Macedonia’s current account (CA) deficit widened by 8.8% y/y to EUR 123mn in Q1 2014, reflecting larger trade deficit and lower current transfers, according to preliminary data by the central bank. The three-month gap is equal to 1.5% of the projected GDP for 2014. The CA deficit for the 12 months to end-March amounts to EUR 156.5mn or 2.0% of GDP.
The merchandise trade deficit expanded by 2.6% y/y to EUR 385.1mn in Q1. Exports rose 12.7% y/y to EUR 811.1mn, and imports grew 9.2% y/y to EUR 1.2bn. Current transfers went down 5.8% y/y to EUR 286.7mn in Jan-March 2014.
On the positive side, the net inflow in the services account increased 2.9 times y/y to EUR 23.2mn in the first quarter. In addition, the net outflow in the income account narrowed 4.6% y/y to EUR 47.9mn.
| Balance of payments, EUR mn | ||||
| 2013 | 2014 | |||
| Mar | Jan-Mar | Mar | Jan-Mar | |
| CURRENT ACCOUNT | -37 | -113 | -51 | -123 |
| GOODS | -124 | -375 | -131 | -385 |
| Exports, f.o.b. | 259 | 720 | 295 | 811 |
| Imports, f.o.b. | -383 | -1,095 | -427 | -1,196 |
| SERVICES | -2 | 8 | 2 | 23 |
| INCOME | -15 | -50 | -17 | -48 |
| CURRENT TRANSFERS | 104 | 304 | 95 | 287 |
| CAPITAL ACCOUNT | 2 | 5 | 0 | 3 |
| FINANCIAL ACCOUNT | 5 | 147 | 16 | 45 |
| Direct investment | 20 | 79 | 35 | 86 |
| Portfolio investment | -3 | -137 | -6 | -10 |
| Other investment | -13 | 205 | -12 | -30 |
| ERRORS AND OMISSIONS | 3 | 6 | 1 | 16 |
| OVERALL BALANCE | -27 | 44 | -34 | -59 |
| Source: Central bank |
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