Balance of payments
In 1998, the Colombian balance of
payments registered a deficit of US$5.9 billion (6.6% of GDP) in the current account,
which was financed by US$4.1billion (5.2% of GDP) in net capital inflows and by US$1.5
billion in international reserves. The largest items in the capital account are long-term
flows, especially public sector external credit and foreign direct investment flows which
together amounted to US$4.7 billion. On the other hand, the short term financial
mouvements registered a net inflow of US$146 million. At the end of 1998, net
international reserves stood at US$8.7 billion with a desaccumulation of US$1.5 billion.
BALANCE OF
PAYMENTS 1/
(US$ millions)
| |
1994 pr |
1995 pr |
1996 pr |
1997 pr |
1998 pr |
I. CURRENT
ACCOUNT |
-3.594,0 |
-4.623,0 |
-4.758,0 |
-5.892,0 |
-5.869,0 |
Trade balance |
-2.238,0 |
-2.639,0 |
-2.143,0 |
-2.714,0 |
-2.636,0 |
Services |
-985,0 |
-1.126,0 |
-1.132,0 |
-1.447,0 |
-1.346,0 |
Net income receipts |
-1.460,0 |
-1.616,0 |
-2.103,0 |
-2.371,0 |
-2.364,0 |
Current transfers |
1.090,0 |
758,0 |
618,0 |
640,0 |
477,0 |
II. CAPITAL
AND FINANCIAL ACCOUNT |
3.420,0 |
4.684,0 |
6.715,0 |
6.699,0 |
4.670,0 |
Long-term financial
flows |
3.347,0 |
2.775,0 |
7.185,0 |
8.439,0 |
4.524,0 |
Net direct
investment |
1.296,0 |
712,0 |
2.795,0 |
4.892,0 |
2.454,0 |
External debt 2/ |
2.051,0 |
2.063,0 |
4.390,0 |
3.571,0 |
2.085,0 |
Other long-term
movements |
0,0 |
0,0 |
0,0 |
-23,0 |
-15,0 |
Short-term
financial flows |
72,8 |
1.909,0 |
-470,1 |
-1.740,1 |
-145,5 |
Portfolio
investment |
-902,2 |
559,2 |
-293,7 |
-445,9 |
535,9 |
Other short-term
movements 3/ |
975,0 |
1.349,6 |
-176,4 |
-1.294,1 |
-390,4 |
III. OTHERS |
373,0 |
-65,0 |
-230,0 |
-599,0 |
-255,0 |
IV. CHANGE
IN NET INTERNATIONAL RESERVES |
194,0 |
1,0 |
1.722,0 |
211,0 |
-1.452,0 |
V. CURRENT
ACCOUNT / GDP (%) |
-5,12 |
-5,74 |
-5,51 |
-6,19 |
-6,56 |
|
pr: Preliminary.
1/ The statistics correspond to the new Balance of Payment measure,
according with the Balance of Payment Methodology of the International
Monetary Fund Balance of Payment Manual 5th Edition.
2/ Includes loans, commercial credit and financial lease and bonus.
3/ Includes loans and commercial credit.
Source: Banco de la República - Economic Studies Department. |
