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|
|Goods and Services||-139||-730||-104||-578|
|Source: Central bank|
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