Macedonia’s current account (CA) deficit widened by 45.1% y/y to EUR 248.9mn in January-April 2014, according to preliminary central bank data. The four-month gap is equal to 3.1% of the projected 2014 GDP. The CA deficit for the 12 months to end-April amounts to EUR 224.6mn, or 2.8% 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 widening of the CA gap in Jan-April was driven by the services and secondary income (formerly current transfers) accounts. The net inflow on the services account dropped 68.6% y/y to EUR 33.9mn in the first four months of this year. The net inflow on the secondary income account fell 7.1% y/y to EUR 394mn.
The merchandise trade deficit narrowed 4.2% y/y to EUR 614.1mn in Jan-April as exports soared 18.4% y/y to EUR 842mn and imports rose 7.7% y/y to EUR 1.46bn. The net outflow in the primary income (formerly income) account edged down 0.1% y/y to EUR 62.7mn.
| Current account, EUR mn | ||||
| 2013 | 2014 | |||
| Apr | Jan-Apr | Apr | Jan-Apr | |
| CURRENT ACCOUNT | -58 | -172 | -127 | -249 |
| - Credit | 438 | 1,553 | 453 | 1,704 |
| - Debit | 497 | 1,725 | 579 | 1,953 |
| Goods and Services | -167 | -533 | -221 | -580 |
| - Credit | 293 | 1,048 | 313 | 1,207 |
| - Debit | 460 | 1,581 | 534 | 1,787 |
| Goods | -188 | -641 | -153 | -614 |
| - Credit | 201 | 711 | 228 | 842 |
| - Debit | 389 | 1,352 | 382 | 1,456 |
| Services | 21 | 108 | -68 | 34 |
| - Credit | 92 | 337 | 85 | 365 |
| - Debit | 72 | 229 | 153 | 331 |
| Primary Income | -13 | -63 | -15 | -63 |
| Secondary Income | 122 | 424 | 110 | 394 |
| Source: Central bank |
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