01/13/2022 | Press release | Distributed by Public on 01/13/2022 02:04
Today, the Bank of Lithuania published the balance of payments for November 2021, which shows that:
although the surplus on the current account balance (CAB) significantly contracted (3.3 times), the CAB remained in surplus and amounted to €106.0 million. The contraction was determined by the primary income balance deficit and the decreasing surplus balance of services (see Chart 1). With the rise in imports of services (0.6%) and the decline in exports of services (1.9%), the surplus balance of services diminished (5.7%), amounting to €378.6 million. The exports of goods rose more rapidly than imports (6.7% and 5.6% respectively), thus decreasing the foreign trade deficit to €243.4 million. The negative primary income balance formed due to the especially reduced flow of European Union (ES) subsidies to Lithuania;
the secondary income balance remained in surplus, amounting to €46.8 million. Transfers from EU support funds (€46.8 million) went up by 3.3%, whereas Lithuania's calculated contributions to the EU budget (€40.1 million) fell by 9.9% compared to October. Personal transfers from abroad amounted to €55.2 million, a month-on-month increase of 6.0%. Personal transfers from Lithuania totalled €19.7 million, rising 4.3% month on month;
the negative net flow of financial account investment (€416.3 million) resulted from the negative net direct investment flow (see Chart 2).
Chart 1. CAB and its composite flows
Chart 2. Net financial account investment flows
Detailed data for November 2021 is available on the Bank of Lithuania website (External statistics).
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