Balance of payments
During 1998, the Colombian balance
of payments registered a current account deficit of US$5.9 billion (5.7% of GDP), which
was financed by a surplus of US$4.7 billion (4.6% of GDP) in net capital inflows and by
international reserves of US$1.4 billion. Of the external capital flows, the resources of
direct investment and long term indebtedness stand out. On the other hand, the short term
financial movements registered a net inflow of US$148 million despite of US$1.7 billion
outflow. At the end of 1998, international reserves stood at US$8.7 billion, a reduction
of US$1.4 billion in comparation with the end of 1997. For the first quarter of 1999, the
balance of payment shows a decrease in the imbalance of the current account of US$1.4
billion, from US$2.1 billion in 1998 to US$694 million in 1999, explained by the fall in
imports as a consequence of the deceleration economic activity. The capital and financial
account registered net inflows by US$733 million, lower in US$805 million than the amount
presented in 1998. For 1999, a US$2.9 billion deficit in the current account is expected
which will be financed by a US$2.5 billion surplus of the financial account coming from
foreign investment and from external public sector long term indebtedness.
BALANCE OF
PAYMENTS 1/
(US$ millions)
|
|
1994 p |
1995 p |
1996 p |
1997 p |
1998 pr |
1999pr Q1 |
1999 pro |
I. CURRENT ACCOUNT |
-3,625.7 |
-4,637.3 |
-4,769.8 |
-5,895.9 |
-5,908.8 |
-694.1 |
-2,929.2 |
Trade balance |
-2,238.4 |
-2,639.1 |
-2,142.6 |
-2,713.9 |
-2,645.8 |
137.7 |
856.9 |
Services |
-1,022.0 |
-1,150.2 |
-1,157.1 |
-1,466.1 |
-1,393.1 |
-308.0 |
-1,547.6 |
Net income receipts |
-1,455.8 |
-1,606.1 |
-2,089.3 |
-2,355.0 |
-2,349.6 |
-725.3 |
-2,780.6 |
Current transfers |
1,090.5 |
758.0 |
619.1 |
639.1 |
479.7 |
201.5 |
542.1 |
II. CAPITAL AND FINANCIAL ACCOUNT |
3,421.6 |
4,683.8 |
6,715.2 |
6,701.0 |
4,743.2 |
732.9 |
2,498.0 |
Long-term financial flows |
3,348.8 |
2,775.0 |
7,185.3 |
8,441.1 |
4,595.0 |
1,071.9 |
2,477.4 |
Net direct investment |
1,297.5 |
712.2 |
2,794.8 |
4,893.7 |
2,508.9 |
436.6 |
1,021.3 |
External debt 2/ |
2,051.3 |
2,062.9 |
4,390.5 |
3,570.6 |
2,100.6 |
635.3 |
1,470.6 |
Other long-term movements |
0.0 |
0.0 |
0.0 |
-23.2 |
-14.5 |
0.0 |
-14.5 |
Short-term financial flows |
72.8 |
1,908.7 |
-470.1 |
-1,740.1 |
148.2 |
-339.0 |
20.6 |
Portfolio investment |
-902.2 |
559.2 |
-293.7 |
-445.9 |
535.9 |
-409.3 |
911.5 |
Other short-term movements 3/ |
975.0 |
1,349.6 |
-176.4 |
-1,294.1 |
-387.7 |
70.3 |
-891.0 |
III. OTHERS |
397.8 |
-45.7 |
-223.3 |
-576.7 |
-208.4 |
136.9 |
0.0 |
IV. CHANGE IN NET
INTERNATIONAL RESERVES |
193.7 |
0.7 |
1,722.1 |
228.4 |
-1,374.0 |
175.6 |
-431.3 |
V. CURRENT ACCOUNT / GDP (%) |
-4.4 |
-5.0 |
-4.8 |
-5.4 |
-5.7 |
n.a |
-3.2 |
|
p : Provisional.
pr : Preliminary.
pro : Projection.
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. |
