used for writing, printing or other graphic

purposes

9.95 9.62 9.57 8.19 10.9 85.6 0.0

Toilet or facial tissue stock, towel or napkin

stock and similar paper of a kind used for

household or sanitary purposes, cellulose

wadding

32.00 39.65 35.40 7.71 10.3 21.8 -0.5

Wallpaper and similar wall coverings 8.59 9.14 9.14 6.53 8.7 71.4 0.0

Paper, paperboard, cellulose wadding and

webs of cellulose fibres, coated, impregnated,

covered, surface-coloured, surface- decorated

or printed

5.77 6.53 6.48 5.83 7.8 90.0 0.0

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Paper and paperboard, coated on one or both

sides with kaolin or other inorganic substances5.61 5.71 5.07 4.02 5.4 79.3 0.0

Labels, badges and similar articles of textile

materials5.61 5.71 5.07 4.02 5.4 79.3 0.0

Paper and paperboard, corrugated 3.20 2.85 2.96 3.07 4.1 103.7 0.0

Printed books, brochures, leaflets and similar

printed matter5.21 3.91 4.45 2.88 3.8 64.7 0.0

Registers, note books 6.28 5.94 4.78 2.70 3.6 56.5 0.0

Uncoated kraft paper and paperboard 2.93 3.38 3.47 2.57 3.4 74.1 0.0

Postage or revenue stamps, stamp-postmarks 5.13 3.00 1.91 1.71 2.3 89.5 0.0

Newspapers, journals and periodicals 4.40 3.97 2.81 1.46 1.9 52.0 0.0

Newsprint 1.23 1.27 1.72 1.13 1.5 65.7 0.0

XI. Textiles and textile articles, of which: 384.76 386.92 356.99 285.92 7.2 80.1 -1.3

Knitted or crocheted fabrics 57.27 60.77 59.79 45.98 16.1 76.9 -0.3



Man-made staple fibres 45.05 39.61 41.23 35.88 12.5 87.0 -0.1

Man-made filament 38.93 35.71 37.55 32.12 11.2 85.5 -0.1


other than knitted or crocheted35.08 42.76 39.64 31.61 11.1 79.7 -0.2

Cotton 25.23 26.79 26.63 26.60 9.3 99.9 0.0

Impregnated, coated, covered or laminated

textile fabrics; textile articles of a kind

suitable for industrial use

10.76 21.08 24.99 16.16 5.7 64.7 -0.2

Worn clothing 7.91 8.18 7.33 5.00 1.7 68.2 0.0

Bed linen, table linen, toilet linen and kitchen

linen8.03 6.66 5.10 3.72 1.3 72.9 0.0


33.58 34.01 30.23 18.83 0.5 62.3 -0.2

Footwear 24.81 25.82 20.97 13.45 71.4 64.1 -0.1

Parts of footwear 6.29 5.42 6.29 3.45 18.3 54.8 -0.1


129.18 140.55 134.30 101.84 2.6 75.8 -0.6

Glazed ceramic flags and paving 29.39 28.71 30.48 24.76 24.3 81.2 -0.1

Carboys, bottles and other containers, of glass 12.75 15.21 12.87 9.26 9.1 72.0 -0.1

Articles of cement, of concrete or of artificial

stone8.00 9.65 8.43 7.10 7.0 84.2 0.0

Glass fibres 5.40 6.98 7.20 7.06 6.9 98.1 0.0Articles of asphalt or of similar material 7.00 8.53 7.55 5.48 5.4 72.6 0.0

Glass mirrors, in sheets or plates 7.66 7.83 7.81 5.36 5.3 68.6 0.0

Glassware of a kind used for table, kitchen,

toilet, office, indoor decoration6.77 7.16 6.95 5.10 5.0 73.4 0.0

Ceramic sinks, wash basins, wash basin

pedestals, baths, bidets, water closet pans,

flushing cisterns, urinals and similar sanitary

fixtures

4.96 4.82 5.17 4.04 4.0 78.1 0.0

Table, kitchen or other household articles 7.95 9.18 7.78 3.99 3.9 51.3 -0.1Slag wool, rock wool and similar mineral

wools3.85 4.43 5.18 3.96 3.9 76.4 0.0

Worked monumental or building stone 6.34 5.38 4.81 3.95 3.9 82.1 0.0Articles of plaster or of compositions based on

plaster5.15 6.20 5.62 3.73 3.7 66.4 0.0

Articles of asbestos-cement, of cellulose fibre-

cement or the like7.46 8.62 6.17 3.66 3.6 59.3 0.0

Millstones, grindstones, grinding wheels and

the like, without frameworks1.91 1.98 2.17 1.81 1.8 83.4 0.0

193

2012 2013 2014 2015Structure*

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Safety glass 2.18 2.24 2.16 1.78 1.7 82.4 0.0

Glass mirrors 1.68 1.91 1.92 1.31 1.3 68.2 0.0


8.84 9.21 9.02 7.32 0.2 81.2 0.0

Articles of jewellery and parts thereof, of

precious metal or of metal clad with precious

metal

6.74 7.21 7.35 6.30 86.1 85.7 0.0


284.38 322.09 345.89 285.92 7.2 82.7 -1.1

Copper wire 1.17 7.50 46.11 48.01 16.8 104.1 0.0

Flat-rolled products of iron or non-alloy steel 44.17 50.17 50.14 41.39 14.5 82.5 -0.2

Tubes, pipes and hollow profiles 26.97 30.60 34.53 23.46 8.2 67.9 -0.2

Aluminium structures and parts of structures 25.38 28.69 25.51 22.83 8.0 89.5 -0.1

Nails, tacks, drawing pins, corrugated nails,

staples and similar articles11.06 12.46 12.61 9.72 3.4 77.1 -0.1

Profile of iron or non-alloy steel 10.27 12.78 11.45 8.15 2.9 71.2 -0.1

Tanks, casks, drums, cans, boxes and similar

containers, for any material of iron or steel12.17 10.93 12.34 5.93 2.1 48.1 -0.1

Radiators for central heating 8.60 8.10 7.54 5.68 2.0 75.3 0.0

Wire of iron or non-alloy steel 6.58 6.27 6.71 5.57 1.9 83.0 0.0Glassware of a kind used for table, kitchen,

toilet, office, indoor decoration or similar

purposes

5.81 6.39 5.56 4.58 1.6 82.4 0.0

Stoves, ranges, grates, cookers 6.13 5.35 5.28 3.58 1.3 67.8 0.0

Hygienic or toilet articles 2.90 2.25 2.18 1.71 0.6 78.4 0.0Railway or tramway track construction

material2.38 1.77 1.79 0.74 0.3 41.3 0.0


786.40 839.74 801.19 630.84 15.8 78.7 -3.2

Insulated wire, cable and other insulated

electric conductors115.30 125.30 91.39 82.22 13.0 90.0 -0.2

Telephone sets 74.89 76.16 62.84 59.46 9.4 94.6 -0.1

Electrical apparatus for switching or

protecting electrical circuits or for making

connections to or in electrical circuits

35.11 44.97 40.48 34.93 5.5 86.3 -0.1

Refrigerators, freezers and other refrigerating

or freezing equipment, electric or other, heat

pumps

32.32 30.36 30.09 22.29 3.5 74.1 -0.1

Machinery for the treatment of materials by a

process involving a change of temperature21.81 30.55 24.51 21.99 3.5 89.7 0.0

Pumps 28.42 26.77 26.24 20.75 3.3 79.1 -0.1

Automatic data processing machines and units

thereof30.80 33.63 33.28 19.88 3.2 59.7 -0.3

Harvesting or threshing machinery 16.61 19.73 34.81 19.29 3.1 55.4 -0.3

Monitors and projectors, not incorporating

television reception apparatus31.02 30.74 29.26 17.41 2.8 59.5 -0.2

Agricultural, horticultural or forestry

machinery for soil preparation or cultivation;

lawn or sports-ground rollers

20.62 21.21 23.98 15.62 2.5 65.1 -0.2

Centrifuges, including centrifugal dryers;

filtering or purifying machinery and

apparatus, for liquids or gases

17.29 16.66 16.68 13.93 2.2 83.5 -0.1

194

2012 2013 2014 2015Structure*

20152015 / 2014



Electric instantaneous or storage water

heaters and immersion heaters; electric space

heating apparatus and soil heating apparatus

19.32 19.76 21.49 13.81 2.2 64.3 -0.1

Taps, cocks, valves and similar appliances for

pipes, boiler shells, tanks, vats or the like13.07 16.96 18.69 13.45 2.1 72.0 -0.1

Central heating boilers 17.68 13.90 18.65 12.02 1.9 64.5 -0.1

Electrical transformers, static converters (for

example, rectifiers) and inductors10.97 13.64 9.93 9.03 1.4 90.9 0.0

Air conditioning machines 10.80 12.54 7.73 8.53 1.4 110.3 0.0

Washing machines 13.38 13.54 14.43 8.17 1.3 56.6 -0.1

Bulldozers 8.88 10.31 14.24 7.89 1.3 55.4 -0.1

Electric accumulators 8.37 8.89 8.88 7.64 1.2 86.0 0.0

Mechanical appliances for projecting,

dispersing or spraying liquids or powders7.47 7.65 8.52 7.18 1.1 84.3 0.0

Discs, tapes, solid-state non-volatile storage

devices5.38 6.01 5.15 6.77 1.1 131.5 0.0

Boards, panels, consoles, desks, cabinets and

other bases for electric control or the

distribution of electricity

8.67 9.15 7.21 6.72 1.1 93.2 0.0

Dishwashing machines; machinery for

cleaning or drying bottles or other containers10.00 10.12 13.47 6.35 1.0 47.1 -0.1

Machinery, apparatus and equipment for

printing6.78 7.29 9.08 5.47 0.9 60.2 -0.1

Electric motors and generators 3.70 4.46 3.78 5.04 0.8 133.3 0.0

Electronic integrated circuits 3.33 6.88 5.63 5.00 0.8 88.8 0.0

Tools for working in the hand, pneumatic,

hydraulic or with self-contained electric or

non-electric motor

5.10 5.51 6.52 4.53 0.7 69.5 0.0

Transmission shafts 3.66 4.26 3.94 4.11 0.7 104.3 0.0

Presses, crushers and similar machinery used

in the manufacture of wine, cider, fruit juices

or similar beverages

2.38 2.93 6.69 4.09 0.6 61.1 0.0

Machinery for sorting, screening, separating,

washing, crushing, grinding, mixing or

kneading earth, stone

6.21 6.44 8.16 4.04 0.6 49.5 -0.1

Transmission apparatus for radio-

broadcasting or television4.93 5.56 4.99 3.82 0.6 76.6 0.0

Ball or roller bearings 3.43 4.10 3.90 3.37 0.5 86.4 0.0

Sewing machines 2.56 3.92 2.92 2.79 0.4 95.5 0.0

Works trucks 2.61 3.15 3.02 2.76 0.4 91.4 0.0

Lamps and lighting fittings 4.74 5.01 4.99 2.75 0.4 55.1 0.0

Vacuum cleaners 3.82 3.32 3.97 2.61 0.4 65.7 0.0

Electro-mechanical domestic appliances, with

self-contained electric motor, other than

vacuum cleaners

3.60 3.34 3.42 2.36 0.4 69.0 0.0

XVII. Transportation means, of which: 304.79 300.38 329.69 191.89 4.8 58.2 -2.6Motor cars and other motor vehicles

principally designed for the transport of

persons

118.66 139.08 149.95 93.68 48.8 62.5 -1.1

Tractors 54.43 48.93 60.69 31.75 16.5 52.3 -0.5

Parts and accessories of the motor vehicles 59.00 57.43 37.28 29.54 15.4 79.2 -0.1

Motor vehicles for the transport of goods 15.36 16.53 16.74 11.03 5.7 65.9 -0.1

Trailers and semi-trailers 14.90 14.30 17.05 9.85 5.1 57.8 -0.1

Motor vehicles designed for orher use than the

transport of goods and persons5.76 4.64 6.92 6.34 3.3 91.6 0.0

Bicycles 1.91 1.79 2.30 1.44 0.8 62.6 0.0

195

2012 2013 2014 2015Structure*

20152015 / 2014



Motorcycles 1.80 1.87 1.94 0.78 0.4 40.2 0.0


80.21 82.87 95.57 79.54 2.0 83.2 -0.3

Instruments and appliances used in medical,

surgical, dental or veterinary sciences20.90 21.44 31.09 30.62 38.5 98.5 0.0

Instruments and apparatus for physical or

chemical analysis3.88 5.95 6.11 8.82 11.1 144.4 0.1

Apparatus based on the use of X-rays or of

alpha, beta or gamma radiations9.92 5.21 12.97 7.62 9.6 58.8 -0.1

Orthopaedic appliances 6.70 7.87 8.35 6.54 8.2 78.3 0.0

Gas meters 9.82 8.04 6.04 3.62 4.6 59.9 0.0

Clocks and watches and parts thereof 2.13 2.52 2.45 2.69 3.4 109.8 0.0

Mechano-therapy appliances; massage

apparatus; ozone therapy apparatus3.52 2.10 3.03 1.96 2.5 64.7 0.0

Automatic regulating or controlling

instruments and apparatus4.14 3.68 4.32 1.84 2.3 42.6 0.0

Oscilloscopes, spectrum analysers and other

instruments and apparatus for measuring or

checking electrical quantities

1.87 4.73 3.96 1.82 2.3 46.0 0.0

Instruments and apparatus for measuring or

checking the flow, level, pressure or other

variables of liquids or gases

2.92 2.62 2.16 1.59 2.0 73.6 0.0

Other, of which 133.25 131.86 121.56 117.15 2.9 96.4 -0.1

Furniture 68.28 67.29 58.19 40.73 34.8 70.0 -0.3

Sanitary towels and tampons, napkins 0.00 0.00 0.00 19.66 16.8 0.4

Lamps and lighting fittings 11.12 13.68 12.50 10.79 9.2 86.3 0.0

Tricycles, scooters, pedal cars and similar

wheeled toys15.39 13.16 11.26 8.25 7.0 73.3 -0.1

Slide fasteners and parts thereof 6.27 7.81 9.29 7.49 6.4 80.6 0.0

Prefabricated buildings 3.61 1.60 4.03 3.71 3.2 92.1 0.0

Mattress supports; articles of bedding and

similar furnishing5.04 4.94 4.21 3.53 3.0 83.8 0.0

Buttons, press-fasteners, snap-fasteners and

press-studs4.29 3.54 3.74 3.26 2.8 87.2 0.0

Articles and equipment for general physical

exercise, gymnastics, athletics, other sports3.81 2.96 4.34 3.20 2.7 73.7 0.0

Brooms, brushes, hand-operated mechanical

floor sweepers, not motorised, mops and

feather dusters

3.42 3.53 3.66 2.95 2.5 80.6 0.0


* The share of group in total exports is indicated, whereas for specific items their share in the group total is shown

imports growth (+) / decrease (-)*** Percentage points

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* revised data

199

US$ million

total changes

BOP transactions

price changes

exchange rate

changes

International investment position (net) -5,598.53 51.06 -200.57 -1.81 253.44 -5,547.47 Assets 3,711.60 -230.75 -95.35 0.28 -135.68 3,480.85 Direct investment abroad 179.50 9.33 9.33 188.83 Equity capital 169.24 8.07 8.07 177.31 Claims on affiliated enterprises 169.24 8.07 8.07 177.31 Other sectors 169.24 8.07 8.07 177.31 Other capital 10.26 1.26 1.26 11.52 Claims on affiliated enterprises 10.26 1.26 1.26 11.52 Other sectors 10.26 1.26 1.26 11.52 Portfolio investment 3.78 0.81 0.81 4.59 Equity securities 1.95 1.15 1.15 3.10 General government 0.39 0.39 Other sectors 1.56 1.15 1.15 2.71 Debt securities 1.83 -0.34 -0.34 1.49 Bonds and notes 1.83 -0.34 -0.34 1.49 Banks 1.71 -0.34 -0.34 1.37 Other sectors 0.12 0.12 Financial derivatives 4.00 4.00 Banks 4.00 4.00 Other investment 1,367.69 163.48 207.27 -43.79 1,531.17 Trade credits 95.89 -14.41 -11.19 -3.22 81.48 Other sectors 95.89 -14.41 -11.19 -3.22 81.48 Short-term 95.89 -14.41 -11.19 -3.22 81.48 Loans 77.39 2.70 2.70 80.09 Banks 8.55 -0.24 -0.24 8.31 Long-term 8.32 -0.01 -0.01 8.31 Short-term 0.23 -0.23 -0.23 Other sectors 68.84 2.94 2.94 71.78 Long-term 64.08 2.97 2.97 67.05 Short-term 4.76 -0.03 -0.03 4.73 Currency and deposits 906.39 175.19 215.76 -40.57 1,081.58 Banks 593.04 83.07 123.25 -40.18 676.11 Other sectors 313.35 92.12 92.51 -0.39 405.47 Other assets 288.02 288.02 Other sectors 288.02 288.02 Long-term 9.02 9.02 Short-term 279.00 279.00 Reserve assets 2,156.63 -404.37 -312.76 0.28 -91.89 1,752.26 Monetary gold 2.83 2.83 Special Drawing Rights 1.19 0.97 1.09 -0.12 2.16 Reserve position in the Fund 0.01 0.01 Foreign exchange 2,152.60 -405.34 -313.85 0.28 -91.77 1,747.26 Currency and deposits 841.51 -280.84 -247.95 -32.89 560.67 With monetary authorities 154.08 -53.48 -43.35 -10.13 100.60 With banks 687.43 -227.36 -204.60 -22.76 460.07 Securities 1,311.09 -124.50 -65.90 0.28 -58.88 1,186.59 Money market instruments 1,311.09 -124.50 -65.90 0.28 -58.88 1,186.59 Liabilities 9,310.13 -281.81 105.22 2.09 -389.12 9,028.32 Direct investment in reporting economy 3,613.78 -121.87 82.40 2.09 -206.36 3,491.91 Equity capital 2,191.08 -158.32 19.38 2.09 -179.79 2,032.76 Liabilities to direct investors 2,191.08 -158.32 19.38 2.09 -179.79 2,032.76 Banks 253.65 -38.95 -0.90 -38.05 214.70 Other sectors 1,937.43 -119.37 20.28 2.09 -141.74 1,818.06 Reinvested earnings 470.12 42.87 42.87 512.99 Liabilities 470.12 42.87 42.87 512.99 Banks 59.54 5.31 5.31 64.85 Other sectors 410.58 37.56 37.56 448.14

Annex 22. International investment position of the Republic of Moldova as of 31.03.2015, with additional details

Position as of

31.12.2014*

Position as of

31.03.2015*

Changes reflecting

200

total changes

BOP transactions

price changes

exchange rate

changes

Position as of

31.12.2014*

Position as of

31.03.2015*

Changes reflecting

Other capital 952.58 -6.42 20.15 -26.57 946.16 Claims on direct investors -38.66 5.73 5.73 -32.93 Other sectors -38.66 5.73 5.73 -32.93 Liabilities to direct investors 991.24 -12.15 14.42 -26.57 979.09 Other sectors 991.24 -12.15 14.42 -26.57 979.09 Portfolio investment 113.27 2.20 2.20 115.47 Equity securities 113.18 2.20 2.20 115.38 Banks 89.53 1.93 1.93 91.46 Other sectors 23.65 0.27 0.27 23.92 Debt securities 0.09 0.09 Bonds and notes 0.09 0.09 Other sectors 0.09 0.09 Financial derivatives 4.08 0.14 0.14 4.22 Banks 4.08 0.14 0.14 4.22 Other investment 5,579.00 -162.28 20.48 -182.76 5,416.72 Trade credits 1,136.92 -25.03 13.86 -38.89 1,111.89 Other sectors 1,136.92 -25.03 13.86 -38.89 1,111.89 Short-term 1,136.92 -25.03 13.86 -38.89 1,111.89 Loans 3,060.03 -148.07 -23.72 -124.35 2,911.96 Monetary authorities 390.70 -28.29 -10.96 -17.33 362.41 Long-term 390.70 -28.29 -10.96 -17.33 362.41 Use of Fund credit and loans 390.70 -28.29 -10.96 -17.33 362.41 General government 1,149.88 -40.73 20.06 -60.79 1,109.15 Long-term 1,149.88 -40.73 20.06 -60.79 1,109.15 Use of Fund credit and loans 137.60 -6.17 -6.17 131.43 Other long-term loans 1,012.28 -34.56 20.06 -54.62 977.72 Banks 337.63 -29.84 -19.19 -10.65 307.79 Long-term 300.52 -29.98 -19.33 -10.65 270.54 Short-term 37.11 0.14 0.14 37.25 Other sectors 1,181.82 -49.21 -13.63 -35.58 1,132.61 Long-term 1,162.56 -52.11 -16.70 -35.41 1,110.45 Short-term 19.26 2.90 3.07 -0.17 22.16 Currency and deposits 233.57 -54.10 -42.21 -11.89 179.47 Banks 233.57 -54.10 -42.21 -11.89 179.47 Other liabilities 977.99 72.55 72.55 1,050.54 Banks 8.11 8.11 Short-term 8.11 8.11 Other sectors 969.88 72.55 72.55 1,042.43 Short-term 969.88 72.55 72.55 1,042.43 SDR allocation 170.49 -7.63 -7.63 162.86 General government 170.49 -7.63 -7.63 162.86

201

total changes

BOP transactions

price changes

exchange rate

changes

other changes

International investment position (net) -5,547.47 -86.80 -125.03 -6.24 44.26 0.21 -5,634.27 Assets 3,480.85 -4.40 -46.57 -1.31 43.48 3,476.45


Equity capital 177.31 2.64 2.64 179.95

Claims on affiliated enterprises 177.31 2.64 2.64 179.95

Other sectors 177.31 2.64 2.64 179.95

Other capital 11.52 0.56 0.56 12.08


Other sectors 11.52 0.56 0.56 12.08

Portfolio investment 4.59 -0.17 -0.17 4.42

Equity securities 3.10 -0.03 -0.03 3.07


Other sectors 2.71 -0.03 -0.03 2.68

Debt securities 1.49 -0.14 -0.14 1.35

Bonds and notes 1.49 -0.14 -0.14 1.35

Banks 1.37 -0.14 -0.14 1.23


Financial derivatives 4.00 4.00

Banks 4.00 4.00

Other investment 1,531.17 -42.97 -58.61 15.64 1,488.20

Trade credits 81.48 2.30 -3.13 5.43 83.78

Other sectors 81.48 2.30 -3.13 5.43 83.78

Short-term 81.48 2.30 -3.13 5.43 83.78

Loans 80.09 -4.57 -4.57 75.52

Banks 8.31 -0.33 -0.33 7.98

Long-term 8.31 -0.33 -0.33 7.98

Other sectors 71.78 -4.24 -4.24 67.54

Long-term 67.05 -3.71 -3.71 63.34

Short-term 4.73 -0.53 -0.53 4.20

Currency and deposits 1,081.58 -40.70 -50.91 10.21 1,040.88

Banks 676.11 -51.20 -61.17 9.97 624.91

Other sectors 405.47 10.50 10.26 0.24 415.97

Other assets 288.02 288.02


Long-term 9.02 9.02

Short-term 279.00 279.00

Reserve assets 1,752.26 35.54 9.01 -1.31 27.84 1,787.80

Monetary gold 2.83 -0.03 -0.03 2.80

Special Drawing Rights 2.16 15.15 15.18 -0.03 17.31

Reserve position in the Fund 0.01 0.01

Foreign exchange 1,747.26 20.42 -6.17 -1.28 27.87 1,767.68

Currency and deposits 560.67 7.30 -4.39 11.69 567.97

With monetary authorities 100.60 30.67 29.50 1.17 131.27

With banks 460.07 -23.37 -33.89 10.52 436.70

Securities 1,186.59 13.12 -1.78 -1.28 16.18 1,199.71

Money market instruments 1,186.59 13.12 -1.78 -1.28 16.18 1,199.71

Liabilities 9,028.32 82.40 78.46 4.93 -0.78 -0.21 9,110.72

Direct investment in reporting economy 3,491.91 58.88 99.22 4.93 -45.27 3,550.79

Equity capital 2,032.76 -27.93 18.38 4.93 -51.24 2,004.83

Liabilities to direct investors 2,032.76 -27.93 18.38 4.93 -51.24 2,004.83

Banks 214.70 -2.06 1.04 0.91 -4.01 212.64

Other sectors 1,818.06 -25.87 17.34 4.02 -47.23 1,792.19

Reinvested earnings 512.99 81.28 81.28 594.27

Liabilities 512.99 81.28 81.28 594.27

Banks 64.85 6.90 6.90 71.75


US$ million

Position as of 31.03.

2015*

Position as of

30.06.2015*

Changes reflecting

202

total changes

BOP transactions

price changes

exchange rate

changes

other changes


2015*

Position as of

30.06.2015*

Changes reflecting

Other sectors 448.14 74.38 74.38 522.52

Other capital 946.16 5.53 -0.44 5.97 951.69

Claims on direct investors -32.93 2.67 2.67 -30.26

Other sectors -32.93 2.67 2.67 -30.26

Liabilities to direct investors 979.09 2.86 -3.11 5.97 981.95

Other sectors 979.09 2.86 -3.11 5.97 981.95

Portfolio investment 115.47 1.33 1.33 116.80

Equity securities 115.38 1.26 1.26 116.64

Banks 91.46 1.26 1.26 92.72


Debt securities 0.09 0.07 0.07 0.16

Bonds and notes 0.09 0.09 Other sectors 0.09 0.09

Instrumente ale pieţei monetare 0.07 0.07 0.07

Sector guvernamental 0.07 0.07 0.07

Financial derivatives 4.22 0.23 0.23 4.45

Banks 4.22 0.23 0.23 4.45

Other investment 5,416.72 21.96 -22.32 44.49 -0.21 5,438.68

Trade credits 1,111.89 41.20 31.27 9.93 1,153.09

Other sectors 1,111.89 41.20 31.27 9.93 1,153.09

Short-term 1,111.89 41.20 31.27 9.93 1,153.09

Loans 2,911.96 11.89 -18.49 30.38 2,923.85

Monetary authorities 362.41 -0.92 -6.14 5.22 361.49

Long-term 362.41 -0.92 -6.14 5.22 361.49

Use of Fund credit and loans 362.41 -0.92 -6.14 5.22 361.49 General government 1,109.15 33.27 18.20 15.07 1,142.42

Long-term 1,109.15 33.27 18.20 15.07 1,142.42

Use of Fund credit and loans 131.43 1.88 1.88 133.31 Other long-term loans 977.72 31.39 18.20 13.19 1,009.11

Banks 307.79 -35.24 -37.32 2.08 272.55

Long-term 270.54 -35.22 -37.30 2.08 235.32

Short-term 37.25 -0.02 -0.02 37.23

Other sectors 1,132.61 14.78 6.77 8.01 1,147.39

Long-term 1,110.45 14.71 6.74 7.97 1,125.16

Short-term 22.16 0.07 0.03 0.04 22.23

Currency and deposits 179.47 -16.41 -18.27 1.86 163.06

Banks 179.47 -16.41 -18.27 1.86 163.06

Other liabilities 1,050.54 -17.04 -16.83 -0.21 1,033.50

Banks 8.11 0.25 0.25 8.36

Short-term 8.11 0.25 0.25 8.36

Other sectors 1,042.43 -17.29 -17.08 -0.21 1,025.14

Short-term 1,042.43 -17.29 -17.08 -0.21 1,025.14

SDR allocation 162.86 2.32 2.32 165.18

General government 162.86 2.32 2.32 165.18

203

total changes

BOP transactions

price changes

exchange rate

changes

other changes

International investment position (net) -5,634.27 -5.06 -92.59 -4.70 88.41 3.82 -5,639.33 Assets 3,476.45 -44.38 -44.81 -0.48 0.91 3,432.07


Equity capital 179.95 1.63 1.63 181.58


Other sectors 179.95 1.63 1.63 181.58

Other capital 12.08 0.30 0.30 12.38


Other sectors 12.08 0.30 0.30 12.38

Portfolio investment 4.42 0.45 0.45 4.87

Equity securities 3.07 3.07



Debt securities 1.35 0.45 0.45 1.80

Bonds and notes 1.35 0.45 0.45 1.80

Banks 1.23 0.45 0.45 1.68



Banks 4.00 4.00

Other investment 1,488.20 -28.33 -31.12 2.79 1,459.87

Trade credits 83.78 -19.58 -20.27 0.69 64.20

Other sectors 83.78 -19.58 -20.27 0.69 64.20

Short-term 83.78 -19.58 -20.27 0.69 64.20

Loans 75.52 0.45 0.45 75.97

Banks 7.98 -0.02 -0.02 7.96

Long-term 7.98 -0.02 -0.02 7.96

Other sectors 67.54 0.47 0.47 68.01

Long-term 63.34 0.46 0.46 63.80

Short-term 4.20 0.01 0.01 4.21

Currency and deposits 1,040.88 -9.20 -11.30 2.10 1,031.68

Banks 624.91 -19.68 -21.03 1.35 605.23

Other sectors 415.97 10.48 9.73 0.75 426.45



Long-term 9.02 9.02

Short-term 279.00 279.00

Reserve assets 1,787.80 -18.43 -16.07 -0.48 -1.88 1,769.37

Monetary gold 2.80 -0.12 -0.12 2.68

Special Drawing Rights 17.31 -12.42 -12.35 -0.07 4.89


Foreign exchange 1,767.68 -5.89 -3.72 -0.36 -1.81 1,761.79

Currency and deposits 567.97 43.57 46.47 -2.90 611.54

With monetary authorities 131.27 -14.82 -14.53 -0.29 116.45

With banks 436.70 58.39 61.00 -2.61 495.09

Securities 1,199.71 -49.46 -50.19 -0.36 1.09 1,150.25

Money market instruments 1,199.71 -49.46 -50.19 -0.36 1.09 1,150.25

Liabilities 9,110.72 -39.32 47.78 4.22 -87.50 -3.82 9,071.40

Direct investment in reporting economy 3,550.79 -76.48 9.83 4.22 -90.53 3,474.31

Equity capital 2,004.83 -72.76 15.40 4.22 -92.38 1,932.07

Liabilities to direct investors 2,004.83 -72.76 15.40 4.22 -92.38 1,932.07

Banks 212.64 -14.89 -14.89 197.75

Other sectors 1,792.19 -57.87 15.40 4.22 -77.49 1,734.32

Reinvested earnings 594.27 14.92 14.92 609.19

Liabilities 594.27 14.92 14.92 609.19

Banks 71.75 5.41 5.41 77.16



2015*


2015*

US$ million

Changes reflecting

204

total changes

BOP transactions

price changes

exchange rate

changes

other changes


2015*


2015*

Changes reflecting

Other sectors 522.52 9.51 9.51 532.03

Other capital 951.69 -18.64 -20.49 1.85 933.05

Claims on direct investors -30.26 2.96 2.96 -27.30

Other sectors -30.26 2.96 2.96 -27.30

Liabilities to direct investors 981.95 -21.60 -23.45 1.85 960.35

Other sectors 981.95 -21.60 -23.45 1.85 960.35

Portfolio investment 116.80 116.80


Banks 92.72 92.72




Instrumente ale pieţei monetare 0.07 0.07

Sector guvernamental 0.07 0.07


Banks 4.45 0.26 0.26 4.71

Other investment 5,438.68 36.90 37.69 3.03 -3.82 5,475.58

Trade credits 1,153.09 25.78 26.64 -0.86 1,178.87

Other sectors 1,153.09 25.78 26.64 -0.86 1,178.87

Short-term 1,153.09 25.78 26.64 -0.86 1,178.87

Loans 2,923.85 42.43 42.02 4.23 -3.82 2,966.28

Monetary authorities 361.49 -10.55 -10.88 0.33 350.94

Long-term 361.49 -10.55 -10.88 0.33 350.94

Use of Fund credit and loans 361.49 -10.55 -10.88 0.33 350.94 General government 1,142.42 43.54 38.59 4.95 1,185.96

Long-term 1,142.42 43.54 38.59 4.95 1,185.96

Use of Fund credit and loans 133.31 -5.48 -5.56 0.08 127.83

Other long-term loans 1,009.11 49.02 44.15 4.87 1,058.13

Banks 272.55 -16.07 -16.79 0.72 256.48

Long-term 235.32 -16.06 -16.78 0.72 219.26

Short-term 37.23 -0.01 -0.01 37.22

Other sectors 1,147.39 25.51 31.10 -1.77 -3.82 1,172.90

Long-term 1,125.16 24.48 30.10 -1.80 -3.82 1,149.64

Short-term 22.23 1.03 1.00 0.03 23.26


Banks 163.06 -7.51 -6.99 -0.52 155.55

Other liabilities 1,033.50 -23.98 -23.98 1,009.52

Banks 8.36 -0.62 -0.62 7.74

Short-term 8.36 -0.62 -0.62 7.74

Other sectors 1,025.14 -23.36 -23.36 1,001.78

Short-term 1,025.14 -23.36 -23.36 1,001.78

SDR allocation 165.18 0.18 0.18 165.36

General government 165.18 0.18 0.18 165.36

205

milioane USD

total changes

BOP transactions

price changes

exchange rate

changes

International investment position (net) -5,639.33 -14.84 -25.53 6.85 3.84 -5,654.17 Assets 3,432.07 -96.43 -59.66 -2.29 -34.48 3,335.64


Equity capital 181.58 3.24 3.24 184.82


Other sectors 181.58 3.24 3.24 184.82

Other capital 12.38 -0.11 -0.11 12.27

Claims on affiliated enterprises 12.38 -0.11 -0.11 12.27

Other sectors 12.38 -0.11 -0.11 12.27





Debt securities 1.80 -0.04 -0.04 1.76

Bonds and notes 1.80 -0.04 -0.04 1.76

Banks 1.68 -0.04 -0.04 1.64



Banks 4.00 4.00

Other investment 1,459.87 -86.96 -76.08 -10.88 1,372.91

Trade credits 64.20 -12.33 -11.60 -0.73 51.87

Other sectors 64.20 -12.33 -11.60 -0.73 51.87

Short-term 64.20 -12.33 -11.60 -0.73 51.87

Loans 75.97 0.38 0.38 76.35

Banks 7.96 -0.04 -0.04 7.92

Long-term 7.96 -0.04 -0.04 7.92

Other sectors 68.01 0.42 0.42 68.43

Long-term 63.80 0.44 0.44 64.24

Short-term 4.21 -0.02 -0.02 4.19

Currency and deposits 1,031.68 -75.01 -64.86 -10.15 956.67

Banks 605.23 -81.56 -71.54 -10.02 523.67

Other sectors 426.45 6.55 6.68 -0.13 433.00



Long-term 9.02 9.02

Short-term 279.00 279.00

Reserve assets 1,769.37 -12.56 13.33 -2.29 -23.60 1,756.81

Monetary gold 2.68 -0.13 -0.13 2.55

Special Drawing Rights 4.89 12.80 12.97 -0.17 17.69


Foreign exchange 1,761.79 -25.23 0.36 -2.16 -23.43 1,736.56

Currency and deposits 611.54 136.55 147.65 -11.10 748.09

With monetary authorities 116.45 -7.30 -4.45 -2.85 109.15

With banks 495.09 143.85 152.10 -8.25 638.94

Securities 1,150.25 -161.78 -147.29 -2.16 -12.33 988.47

Money market instruments 1,150.25 -161.78 -147.29 -2.16 -12.33 988.47

Liabilities 9,071.40 -81.59 -34.13 -9.14 -38.32 8,989.81

Direct investment in reporting economy 3,474.31 -8.24 -8.98 -9.14 9.88 3,466.07

Equity capital 1,932.07 25.31 18.96 -9.14 15.49 1,957.38

Liabilities to direct investors 1,932.07 25.31 18.96 -9.14 15.49 1,957.38

Banks 197.75 4.52 4.52 202.27

Other sectors 1,734.32 20.79 18.96 -9.14 10.97 1,755.11

Reinvested earnings 609.19 -16.02 -16.02 593.17

Liabilities 609.19 -16.02 -16.02 593.17

Banks 77.16 5.50 5.50 82.66


2015*


2015*

Changes reflecting


206

total changes

BOP transactions

price changes

exchange rate

changes


2015*


2015*

Changes reflecting

Other sectors 532.03 -21.52 -21.52 510.51

Other capital 933.05 -17.53 -11.92 -5.61 915.52

Claims on direct investors -27.30 -0.24 -0.24 -27.54

Other sectors -27.30 -0.24 -0.24 -27.54

Liabilities to direct investors 960.35 -17.29 -11.68 -5.61 943.06

Other sectors 960.35 -17.29 -11.68 -5.61 943.06


Equity securities 116.64 -0.21 -0.21 116.43

Banks 92.72 92.72

Other sectors 23.92 -0.21 -0.21 23.71



Instrumente ale pieţei monetare 0.07 0.07

Sector guvernamental 0.07 0.07


Banks 4.71 0.07 0.07 4.78

Other investment 5,475.58 -73.21 -25.01 -48.20 5,402.37

Trade credits 1,178.87 -32.27 -19.78 -12.49 1,146.60

Other sectors 1,178.87 -32.27 -19.78 -12.49 1,146.60

Short-term 1,178.87 -32.27 -19.78 -12.49 1,146.60

Loans 2,966.28 -27.05 4.77 -31.82 2,939.23

Monetary authorities 350.94 -11.65 -7.18 -4.47 339.29

Long-term 350.94 -11.65 -7.18 -4.47 339.29

Use of Fund credit and loans 350.94 -11.65 -7.18 -4.47 339.29 General government 1,185.96 4.48 21.47 -16.99 1,190.44

Long-term 1,185.96 4.48 21.47 -16.99 1,190.44

Use of Fund credit and loans 127.83 -1.63 -1.63 126.20 Other long-term loans 1,058.13 6.11 21.47 -15.36 1,064.24

Banks 256.48 -14.04 -12.03 -2.01 242.44

Long-term 219.26 -14.08 -12.07 -2.01 205.18

Short-term 37.22 0.04 0.04 37.26

Other sectors 1,172.90 -5.84 2.51 -8.35 1,167.06

Long-term 1,149.64 -6.19 2.13 -8.32 1,143.45

Short-term 23.26 0.35 0.38 -0.03 23.61


Banks 155.55 -54.06 -52.28 -1.78 101.49

Other liabilities 1,009.52 42.28 42.28 1,051.80

Banks 7.74 -0.10 -0.10 7.64

Short-term 7.74 -0.10 -0.10 7.64

Other sectors 1,001.78 42.38 42.38 1,044.16

Short-term 1,001.78 42.38 42.38 1,044.16

SDR allocation 165.36 -2.11 -2.11 163.25

General government 165.36 -2.11 -2.11 163.25

207

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An

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* revised data

An

nex

27.

In

tern

atio

nal

in

vest

men

t p

osi

tio

n o

f th

e R

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9-31

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2015

, an

aly

tica

l pre

sen

tati

on

, by

mat

uri

tyU

S$ m

illi

on

209

2009 2010 2011 2012 2013 2014 2015

General govenrment 957.50 1,116.18 1,157.92 1,265.59 1,305.17 1,320.37 1,353.69

Long-term 957.50 1,116.18 1,157.92 1,265.59 1,305.17 1,320.37 1,353.69

Loans 773.63 934.89 977.77 1,084.14 1,123.89 1,149.88 1,190.44

SDR allocations 183.87 181.28 180.15 181.45 181.28 170.49 163.25

Central bank 153.33 204.24 327.05 467.34 445.07 390.70 339.29

Long-term 153.33 204.24 327.05 467.34 445.07 390.70 339.29

Loans 153.33 204.24 327.05 467.34 445.07 390.70 339.29

Deposit-taking corporations, except central bank 458.53 407.49 544.95 581.83 856.84 579.32 351.57

Short-term 189.98 113.18 184.17 189.32 423.37 278.80 146.39

Loans 10.60 10.60 28.85 38.85 42.56 37.12 37.26

Currency and deposits 179.38 101.97 148.99 144.80 371.33 233.57 101.49

Other debt liabilities 0.00 0.61 6.33 5.67 9.48 8.11 7.64

Long-term 268.55 294.31 360.78 392.51 433.47 300.52 205.18

Loans 268.55 294.31 360.78 392.51 433.47 300.52 205.18

Other sectors 1,661.76 1,804.20 2,037.97 2,254.17 2,485.56 2,578.83 2,592.65

Short-term 831.36 937.29 1,094.72 1,118.78 1,237.51 1,266.15 1,277.12

Loans 17.30 24.63 26.91 30.81 79.20 41.49 46.78

Trade credits and advances 683.96 775.72 947.34 987.77 1,066.57 1,136.92 1,146.60

Other debt liabilities 130.11 136.95 120.46 100.20 91.74 87.74 83.74

of which the debt for energy resources 128.49 123.75 118.84 94.12 90.12 86.12 82.12

Long-term 830.40 866.91 943.25 1,135.39 1,248.05 1,312.68 1,315.53

Loans 830.40 866.91 943.25 1,135.39 1,248.05 1,312.68 1,315.53

Direct investment: intercompany lending 1,096.71 1,179.68 1,291.46 1,450.91 1,581.74 1,701.04 1,708.23

Debt liabilities to direct investors 1,096.71 1,179.68 1,291.46 1,450.91 1,581.74 1,701.04 1,708.23

Short-term 13.54 9.71 12.99 12.40

Long-term 1,096.71 1,179.68 1,284.44 1,437.37 1,572.03 1,688.05 1,695.83

TOTAL 4,327.83 4,711.79 5,359.35 6,019.84 6,674.38 6,570.26 6,345.43

Annex 28. Gross external debt of the Republic of Moldova for 31.12.2009-31.12.2015, by sector

US$ million

210

Among its fundamental duties and in accordance with Article 5, letter k) of the Law on the National Bank of Moldova, the National Bank of Moldova, Reporting and Statistics Department, is in charge of compiling the balance of payments, international investment position and external debt of the Republic of Moldova. ISBN 978-9975-3015-5-8 ISBN 978-9975-3136-9-8

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