Macedonia reports CA surplus of EUR 22.8mn in September 2012.

By bne IntelliNews December 3, 2012
The CA balance was a surplus of EUR 22.8mn in September, up from EUR 7.3mn in August, but down from EUR 28.8mn in September 2011, according to data of the central bank. The annual decline of the CA surplus in September was driven by decreases in the net inflows in the current transfers and services accounts. Current transfers dropped by 7.4% on the year to EUR 127.6mn in September. On the other hand, the merchandise trade deficit narrowed by 5% y/y to EUR 106.2mn in September, with exports contracting by 18.9% y/y to EUR 253.4mn and imports decreasing by 15.2% y/y to EUR 359.6mn. . In Jan-Sep, the CA balance was a deficit of EUR 108.4mn or 1.4% of projected full-year GDP. The nine-month gap is 57.4% lower on the year. The improvement was caused mainly by strong growth of current transfers, as well as a decrease in the net outflow in the income account. Current transfers rose by 17.1% on the year to EUR 1.19bn in Jan-Sep. The merchandise trade deficit edged up by 1.2% y/y to EUR 1.25bn, with exports declining by 3.6% y/y to EUR 2.27bn and imports dropping by 1.9% y/y to EUR 3.53bn. The annualised (Oct/11-Sep/12) CA gap reached EUR 78.5mn or 1% of the projected 2012 GDP
Balance of payments, EURmn
2011 2012
Sep Jan-Sep Sep Jan-Sep
CURRENT ACCOUNT 29 -254 23 -108
GOODS -112 -1,240 -106 -1,254
Exports, f.o.b. 312 2,355 253 2,271
Imports, f.o.b. -424 -3,594 -360 -3,525
SERVICES 11 82 6 36
INCOME -8 -113 -4 -81
CURRENT TRANSFERS 138 1,016 128 1,190
CAPITAL ACCOUNT 0 17 3 12
FINANCIAL ACCOUNT -32 362 -39 68
Direct investment -5 232 -29 51
Portfolio investment 1 -24 5 24
Other investment -28 155 -15 -6
ERRORS AND OMISSIONS 11 -5 3 40
OVERALL BALANCE 8 119 -11 11
Source: Central bank
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