Macedonia’s H1 current account gap shrinks 46% y/y

By bne IntelliNews August 31, 2015

Macedonia's current account deficit narrowed by 46% y/y to €121mn in January-June, preliminary central bank data showed. The H1 deficit is equal to 1.3% of the projected 2015 GDP. For the 12 months to end-June, the current account balance is a small deficit of €10.8mn, or 0.1% of GDP.

The improvement in the H1 current account balance was driven by a robust growth in exports of goods and services coupled with soft imports. The merchandise trade deficit declined 5.9% y/y to €864.4mn, as exports rose 12.6% y/y to €1.45bn and imports went up 4.9% y/y to €2.31bn. The services surplus soared 58.6% y/y to €176.9mn.

On the other hand, the primary income deficit widened by 11.8% y/y to €123.2mn in H1. In addition, the secondary income surplus edged down 0.6% y/y to €689.7mn.

In June alone, the current account balance was a deficit of €4.2mn, reversing a surplus of €30.8mn in June 2014.

Current Account, €mn        
  2014   2015  
  June H1 June H1
CURRENT ACCOUNT 31 -224 -4 -121
- Credit 498 2,667 541 2,900
- Debit 467 2,891 546 3,021
Goods and services  -77 -808 -116 -688
- Credit 354 1,870 392 2,104
- Debit 431 2,678 507 2,792
Goods  -117 -919 -143 -864
- Credit 243 1,288 278 1,450
- Debit 360 2,207 421 2,314
Services  40 112 27 177
- Credit 110 582 113 654
- Debit 71 470 86 478
Primary Income -20 -110 -21 -123
Secondary Income  128 694 132 690
Source: Central bank        
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Uzbekistan’s key rate held at 14% as central bank points to fears over reacceleration of inflation

Uzbekistan's central bank on April 25 kept its benchmark interest rate on hold at 14%, pointing to risks that inflation could once more accelerate. Planned hikes of state-regulated prices for ... more

Ukraine's DTEK seeks $350mn to restore energy capacity after Russian attacks

Ukraine's leading private energy company, DTEK, has sounded the alarm, indicating an urgent need for $350mn to recuperate lost capacity resulting from Russia's relentless assaults on thermal power ... more

Kazakhstan can expect GDP growth of 3.1% this year and 5.6% next, says IMF

The International Monetary Fund (IMF) projects real GDP growth of 3.1% this year and 5.6% in 2025 for Kazakhstan in its newly released ... more

Follow Us On

Most Read

  1. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  2. Don't mention the "D" word - Ukraine
    6 days ago
  3. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. The models are wrong, climate change is accelerating faster than predicted
    1 day ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  3. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  4. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss