REVIEW OF THE ECONOMY 2013
59
SUSTAINING GROWTH, SECURING PROSPERITY
BALANCE OF PAYMENTS
The Balance of Payments (BOP) recorded a
deficit of US$622.1 million in 2012, representing
a 182.7 percent decline from a surplus of
US$752.6 million in 2011. This reflected a
substantial shrinkage in the current account
surplus from US$2,898.5 in 2011 to US$959.5
million in 2012. The capital account deficit
persisted but narrowed noticeably by 26.3
percent from US$2,145.9 million in 2011 to
US$1,581.6 million in 2012.
(Table 10)
CURRENT ACCOUNT
The current account declined by 66.9 percent
due mainly to a 27.9 percent decline in the
merchandise trade surplus from US$5,433.0
million to US$3,918.4 million. The merchandise
trade surpluswas affected by a 2 percent decline
in energy exports. The performance of Services
(Net) also declined by 16.0 percent,moving from
US$506.3 million in 2011 to US$425.1 million in
2012.
(Table 10)
TRADE AND PAYMENTS
Balance of Payments
Heritage and Stabilisation Fund
Balance of Visible Trade
CAPITAL ACCOUNT
The deficit on the capital account was reduced
in part by an increase of 8.2 percent in the net
inflows of foreign direct investment, which
moved from US$770.6 million in 2011 to
US$839.5 in 2012. Commercial banks net
foreign balances deteriorated more than two-
fold with net outflows mounting to US$668.7
million in 2012 from US$309.8 million in 2011.
Official borrowing of the Central Government
contracted to negative US$28.2 million in
2012 compared to US$204.8 million in 2011,
due mainly to a decrease in disbursements for
Central Government projects from the Inter-
Development Bank (IDB) and commercial and
export banks coupled with the amortisation of
existing debt surpassing the amount borrowed.
(Table 10)
FOREIGN RESERVES
Gross Official Reserves (GOR) fell by 6.3
percent from US$9,822.7 million in 2011 or
13.5 months of import cover to US$9,200.7
million or 10.4 months of import cover in 2012,
reflecting the shrinkage in the current account
surplus.
(Table 10)
TRADE AND PAYMENTS
