2022-04-13
Today, the Bank of Lithuania published the balance of payments for February 2022, which shows that:
the current account balance (CAB) turned from surplus to deficit, compared to January, and amounted to €131.2 million. This was determined by a substantial increase in the foreign trade deficit as well as the primary income balance deficit, although the latter has declined slightly (see Chart 1). A rapid decline in the foreign trade exports (6.5%) and a moderate rise in imports (0.9%) had a significant impact on a bigger (twofold) foreign trade deficit, from €216.3 million in January to €433.6 million in February. Primary income deficit also contracted (1.7%), from €120.5 million to €118.4 million. Although the surplus on the balance of services grew, reaching €413.4 million, following the increase in the export and import of services (5.1% each), however, it was not enough to offset other factors, leading to a deficit of the CAB;
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the secondary income balance turned from deficit to surplus, amounting to €7.4 million. Transfers from European Union (EU) support funds (€42.3 million) rose 2.5 times, whereas Lithuania’s calculated contributions to the EU budget (€55.4 million) went up by 30.1%, compared to January. Personal transfers from abroad amounted to €46.1 million, a month-on-month increase of 4.0%. Personal transfers from Lithuania amounted to €35.4 million, a month-on-month increase of 3.6%;
the negative net flow of financial account investment (€401.7 million) resulted mainly from the negative net flow of other investment, which was not offset by the positive net flow of portfolio investment resulting from the redemption of the Government’s eurobond issue (see Chart 2).
Chart 1. CAB and its composite flows
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Chart 2. Net financial account investment flows
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Please note that, when calculating the balance of payments data for February, the balance of payments data for January 2022 was revised.
Detailed data for February is available on the Bank of Lithuania website (External statistics).
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