Macedonia’s current account gap shrinks 52% y/y in January-May

By bne IntelliNews August 3, 2015

Macedonia's current account deficit narrowed by 51.6% y/y to €123.3mn in January-May, preliminary central bank data showed. The five-month deficit is equal to 1.4% of the projected 2015 GDP. For the 12 months to end-May, the current account balance is a small surplus of €17.8mn, or 0.2% of GDP.

The improvement in the January-May current account balance was driven by a robust growth in exports of goods and services coupled with soft imports. The merchandise trade deficit declined 9.3% y/y to €727.6mn, as exports rose 11.4% y/y to €1.16bn and imports went up 2.4% y/y to €1.89bn. The services surplus soared 2.1 times y/y to €149.5mn.

On the other hand, the primary income deficit widened by 13.2% y/y to €102.3mn in January-May. In addition, the secondary income surplus shrank 1.5% y/y to €557.2mn.

In May alone, the current account deficit was €31.1mn, up from a shortfall of €9.2mn in May 2014.

Current account, €mn        
  2014   2015  
  May Jan-May May Jan-May
CURRENT ACCOUNT -9 -255 -31 -123
- Credit 496 2,169 479 2,351
- Debit 505 2,424 510 2,474
Goods and Services  -139 -730 -104 -578
- Credit 327 1,517 363 1,705
- Debit 466 2,247 467 2,283
Goods  -158 -802 -123 -728
- Credit 239 1,045 265 1,164
- Debit 397 1,847 387 1,892
Services  19 72 19 150
- Credit 88 472 99 541
- Debit 69 400 80 392
Primary Income -19 -90 -22 -102
Secondary Income  149 566 95 557
Source: Central bank        
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