BALANCE OF PAYMENT OF NAGORNO KARABAKH REPUBLIC IN 2008

NKR Government Information and Public Relations Department
May 20, 2009

Within the framework of the NKR state statistic works (activities)
in 2009 the NKR National Statistic Service has published "Balance of
Payment of Nagorno Karabakh Republic in 2008" statistic digest.

Payment balance of a country is a statistic report, which reflects
external economic operations of the state with other countries and
international organizations. Balance of payment expresses the country’s
balance state, which in its turn influences at internal equilibration
and economic stability.

For the NKR payment balance composing, figures about imported and
exported goods received from the State Tax Service adjunct to the NKR
Government, managing persons and banking system served as a ground,
methodological principles drafted by International Currency Fund
were implemented.

In 2008 running account deficit of the NKR payment balance formed
23104.8 mln drams, which in comparison with 2007 has increased by
20.0 percent. Increase of deficit of running account in comparison
with the previous year is mainly preconditioned by the growth of
balance deficit in the area of goods and services.

The negative balance with in the area of goods in 2008 regarding
to 2007 has increased by 45.8 percent, which is the consequence of
decrease of volumes of goods export and considerable increase of
volumes of imported goods. With regard to services the balance formed
1299.1 mln drams, which is mainly the result of negative balance
in transportation services and tourism and positive balance in the
area of construction services. The balance of incomes formed 1202.2
mln drams decreasing by 8.9 percent in comparison with the previous
year, and the balance of current transfers formed 34619.5 mln drams
increasing by 71.3 percent.

In 2008 in the area of current transfers article the recorded positive
balance had its influence at current account deficit.