Current account deficit for the 2nd quarter of 2010 amounted 319.2 million of USD. That is 12.4 percentage points increase as compared to the same quarter of the previous year and 76.5 percent higher as compared with the preceding quarter.

During the accounting period, as compared with the previous quarter, exports of goods increased by 47.8 millions of USD and imports of goods increased 177.0 millions of USD. As a result trade balance deficit has enlarged totaling 640.1 millions of USD. That is 25.3 percent higher than the previous quarter figure and 24.9 percent more as compared with the 2nd quarter of 2009.

Within the reporting period, balance of services account was positive and equaled 92.1 millions of USD representing 4.9 percentage point increase as compared to the preceding quarter. The exports of services, as well as imports have increased. The exports of services amounted to 357.5 millions of USD (17.0 percent higher than previous quarter figure and 14.1 percent more as compared to the analogous period of 2009). As for imports of services, it amounted to 218.0 millions of USD (21.9 percent and 12.9 percent increase as compared with the preceding quarter and 2nd fourth of 2009 respectively).

For services account the tourism had the most significant positive balance (88.0 millions of USD). It has increased by 38.1 percent year-over-year and by 36.6 percent as compared with the previous quarter. The second positive component was transportation services constituting 33.8 millions of USD. The export of that item has increased by 5.1 percent as compared with the previous quarter, and as compared to the same quarter of 2009 it has enlarged by 11.4 percent. As for imports, it has grown by 23.6 percent in comparison with the preceding quarter, while increase comparing to the 2nd quarter of 2009 amounted to no more than 9.3 percent.

Balance of income was negative equaling 8.4 millions of USD in the 2nd quarter of 2010. Income credit has amounted to 100.5 millions of USD that is 6.8 percent more than the same indicator for the previous quarter and 6.1 percent lower than the figure for the same quarter of 2009. Debit of income has decreased considerably totaling 109.0 millions of USD. That is 17.5 percent decline quarter-on-quarter. On the yearly basis it has increased by 24.4 percent.

Current transfers, the largest positive component of the current account, amounted to 237.2 million of USD representing 15.4 percent decrease as compared to the preceding quarter, but 26.8 percent increase comparing with the same period of the previous year. Inflow of current transfers equaled 254.5 millions of USD, while outflow made up 17.2 millions of USD. In the 2nd quarter of 2010, net current transfers of the public sector declined by 59.0 percent as compared to the preceding quarter, although this figure is 1.9 times higher than it was in the same period of 2009. Analogously, other sectors’ net current transfers decreased by 5.0 percent as compared with the previous quarter, but enlarged by 22.4 percent as compared year-on-year.

For the 2nd quarter of 2010, inflow of capital transfers equaled 41.4 millions of USD. That is 57.8 percent more than the previous quarter figure and 16.7 percent higher as compared to the same period of 2009. During the accounting period, capital transfers of the government sector made up 85.8 percent out of total current transfers.

In the 1st quarter of 2010 net foreign direct investments amounted to 195.2 millions of USD which is 2.6 times more than the previous quarter figure and 9.3 percent higher as compared to the analogous period of 2009.

A negative balance of other investments account amounted to 142.5 millions of USD in the reporting period. Other investment assets have increased by 173.6 million of USD. At the same time liabilities have enlarged by 31.1 millions of USD. Increase of other investment assets was caused by the growth of banks’ cash and deposits (increased by 143.2 million of USD). On the other hand, liabilities deepened as a result of trade credits growth.

During the reporting period, reserve assets declined by 259.5 millions of USD. From this amount, foreign currency reserve decrease equaled 257.4 millions of USD. The allocation of Special Drawing Rights (SDR) has decreased by 2.0 million of USD.