Macedonia’s CA deficit widens 8.8% y/y in Q1 2014

By bne IntelliNews May 30, 2014

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        
  2013   2014  
  Mar Jan-Mar Mar Jan-Mar
CURRENT ACCOUNT -37 -113 -51 -123
GOODS -124 -375 -131 -385
Exports, f.o.b. 259 720 295 811
Imports, f.o.b.  -383 -1,095 -427 -1,196
SERVICES -2 8 2 23
INCOME -15 -50 -17 -48
CURRENT TRANSFERS 104 304 95 287
CAPITAL ACCOUNT 2 5 0 3
FINANCIAL  ACCOUNT 5 147 16 45
Direct investment 20 79 35 86
Portfolio investment -3 -137 -6 -10
Other investment -13 205 -12 -30
ERRORS AND OMISSIONS  3 6 1 16
OVERALL BALANCE -27 44 -34 -59
Source: Central bank        
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