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|
|Goods and services||-77||-808||-116||-688|
|Source: Central bank|
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