The external sector

In 2018, import growth —fuelled by stronger domestic demand— outpaced exports and thus eroded the trade surplus. At the same time, the income account deficit widened on the back of increased profit remittances abroad and interest payments on the external debt, in a context of rising international interest rates. On the other hand, the surplus on current transfers continued to grow, driven by a stronger flow of remittances received, while the services trade deficit was broadly unchanged.

Sustainable Development Goals:

Decent Work and Economic Growth