Macedonia’s current account (CA) deficit widened by 8.8% y/y to EUR 123mn in Q1 2014, reflecting larger trade deficit and lower current transfers, according to preliminary data by the central bank. The three-month gap is equal to 1.5% of the projected GDP for 2014. The CA deficit for the 12 months to end-March amounts to EUR 156.5mn or 2.0% of GDP.
The merchandise trade deficit expanded by 2.6% y/y to EUR 385.1mn in Q1. Exports rose 12.7% y/y to EUR 811.1mn, and imports grew 9.2% y/y to EUR 1.2bn. Current transfers went down 5.8% y/y to EUR 286.7mn in Jan-March 2014.
On the positive side, the net inflow in the services account increased 2.9 times y/y to EUR 23.2mn in the first quarter. In addition, the net outflow in the income account narrowed 4.6% y/y to EUR 47.9mn.
|Balance of payments, EUR mn|
|ERRORS AND OMISSIONS||3||6||1||16|
|Source: Central bank|
Macedonian President Gjorge Ivanov said on January 17 he veto the law that extends the use of Albanian language in the country as he thinks it is unconstitutional. The draft law was ... more
Macedonia was rated only “partly free” in the latest report from international watchdog Freedom House, the same almost all of the six Western Balkan countries, despite efforts by the ... more
Macedonia issued on January 11 a seven-year €500mn Eurobond with an annual interest rate of 2.75%, the finance ministry said. This is the sixth Eurobond issue placed so far by Macedonia’s ... more