semi-annual macroeconomic...

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Semi-Annual Bulletin

Edition 1

SEMI-ANNUAL

MACROECONOMIC BULLETIN

July-December 2013

Economic and Public Policy Department,

Prishtina 2014

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Edition 1

PUBLISHED BY MINISTRY OF FINANCE

Government Building, XIII floor

10,000 Prishtina, Kosovo

Tel: ++ 381 38 200 34 331

WEBPAGE: www.mf.rks-gov.net

e‐mail: makroekonomia@mfe‐ks.org

Arment Merovci

Besart Myderrizi

EDITORIAL BOARD: Berat Havolli

Semra Tyrbedari

Valmira Rexhëbeqaj

Use of data from this publication is permitted only by quoting the source

The Bulletin is published on mid-term basis, and any improvements therein shall be made in the

webpage

June 2014

http://mf.rks-gov.net/

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Summary:

REAL SECTOR ................................................................................................................................................ 4

1.1.1. LABOUR MARKET.............................................................................................................................. 4

1.1.2. PRICE FLUCTUATIONS ....................................................................................................................... 6

1.1.3. SOCIAL WELFARE.............................................................................................................................. 7

2.FISCAL SECTOR ............................................................................................................................................... 9

2.1.1 GOVERNMENT BUDGET REVENUES ................................................................................................... 9

2.1.2. BORDER TAX REVENUES.................................................................................................................. 10

2.1.3. GOVERNMENT BUDGET EXPENDITURES .......................................................................................... 12

3.FINANCIAL SECTOR ................................................................................................................................ 16

FINANCIAL MARKET IN EURO ZONE ................................................................................................................ 18

3.1.1. FINNCIAL SYSTEM IN KOSOVO ........................................................................................................ 18

3.1.1. DEVELOPMNTS IN BANKING SECTOR ............................................................................................... 19

3.1.2. STRUCTURE OF DEPOSITS AND LOANS.............................................................................................. 20

3.1.3. HOUSEHOLDS ................................................................................................................................. 21

3.1.3.1. NON-FINANCIAL CORPORATIONS ................................................................................................... 21

3.1.3.2. STRUCTURE OF LOANS BY MATURITY AND INDUSTRY....................................................................... 21

3.1.4. PROFITABILITY ................................................................................................................................ 22

4, FOREIGN TRADE..................................................................................................................................... 23

4.1.1. TRADE AS PER GROUPS OF GOODS ................................................................................................... 25

4.1.1. TRADE ACCORDING TO KEY PARTNERS ........................................................................................... 25

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REAL SECTOR

According to data published up to 01 April 2014, during the 2013 Kosovo's economy was

estimated to have accelerated economic growth compared with 2012. Main factors influencing

this growth acceleration are: a) the higher consumption supported by the growth of remittances

b) decline of the investment cost as a result of falling international prices of imported

investment goods, c) increasing exports of goods, d) decline in imports. Inflationary pressures

during 2013 were limited; with an annual average of 1.8% in consumer prices. Despite a

significant increase in deposits, during 2013 lending slowed mainly due to a more conservative

politics by financial sector, which came in response to the overall uncertainty in the Eurozone.

Scenario of projections for 2014 foresees a stable economic climate, with the inflation rate under

1%, and an accelerate economic growth resulting from increased private investments, as well as

consumption growth - driven by credit expansion, the fiscal stimulsi resulting from changes in

the budget structure (in more current expenses), as well as increased consumption financed by

remittances. In 2013 the improvement of the trade balance showed a contribution of 0.9% in real

growth of GDP (3.2%).

Nominal GDP for 2013 was estimated to have been € 5.125 million, or € 2.757 per capita. In 2014

nominal GDP is expected to reach a value of € 5.446 million, or € 2.884 per capita. GDP per

capita is expected to exceed the value of € 3,000 from 2015

As in 2012, also in 2013, it is estimated that consumer prices have increased faster than the

prices of the total production of goods and services. Therefore, the difference between nominal

and real growth of GDP (compared with the previous year's prices) is smaller than the change

in consumer prices. This development is particularly due to the decreased import prices of

investment goods. In 2013 the real GDP growth is estimated to have been 3.2%, while for 2014

this growth is projected to accelerate to 4.1%. As an economy with high trade deficit, Kosovo is

affected by fluctations in import prices. While in 2012 there was a sharp increase in import

prices by 4.5%, in 2013 it is estimated that these prices have increased by only 0.4% (influenced

by imports of consumer goods, because it is estimated that the price of investment goods

decreased by 3.3 %). Further, in accordance with the the latest projections of the IMF World

Economic Outlook, import prices are expected to fall in 2014 by 0.8%.

1.1.1. LABOUR MARKET

In the second half of 2013 there were no new assessment of the unemployment rate through the

Labour Force Survey (LFS), so the official rate of unemployment remains that of the second half

of 2012 - 30.9%. In the previous edition of this bulletin (SA-1 2013) was introduced

unemployment rate measured by LFS for the first six months of 2012. We remind you that

according to the calculations made for the unemployment and employment rate by the AFP for

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the first semi-annual of 2012, and taking into account the assessment of population for 2012, the

approximated figures from DPEP of unemployed and employees resulted in 152,000

unemployed job seekers, and 283.320 employees in June 2012. The LFS results published in

September 2013 for the time period July-December 2012, shows that the number of unemployed

is 135.700; lower for 16,300 unemployed by SA-1 2012. Number of employed persons is 302.844;

higher for 19.524 employees for SA-1 2012, which means that in addition to reduced number of

unemployed has increased the participation in the labor market. The comparison between the

two periods, of course, is not entirely valid given that it comes to results of surveys, and

statistical variation limits the comparison, especially since in the LFS during the second semi

annual of 2012 it is said that significant changes are made in improving the quality and survey

control. For example, the participation rate in the market in SA-1 2012 varies, with 95%

confidence, from 34.5% to 39.1%.

On the other hand, the average number of job seekers registered at the centers of the Ministry of

Labour and Social Welfare has increased by an average of six months from 257.685 in the

second semester of 2012, to 267.016 during the last six months of 2013. Participation of non-

qualified jobseekers continues to be the highest, with 57%, while that of job seekers with

university degree to be the lowest, with 2%. However, from the avarage of 9,300 new jobseekers

(compared with the first semester 2012), 954 are with university education, a figure out the

expectations that comes from the low participation of job seekers with university.

According to the Statistical Yearbook of the Republic of Kosovo, at the end of 2013 the number of employees in state administration was 80.816, or 2% higher than in 2012. Growth of employment has been evenly distributed among sectors, what has made the staff engaged in Education, Health, and Public Order and Safety to continue with a participation of 78% in labor force involved in the public sector.

Total 9.384 vacancies were announced in 2012, and taking into account that private businesses

are not obliged by law to publish advertisements for job vacancies, the number of job vacancies

can only be taken as a minimum . This number has decreased to 6.980 advertisements during

2013.

Përshkrimi 2011 2012 2013

Numri Total i të Punësuarve 78,068 79,181 80,816

pjesëmarrjet e sektorëve:

Arsim 38% 43% 43%

Shëndetësi 16% 17% 17%

Rend dhe Siguri Publike 22% 18% 18%

Tjera 24% 21% 22%

Burimi: Agjencia e Statistikave të Kosovës

Administrata Shtetërore sipas sektorëve

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1.1.2. PRICE FLUCTUATIONS

The second half of 2013 was followed by a slower increase in prices compared to the same

period of 2012. Whilst during July-December 2012 consumer prices rose by an average of 3.4%

in the last six months 2013 it growth was by only 0.88%. Only in September 2012 prices

sustained a growth of over 4%, while in September 2013, food prices decreased by 0.67%, fuel

with over 7%, while the index of total consumption increased by only 0.2%.

Major contributors to reducing inflationary pressures were food products and fuel, which

product prices remained either constant or decreased during the second half of 2013. More

specifically, food prices increased by an average of six months of 0.18%, while fuel prices were

reduced by a six month’s average of 4.9%. However, increasing non-tradable prices (mainly

services) as well as clothing and tobacco made Base Index of Consumer Prices (which excludes

the fluctation of food prices and fuel) to increase by an average of six months from 1.01%. From

July to December 2013, prices of tobacco and alcoholic beverages have increased by an average

of 6.3%, compared with 2.7% as was the increase in the consumer category in the same period of

2012.

0

2

4

6

8

10

12

2011 2012 2013

jan febmaraprmayjun jul augsep octnovdecjan febmaraprmayjun jul augsep octnovdec jan febmaraprmayjun jul augsep octnovdec

CPI, Total CPI (excluding food and fuel prices)

Fig1.1: Consumer Price Index, annual change in % %

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The fluctation of consumer prices was in line with fluctation of import prices, these prices that

slowed significantly in the last six months of 2013 compared to the same period in 2012. During

the third quarter of 2013, import prices decreased by 0.5 %, while the decreasing trend was

strengthened further in the fourth quarter, with a price decrease of 0.8%. In the respective

periods of the previous year, import prices increased by 5%, in the third quarter, and 4.3% in the

fourth quarter.

On the other hand, the annual growth of producing prices was higher on avarage in 2013 than

in 2012. However, while in 2012 prices followed a decreasing trend in the first mid-year, then

followed with inflationary trend, in 2013 the fluctation was adverse and in line with import

prices. In the first quarter of the year, producing prices rose by 6.6%, while in the second half by

3.3%. In the third quarter resulted a slight decline of 0.1%, followed by modest growth of 0.2%

in the fourth quarter.

1.1.3. SOCIAL WELFARE

In the second half of 2013, the average number of families on social assistance declined by 6.7%

compared to the same period of the previous year; by average of 31.860 families to 29.730. As a

result, the total payment for this scheme of social support has declined from 14.1 million Euros

for the period July-December 2012, to 13 million Euros for the same period of 2013. As seen in

the graph 1.2, the number of families in social scheme for the first time dropped below 30,000 in

July 2013, but in the remaining months of the year again continued with increasing trend,

reaching the number of 29.688 families in December 2013. However, the total monthly

payments continued with decreasing trend, which implies that the structure has changed (the

number of members or member’s age) to families in need of social assistance.

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On the other hand, in accordance with the structure of the population, in the second mid half of

2013 the number of pensioners was for 5.3% higher than in the same previous period (from an

average of 110.647 to an average of 116.385). The total six monthly amount has increased to

14.9%, from 38.8 million Euros to 44.6 million Euros. The Increasing number of basic pension

beneficiaries has followed an incremental trend starting in July and continued up to December

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In the same comparison periods, the number of contributing pensioners also increased, from an

average of 33.894 to an average of 35.829 (5.4%). However, the monthly incremental trend of the

number of beneficiaries within the second half of 2013 was slower in this category of

beneficiaries. The six-monthly payment nmount of pensions has declined, as can be seen in

Graph 1.4, in October of 2012 due to retroactive payments for earlier increase of basic pension

that captures also the first semester of 2012 . The monthly payment for December 2013 was 15%

higher than that of December 2012.

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2. FISCAL SECTOR

Fiscal policy has greatly improved to reflect changing challenges encountered by Kosovo's

economy. It kept a modern and efficient tax system, with lower rates uniform and with only a

few exceptions. Coupled with a liberal trade regime and uniform tariff, this system has enabled

the Kosovo Government to cash the incomes needed to finance budget expenditures without

causing additional burden to the private sector and at the same time maintaining the fiscal

sustainability.

In 2013 the Law on Public Financial Management and Accountability is amended within which

fiscal rules are presented which limits the overall budget deficit to 2% of GDP. As a result, the

2014 budget and medium-term fiscal framework is drawn up taking into account the fiscal rule

and level of deficit limits set by the law.

2.1.1. GOVERNMENT BUDGET REVENUES

Developments in Kosovo's economy during the second half were characterized by declining

prices and slowdown of consume. Consequently, the budget revenues during this period

reflected these developments and showed a slower trend compared to the same period of the

previous year. In general, revenues during this period declined by 1% compared with the same

period of 2012, while this decline was mainly contributed by low level of revenue collection

from the border. As a result, total revenues in the second half reached a value of 711.6 million

euros while during the year 2013, total revenues reached euro 1,316 million, or 1% lower than

the revenues collected during 20121.

Budget revenues continue to be dominated by revenues from the boundary (see Figure 2.1).

However, during this period, domestic revenues have increased significantly, an increase that is

mainly attributed to measures taken by the Tax Administration to narrow the tax gap and

facilitate the procedures for the settlement of tax obligations.

Also, the growth in revenues this year have contributed to the increase in non-tax revenues and

additional revenues by raising the royalty on coal.

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1 This decrease is a result of receiving the grant from the World Bank in 2012. Therefore if the grant is excluded then total revenues during 2013 show an increase of 1.8% compared with 2012

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Source: Treasury Department

Regarding the structure of revenues as participation in GDP, in the table below can be seen that,

over the years, total revenues have been decreasing continuously. This decrease is a result of

slower increase of customs revenue resulted from the decline of international prices of

commodities that constitute significant participation in the import structure, which also led to

lower overall value of imports. Also, it is marked decrease of the own source revenues, in those

of central level as well as local level. This decrease is mainly attributable to one-off revenues

from licenses granted to mobile operators as well as reducing the number of licenses in order to

improve the doing business environment.

Table 1: Participation of revenues in GDP

Description 2011 2012 2013

Overall Revenues 27.4% 27.1% 25.7%

Tax revenues 22% 22% 22%

Customs revenues 17.3% 17.1% 16.3%

Domestic revenues 5.5% 5.8% 6.0%

Non-tax revenues and own source revenues 3.4% 3.1% 2.8%

GDP (in million of EUR) 4,773 4,916 5,125 Source: Department of Treasury and calculations made by Macroeconomy Unit

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2.1.2. BORDER TAX REVENUES

As mentioned above, during the second half of the year, the growth rate of import prices was

stabilized, turning negative in the last quarter. This has greatly affected the level of customs

revenue collection by reducing the value of imports and consequently the basis of calculating

the boder revenues. However, even though the border revenues declined by 3.2% during this

period, they still constitute the majority of the revenues. The revenues collected at the border

have reached an amount of 475.3 million euros during the second half of the year or 837.3

million euros during 2013.

The decrease of international prices and consequently decrease of the imports value is

compensated to some extent by increasing the import quantity. This has resulted that the

revenues from 'customs duty' to increase in the second half by 2.6% reaching an amount of 67.9

million euros. Throughout the year 2013, revenues from this type of tax amount to 120 million

euros from 117.7 million euros as it was in 2012.

Graph 2.2 shows monthly revenues from this category for the years 2011, 2012 and 2013. As

shown, this category of revenues followed the same monthly trend through years which

corresponds with the trend of goods imports and thus, the economic activity in the country.

Aiming to primary de-stimulate consuming goods which have a negative impact on public

health and safety and environmental pollution, excise tax in Kosovo is placed on import

quantities or production of certain products, consumption of which can endanger the safety,

health and public moral as well as environmental damage. Products that are subject to excise

tax in Kosovo are tobacco, alcohol, water and soft drinks, plastic bags, old tires, simple bulbs,

fuel and old cars

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Revenues from excise taxes make up about 35% of total revenues from the border. During the

second half of 2013, revenues from this tax amounted to 168.3 million euros of which

corresponds to a decrease by 4.1% compared to the same period of 2012 (Graph 2.3). The

decrease of revenues from the excise tax has occurred mainly in the second half of the year due

to the decline in import of cigarettes. More specifically, imports of cigarettes compared with

2012 has decreased in December 2012 when it was imported large quantities of cigarettes as a

result of expectations for increased international price of tobacco. The revenues collected from

excise on tobacco account for about 30% of the revenues from this type of taxes, so the decline in

revenues from cigarette excise tax is largely reflected in the total excise revenues.

Similar to developments in excise revenues, revenues from VAT on the Border marked decrease

by 3.7% during the second half amounted to 229.6 million euros. Resulting from a rapid growth

during the first half of the year, until the end of the year, the revenues from this category

decreased by 1.6% and reached an amount of 412.3 million euros. At the end of 2013, the

revenues collected from VAT on the border constitutes about 50% of the revenues collected at

the border.

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Unlike border revenues, domestic revenues were characterized by an incremental trend. During

the second half of the year, domestic revenues increased by 11.3% compared with the second

half of 2012 and reached an amount of 165 million euros (including interior excise). During

2013, domestic revenues amounted to 305.1 million euros, an amount that corresponds to an

increase of 7.5%. This increase in a certain extent is attributable to the measures taken for raise

the efficiency of ATK but some may have reflected the economic activity within the country,

mainly driven by the growth in import substitution with local products.

Domestic revenues are dominated by VAT revenues which constitute about 47% of domestic

revenue. Moreover, growth of local revenues during 2013 was mainly driven by the increase in

VAT revenue. More precisely, during the surveyed period, the revenues collected by local VAT

have reached 77.9 million or 17.4% higher than the value of the revenues during the second half

of 2012. Moreover, during the year 2013 VAT revenues collected in the amount of 147.2 million

euros or 13.3% compared with 2012. This accelerated growth of revenues from domestic VAT

supports the fact that domestic products increased their participation in the domestic market by

replacing imported products

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“Income Withholding Tax” is a tax which is calculated on incomes such as wages and other

incomes from various business activities. Given that increased with an accelerated rate during

the first half of the year, the decline in income withheld tax during the second half of the year

has effected that the total revenues from this tax category to grow at a rate of 3.9%. As seen in

the graph, during the second half of the year, income withheld tax were lower compared to

previous years. Value of incomes collected during the second half of the year amounted to 45.9

million euros from 47.6 million euros as it was during the second half of 2012.

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Revenues from “Corporate Income Tax”, at the end of the first half of 2013 amounted to €30.7

million, whereby this amount corresponds to an annual increase of 5.8% compared with 2012.

As with revenues from income withheld tax, also the collection of revenues from this category

marked accelerated increase during the first half and slowing in the second half. Consequently,

the revenues collected during 2013 from this type of tax reached an amount of 63.5 million

Euros or 1.2% higher compared with 2012

Source: Tax Administration of Kosovo

2.1.3. GOVERNMENT BUDGET EXPENDITURES

Overheads executed during 2013 reached a value of 1,469 million euros. This amount represents

about 93% of the budgeted expenditure for this year and represents an increase by 3.2%

compared with the amount of total expenditures in 2012. As in previous years, the performance

during 2013 was higher during then the second half starts execution when higher capital

expenditures. However, the low level of performance mainly affected non-realization of many

new initiatives involved in budget 2013 such as civil service reform, the law of war and veterans

of former political prisoners and, inter alia delays in project implementation Pristina-Skopje

highway. Despite the non-realization of planned revenues, lower expenses execution enabled

preserved primary deficit at the projected level of 155 million euros and the bank balance is

maintained at an adequate level.

The chart below presents overall Government expenditures on a monthly basis for the first half

of 2012 and 2013. Overall expenditures have generally followed the historical monthly trend

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and only for the second half of the year are executed of approximately 58% of total

expenditures.

Source: Department of Treasury and Budget

Throughout 2013, the participation of recurrent expenditure in total expenditures increased by

2.7 percentage points compared to 2012, reaching 64.2%. This is because the capital

expenditures have had lower execution than recurrent expenditures which resulted in the

change of their participation compared with planning. By the end of 2013, recurrent expenses

reached 940 million euros showing an increase by 7.6% compared with 2012.

Wages and salaries represent the category with the highest participation in recurrent

expenditures (about 44%, see graph 2.9) even though the participation has fallen considerably

compared to the previous year. During 2013, expenditures on wages and salaries of the overall

Government reached a value of 413.8 million euros or 2.3% higher compared with expenditures

in this category in 2012. This increase is mainly attributed to the increase in the number of

employees in the public sector, including here the opening of new universities in different

regions of Kosovo.

Unlike expenditures on wages and salaries, expenditure on goods and services have increased

their participation in recurrent expenditures amounting to 22.7% from 21.6% in 2012. More

precisely, this category of expenditures amounted to 213.4 million euros from 189 million euro

at the end of 2012. Also this expenditure category reached the higher rate of performance

during the second half of the year when were executed approximately 58.5% of total

expenditures on goods and services. The increase of expenditures in this category is attributed

partly to approval and commencement of implementation of the health law and other expenses

for consulting services.

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Expenditures on subsidies and transfers have increased participation in recurrent expenditures

(from 32.1% to 33.3%) compared to last year, reaching a value of 312.8 million euros. Although

participation has not displayed any difference, expenditures in this category during 2013

increased by 11.7% compared with the value of expenditures in this category in 2012. This

increase is mainly attributed to the increase of contribute-payer pensions, basic pension and

benefits for persons with disabilities, while the rest of the increase was implemented in 2013.

Thus, the increase of expenditures in this category during the first half of the year was much

higher (over 20 %) compared to the increase of these expenses in the second quarter (1.8%).

Unlike other categories, capital expenditures indicated a lower execution this year. Capital

expenditures during this period decreased by 3.8 % compared with the value of capital

expenditure in 2012. Primary reason for this low level of execution has been none

implementation of the project of highway construction of Pristina-Skopje and partial

implementation of other projects included in the budget. As a result, by the end of 2013, the

value of capital expenditures on investments amounted to 529 million euros, which represents

about 85% of the budget plan for this category.

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1.77

1.75 1.97

2.00

2.03

1.99

2.11

2.07

2.09

2.08

2.30

2.34

2.38 2.35

2.54

2.56

0.0

0.5

1.0

1.5

2.0

2.5

3.0

T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4 T1 T2 T3 T4

2010 2011 2012 2013

AHN-BQK AHN-KTD Asetet e Huaja Neto

Figura 3.0. Asetet e huaja neto, në miliarda euro

3. FINANCIAL SECTOR

FINANCIAL MARKET IN EURO ZONE

Policies undertaken by the European Central Bank characterised by involving the purchase of

Government bonds in the secondary markets, contributed to a large extent, and since the

beginning of 2013 first positive signs were manifested in building-up confidence at investors.

Enhancing confidence in putting financial markets in place, improved liquidity conditions and

prices having a direct impact on enhancment in value of assets.

However, there are still risks in terms of developments in the financial, government, and

macroeconomic sector in general. Risks interrelated to macroeconomic developments are of

competition nature among euro zone states as well as problems with checks and balances

within balance sheets. Projections for economic growth of 1% for 2013 in the euro zone were not

encouraging: in fact there was an economic decline compared with the same period of 2012.

According to Euro Stat data only in the second half of 2013, the euro zone economy grew by

0.3%, but compared with the same period of 2012, it decreased by 0.7%. Such developments

may be manifested in the banking sector through reduction of bank profitability as a result of

increase in expenditures for interests (provisions) to cover potential losses.

3.1.1. FINNCIAL SYSTEM IN KOSOVO

First half of 2013 was characterised by positive developments in terms of financial system

stability and profitability for the financial institutions. The data show that the banking sector

continued to generate profits and be stable and also further improve services for the benefit of

clients.

Source: CBK

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The financial system continued to increase in terms of net foreign assets compared to the same

period of 2012, and this for the fact that during the last periods, developments in European

financial markets have coincided with high uncertainty and lack of demand for funds, which

resulted in increase of stock funds. However, unlike the first quarter of 2013, net foreign assets

increased in late 2013. Foreign net assets increased by 9%, from 2,337.1 bn € to 2,558.4 bn € in

the second mid-half of 2013 compared to the same period of 2012

net foreign assets were reduced and there is an incremental trend of investments in financial

instruments and deposit reduction, which in addition to the positive developments dominating

European financial markets, created conditions for attractive investments. Thus, the net foreign

assets increased by 13%, from €2,081.2 billion to €2,352.5 billion in the first half of 2013

compared with the same period of 2012.

3.1.2. DEVELOPMNTS IN BANKING SECTOR

The data for the banking sector show an increase of total assets compared to previous periods.

In the first half of 2013 total assets increased only by 7.5%, from to € 2.1 bn € to 2.45 bn € .

Source: CBK

Gross loans remain the main funding of assets part in commercial banks which in the end of

2013 have increased by 2.4%, from €1,76 billion in the end of 2012, to €1,81 billion in 2013, where

Non-Financial Corporations continue to be the main consumers of loans with around 66% and

households with 31%.

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Further on, deposits had a slowed increase same as loans did, and in the second half of 2013, it

increased by 7.5 %, from €2,28 billion in 2012 to €2,48 billion in 2013.

3.1.3. STRUCTURE OF DEPOSITS AND LOANS

3.1.3.1. HOUSEHOLDS

Household deposits remain the main funding of financial system participating with 75% in total

deposits with a nominal value of €1,775 billion. Household deposits over the years 2010-2012

increased 17 % on average, but this trend in the first half of 2013 begin to slowdown and up to

the reporting period it was approximately 8%, which amounted to a nominal value of €1,775

billion.

Source: CBK

Loans provided to households in the first half 2013 amounted €564 m from €543 m as they were

in the first half of 2012, with an increase of 7.5%.

3.1.3.2. NON-FINANCIAL CORPORATIONS

Deposits of other non - financial corporations are the second main contributor to the structure of

total deposits, which in the first half of 2013 increased by 19 %, from €335.7 m to €397.7 m.

Graph (3.3) illustrates other Non - Financial Corporations deposits in monthly frequency which

marked an increase at late 2013.

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Source:CBK

Unlike deposits, granting loans to other depository corporations have had a relatively slight

increase when compared to the incremental trend over the periods 2010-2011. In the first half of

2013, there was an increase of2%, from €1,169 billion in the first half of 2012 to € 1,194.8 billion

in the first half of 2013.

3.1.4. STRUCTURE OF LOANS BY MATURITY AND INDUSTRY

The services sector continues to be among the leading sectors in loan absorption participating

with around 72% in total loans dedicated to Kosovo industry. During the reporting period, the

stock of loans to the private sector and households continued with a slower incremental trend

compared with previous periods. During the first half of 2013, loans to Non-Financial

Corporations increased by 2 %, from €1,169m to €1,194m, whilst for households from €543 m to

€564 m.

Regarding the structure of lending to non-financial corporations, loans with maturity up to two

years which comprise 8% of total loans for the industry have increased with 23% in the first half

of 2013, compared with the same period of 2012, followed by loans up to one year which

comprise the lion share of lending with 31%, increased by 8%. While loans with a maturity of

more than 5 years and 10 years declined by 3% respectively 34%.

Whilst, lending to households was mainly concentrated in maturities up to one year, with an

increase of 31% followed by loans with maturity over 10 years. Loans with maturity over 2

years and over 5 years to 10 years constituting around 39% respectively 36% of total lending to

households declined by 2% respectively, increased by 6% in the end of 2013.

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The effective interest rates on deposits and loans have declined in the first half of 2013

compared to the same period in 2012. Loan rates have decreased from 12.9 % to 11%, and

deposit rates have also decreased from 3.7% 2.4%. Figure 3.6 shows trends movements in rates

of loans and deposits and the difference between them. As illustrated in the graph, the

difference in interest rates on deposits and loans is shrunken after being that interest rates on

loans have decreased.

The interest rate offered on deposits affected the maturity of deposits during 2013 where there

is a low level of interest rates on deposits which led to decrease in deposit terms with maturity

up to 2 years, where we have a transfer of these up to 2 years into over 2 years.

Unlike deposits, loans granted to non - financial corporations have usually the maturity up to 5

years, where the situation is the same with loans to households.

3.1.5. PROFITABILITY

Given the development trends in the banking sector in Kosovo, during the previous years,

profitability ratio that measures the return on equity had an encouraging trend. In the second

half of 2013, the profitability increased by 3% compared to same period of 2013 it was recovered

and increased with 5.9%. The return on equity ratio shows that the banking sector in the first

half of 2013 faced with difficulties in achieving profitability, and this is a result of increase in

expenditures, mainly in areas which do not include interest payments cost. Further on, there is

an increase in equity showing that banks are taking measures to reduce the potential financial

difficulties in their balance sheets. Net profit in the first half of 2013 amounted to €16.2 m,

indicating an increase of €4.5 m or 39%.

24


Edition 1

255.8 255.8 256.8 252.2

4.6%

7.3%6.3%

10.3%

0.4%0.7%

0.6% 0.8%0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Gj1 2012 Gj2 2012 Gj1 2013 Gj2 2013

Ekuiteti Asetet ROE ROA

Figura 3.8. Profitabiliteti në sektorin bankar

The ratio of return on assets (ROA) increased slightly in the first half of 2013, with a percentage

of 0.1%, which implies that the banking sector had total asset accumulation and slowdown in

generating revenues in proportion to assets available.

25


Edition 1

4. FOREIGN TRADE

GDP Publication according to economic activity for 2011 puts the trade as a sector having

highest participation in total adding of value in the country. Due to the high degree of deficit

with its trading partners, changes within the trade sector in Kosovo are important determinants

of movements in the real sector (through employment and price) and fiscal (by generating

budget revenues from import duties).

Generally, during this period of six months of trade activity Kosovo with other countries

continued the incremental trend in terms of exports of goods, and a slight decline in imports in

comparison with the same period last year. Despite a slight recovery in the value of exported

goods, they have not yet reached the level of the value of goods exported during the pre-

economic crisis that was manifested mainly in developed countries. Consequently, despite the

decline in the value of imported goods and also a relaxed increase in the value of exported

goods, the percentage of coverage of exports towards imports continue to remain the same such

as previous years, ie about 12%. Also, in the end 2013 the trade deficit extended for 1% more in

comparison with the year 2012.

Moreover, from 2011 onwards there is a higher degree of diversification in the group of

exported goods, where the dominance of exports from basic metals has a gradual decline. Basic

metal products accounted about 65% of total goods exported in the first half of 2011, until the

end of the second half of 2013 they accounted for about 50% of the total exported goods. During

these years (2011 - 2013) it is observed an increase in exports in the category of food products

(from 6% participation in the first half of 2011 rose to 16% in late 2013), and mineral products

(13% participation in the first half of 2011 rose to 15% in late 2013). While the structure of

imported goods remains almost the same compared to previous years, where mineral products

(including imports of oil and gasoline) category accounted for the largest value of imports

(about 27% of the total imported goods). Followed by the import of food products by 20%

representation in the total imported goods

4.1.1. TRADE AS PER GROUPS OF GOODS

When comparing the first half of 2013 with that of 2012, we can see that changes in the structure

of export are more significant than in the structure of imports by groups of goods traded. The

most significant changes in the import structure are noticed when it comes to decrease of

mineral products share from 29% to 27%, which is mainly a result of lower fuel prices compared

to the same period of 2012. And a slight increase of representation of food products by 19% to

20% of representation in the total imports. While other categories of imported goods remain

almost the same as during the previous period.

26


Edition 1

Changes in the participation of goods groups exported give a sign of exports diversification.

Whilst, the structure of exports was historically dominated by basic metal, in the first half of

2013, food, plastic and wood products have increased against the decrease of basic metals share.

However, it is encouraging that this increase does not correspond with the reduction of basic

metals exported despite the decrease in international prices of metals but it corresponds with

increase of export in other categories, whilst metals continue to preserve historic values. Also

Mineral products declined slightly by participation in total exports.

The slight change was also noticed in all other categories of exports which have together grown

the participation with around 1 percentage point.

4.1.2. TRADE ACCORDING TO KEY PARTNERS

By continuing descending trend of beginning year, in the second half of 2013 it is noticed that

the participation of imports originating from CEFTA is decreasing. After a more significant

decline during the first half of the year, imports from CEFTA countries represented about 30%

of total imports. Whilst imports originating from the European Union have maintained around

40% of participation. Furthermore, following an increase in the fist half of the year, imports

from other countries, including Turkey, China, and Switzerland, have shown a significant

increase compared to the same period of the previous year, however, with a lower participation

than during the first half of the year.

27


Edition 1

At the same time, exports to the EU countries slightly increased. While exports to CEFTA

countries have noted a slight increase in participation compared to the first half of the year and

also compared with the same period last year.

While in the second half of 2012, Germany was the leading country of origin for imports with

around 12%, in the first half of 2013 the leading country of origin was Republic of Serbia, with

around 12%. A significant increase of imports from Italy, and Turkey are noticed, whilst

imports from Macedonia continued to decline. Whilst imports from this country accounted for

around 15% in the first half of 2011, in the same period of 2013, this participation dropped with

7%.

Whilst there has been a significant diversification of exports as per group of goods within the

comparative period, major export destinations maintained the same ranking since 2011. Italy

remains the main exporting destination, although with a decline from 26% in the first half of

2011, into 23% in the first half of 2013. Exports to Albania followed a significant increase from

9% in 2011, to 16% during the first half of 2013. The same trend followed the export to

Montenegro.

28


Edition 1

29


Edition 1

Tabela 1.1 Macroeconomic Indicators

Description 20122013

Est.

2014

Proj.

2015

Proj.

2016

Proj.

2017

Proj.

Real growth rates (in percent)

GDP 2.5% 3.2% 4.1% 4.3% 4.4% 4.5%

GDP per capita 0.9% 1.6% 2.5% 2.7% 2.8% 2.9%

Consumption 1.9% 1.0% 3.9% 4.5% 2.7% 3.6%

Investment -10.9% 5.0% 2.1% 1.8% 6.4% 5.6%

Exports -0.9% -1.1% 5.8% 4.8% 6.1% 4.9%

Imports -7.2% -1.7% 3.2% 3.6% 2.3% 3.3%

Price changes (in percent)

CPI 2.4% 1.8% 0.8% 1.0% 1.0% 1.2%

GDP Deflator 0.5% 1.1% 2.1% 1.8% 1.4% 1.4%

Import Prices 4.5% 0.4% -0.8% -0.6% -0.7% -0.3%

General government budget (in percent of GDP)

Revenues 26.9% 25.7% 26.8% 27.2% 25.7% 24.7%

Primary expenditures 29.3% 28.7% 29.2% 29.0% 27.4% 26.3%

Of which : Capital and net lending 11.2% 10.3% 9.7% 8.0% 7.4% 7.3%

Current balance 9.0% 7.2% 7.5% 6.5% 6.0% 5.9%

Primary balance -2.4% -3.0% -2.4% -1.8% -1.7% -1.7%

Interest payments 0.2% 0.2% 0.3% 0.3% 0.4% 0.4%

Overall balance (as per fiscal rule) -2.6% -3.2% -2.0% -2.0% -2.0% -2.0%

Savings/investment balances (in percent of GDP)

Domestic savings -8.0% -5.5% -4.1% -3.8% -1.7% -0.3%

Remittances 10.6% 10.8% 10.5% 10.2% 10.1% 9.9%

Income from abroad (net) 3.1% 2.4% 4.2% 1.7% 2.6% 2.2%

National savings 5.7% 7.6% 10.5% 8.1% 11.0% 11.8%

Investment 28.2% 27.8% 26.9% 25.9% 26.1% 26.1%

Current account -7.7% -6.8% -4.8% -6.8% -4.3% -4.1%

Main aggregates (in millions of euros)

GDP 4,916 5,125 5,446 5,778 6,117 6,481

GDP per capita (in euros) 2,686 2,757 2,884 3,013 3,141 3,276

GNDI per capita (in euros) 3,053 3,119 3,307 3,372 3,541 3,674

Workers remittances 519 552 570 590 620 642

Population (in thousands) 1,831 1,859 1,888 1,918 1,948 1,978

30


Edition 1

Table 1.2 Nominal GDP and its components

Description 20122013

Est.

2014

Proj.

2015

Proj.

2016

Proj.

2017

Proj.

Consumption 5,256 5,390 5,675 5,999 6,217 6,506

Private consumption 4,448 4,522 4,759 5,020 5,247 5,524

Public consumption 788 843 891 954 945 956

General government 571 632 687 756 753 766

Donor sector 217 211 204 198 192 190

NPISH 20 25 25 25 25 26

Investment 1,387 1,427 1,467 1,499 1,595 1,691

Private investment 837 898 973 1,110 1,177 1,245

General government 550 529 494 390 418 446

Net exports of goods and services -1,727 -1,692 -1,696 -1,721 -1,695 -1,717

Exports 922 927 997 1,064 1,143 1,213

Exports of goods 287 305 329 361 396 422

Exports of services 635 622 668 703 746 791

Imports 2,649 2,619 2,693 2,784 2,838 2,930

Imports of goods 2,360 2,306 2,361 2,435 2,481 2,562

Imports of services 289 314 332 350 356 368

GDP 4,916 5,125 5,446 5,778 6,117 6,481

Workers remittances (net) 519 552 570 590 620 642

Income from abroad (net) 154 122 227 99 158 144

GNDI 5,590 5,798 6,243 6,467 6,895 7,266

Memorandum item:

Private sector disposable income (in million euros) 4,999 5,232 5,753 5,798 6,243 6,582

Private sector consumption per capita (in euros) 2,430 2,432 2,521 2,618 2,694 2,793

Private consumption to GDP ratio 90% 88% 87% 87% 86% 85%

Private Investments to GDP ratio 17% 18% 18% 19% 19% 19%

Exports to GDP ratio 19% 18% 18% 18% 19% 19%

Imports to GDP ratio 54% 51% 49% 48% 46% 45%

In millions of euros

31


Edition 1

Table 1.3 Social welfare

No. of applicants

Total payment

(in millions of

euros)

No. of

applicants

Total payment

(in millions of

euros)

No. of

applicants

Total payment

(in millions of

euros)

No. of

applicants

Total payment

(in millions of

euros)

No. of

applicants

Total payment

(in millions of

euros)

No. of

applicants

Total payment

(in millions of

euros)

No. of families

Total payment

(in millions of

euros)

2 0 0 5 Mesatarja 12 2 ,0 63 5.0 1 - - 7,0 11 0 .4 0 18 ,8 6 1 1.2 9 4 ,72 8 1.0 8 - - 4 2 ,8 9 6 2 .6 3

2 0 0 6 Mesatarja 12 2 ,0 43 5.15 - - 7,3 9 1 0 .4 1 2 1,9 59 1.2 3 4 ,8 9 0 0 .2 4 - - 4 1,6 72 2 .53

2 0 13 M e s a t a rja 114,9 6 1 7.3 3 5,4 0 7 4 .1 12 ,9 70 2 .5 17,6 72 1.2 3 ,8 2 1 0 .3 773 0 .1 3 0 ,6 53 2 .3

Jan 113,062 7.04 34,702 4.0 13,249 2.6 18,376 1.2 3,895 0.3 735 0.1 31,248 2.38

Shku 114,142 7.16 35,040 4.1 12,476 2.4 17,491 1.1 3,895 0.3 742 0.1 31,397 2.41

M ar 113,518 7.06 34,954 4.0 13,020 2.6 17,457 1.1 3,874 0.3 751 0.1 31,740 2.41

Pri 113,505 7.16 35,194 4.1 13,133 2.6 17,790 1.2 3,852 0.3 755 0.1 31,733 2.39

M aj 113,975 7.21 35,150 4.1 13,167 2.5 17,972 1.2 3,832 0.3 764 0.1 31,703 2.41

Qer 113,181 7.15 34,866 4.0 13,172 2.5 18,305 1.2 3,827 0.3 773 0.1 31,580 2.40

Korr 116,002 7.51 35,698 4.2 11,938 2.3 18,176 1.2 3,810 0.3 782 0.2 31,186 2.3

Gush 116,017 7.35 35,773 4.2 12,900 2.7 18,336 1.2 3,798 0.3 787 0.2 29,174 2.2

Shta 116,215 7.41 35,839 4.18 13,034 2.55 18,436 1.27 3,792 0.25 788 0.150 29,327 2.25

Tet 116,356 7.42 35,823 4.19 13,173 2.60 18,599 1.26 3,771 0.25 794 0.152 29,425 2.22

Nën 116,516 7.45 35,829 4.20 13,183 2.54 18,891 1.30 3,755 0.25 798 0.152 29,633 2.12

Dhje 117,042 7.42 36,015 4.22 13,196 2.54 12,240 0.91 3,746 0.25 801 0.153 29,688 1.92

Pensionet e TM K-së Social Assistance

Year

Basic Pension PaymentsSupplementary Basic Pension

PaymentsWar Invalids Payments Disabilit y Pensions Trepca Pensions

Tabela 2.1 Kosovo Consildated Budget

J ul Aug Sep Oct No v Dec J an Feb Mar Apr May J un J ul Aug Sep Oct No v Dec

To tal R eve nues 125.8 119.7 111.2 122.7 108.4 131.2 1,330 88.8 72.5 109.2 127.2 103.3 103.6 139.0 115.2 105.3 122.9 113.9 115.3 1,316

Tax revenues 112.4 107.2 90.9 109.6 95.8 107.3 1,094 76.7 62.8 73.7 103.5 90.8 87.4 123.1 98.4 94.5 109.7 86.5 97.6 1,105

R eve nues fro m the Bo rde r 82.4 88.1 76.5 78.5 74.9 89.1 842.7 44.2 45.9 57.1 71.1 73.1 70.5 90.1 82.2 76.5 77.7 67.0 81.8 837.3

Lo cal Revenues 31.4 20.6 16.2 32.4 21.8 26.3 283.9 33.5 19.8 19.2 37.8 18.8 18.7 35.9 22.3 20.1 35.7 20.8 22.4 305.1

R efunds -1.3 -1.5 -1.7 -1.4 -1.0 -8.1 -32.7 -1.0 -3.0 -2.6 -5.4 -1.1 -1.8 -2.9 -6.1 -2.0 -3.7 -1.4 -6.7 -37.5

Own s o urce revenues fro m OQB 3.6 2.6 2.4 3.9 4.7 4.9 53.0 4.5 3.0 4.2 3.3 2.4 2.2 2.3 1.8 2.5 4.7 4.4 3.8 39.2

Municipal o wn s o urc e reve nues 5.4 5.9 4.5 5.8 4.7 6.3 59.4 3.7 3.9 5.2 5.0 5.6 4.0 5.3 4.7 4.4 4.3 3.6 6.0 55.8

No n-tax revenue s 4.4 3.9 3.4 3.5 3.2 2.7 41.1 2.6 2.5 5.6 4.4 3.6 3.4 3.9 3.9 3.5 3.0 2.9 7.5 46.7

On o ff revenues - - 10.0 - - 10.0 45.0 - - 20.0 10.0 - 0.0 3.0 - - - 10.0 43.0

Budgetary Suppo rt - - - - - - 37.4 - - - - - - - - - - - - 0.0

Ro yaltie s - - - - - - - 0.7 0.4 0.5 0.4 0.9 6.5 0.9 6.4 0.3 0.6 6.6 0.4 24.7

Tax co nces s io n - - - - - - - 0.5 0.0 0.0 0.5 0.0 0.0 0.5 0.0 0.0 0.5 0.0 0.0 2.0

To tal Expens es 116.4 112.3 117.7 126.9 157.6 182.0 1,420 38.0 137.1 104.8 109.9 140.4 81.9 131.6 150.0 84.5 142.8 167.5 174.6 1,463

Curre nt Expens e s 65.9 67.8 68.1 84.4 110.1 91.1 873.4 30.4 84.7 78.5 81.4 108.2 36.7 75.1 99.3 40.5 87.5 114.4 103.3 940.0

Wages and Salaries 34.1 34.0 33.9 33.6 68.2 31.4 404.3 0.1 34.6 34.8 34.5 69.7 0.2 34.9 63.7 5.1 34.2 69.5 32.5 413.8

Go o ds a nd Se rvices 11.8 15.3 11.8 14.5 15.9 30.4 189.0 10.8 16.1 17.1 18.1 15.4 10.9 15.1 13.0 13.4 20.2 24.4 38.8 213.4

Subs idies and Tra ns fers 20.0 18.4 22.4 36.3 26.0 29.4 280.0 19.4 34.0 26.6 28.8 23.1 25.6 25.1 22.7 22.0 33.1 20.5 32.0 312.8

Capita l Outlays 50.4 44.5 49.6 42.5 47.5 90.9 550.2 8.2 52.9 26.8 29.0 32.2 45.7 56.5 52.2 45.0 55.3 54.2 71.3 529.1

Return o f lo a ns fro m NP - - - - - - -4.0 -0.5 -0.5 -0.5 -0.5 0.0 -0.5 0.0 -1.5 -1.0 0.0 -1.0 0.0 -6.0

P rimary balance 9.5 7.4 -6.5 -4.2 -49.2 -50.8 -89.8 50.8 -64.6 4.3 17.3 -37.1 21.7 7.4 -34.8 20.8 -19.9 -53.6 -59.3 -146.9

20132012Des criptio n 2012 2013

In m ilio n o f e uro s

32


Edition 1

Table 2.2 Structure of budget revenues

Bo rde r

Revenues

Lo ca l

Revenues

2011 1,279 1,088 826.6 261.1 45.8 115.3 60.0 -29.8 -

2012 1,292 1,127 842.7 283.9 41.1 112.5 45.0 -32.7 -

82.6 69.3 40.0 29.3 3.3 10.3 0.0 -0.3 -

72.0 65.6 45.5 20.1 2.3 6.7 0.0 -2.6 -

98.0 71.8 56.5 15.3 3.5 9.1 15.0 -1.4 -

103.7 98.9 63.5 35.4 3.7 7.9 0.0 -6.8 -

110.4 93.6 75.0 18.6 4.1 15.5 0.0 -2.8 -

106.8 89.0 72.7 16.3 3.1 8.4 10.0 -3.8 -

125.8 113.8 82.4 31.4 4.4 9.0 0.0 -1.3 -

119.7 108.7 88.1 20.6 3.9 8.5 0.0 -1.5 -

111.2 92.7 76.5 16.2 3.4 6.9 10.0 -1.7 -

122.7 110.9 78.5 32.4 3.5 9.7 0.0 -1.4 -

108.4 96.8 74.9 21.8 3.2 9.4 0.0 -1.0 -

131.2 115.5 89.1 26.3 2.7 11.1 10.0 -8.1 -

2013 1,316 1,139 834.1 305.1 42.9 102.4 43.0 -37.7 26.7

88.3 77.5 44.0 33.5 2.6 8.3 0.0 -1.3 1.2

72.1 65.3 45.4 19.8 2.5 6.8 0.0 -2.9 0.4

109.0 76.2 57.0 19.2 5.6 9.4 20.0 -2.6 0.5

126.6 108.3 70.5 37.8 4.4 8.4 10.0 -5.3 0.9

103.2 91.8 73.0 18.8 3.6 8.0 0.0 -1.1 0.9

103.3 88.9 70.2 18.7 3.4 6.2 0.0 -1.7 6.5

138.5 125.5 89.6 35.9 3.9 7.6 3.0 -2.9 1.4

115.2 104.4 82.2 22.3 3.9 6.5 0.0 -6.1 6.4

105.2 96.4 76.4 20.1 3.5 6.9 0.0 -2.0 0.3

122.8 113.3 77.6 35.7 3.0 9.1 0.0 -3.7 1.1

113.6 87.5 66.6 20.8 2.9 8.0 10.0 -1.4 6.6

118.7 104.2 81.7 22.5 3.6 17.3 0.0 -6.7 0.4Dec

J ul

Aug

Sep

Oct

No v

J un

J an

Feb

Mar

Apr

May

May

J un

J an

Feb

Mar

Apr

On o ff

re venues

Refunds o f

taxesYea r

Overa ll

Revenues

Tax RevenuesNo n-tax

revenues

Own s o urc e

revenues

Dec

J ul

Aug

Sep

Oct

Others

(ro ya lties , the

tax

co nces s io n)

Të dhënat m ujo re , në m ilio na euro

No v

Table 2.3 Revenues from domestic taxes

Year To ta llyP res umptive

TaxP ro fit Ta x VAT Withhe ld Tax

Individua l

bus ines s tax

Tax o n

inte res t,

dividends , e tc .

lo tte ry.

Co rpo ratio n

taxInte rna l Exc is e Others

2011 261.1 0.9 1.8 121.4 55.7 23.5 1.4 54.6 0.0 1.9

J an 32.4 0.0 0.0 11.1 3.0 5.1 0.2 12.8 - 0.1

Shku 13.7 0.0 0.1 7.4 4.3 0.3 0.2 1.4 - 0.1

M ar 13.2 0.2 0.0 6.5 3.3 0.9 0.2 1.9 - 0.1

P ril 31.8 0.0 0.0 9.9 5.8 5.5 0.5 9.8 - 0.2

M aj 14.9 0.0 0.1 9.8 3.2 0.3 0.0 1.3 - 0.2

2012 295.7 0.4 0.1 130.0 60.1 25.9 1.6 62.7 11.9 3.1

J an 29.3 0.1 0.0 10.2 3.1 5.3 0.3 10.2 0.0 0.1

Feb 20.1 0.0 0.0 13.5 4.5 0.2 0.0 1.5 0.0 0.2

M ar 15.3 0.0 0.0 8.1 4.5 0.7 0.0 1.7 0.0 0.2

Apr 35.4 0.0 0.0 10.3 4.4 5.6 0.3 14.5 0.0 0.2

M ay 23.1 0.0 0.0 11.7 4.7 0.4 0.0 1.4 4.5 0.3

J un 17.1 0.0 0.0 9.7 4.7 0.2 0.6 0.7 0.8 0.3

J ul 32.4 0.0 0.0 10.3 4.6 5.1 -0.2 11.2 1.0 0.3

Aug 21.9 0.0 0.0 13.1 4.6 0.4 0.1 2.3 1.2 0.2

Sep 17.1 0.0 0.0 9.7 4.5 0.3 0.0 1.5 0.9 0.2

Oct 33.8 0.0 0.0 10.3 4.5 6.0 0.4 11.1 1.3 0.3

No v 22.7 0.0 0.0 10.9 7.9 0.5 0.1 2.1 0.9 0.4

Dec 27.5 0.0 0.0 12.1 8.0 1.1 0.1 4.4 1.2 0.5

2013 319.2 0.1 0.2 147.2 61.3 28.0 1.3 63.5 14.1 3.5

J an 34.6 0.0 0.0 13.3 3.4 5.9 0.0 10.8 1.0 0.2

Feb 21.1 0.0 0.0 12.7 4.8 0.5 0.1 1.5 1.2 0.2

M ar 20.2 0.0 0.0 10.6 4.9 0.8 0.1 2.7 1.0 0.2

Apr 38.9 0.0 0.0 10.5 5.3 6.6 0.3 14.7 1.1 0.4

M ay 19.8 0.0 0.0 10.9 5.1 0.7 0.1 1.7 1.1 0.3

J un 19.6 0.0 0.0 11.5 5.2 0.4 0.0 1.3 0.9 0.3

J ul 37.1 0.0 0.0 11.8 5.4 5.5 0.3 12.6 1.2 0.2

Aug 23.6 0.0 0.1 13.2 6.3 0.4 0.0 1.7 1.3 0.6

Sep 21.6 0.0 0.0 13.6 3.8 0.3 0.0 1.9 1.5 0.4

Oct 36.9 0.0 0.0 12.4 5.0 6.0 0.4 11.6 1.2 0.3

No v 21.9 0.0 0.0 11.9 6.7 0.5 0.0 1.5 1.1 0.3

Dec 23.9 0.0 0.0 14.9 5.6 0.5 0.0 1.3 1.4 0.1

In m ilio n o f euro s

33


Edition 1

Table 2.4 Revenues from border taxes

Ye a r To ta l Re ve nue s Cus to m Tax Exc is e VAT Othe r/including returns

2012 830.8 117.7 291.3 418.9 2.9

J a n 40.0 5.5 14.4 19.0 1.1

Fe b 45.5 6.5 17.0 21.5 0.5

M ar 56.5 8.4 17.9 29.4 0.8

Apr 63.5 9.8 19.1 33.8 0.8

M ay 70.5 10.9 23.3 39.6 -3.3

J un 71.8 10.4 24.1 37.2 0.2

J ul 81.4 11.6 28.6 41.1 0.0

Aug 86.8 10.9 33.2 43.0 -0.2

Se p 75.6 10.8 24.1 40.7 0.0

Oc t 77.2 10.8 27.5 38.9 0.0

No v 74.0 10.3 27.3 36.2 0.2

De c 88.0 11.9 34.8 38.6 2.7

2013 820.0 120.1 287.0 412.3 0.6

J a n 43.0 6.0 16.2 20.7 0.0

Fe b 44.2 7.4 12.9 23.9 0.0

M ar 56.0 8.6 17.9 29.5 0.0

Apr 69.4 10.1 23.3 36.0 0.1

M ay 71.9 10.6 24.4 36.9 0.1

J un 69.3 9.5 24.0 35.8 0.0

J ul 88.4 12.1 33.2 43.3 -0.2

Aug 80.8 10.4 31.5 38.8 0.1

Se p 74.8 11.0 26.6 37.1 0.1

Oc t 76.4 11.1 27.8 37.4 0.0

No v 65.6 10.1 22.4 33.3 -0.2

De c 80.3 13.3 26.8 39.7 0.5

In m ilio n o f e uro s

Table 2.5 Overall Budget Expenditures

34


Edition 1

Wage s a nd

Sa la rie s

Go o ds a nd

Se rvice sUtilities

Subs idie s and

Trans fe rs

2012 1,424 873.4 404.3 167.5 21.5 280.0 550.2

30.0 22.6 0.1 5.1 1.4 16.0 7.4

147.2 72.0 33.9 17.1 2.5 18.5 75.1

96.3 69.0 33.4 13.5 2.1 20.1 27.3

80.5 72.4 33.6 14.7 1.7 22.4 8.0

130.8 73.8 34.2 17.1 2.2 20.4 57.0

126.0 76.0 33.8 11.0 1.0 30.1 50.0

116.4 65.9 34.1 10.6 1.2 20.0 50.4

112.3 67.8 34.0 13.6 1.7 18.4 44.5

117.7 68.1 33.9 10.6 1.2 22.4 49.6

126.9 84.4 33.6 12.9 1.6 36.3 42.5

157.6 110.1 68.2 14.2 1.7 26.0 47.5

182.0 91.1 31.4 27.1 3.3 29.4 90.9

2013 1,469 940 413.8 191.8 21.6 312.8 529.1

38.5 30.4 0.1 8.8 2.0 19.4 8.2

137.6 84.7 34.6 13.8 2.4 34.0 52.9

105.3 78.5 34.8 15.2 1.9 26.6 26.8

110.4 81.4 34.5 15.9 2.2 28.8 29.0

140.4 108.2 69.7 13.5 1.9 23.1 32.2

82.4 36.7 0.2 9.9 1.0 25.6 45.7

131.6 75.1 34.9 14.1 1.0 25.1 56.5

151.5 99.3 63.7 11.6 1.4 22.7 52.2

85.5 40.5 5.1 12.2 1.2 22.0 45.0

142.8 87.5 34.2 18.8 1.4 33.1 55.3

168.5 114.4 69.5 22.4 2.0 20.5 54.2

174.6 103.3 32.5 35.6 3.2 32.0 71.3

Ca pita l

Outla ys

M o nthly data, in m illio ns o f euro s

Yea rOvera ll

Expe ns e s

Curre nt Expe ns es

J a n

Aug

Se p

Oc t

No v

De c

J a n

Fe b

M ar

Apr

M ay

J un

J ul

J ul

Aug

Se p

Oc t

No v

De c

Fe b

M ar

Apr

M ay

J un

35


Edition 1

Table 3.1 CBK Balance Sheet

Jan Feb M ar Apr M ay Jun Jul Aug Sep Oct Nov Dec

M onetary gold and SDR 61.8 62.6 63.3 62.3 62.3 61.9 61.4 61.3 60.7 60.4 60.2 59.6

Currency and deposits 1,057 1,032 1,037 998 965 853 934 825 766 1,050 1,106 924

Currency (Cash) 40.3 35.3 43.9 50.4 29.1 39.3 34.0 66.4 34.8 41.7 29.5 27.4

Deposits in Euro (foreign) 1,016.8 997.1 993.2 947.5 935.4 813.5 899.9 758.3 730.8 1,008.2 1,076.0 896.2

Transferab le deposits 86.3 63.8 55.6 64.6 89.5 62.2 50.4 20.8 15.3 109.0 18.9 61.1

Other deposits 930.5 933.4 937.6 882.8 845.9 751.2 849.5 737.5 715.5 899.2 1,057.1 835.1

Securit ies besides shares 296.0 291.0 311.0 341.0 380.9 495.8 435.9 594.9 654.9 521.9 421.0 560.8

Non-residents 296.0 291.0 311.0 341.0 380.9 495.8 435.9 594.9 654.9 521.9 421.0 560.8

IM F quota 67.1 68.2 69.0 67.9 68.2 67.8 67.3 67.4 66.8 66.5 66.6 65.9

Ot her account s receivable 0.9 0.3 0.8 0.6 0.2 0.9 0.6 0.4 0.9 0.6 1.1 1.3

Non-f inancial Asset s 2.8 2.8 2.8 2.8 2.8 2.9 2.9 2.9 3.0 3.2 3.2 3.2

TOTALLY ASSETS 1,399 1,456 1,462 1,431 1,428 1,473 1,502 1,552 1,552 1,703 1,658 1,614

Transferab le deposits 1,022.1 1,024.1 1,094.3 1,045.8 1,048.1 1,110.9 1,136.4 1,165.1 1,195.8 1,347.2 1,284.3 1,212.7

Other depository corporates 273.6 296.2 308.3 285.5 273.9 254.6 271.5 335.1 318.5 340.3 357.3 333.2

Other Financial Corporates 21.8 29.3 49.4 14.2 11.2 18.6 13.9 15.9 19.1 147.0 143.2 213.9

Insurance Companies 5.0 4.8 4.9 4.9 4.0 4.0 4.1 4.9 4.8 4.8 4.7 4.2

Pension funds 16.8 24.5 44.5 9.3 7.2 14.6 9.8 11.0 14.4 142.2 138.5 209.7

Central Government 706.6 675.2 715.8 723.4 740.4 815.3 828.2 791.6 833.8 835.2 759.2 640.3

Of which: KPA 549.2 548.8 549.8 561.1 568.0 565.6 567.1 566.8 548.4 549.1 552.2 530.3

Non-residents 0.4 3.8 0.3 0.2 0.2 0.1 0.1 0.4 0.3 0.3 0.3 0.3

Public non-f inancial corporates 18.0 18.0 18.8 20.8 20.0 19.9 20.3 20.3 22.3 22.7 22.7 22.7

Other resident sectors 1.7 1.7 1.7 1.7 2.4 2.4 2.4 1.7 1.7 1.7 1.7 2.4

Ot her deposit s 186.0 154.0 109.0 149.0 153.0 93.0 89.0 110.0 80.0 80.0 100.0 133.0

SDR allocations 63.0 64.0 64.8 63.8 64.0 63.7 63.1 63.3 62.7 62.4 62.5 61.9

Account with IMF 165.3 165.3 165.3 163.7 163.7 163.7 163.7 163.7 163.7 163.7 161.0 155.8

Ot her payable accounts 0.4 0.2 0.4 0.4 0.2 0.4 0.4 0.3 0.5 0.4 0.3 0.5

Shares and ot her equity 49.0 49.7 50.3 49.9 49.9 49.9 49.3 49.2 49.1 48.7 49.4 50.5

Own Capital 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0 30.0

Retained Profits -1.4 -0.6 0.0 -0.5 -0.4 -0 .4 -1.0 -1.1 -1.2 -1.5 -0.8 0.2

Grants and special reserves 20.4 20.3 20.3 20.3 20.3 20.3 20.3 20.3 20.3 20.3 20.3 20.3

TOTAL LIABILITIES 2,021 1,965 1,926 1,936 1,914 1,739 1,817 1,729 1,621 1,906 1,982 1,805

2013Descript ion

36


Edition 1

Table 3.2 Commercial Banks Balance Sheet

Jan Shku Mar Pri Maj Qer Korr ik Gusht Sht at or Tet or Nent or Dhjetor

Cash and balances of CBK 390.7 399.6 414.3 394.5 379.8 355.4 402.6 455.0 438.3 452.8 468.4 463.3

Parat ë e gatshmeCash 104.4 103.7 106.7 109.7 106.3 101.3 131.8 120.8 114.5 113.1 111.7 130.6

Bilanci me BQK- nëBalances wit h CBK 286.4 295.9 307.6 284.8 273.5 254.1 270.8 334.2 323.8 339.7 356.8 332.8

Rezervat dhe llogarit ë r rjedhëseReserves and cur rent account s 286.4 295.9 307.6 284.8 273.5 254.1 270.8 334.2 323.8 339.7 356.8 332.8

Balances wit h Commercial Banks 311.9 297.4 270.1 279.3 292.9 261.4 294.3 349.3 328.4 333.6 332.0 339.9

Secur it ies 262.5 282.7 275.5 229.5 246.7 246.3 249.8 273.8 276.0 271.7 278.1 354.5

Investment por t f olio 13.1 13.1 15.2 12.2 14.1 14.1 11.7 10.8 14.6 17.1 15.8 17.2

Commercial port f ol io 215.2 237.5 227.2 197.6 212.8 212.5 214.7 238.7 247.8 243.5 246.1 314.0

Gross loans and similar 1.75 1.77 1.78 1.80 1.81 1.83 1.82 1.79 1.80 1.80 1.80 1.81

Ot her non-f inancial Corporat es 1,165.1 1,176.9 1,188.0 1,203.7 1,209.1 1,216.1 1,203.7 1,193.6 1,195.1 1,186.9 1,193.4 1,194.5

Households 542.1 540.9 545.8 551.0 554.0 561.9 565.3 551.5 556.5 566.5 563.9 563.9

Fixed asset s 57.2 56.6 56.0 56.2 57.4 57.6 57.0 56.7 56.3 55.5 55.2 55.5

Other asset s 35.4 35.9 37.2 38.2 38.5 40.5 40.3 43.0 38.5 39.5 39.8 40.3

TOTAL ASSETS 2,812.6 2,837.8 2,835.7 2,799.3 2,825.3 2,787.0 2,860.1 2,968.0 2,935.4 2,952.0 2,976.7 3,059.3

Due to cust omers 2,284.1 2,298.3 2,288.8 2,251.3 2,264.5 2,216.1 2,282.4 2,382.2 2,355.5 2,365.3 2,369.8 2,462.5

Deposit s 2.27 2.28 2.27 2.23 2.25 2.20 2.27 2.37 2.34 2.35 2.36 2.45

Depozit a t ë t ransf erueshmeCent ral Government 738.9 744.1 756.0 756.8 776.6 745.3 779.7 867.8 826.6 828.4 833.1 900.8

Local Government 0.4 0.7 0.6 0.6 1.5 0.9 0.5 1.3 0.5 0.5 0.6 0.6

Ot her f inancial Corporat es - - - - - 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Public non-f inancial corporat es 8.9 8.2 10.1 8.7 8.2 10.1 12.0 16.1 14.2 11.9 16.2 11.8

Ot her non-f inancial Corporat es 30.0 16.7 18.3 14.4 14.7 16.0 14.7 19.1 14.4 13.5 18.8 16.4

Households 238.6 246.5 234.4 238.9 240.2 231.8 244.4 278.2 270.8 283.4 258.4 299.6

OJSHEF 400.0 412.8 415.8 423.0 443.9 425.2 442.5 469.9 450.9 448.4 472.4 506.6

Non-residents 20.5 21.2 21.3 22.2 24.2 23.3 23.5 24.9 23.9 25.0 22.2 22.8

Jo-rezident ët 40.5 37.9 55.5 49.0 43.7 37.9 42.1 58.3 51.8 45.5 44.3 42.9

Depozit a t ë t jeraOt her Deposit s 1,170.9 1,178.2 1,155.6 1,095.4 1,096.2 1,086.8 1,117.0 1,120.1 1,134.9 1,140.7 1,135.5 1,144.0

Cent ral Government 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1

Local Government 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.6 0.6 0.6 1.0 1.0

Ot her f inancial Corporat es 85.2 85.7 69.5 67.2 67.6 66.7 66.2 62.5 67.1 69.8 70.2 73.9

Public non-f inancial corporat es 44.0 53.0 48.9 44.3 48.4 46.8 54.1 57.4 71.8 75.7 65.7 55.7

Ot her non-f inancial Corporat es 67.6 64.6 59.4 62.6 62.9 61.8 59.4 63.2 56.5 50.6 61.0 81.0

Households 940.8 941.8 944.0 887.1 884.2 878.9 884.3 901.2 902.9 907.7 901.4 896.3

OJSHEF 4.9 4.9 4.8 4.7 4.5 4.4 4.3 4.3 4.2 3.8 3.8 3.8

Non-residents 28.1 27.9 28.7 29.1 28.1 27.8 48.4 30.8 31.7 32.5 32.4 32.3

Depozit at e afat izuaraTerm deposi t s 355.4 356.0 357.8 379.2 374.3 369.2 374.5 383.1 383.2 385.4 390.5 404.2

Other Liabi lit ies 218.6 227.4 233.0 229.2 229.9 239.4 237.9 244.4 239.2 240.0 258.8 244.1

Kapit ali aksionerprej t e cilave: provizionet per kredit 151.0 155.8 154.9 155.9 158.1 157.5 161.8 166.8 165.1 166.6 171.2 171.5

Subordinat ed Liabilit ies 31.0 31.0 31.0 31.0 31.0 36.3 55.3 56.3 56.3 56.3 56.3 56.3

Non-residents 31.0 31.0 31.0 31.0 31.0 36.3 55.3 56.3 56.3 56.3 56.3 56.3

Own resources 272.6 271.7 276.9 283.2 287.2 272.9 275.7 276.6 272.5 276.8 274.7 277.8

The share capit al 200.1 200.1 200.1 205.1 212.3 218.3 219.2 219.2 219.2 220.2 220.2 221.2

Reserves of uncertaint y 7.6 7.6 7.6 7.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6

Pr of it / loss f or t he year 1.9 0.9 6.1 7.7 11.4 16.2 18.1 19.0 22.4 25.7 23.6 25.9

Retained Pr of i t / Loss 62.9 62.9 63.0 63.0 63.0 38.0 38.0 38.0 30.5 30.5 30.5 30.5

TOTAL LIABILITIES 2,813 2,838 2,836 2,799 2,825 2,787 2,860.1 2,968.0 2,935.4 2,952.0 2,976.7 3,059.3

Descript ion2013

Të dhëna kumulat ive në miliona euro

37


Edition 1

Table 3.3 Commercial Banks Loans, by Sector and Maturity

J an Fe b Ma r Apr Ma y J un J ul Aug Sep Oct No v Dec

Go vernme nt - - - - - - - - - - - -

F ina nc ia l c o rpo rate 19.1 19.1 19.9 18.7 18.6 19.1 19.3 17.9 17.9 18.8 18.6 20.4

No n-fina nc ia l c o rpo ra te 1,165.9 1,177.3 1,188.3 1,204.0 1,209.4 1,216.4 1,204.0 1,193.9 1,193.9 1,195.4 1,187.2 1,194.7

P ublic no n-fina nc ia l c o rpo rate 0.8 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.2

Up to 1 ye a r 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Over 2 ye a r a nd up to 5 yea rs 0.1 0.1 0.1 0.1 __ __ __ __ __ __ __ __

Over 5 ye a rs a nd up to 10 yea rs 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1

Other no n-financial co rpo ra te s 1,165.1 1,176.9 1,188.0 1,203.7 1,209.1 1,216.1 1,203.7 1,193.6 1,193.6 1,195.1 1,186.9 1,194.5

Up to 1 ye a r 303.7 349.8 354.7 364.7 374.2 373.6 377.2 362.9 362.9 369.8 368.1 378.0

Over 1 ye ar a nd up to 2 ye a rs 96.8 76.1 79.9 86.8 87.1 99.5 91.7 95.8 95.8 94.9 94.1 97.4

Over 2 ye a rs a nd up to 5 ye ars 488.7 486.8 492.5 493.3 486.2 483.9 478.2 477.9 477.9 479.9 474.0 471.5


Over 10 yea r 21.7 18.9 18.3 18.0 17.9 17.1 16.9 16.7 16.7 16.4 16.2 15.7

Othe r interna l s e cto rs 542.5 541.4 546.8 551.4 554.4 562.7 565.6 551.8 551.8 557.3 566.9 564.7

Ho us ho ld 542.1 540.9 545.8 551.0 554.0 561.9 565.3 551.5 551.5 556.5 566.5 563.9

Up to 1 ye a r 51.8 52.5 53.8 57.4 57.1 61.6 62.5 59.5 59.5 62.4 64.1 65.4

Over 1 ye ar a nd up to 2 ye a rs 37.5 40.5 40.9 41.3 41.1 42.7 43.0 41.1 41.1 41.7 42.7 41.1

Over 2 ye a rs a nd up to 5 ye ars 217.4 216.8 218.1 219.0 219.4 219.3 219.0 211.0 211.0 210.5 215.3 212.4


Over 10 yea r 36.2 35.9 35.6 33.4 33.8 33.9 33.9 34.4 34.4 35.6 36.3 36.8

To ta lly 1,754.9 1,765.6 1,782.7 1,801.6 1,810.0 1,825.7 1,816.0 1,790.1 1,798.0 1,798.8 1,803.2 1,805.8

2013

Të dhënat k um ulativ e , në m ilio na euro

P ë rs hkrimi

Table 3.4 Effective interest rates in Commercial Banks

38


Edition 1

Dhje

e

Jan

n

Feb

b

Mar

r

Apr

r

May

y

June

e

Jan

n

Feb

b

Mar

r

Apr

r

May

y

June

e 3.6 3.1

3.4

3.3

3.6

3.5

3.6

3.6

3.6

3.5 3.4

3.5

3.5

DEPOSITS

Non-financial corporations

Transferable deposits

deposits

0.9 0.8 0.7

0.8

0.9

0.8

1.0

0.9

0.8

1.0

0.8

0.7

0.9

Other deposits 1/

1/

Less than 250.000 EUR

EUR

Up to 1 month

month

2.2 1.7 2.2

2.1

2.3

2.4

2.3

1.3

1.8

1.8

0.8

-

- Over 1 month and up to 3 months

months

2.9 2.6 2.9

-

2.7

2.9

-

2.8

2.1

- 1.6

-

-

Over 3 months and up to 1 year

year

8.4 7.8

4.7 2.9

5.0

4.5

4.5

8.2

4.4

5.4 2.0

4.4

3.6

Deri ne 1 muaj 2.6 1.5 1.8

2.8

1.7

1.6

1.8

2.9 -

-

- 2.3

-

Over 1 month and up to 3 months 3.9 4.0

-

3.9 3.8

3.9

3.9

-

4.0

- -

3.7

- Over 3 months and up to 1 year 5.2 -

4.1

2.7

10.1

4.7

3.8

3.6

- 5.0

-

3.8 -

Savings Deposits 2.2 2.1

2.1

2.1 2.1

2.1

2.0

2.0

1.9

2.0 2.0

2.0

2.0

Households

Transferable deposits 0.5 0.5 0.5

0.5

0.5

0.5

0.7

0.6 0.6

0.6

0.6

0.6

0.6

Other deposits

Up to 1 month 2.5 2.3 2.4

2.6

2.4

2.6

2.4

2.3 2.1

2.1

1.9

2.2

2.0

Over 1 month and up to 3 months 2.5 2.3 2.4

2.7

2.5

2.5

2.7

2.3 2.4

2.5

2.2

2.1

2.7

Over 3 months and up to 1 year 7.1 6.7

7.0 6.9

7.0

7.1

7.2

6.9

7.0 6.8

6.6

6.4 6.4

Over 2 years and up to 2 years 4.6 4.5 4.5

4.5

4.5

4.5

4.6

4.5 4.6

4.4

4.5

4.5

4.4

Over 2 years 5.4 5.1 5.2

5.2

5.1

5.3

5.5

5.2 5.2

4.7

5.0

5.0

4.9

Savings Deposits 2.1 2.1 1.9

2.1

2.0

2.1

1.8

1.7 1.6

1.7

1.6

1.6

1.6

13.9 14.5 13.3

13.8 13.5

13.4

13.5 13.6

13.5 12.6

12.6 12.3

12.0

Non-financial Corporations

Loans for investment bussineses

Up to 1 year 17.1 17.9 15.8

14.2 15.7

14.1

15.5 12.7

14.1 15.2

12.9 13.3

12.9 Over 1 year and up to 5 years 13.6 14.0

12.7 13.5

13.5

13.0 13.1

13.7 14.0

12.3 12.5

13.0 11.5

Other bussines loans (non-investment)

Up to 1 yearvit 16.4 18.0 16.8

17.6 18.2

15.6

19.8 15.5

16.7 16.0

16.1 15.2

14.2 Over 1 year and up to 5 years 13.8 15.6

14.2 14.9

14.6

15.5 14.2

15.4 14.2

13.8 14.1

13.9 13.5

overdraft 11.8 12.2 10.9

11.2 10.8

11.2

10.7 10.7

9.7

11.0 10.5

10.7 10.3

Credit line 12.1 13.7

13.0 11.7

11.9

12.1 10.9

12.6 11.6

12.9 13.4

12.2 11.9

Households

Consumable loans 14.0 14.2 13.8

13.4 13.1

13.2

13.5 12.6

12.8 12.1

12.0 11.8

12.2

Up to 5 years 14.3 12.4 9.7

-

-

-

7.7

11.9

-

- 13.4

-

13.6 Over 5 years and up to 10 years 12.0 11.3

11.7 11.9

11.1

11.3 11.7

11.2 11.0

11.0 11.3

11.1 11.2

Over 10 years 10.8 9.6

10.4 10.4

11.1

10.1 10.5

10.3 9.8

9.5

9.7

9.6

9.8

2011 2012 2013

Interest rate in loans

Equal to or more than 250.000 EUR

EUR

Description

Interest rate in Deposits

39


Edition 1

Table 4.1 Export and import as per countries (non-cumulative)

Jan Shkurt M ar Prill M aj Qersh Korrik Gusht Shtator Tetor Nentor Dhjetor

Exports 21,500 22,692 23,110 27,820 27,264 26,387 27,138 23,228 24,897 26,198 21,825 21,860

Imports 139,675 256,357 195,264 205,808 213,742 222,408 229,680 228,174 210,447 218,821 206,056 223,931

Trade Balance (118,175) (233,665) (172,154) (177,988) (186,478) (196,021) (202,542) (204,946) (185,550) (192,623) (184,231) (202,071)

7,766 7,728 7,957 10,076 8,938 9,125 9,920 9,588 10,242 9,793 7,858 8,114

39,994 42,644 59,871 65,772 67,127 77,398 70,709 72,813 65,523 67,314 60,382 59,612

2,675 2,589 3,645 4,207 4,227 3,071 4,072 3,636 4,508 3,769 3,283 4,118

3,835 6,332 9,675 10,336 12,022 11,932 12,194 9,145 9,671 9,161 9,533 6,627

174 169 113 223 385 569 362 247 238 137 97 101

3,139 3,716 6,010 6,652 6,539 7,447 10,275 10,224 9,477 7,242 7,912 4,903

215 301 250 443 197 156 94 244 92 234 109 259

2,882 4,647 6,998 8,506 8,001 16,393 2,959 3,779 4,972 4,714 3,875 5,630

1,995 1,508 2,029 2,798 1,959 2,346 2,908 2,373 2,277 2,377 2,273 1,319

15,929 10,447 13,808 16,670 15,738 15,239 19,055 20,203 14,638 16,557 13,948 12,953

974 677 1,085 1,183 1,125 854 1,283 1,705 1,432 1,931 1,226 859

13,790 17,167 22,841 22,838 23,914 25,456 25,165 28,393 25,511 28,137 23,852 28,169

1,732 2,485 836 1,222 1,045 2,129 1,201 1,383 1,695 1,345 870 1,458

419 334 539 770 913 931 1,061 1,069 1,254 1,503 1,262 1,330

9,370 9,259 9,829 9,647 10,659 9,716 10,275 9,358 7,953 9,805 10,430 9,537

53,588 69,699 80,896 86,513 87,940 89,472 99,016 95,683 89,872 87,457 81,872 89,385

334 514 146 513 492 421 575 729 1,001 410 565 628

2,257 2,235 2,434 2,705 2,531 2,290 2,676 3,882 2,687 3,718 5,477 3,956

36 151 75 150 82 134 198 274 122 127 77 30

1,026 4,475 1,621 1,705 2,257 1,922 1,732 2,010 2,060 2,229 2,173 3,628

878 1,166 1,091 1,188 572 945 714 929 1,319 450 995 743

13,451 16,794 21,548 21,253 21,087 21,350 26,750 20,233 23,787 21,403 21,107 24,068

39 61 116 80 23 39 23 66 119 80 97 48

11,112 13,097 12,646 10,315 12,392 13,075 14,981 13,897 12,003 12,606 10,602 9,251

6,626 6,205 7,044 6,392 8,347 6,044 7,452 3,465 4,307 6,193 6,598 5,691

7,839 13,682 18,241 20,956 23,575 22,811 23,643 21,941 22,061 18,738 15,580 19,532

131 30 103 80 92 1,073 162 182 128 241 82 77

2,545 2,077 1,997 4,770 2,547 3,497 4,597 4,801 2,546 3,356 3,341 2,789

127 202 248 191 310 235 117 198 133 187 90 91

848 958 1,385 932 1,157 1,094 1,645 763 906 1,346 929 1,235

1 7 0 1 16 15 20 25 51 54 7 37

1,476 1,842 2,289 2,466 2,402 1,094 2,388 2,902 2,412 2,871 2,205 2,697

353 57 26 49 8 46 84 221 231 277 25 57

3,807 3,979 5,402 5,576 5,341 4,841 4,933 6,178 5,878 5,264 4,955 5,159

83 71 125 91 74 51 175 190 63 69 31 2

2,039 1,956 3,190 4,749 3,170 3,654 5,570 8,165 3,157 3,148 2,940 3,353

14 33 13 1 94 44 72 14 56 14 41 44

1,569 1,456 2,036 1,920 1,733 1,828 2,217 2,446 2,247 2,597 2,378 2,254

4,364 5,705 5,324 8,097 7,667 7,546 6,943 4,282 6,702 6,600 3,537 4,209

46,093 144,014 54,497 53,523 58,675 55,538 59,955 59,678 55,052 64,050 63,802 74,934

473 802 663 577 428 827 808 508 526 569 584 630

10,384 11,878 15,722 20,237 19,589 18,811 19,636 15,062 17,454 15,814 19,013 21,091

- 0 117 110 193 63 134 62 91 169 122 229

10,158 10,700 14,365 13,069 16,289 14,685 18,488 14,852 16,077 16,594 15,361 18,952

- - - - - - - - - - - -

3,553 2,003 3,906 3,189 3,932 3,280 4,481 3,949 5,084 3,843 52 4,370

50 - 37 31 21 - 12 80 25 7 - 52

1,727 3,425 1,180 2,155 4,264 4,593 3,247 6,696 3,345 7,550 6,157 7,803

Exports

2013

C EFT A

Exports

Imports

Descript ion

Albania

Exports

Imports

BiH

Exports

Imports

Croatia

Exports

Imports

FYROM

Exports

Imports

Serbia

Exports

Imports

M ontenegro

Exports

Imports

EU 2 7

Exports

Imports

Aust ria

Exports

Imports

France

Exports

Imports

Germany

Exports

Imports

Greece

Exports

Imports

Italy

Exports

Imports

Netherland

Exports

Imports

UK

Exports

Imports

Hungary

Exports

Imports

Slovenia

Exports

Imports

Bulgaria

Exports

Imports

Romania

Exports

Imports

Ot hers

Exports

Imports

Turkey

Exports

Imports

China

Exports

Imports

USA

Exports

Imports

Brasil

Imports

40


Edition 1

Table 4.2 Imports as per group of items (cumulative)

Jan Shkurt M ars Prill M aj Qershor Korrik Gusht Shtator Tetor Nëntor Dhjetor


Total 140 296 491 697 910.8 1,133.3 1,362.9 1,591.1 1,801.6 2,020.4 2,226.4 2,450.4

1 Live animals and animal products: 7.5 14.2 21.5 29.7 38.4 46.7 56.8 67.7 77.8 86.7 94.3 105.7

2 Vegetable products: 9.2 18.7 30.5 41.6 52.6 63.6 74.3 83.0 92.2 102.6 113.4 124.3

3 Edible oils: 1.4 3.5 5.4 7.7 9.5 11.8 14.0 16.5 19.0 20.9 22.5 25.7

4 Prepared foodstuf fs beverages and tobacco: 18.0 36.6 60.0 84.9 114.5 145.1 177.2 212.6 237.9 265.7 291.8 327.8

5 M ineral products: 34.9 65.0 101.1 138.3 177.4 217.5 264.8 319.7 360.2 403.2 441.7 481.7

6 Products of chemical industries: 10.6 25.0 44.7 61.9 77.9 96.9 112.0 125.6 141.4 160.5 174.9 190.3

7 Plastcs rubber and art icles thereof : 6.3 14.3 26.5 41.4 55.2 68.6 83.3 97.1 110.4 124.6 137.2 148.2

8 Leather and their articles: 0.3 0.7 0.9 1.3 1.8 2.2 2.7 3.2 3.7 3.9 4.4 4.9

9 Wood and articles of wood: 2.3 4.3 7.9 12.0 16.6 22.1 28.5 34.5 39.6 44.2 48.9 52.9

10 Paper and their art icles: 1.9 4.7 8.2 11.3 14.5 17.7 21.0 25.0 28.1 31.9 35.3 38.7

11 Text iles and text ile articles: 4.3 9.0 15.4 22.8 31.1 37.1 43.7 50.3 59.4 68.9 78.2 87.7

12 Foot wear: 0.5 2.1 4.9 6.9 9.3 10.6 11.8 13.7 16.4 19.2 22.1 24.0

13 Articles of stone plaster ceramic and glass: 4.1 9.3 16.9 25.8 35.6 45.7 55.5 65.0 75.0 84.6 91.8 96.8

14 Pearls. precious stones. metals etc.: 0.2 0.4 0.6 0.7 0.8 1.1 1.3 1.4 1.5 1.6 1.8 2.0

15 Base metal and art icl. of base metal: 10.8 26.2 46.6 70.7 93.1 116.4 142.2 165.9 188.5 211.0 232.2 247.6

16 M achinery. appliances and elect. materials: 12.5 28.1 48.1 68.8 91.3 118.0 139.3 157.8 180.1 200.9 226.2 256.9

17 Transport means: 8.8 22.1 33.5 45.0 56.3 66.4 78.6 87.7 98.0 109.2 121.0 135.6

18 Optical. medical and musical inst ruments: 1.2 2.4 4.2 6.1 8.1 12.1 13.7 15.8 17.7 20.2 22.6 26.2

19 Arms and ammunition: 0.1 0.1 0.2 0.4 0.5 0.6 0.6 0.7 0.8 1.0 1.1 1.2

20 M iscellanous manufactured art icles: 4.9 9.5 14.0 19.3 25.6 32.5 40.6 46.7 52.7 58.1 63.4 70.3

21 Work of art : 0.0 0.1 0.3 0.5 0.7 0.8 0.9 1.1 1.2 1.3 1.6 1.8

2013

Descript ion

Table 4.3 Exports as per groups of items (cumulative)

Jan Shkurt M ars Prill M aj Qershor Korrik Gusht Shtator Tetor Nëntor Dhjetor


Total 21.5 44.2 67.4 95.2 122.4 148.8 176.0 199.2 224.1 250.3 272.1 294.0

1 Live animals and animal products: 0.0 0.0 0.0 0.0 0.1 1.4 1.4 1.5 1.5 1.5 1.5 1.5

2 Vegetable products: 1.1 1.8 2.7 3.7 4.6 4.6 5.9 8.0 10.2 11.6 12.8 14.1

3 Edible oils: 0.0 0.0 0.0 0.0 0.0 1.8 1.8 1.8 1.8 1.9 1.9 1.9

4 Prepared foodstuff s beverages and tobacco: 1.1 2.5 4.0 5.8 7.3 13.4 15.4 17.4 19.2 20.8 22.0 23.6

5 M ineral products: 1.5 4.5 6.3 11.6 16.3 16.4 22.5 26.1 29.4 34.5 39.0 42.3

6 Products of chemical indust ries: 0.1 0.3 0.4 0.6 0.8 2.4 2.5 2.7 2.8 2.9 3.0 3.1

7 Plast cs rubber and articles thereof : 1.7 2.9 4.4 5.9 7.3 7.7 9.4 11.3 13.0 14.7 16.0 17.1

8 Leather and their art icles: 0.8 2.7 3.3 4.8 6.0 6.1 6.8 7.8 8.6 9.6 10.4 11.3

9 Wood and articles of wood: 0.1 0.3 0.4 0.8 0.9 1.0 1.3 1.5 1.6 1.8 2.0 2.1

10 Paper and their articles: 0.1 0.2 0.4 0.5 0.7 1.7 1.9 2.0 2.2 2.3 2.5 2.6

11 Text iles and textile art icles: 0.9 2.2 3.4 4.4 5.4 5.6 6.9 8.1 9.0 9.9 11.0 11.9

12 Footwear: 0.0 0.0 0.1 0.2 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.6

13 Art icles of stone plast er ceramic and glass: 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 1.0 1.1 1.2

14 Pearls. precious stones. metals etc.: 0.0 0.1 0.1 0.1 0.1 11.6 11.6 11.6 11.6 11.6 11.6 11.6

15 Base metal and art icl. of base metal: 11.7 23.1 37.0 49.7 64.6 66.1 78.4 88.2 100.4 112.7 122.8 134.0

16 M achinery. appliances and elect. materials: 1.8 2.9 3.8 5.3 6.1 6.1 6.8 7.6 8.6 9.7 10.3 11.1

17 Transport means: 0.0 0.1 0.1 0.2 0.3 0.3 0.4 0.4 0.4 0.5 0.5 0.5

18 Opt ical. medical and musical instruments: 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.5 0.6 0.6

19 Arms and ammunit ion: 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1

20 M iscellanous manufact ured articles: 0.1 0.4 0.5 0.8 1.0 1.1 1.4 1.6 1.8 2.1 2.3 2.6

21 Work of art : 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.2 0.2

2013

Descript ion

semi-annual macroeconomic...

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