Wednesday, March 18, 2009

Latvia has current account surplus in Jan 2009

According to Bank of LatviaLatvia recorded a half-million lat (700,000 euro, 0.04% of GDP) current account surplus in January 2009. This was the first Latvian current account surplus since mid-1990s.

Here are the monthly current account numbers for the last half-year:
The change is quite stunning: from a deficit of almost 10% GDP in November 2008 to a slight surplus two months later. A change of this speed likely indicates a severe credit crunch: the flow of foreign money into Latvia has stopped or even reversed. (Since Latvia is receiving a sizable loan from IMF/EU, 0.04% surplus means that IMF/EU loan is balanced out by money outflows.)


Ivars said...

this just indicates just in how deep shit Latvia is, because as soon as money will come in the economy, the surplus will be gone!

Latvian abroad said...

Yes but, for now, the bigger problem is that the money is not coming in. And it might not be coming in for some time.

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