Record surplus in Croatia's current account in 2015

The surplus in Croatia's current account in 2015 was EUR 2.3 billion, the highest in the country's history, mainly thanks to a good tourism income, according to central bank preliminary data.

According to the Croatian National Bank (HNB), in Q4 2015 alone the deficit in Croatia's current account was EUR 389.9 million, or 34.1% less than in Q4 2014.

Although the deficit in the commodities account in Q4 2015 went up 12.5% on the year to reach EUR 1.5 billion, positive movements in the secondary income account (EUR 467.7 million surplus or 98.4% more) and  the service account (EUR 629.3 million surplus or 3.2% more), as well as a significant reduction of the primary income deficit (down 83.8% to EUR 21.9 million), has impacted the reduction of the current account deficit in the last quarter.

Raiffeisenbank Austria (RBA) analysts claim that the biggest contribution to the improvement came from the primary income account, "following losses generated by foreign banks due to the forced conversion of loans denominated in the Swiss franc."

The deficit in the primary income account in 2015 amounted to EUR 297.3 million, which is EUR 1.1 billion or nearly 79% less than in 2014.

The services account last year recorded a surplus of nearly EUR 7.9 billion, which is EU 641.7 million or 8.9% more than in 2014.

According to the HNB's preliminary data, tourism revenues in 2015 totalled EUR 7.96 billion, which is EUR 559.5 million or 7.6% more than in 2014.

Exports last year amounted to EUR 10.7 billion, which is EUR 969.3 million more than in 2014, while imports increased by EUR 1.2 billion to EUR 17.4 billion.

Last update: Fri, 01/04/2016 - 15:08

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