Balance of payments
In 1998, the Colombian economy
registered a current account deficit of US$5.9 billion (6.5% of GDP), which was financed
by US$4.7 billion (5.2% of GDP) in net capital inflows and by a reduction of international
reserves of US$1.5 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$146 million despite of US$1.7 billion
outflow. Forecast show a US$3.7 billion (3.9% of GDP) current account deficit for 1999,
which will be financed by US$2.8 billion (2.9% of GDP) net capital inflows.
BALANCE OF
PAYMENTS 1/
(US$ millions)
| |
1994 p |
1995 p |
1996 p |
1997 p |
1998 pr |
1999 pro |
I. CURRENT
ACCOUNT |
-3,594.0 |
-4,623.8 |
-4,758.2 |
-5,891.7 |
-5,869.0 |
-3,717.0 |
Trade
balance |
-2,238.4 |
-2,639.1 |
-2,142.5 |
-2,713.8 |
-2,635.9 |
-4.7 |
Services |
-985.0 |
-1,126.0 |
-1,131.7 |
-1,446.9 |
-1,346.0 |
-1,488.0 |
Net
income receipts |
-1,460.6 |
-1,616.2 |
-2,102.5 |
-2,371.0 |
-2,363.6 |
-2,717.0 |
Current transfers |
1,090.0 |
757.5 |
618.5 |
640.0 |
476.5 |
536.0 |
II. CAPITAL AND
FINANCIAL ACCOUNT |
3,419.5 |
4,684.0 |
6,715.1 |
6,699.1 |
4,670.6 |
2,814.0 |
Long-term financial flows |
3,346.7 |
2,775.1 |
7,185.3 |
8,439.1 |
4,525.0 |
3,067.0 |
Net direct investment |
1,295.5 |
712.2 |
2,794.9 |
4,891.8 |
2,453.9 |
1,636.0 |
External debt 2/ |
2,051.2 |
2,062.9 |
4,390.4 |
3,570.5 |
2,085.6 |
1,446.0 |
Other long-term movements |
0.0 |
0.0 |
0.0 |
-23.2 |
-14.5 |
-15.0 |
Short-term financial flows |
72.8 |
1,908.9 |
-470.2 |
-1,740.0 |
145.6 |
-253.0 |
Portfolio investment |
-902.2 |
559.2 |
-293.7 |
-445.9 |
536.0 |
481.0 |
Other short-term movements 3/ |
975.0 |
1,349.7 |
-176.5 |
-1,294.1 |
-390.4 |
-733.0 |
III. OTHERS |
368.2 |
-59.5 |
-234.8 |
-596.2 |
-253.3 |
0.0 |
IV. CHANGE IN
NET INTERNATIONAL RESERVES |
193.7 |
0.7 |
1,722.1 |
211.2 |
-1,451.7 |
-902.0 |
V. CURRENT
ACCOUNT / GDP (%) |
-5.1 |
-5.7 |
-5.5 |
-6.2 |
-6.5 |
-4.1 |
|
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. |
