Macedonia's current account balance was a surplus of €44.7mn in January-February, compared to a deficit of €78.1mn in the first two months of 2014, preliminary central bank data showed. The two-month surplus is equal to 0.5% of the projected 2015 GDP. The current account surplus for the 12 months to end-February equalled €9.1mn, or 0.1% of GDP.
As of June, Macedonia’s central bank is publishing external statistics data produced according to the new international standards defined in the Balance of Payments and International Investment Position Manual (BPM6). The data shows that the improvement in the current account balance was driven by the goods, secondary income, and services accounts.
The merchandise trade deficit narrowed by 29.3% y/y to €217mn in January-February. Exports climbed 12.8% y/y to €425.8mn, while imports dropped 6% y/y to €642.7mn.
The net inflow in the secondary income account rose 13.6% y/y to €218.5mn in the first two months of 2015. In addition, the net inflow in the services account widened by 18.1% y/y to €84.8mn.
On the other hand, the net outflow in the primary income account expanded by 17.4% y/y to €41.7mn in January-February.
| Current Account, €mn | ||||
| 2014 | 2015 | |||
| Feb | Jan-Feb | Feb | Jan-Feb | |
| CURRENT ACCOUNT | -52 | -78 | 8 | 45 |
| - Credit | 403 | 788 | 447 | 907 |
| - Debit | 455 | 866 | 439 | 862 |
| Goods and Services | -123 | -235 | -81 | -132 |
| - Credit | 296 | 564 | 324 | 657 |
| - Debit | 419 | 799 | 405 | 789 |
| Goods | -159 | -307 | -117 | -217 |
| - Credit | 199 | 377 | 221 | 426 |
| - Debit | 359 | 684 | 338 | 643 |
| Services | 36 | 72 | 36 | 85 |
| - Credit | 97 | 186 | 103 | 231 |
| - Debit | 61 | 115 | 66 | 146 |
| Primary Income | -20 | -35 | -19 | -42 |
| Secondary Income | 91 | 192 | 108 | 219 |
| Source: Central bank |
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