Annual Report 2010 03 August 2011 - Banka Qendrore e ...

CBK
Annual Report 2010
In December 2010, income from travel services recorded an annual growth of 18.2 percent,
representing around 43.2 percent of total services income. However, the increase of
payments for travel services (mainly travels for summer holidays) by 28.1 percent led to an
increase of travel services by 10.4 percent. In addition to travel services, communication
and government services (services provided to embassies and to military presence of NATO)
and all the other services reported a negative balance in 2010.
3.4.1.2. Income and current
transfers
Income account in 2010 recorded a
positive balance of euro 125.1
million, which represents an
annual growth of 50.7 percent. The
inflows in the income account
amounted at euro 188.4 million in
2010, which represents a growth of
3.3 percent. At the same time,
outflows reached euro 63.3 million,
which represents a decrease of 36.3
percent. A dominant category
within the income account remains
the compensation of employees,
which in 2010 represented 93.5
percent of total income, whereas
income from investments of Kosovar
residents abroad represented 6.5
percent of total income in this
category.
Figure 38. Income account balance, in millions of
euro
200
150
100
50
0
-50
-100
Figure 39. Value of migrant remitances received in
Kosovo, in million of euro
In millions of euro
The income from compensation of
515
511.6
employees in 2010 was euro 171.6
million, which represents an annual
growth of 1.7 percent (Figure 38).
510
505
500
495
505.6
The balance of the compensation of
employees account reached at euro
176.1 million in 2010 (euro 169.7
490
2007 2008 2009 2010
Amount of migrant remittances
Growth rate of amount of migrant remittances (in %)
million in 2009), whereas the Source: CBK (2011)
compensation of non-resident
employees working in Kosovo reached at euro 4.5 million (euro 0.9 million in 2009).
540
535
530
525
520
154.9
In 2010, as a result of inflows amounting at euro 12.3 million and outflows amounting at
euro 58.8 million, the category of investment income recorded a negative balance of euro
46.5 million (85.7 million in 2009). Inflows in the category of investment income mainly
consist of investments of domestic institutions in international markets (KPST, commercial
banks and CBK), while outflows mainly consisted of the income generated by foreign
companies operating in Kosovo, such as commercial banks, other foreign enterprises, etc.
Current transfers continue to represent a category of particular importance in the Kosovo’s
balance of payments, which continuously contributes into the narrowing of the current
account deficit.
17.3
515.6
175.4 168.7 171.6
-11.9
-11.4
-31.4
-49.4
-46.5
-85.7
2007 2008 2009 2010
Compensation of employees
Investments income
Income account balance (Left axis, in %)
Source: CBK (2011)
535.4
50.7
60
40
20
0
-20
-40
-60
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
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