Deficit on current account balance increased significantly in June
The Bank of Lithuania has published the balance of payments for June 2022, which shows that the deficit on the current account balance (CAB) significantly increased from €104.6 million to €1,953.9 million in June, compared to May, said the Bank of Lithuania.
The overall widening of the deficit on the CAB during the month was triggered by strong increases in the deficits on primary income and foreign trade. The growth in the deficit on primary income from €137.2 million to €1,697.6 million was due to the payment of dividends by market participants to investors, while the increase in the foreign trade deficit resulted from a decline in exports by 5.5% and a growth in imports by 2.3%. The surplus on the balance of services declined marginally (by 2.5%) to €440.9 million.
The secondary income balance was in surplus and amounted to €10.5 million. Transfers from European Union (EU) support funds (€33.4 million) fell by 37.8%, whereas Lithuania’s calculated contributions to the EU budget were almost the same as in May (€42.7 million). Personal transfers from abroad amounted to €52.5 million, representing an increase of 1.3% compared to May. Personal transfers from Lithuania amounted to €30.2 million, a decrease of 3.3%.
The negative net flow of financial account investment (€1,216.5 million) was mainly determined by an increase in the negative flow of net direct investment resulting from the payment of debt instruments, which was not offset by a positive net portfolio investments flow coming from the issue of Government’s long-term Eurobond and the acquisition of securities by MFIs.
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