Macedonia’s CA deficit narrows 32% y/y in January-November

By bne IntelliNews February 2, 2015

Macedonia’s current account (CA) deficit narrowed by 32.2% y/y to €94.3mn in January-November, preliminary central bank data showed. The 11-month gap is equal to 1.1% of the projected 2014 GDP. The CA deficit for the 12 months to end-November amounted to €101.9mn, or 1.2% of GDP.

As of June, Macedonia’s central bank is publishing external statistics data produced according to the new international standards defined in the Balance of Payments and International Investment Position Manual (BPM6). The data shows that the annual narrowing of the CA deficit was driven by the goods and secondary income accounts.

The merchandise trade deficit declined by 1.9% y/y to €1.67bn in January-November. Exports grew 18.2% y/y to €2.54bn and imports expanded by 9.4% y/y to €4.2bn. In addition, the net inflow in the secondary income account went up 2.1% y/y to €1.45bn.

On the other hand, the net outflow on the primary income account increased by 8.2% y/y to €210.1mn in the first 11 months of 2014. In addition, the net inflow on the services account edged down 0.4% y/y to €338.1mn.

Current Account, €mn        
  2013   2014  
  Nov Jan-Nov Nov Jan-Nov
CURRENT ACCOUNT -32 -139 -9 -94
- Credit 448 4,816 476 5,350
- Debit 480 4,956 485 5,444
Goods and Services  -135 -1,360 -110 -1,329
- Credit 310 3,191 338 3,707
- Debit 445 4,551 448 5,036
Goods  -165 -1,699 -128 -1,668
- Credit 210 2,146 247 2,537
- Debit 374 3,845 376 4,205
Services  30 340 19 338
- Credit 100 1,045 91 1,170
- Debit 70 706 72 832
Primary Income -18 -194 -21 -210
Secondary Income  121 1,415 121 1,445
Source: Central bank        

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