External Sector Developments of the Albanian Economy for the first quarter of 2009

The overall Balance of Payments for the first quarter of 2009 recorded a reduction of foreign assets of EUR 131 million. The first quarter of year was closed with a current account deficit of EUR 334 million. Compared to the first quarter of 2008, current account deficit increased by about EUR 67 million, from EUR 267 million. Merchandise trade deficit was reduced by EUR 11 million during the first quarter 2009 amounting to EUR 516 million from EUR 527 million in the first quarter of previous year. Capital inflows accounted for EUR 247 million, thus financing about 74 per cent of the current deficit.