Balance of payments
At the end of 1999, the Colombian balance of payments registered a substantial decrease in its current account deficit, from US$5.3 billion (5.3% of GDP) in 1998, to US$963 million (1.1% of GDP) in 1999. This adjustment was due to an imports reduction (26.4%), a low exports recovery (4.8%), and to the net current transfers from abroad. On the other hand, the capital and financial account registered a decrease in their net capital flows (US$4.2 billion), due to a reduction in the long term net capital inflows (US$3.3 billion) and to the increase in the short term net capital outflows (US$1.9 billion). The decrease of long term capital flows was due to the minor foreign direct investment resources and portfolio investments and to the decrease of external private sector indebtedness. The increase of short term capital outflows is explained by the mayor portfolio investment abroad. International reserves stood at US$8.1 billion at the end of 1999 with a reduction of US$333 million.
BALANCE OF
PAYMENTS 1/
(US$ millions)
|
|
1996
p |
1997
p |
1998
pr |
1999
pr
I
Quarter |
1999
pr
II
Quarter |
1999
pr
III
Quarter |
1999
pr
IV
Quarter |
1999
pr |
|
I.
CURRENT ACCOUNT |
-4,827.5 |
-5,952.8 |
-5,271.0 |
-677.5 |
-166.0 |
-48.0 |
-71.4 |
-962.8 |
|
Trade
balance |
-2,140.5 |
-2,712.0 |
-2,512.0 |
99.7 |
433.3 |
685.9 |
514.3 |
1,733.2 |
|
Non-factorial
services |
-1,188.3 |
-1,500.0 |
-1,470.0 |
-337.5 |
-339.4 |
-349.2 |
-343.7 |
-1,369.8 |
|
Factorial
income |
-2,089.9 |
-2,350.5 |
-1,734.8 |
-626.3 |
-491.1 |
-535.6 |
-468.7 |
-2,121.7 |
|
Current
transfers |
591.2 |
609.7 |
445.8 |
186.6 |
231.2 |
150.9 |
226.7 |
795.5 |
|
II.
CAPITAL AND FINANCIAL ACCOUNT |
6,704.1 |
7,091.6 |
4,542.3 |
616.4 |
102.8 |
-308.9 |
-92.8 |
317.6 |
|
Long-term
financial flows |
7,174.2 |
8,377.0 |
4,553.7 |
965.8 |
837.1 |
-279.5 |
658.5 |
2,181.8 |
|
Net
direct investment |
2,783.7 |
4,829.6 |
2,432.5 |
394.5 |
382.7 |
12.3 |
143.2 |
932.7 |
|
External
debt 2/ |
4,390.5 |
3,570.6 |
2,135.8 |
571.3 |
454.4 |
-291.8 |
515.2 |
1,249.1 |
|
Other
long-term movements |
0.0 |
-23.2 |
-14.5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short-term
financial flows |
-470.1 |
-1,285.4 |
-11.5 |
-349.3 |
-734.2 |
-29.3 |
-751.3 |
-1,864.2 |
|
Portfolio
investment |
-293.7 |
-23.7 |
394.1 |
-473.1 |
-155.3 |
46.4 |
-802.4 |
-1,384.5 |
|
Other
short-term movements 3/ |
-176.4 |
-1,261.7 |
-405.5 |
123.8 |
-578.9 |
-75.7 |
51.1 |
-479.7 |
|
III.
OTHERS |
-149.9 |
-861.4 |
-661.4 |
226.0 |
-149.6 |
-241.7 |
477.3 |
312.0 |
|
IV.
CHANGE IN NET INTERNATIONAL RESERVES |
1,726.6 |
277.4 |
-1,390.1 |
165.0 |
-212.7 |
-598.5 |
313.1 |
-333.2 |
|
V.
CURRENT ACCOUNT / GDP (%) |
-5.0 |
-5.6 |
-5.3 |
n.a |
n.a |
n.a |
n.a |
-1.1 |
|
p : Provisional.
pr : Preliminar.
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, leasing and bonus.
3/ Includes loans and commercial credit.
Source: Banco de la República - Economic Studies. |
