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|
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