For the last three quarters of 2013 in a row the CAB posted a surplus, therefore the CAB for 2013 as a whole was in surplus as well (1.8 billion litas). The balance of payments' (BOP) financial account posted a negative value of the financial account balance for October-December (1.5 billion litas), which was driven by an outflow of net portfolio investment.
In the fourth quarter 2013, growth in foreign assets (0.3%) and a decline in foreign liabilities (1.5%), as well as a contraction in gross external debt and in net external debt was recorded (2.2% and 4.3%, respectively), quarter-on-quarter. Over 2013, the gross external debt contracted by 6.4%, while net external debt – 12.3%. The change in the debt-to-GDP ratio was similar. As compared to the end of 2012, at the end of 2013 the net external debt ratio decreased from 33.6% to 28.1% of GDP, while the gross debt ratio – from 75.4% to 67.2% of GDP.
