According to preliminary estimates, in January-March 2015 the CAB deficit amounted to EUR 42.8 million, or –0.5% of GDP, the Bank of Lithuania said.
The foreign trade deficit amounted to EUR 218.8 million in the reference period, an increase of EUR 53.8 million on a month on month basis. Export and import of goods grew by 9.9% and 12% respectively. In January-March 2015, the balance of trade deficit widened by EUR 159.5 million on a year on year basis. Export of goods contracted by 4.4%, while import of goods – 1.2% in the reference period.
The balance of services posted a surplus of EUR 172.4 million, an increase of EUR 69.1 million month on month. Export of services increased by 28.3% in March 2015, while import of services – by 15.3% month on month.
The overall balance of primary income, unlike in January and February, was in deficit (EUR 109.3 million). This deficit built up due to the negative balance of investment income (EUR 114.6 million) and a sharp decline in the positive balance of other primary income (EUR 6.22 million).
The surplus on the balance of secondary income amounted to EUR 57.8 million in March and EUR 11.6 million in February. In January-March 2015 the surplus on the balance of secondary income narrowed by EUR 127.2 million, or 2.3 times year on year. Transfers from European Union (EU) support funds amounted to EUR 32.4 million, while Lithuania's calculated contributions (the Union's own resources based on VAT and gross national income) to the EU budget – EUR 28.9 million. Private individual remittances from abroad amounted to EUR 90 million, while personal transfers from Lithuania – EUR 37.5 million.
The surplus balance of the capital account (EUR 27.5 million) built up due to capital transfers received for financing investment projects, the Bank of Lithuania said.
The negative flow of net investment (EUR 358.9 million) in the financial account (excluding official reserve assets) was due to the negative net flows of other investment (EUR 176.1 million) and portfolio investment (EUR 152 million). Direct investment posted a decrease entailed from growth in the acquisition of financial assets abroad (EUR 66.2 million) lagging behind growth in the liabilities to non-residents (EUR 89.1 million). Portfolio investment contracted (EUR 152 million) on account of a considerable decline in investment in non-residents' debt instruments.
Other investment contracted (EUR 176.1 million) due to a higher increase in the liabilities to non-residents (EUR 478.9 million) than in the growth in the acquisition of financial assets (EUR 302.8 million) abroad.
