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Balance of payments |
During the year 2001, the Colombian current account of the balance of payments presented a US$1.7 billion deficit, (2.0% of the GDP), in contrast with the US$391m surplus obtained in 2000. This situation was due to the decrease of the trade balance and to the investment income increase. In fact, while the trade surplus reduced by US$2.0 billion (from US$2.5 billion to US$491 million between 2000 and 2001), the expenditures of dividends and utilities increased by US$363 million. On the other hand, the capital account showed net income of US$2.5 billion, US$1.9 billion higher than the received one in equal period of 2000. The positive net flows are explained by the long-term capital flows, which grew to US$4.8 billion, offsetting the short-term capital outflows, which reached US$2.4 billion. At the end of the year 2001, international reserves stood at US$10.2 billion, equivalent to 9.8 months of goods imports, 7.6 months of goods and services and 2.8 times the short-term external debt balance.
BALANCE OF PAYMENTS 1/
(US$ millions)
| 2000 pr I Q. |
2000 pr II Q. |
2000 pr III Q |
2000 pr IV Q. |
2000 pr |
2001 pr I Q. |
2001 pr II Q. |
2001 pr III Q. |
2001 pr IV Q. |
2001 pr |
|
| I. CURRENT ACCOUNT | -18 | -42 | 263 | 189 | 391 | -664 | -443 | -207 | -379 | -1,693 |
| Trade balance | 540 | 542 | 764 | 685 | 2,531 | 37 | 37 | 321 | 96 | 491 |
| Non-factorial services | -275 | -305 | -325 | -364 | -1,270 | -317 | -345 | -328 | -351 | -1,341 |
| Factorial income | -720 | -647 | -588 | -576 | -2,530 | -794 | -738 | -730 | -675 | -2,936 |
| Current transfers | 437 | 369 | 411 | 443 | 1,660 | 409 | 602 | 530 | 551 | 2,093 |
| II. CAPITAL AND FINANCIAL ACCOUNT | 81 | 35 | 58 | 415 | 590 | 862 | 494 | 302 | 795 | 2,453 |
| Long-term financial flows | 448 | -89 | 811 | 987 | 2,157 | 1,111 | 1,972 | 530 | 1,215 | 4,828 |
| Net direct investment | 317 | 372 | 718 | 717 | 2,125 | 482 | 778 | 398 | 417 | 2,074 |
| External debt 2/ | 136 | -461 | 125 | 272 | 72 | 634 | 1,194 | 157 | 804 | 2,789 |
| Other long-term movements | -6 | 0 | -32 | -2 | -40 | -5 | 0 | -25 | -5 | -35 |
| Short-term financial flows | -367 | 125 | -753 | -572 | -1,567 | -249 | -1,478 | -228 | -420 | -2,375 |
| Portfolio investment | -114 | -304 | -343 | -236 | -997 | -436 | -1,506 | -547 | -1,000 | -3,489 |
| Other short-term movements 3/ | -253 | 429 | -411 | -336 | -571 | 186 | 28 | 319 | 580 | 1,114 |
| III. OTHERS | 153 | 108 | -5 | -368 | -112 | 118 | 18 | 106 | 165 | 407 |
| IV. CHANGE IN NET INTERNATIONAL RESERVES | 215 | 102 | 316 | 236 | 869 | 316 | 68 | 201 | 581 | 1,166 |
| V. CURRENT ACCOUNT / GDP (%) 4/ | -0.1 | -0.2 | 1.3 | 0.9 | 0.5 | -3.3 | -2.2 | -1.0 | -1.8 | -2.0 |
Pr: Preliminar
1/ The statistics correspond to the new measurement of the Balance of Payments, according
to the Balance of Payments Methodology of the 5th Edition Internationa Monetary Fund
Balance of Payments Manual.
2/ Includes loans, commercial credit, leases and bonds.
3/ Includes loans and commercial credit.
4/ This indicator is published by DANE and calculated according to the quarterly nominal
GDP in pesos.
Source: Banco de la República, Economic Studies.
Economic Information
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