Macedonia’s current account (CA) deficit narrowed by 1.7% y/y to EUR 220.4mn in H1 2014, preliminary central bank data showed. The six-month gap is equal to 2.7% of the projected 2014 GDP. The CA deficit for the 12 months to end-June amounted to EUR 143.4mn or 1.8% of GDP.
As of June 2014, Macedonia’s central bank began to disseminate 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 decline in the CA gap in H1 was driven by the secondary income and goods accounts.
The net inflow in the secondary income account increased by 3.8% y/y to EUR 693.7mn. In addition, the merchandise trade deficit narrowed by 1.5% y/y to EUR 922.5mn, as exports rose 14.7% y/y to EUR 1.27bn and imports grew 7.3% y/y to EUR 2.2bn.
On the other hand, the net inflow in the services account dropped 23% y/y to EUR 103.9mn in H1. In addition, the net outflow in the primary income account rose 5.3% y/y to EUR 95.5mn.
| Current account, EUR mn | ||||
| 2013 | 2014 | |||
| June | H1 | June | H1 | |
| CURRENT ACCOUNT | -9 | -224 | 20 | -220 |
| - Credit | 431 | 2,399 | 474 | 2,645 |
| - Debit | 440 | 2,624 | 453 | 2,866 |
| Goods and Services | -111 | -802 | -91 | -819 |
| - Credit | 294 | 1,610 | 330 | 1,849 |
| - Debit | 405 | 2,412 | 420 | 2,667 |
| Goods | -136 | -937 | -119 | -923 |
| - Credit | 204 | 1,111 | 231 | 1,275 |
| - Debit | 341 | 2,048 | 350 | 2,197 |
| Services | 25 | 135 | 29 | 104 |
| - Credit | 90 | 499 | 99 | 574 |
| - Debit | 65 | 364 | 70 | 470 |
| Primary Income | -13 | -91 | -17 | -96 |
| Secondary Income | 116 | 669 | 128 | 694 |
| Source: Central bank |
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