1. This statement provides information that has become available since the staff report (SM/12/95) was circulated to the Executive Board on April 30, 2012. This information does not alter the thrust of the staff appraisal.
2. Inflation has continued to decelerate. Inflation slowed to 8.3 percent (y/y) in May, the first time in single digits since October 2010.
3. The authorities revised their estimate of the current account for 2011. Instead of a deficit of $0.7 billion (0.5 percent of GDP), the current account now shows a surplus of $0.2 billion (0.2 percent of GDP). This revision does not change overall gross international reserves accumulation, which remains at $13.5 billion.
|Current account balance||0.2||–0.7|
|Of which: Trade balance||–0.4||–0.4|
|Capital and financial account balance||6.4||5.4|
|Errors and omissions||–5.5||–3.6|
|Gross international reserves||13.5||13.5|
|In months of prospective GNFS imports||1.3||1.3|
|Current account balance (in percent of GDP)||0.2||–0.5|
|Capital and financial account balance (in percent of GDP)||5.2||4.4|