Macedonia’s current account balance turned to a €37.8mn surplus in January from a deficit of €26.6mn in the same month of 2014, preliminary central bank data showed on March 31.
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 turnaround in the balance in January was driven by the secondary income and an improvement on the goods and services account.
The net inflow on the secondary income account went up 11% y/y to €112mn in January. In addition, the merchandise trade deficit shrank 33% y/y to €99mn as exports grew 15% to €205mn and imports shrank 6.6% to €304mn.
Furthermore, the net inflow on the services account climbed 35% y/y to €48.2mn. On the other hand, the net outflow on the primary income account increased 46% y/y to €23mn.
In 2014, Macedonia’s current account deficit narrowed 22.5% to €113.7mn.
| Current Account, €mn | ||
| Jan'15 | Jan'14 | |
| CURRENT ACCOUNT | 37,8 | -26,6 |
| - Credit | 460,1 | 385,2 |
| - Debit | 422,2 | 411,8 |
| Goods and Services | -51,0 | -111,8 |
| - Credit | 332,6 | 267,7 |
| - Debit | 383,6 | 379,5 |
| Goods | -99,2 | -147,4 |
| - Credit | 204,7 | 178,0 |
| - Debit | 303,9 | 325,4 |
| Services | 48,2 | 35,6 |
| - Credit | 128,0 | 89,7 |
| - Debit | 79,7 | 54,1 |
| Primary Income | -23,0 | -15,7 |
| Secondary Income | 111,7 | 100,9 |
| Source: Central bank | ||
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