Macedonia’s current account (CA) deficit narrowed by 32.2% y/y to €94.3mn in January-November, preliminary central bank data showed. The 11-month gap is equal to 1.1% of the projected 2014 GDP. The CA deficit for the 12 months to end-November amounted to €101.9mn, or 1.2% 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 annual narrowing of the CA deficit was driven by the goods and secondary income accounts.
The merchandise trade deficit declined by 1.9% y/y to €1.67bn in January-November. Exports grew 18.2% y/y to €2.54bn and imports expanded by 9.4% y/y to €4.2bn. In addition, the net inflow in the secondary income account went up 2.1% y/y to €1.45bn.
On the other hand, the net outflow on the primary income account increased by 8.2% y/y to €210.1mn in the first 11 months of 2014. In addition, the net inflow on the services account edged down 0.4% y/y to €338.1mn.
| Current Account, €mn | ||||
| 2013 | 2014 | |||
| Nov | Jan-Nov | Nov | Jan-Nov | |
| CURRENT ACCOUNT | -32 | -139 | -9 | -94 |
| - Credit | 448 | 4,816 | 476 | 5,350 |
| - Debit | 480 | 4,956 | 485 | 5,444 |
| Goods and Services | -135 | -1,360 | -110 | -1,329 |
| - Credit | 310 | 3,191 | 338 | 3,707 |
| - Debit | 445 | 4,551 | 448 | 5,036 |
| Goods | -165 | -1,699 | -128 | -1,668 |
| - Credit | 210 | 2,146 | 247 | 2,537 |
| - Debit | 374 | 3,845 | 376 | 4,205 |
| Services | 30 | 340 | 19 | 338 |
| - Credit | 100 | 1,045 | 91 | 1,170 |
| - Debit | 70 | 706 | 72 | 832 |
| Primary Income | -18 | -194 | -21 | -210 |
| Secondary Income | 121 | 1,415 | 121 | 1,445 |
| Source: Central bank |
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