02/19/2013|
04:55am US
http://www.4-traders.com/BANK-OF-GREECE-THE-1408793/news/Bank-of-Greece-The-Balance-of-payments-December-2012-16164655/
Current
account balance
In December
2012, the current account balance showed a deficit of €534 million, down by 1.6
billion year-on-year.
The trade
deficit narrowed by €984 million, as a result of a €627 million decrease in the
trade deficit excluding oil and ships, as well as declines of €214 million and
€143 million in the net oil import bill and net payments for purchases of
ships, respectively. The trade deficit excluding oil and ships shrank due to
the reduced import bill by €418 million or 18.9% and the rise in export
receipts by €209 million or 19.3%.
The surplus
of the services balance narrowed by €163 million primarily due to lower net
transport receipts and, secondarily, to a deficit of the "other"
services balance, compared to a small surplus in December 2011. By contrast,
the deficit of the travel services balance was lower year-on-year. In more
detail, compared with December 2011, travel spending in Greece by non-residents
declined by 5.0%, while travel spending abroad by residents fell by 10.1%; as a
result, net payments for travel services came to €25 million, compared to €36
million in December 2011. In the same month, non-residents' arrivals decreased
by 4.2%, according to data from the Bank of Greece's border survey. Gross
transport receipts (chiefly from merchant shipping) fell by 16.3% and the
corresponding payments dropped by 10.7%, resulting in a €137 million decline in
net receipts.
The income
account showed a deficit of €33 million, compared with a deficit of €1,017
million in December 2011, reflecting the €968 million year-on-year drop in net
payments for interest, dividends and profits. This development mainly reflects
a €466 million decrease in net interest payments on Greek government bonds held
by non-residents following the PSI, and also lower net interest payments on
deposits and loans by €466 million. At the same time, there were net receipts
from dividends and profits amounting to €2 million, compared to net payments of
€15 million in December 2011.
Finally,
the current transfers surplus came to €28 million, compared to €223 million in
December 2011, reflecting decreases of €187 million and €8.5 million in general
government net transfer receipts (chiefly from the EU) and receipts of
"other sectors" (mainly emigrants' remittances), respectively. (It
should be recalled that gross current transfers from the EU mainly include
receipts from the European Agricultural Guidance and Guarantee Fund (EAGGF), as
well as receipts from the European Social Fund, while current transfers to the
EU include Greece's contributions (payments) to the Community Budget.)
In 2012,
the current account deficit contracted by €15.05 billion or 72.9% compared to
2011, and came to €5.6 billion or 2.9% of GDP (compared to 9.9% of GDP in
2011). This development mainly reflects a substantial decline of €7.6 billion
in the trade deficit and a €6.4 billion decline in the income account deficit,
as well as an increase in the surpluses of the current transfers balance and
the services balance by €884 million and €90 million, respectively.
In more
detail, the trade deficit contracted on account of a €4.4 billion (or 34.6%)
decrease in the trade deficit excluding oil and ships, lower net payments for
purchases of ships by €2.3 billion (or 69.1%) and a lower net oil import bill
by €907 million (or 8.2%). Receipts from exports of goods excluding oil and
ships rose by 3.8%, while the corresponding import bill fell at a much faster
pace (15.0%).
The small
increase in the surplus of the services balance is chiefly due to higher net
transport receipts and, secondarily, lower net payments for "other"
services, while net travel receipts declined marginally. In more detail, travel
spending by non-residents in Greece
The income
account deficit fell by €6.4 billion compared to 2011, mainly owing to a sharp
decline in net interest payments on Greek government bonds held by non-residents.
This decline is a result of the PSI and deferred interest payments on loans
under the support mechanism through the ECB owing to interest rate changes, as
already mentioned in the press release on June 2012 data. Finally, the current
transfers balance showed a surplus of €1.4 billion, up by €884 million with
respect to 2011. This development is mainly due to a €643 million rise in net
current transfer receipts of general government (mainly from the EU) and to the
fact that the "other sectors" balance recorded net transfer receipts
of €32 million, against net transfer payments of €209 million in 2011.
Capital
transfers balance
In December
2012the capital transfers surplus fell to €498 million, compared to €795
million in December 2011, reflecting a decline in net transfers to general
government. (Capital transfers from the EU mainly include receipts from the
Structural Funds - except for the European Social Fund - and the Cohesion Fund
under the Community Support Framework.)
In 2012,
the capital transfers balance showed a surplus of €2.3 billion, compared to
€2.7 billion in 2011. This mainly reflects a decline in net EU capital
transfers to general government.
The overall
transfers balance (current transfers plus capital transfers) recorded a surplus
of €3.8 billion, up by €539 million with respect to 2011, reflecting the
above-mentioned positive development in current transfers from the EU.
Combined
current account and capital transfers balance
The
combined current account and capital transfers balance (corresponding to the
economy's external financing requirements) showed a small deficit of €37
million in December 2012, compared with €1.35 billion in the same month of
2011. In 2012, this balance showed a deficit of just €3.26 billion, compared
with €18 billion in 2011 (down by 81.9%), i.e. it fell at a faster pace than
the current account deficit.
Financial
account balance
In December
2012, non-residents' direct investment in Greece
Under
portfolio investment, a net outflow of €25.7 million was recorded, compared
with €323 million in December 2011. This outflow is mainly due to a €19.0
billion increase in residents' investment in foreign bonds and Treasury bills
and a €6.7 billion decline in non-residents' holdings of Greek bonds and
Treasury bills.
Under
"other" investment, a net inflow of €24.5 billion was recorded
(against a net outflow of €701 million in December 2011), mainly on account of
an increase (inflow) of €35.5 billion in the outstanding debt of the public and
the private sector to non-residents (of which €34.3 billion concern gross
public sector borrowing under the support mechanism for the Greek economy,
which corresponds to net borrowing of €34.0 billion), and of a €232 million
decline in resident credit institutions and institutional investors' deposit
and repo holdings abroad (inflow). These developments were mainly offset by an
€11.2 billion decrease in non-residents' deposit and repo holdings in Greece
In 2012
direct investment showed a net inflow of €2.3 billion, compared with a net
outflow of €453 million in 2011). Specifically, non-residents' direct
investment in Greece posted a net inflow of €2.3 billion, which mainly
concerned Crédit Agricole's increased participation in the share capital of
Emporiki Bank, while residents' direct investment abroad showed a net inflow of
€30.4 million (disinvestment).
Also, a net
outflow of €100.5 billion was observed in 2012 under portfolio investment
(compared to a net outflow of €19.8 billion in 2011). This development reflects
an outflow of funds due, on the one hand, to a €57.7 billion increase in
resident institutional investors' holdings of foreign bonds and Treasury bills
(including EFSF bonds) and, on the other hand, a €41.8 billion decrease in
non-residents' holdings of Greek bonds and Treasury bills. Furthermore, an
outflow of funds was recorded also on account of increases of €831 million and
€129 million in residents' holdings of foreign financial derivatives and
foreign shares, respectively. A €52 million outflow was also recorded due to a
decline in non-residents' investment in shares of Greek firms.
Finally, a
net inflow of €101.7 billion was recorded under "other" investment
(compared with a net inflow of €38.05 billion in 2011). This is chiefly
attributable to a €111.2 billion increase in the net outstanding debt of the
public and the private sector to non-residents (inflow) and to a €15.3 billion
decline in resident credit institutions' and institutional investors' deposit
and repo holdings abroad (inflow). In more detail, net general government
borrowing came to €109.1 billion and reflects gross public sector borrowing of
€109.9 billion from the EFSF and the IMF. These developments were partly offset
by a €23.4 billion decline in non-residents' holdings of deposits and repos in Greece
At
end-December 2012, Greece Greece
Note:
Balance of payments data for January 2013 will be released on 21 March 2013.
Related
link: Balance of payments: December 2012 – Table: http://www.bankofgreece.gr/BoGAttachments/19.02.2013%20Balance%20of%20payments%20-%20December%202012%20-%20Table.xls
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