Macedonia's current account posts EUR 21.8mn surplus in August 2011.

By bne IntelliNews November 16, 2011
Macedonia's CA balance was a surplus of EUR 21.8mn in August, reversing deficits of EUR 10.6mn in July and EUR 39.1mn in August 2010, according to preliminary data of the central bank. The shift to a surplus reflects broad-based annual improvements: the trade deficit narrowed y/y; the net inflow in the services account widened 2.9 times y/y; the net outflow in the income account decreased significantly; and the net inflow in the current transfers rose by 3.4% y/y. br>The trade deficit dropped by 6.9% y/y to EUR 136.3mn in August, as exports rose by 35.1% y/y to EUR 274.2mn and imports grew by 17.5% y/y to EUR 410.5mn. In Jan-Aug, the CA deficit rose 3.2 times y/y to EUR 274.3mn, or 3.7% of projected full-year GDP. The annual deterioration in the CA deficit reflects mainly an increase in the trade deficit, which rose by 22.1% y/y to EUR 1.16bn in the period from January to August. Exports rose by 30.8% y/y to EUR 2.01bn in Jan-Aug, and imports grew by 27.5% y/y to EUR 3.16bn. On the other hand, there was an annual improvement in the services account in the first eight months of this year.
Balance of payments, EURmn
2010 2011
Aug Jan-Aug Aug Jan-Aug
CURRENT ACCOUNT -39 -86 22 -274
GOODS -146 -948 -136 -1,157
Exports, f.o.b. 203 1,534 274 2,007
Imports, f.o.b. -349 -2,482 -411 -3,165
SERVICES 6 36 17 88
INCOME -45 -78 -10 -92
CURRENT TRANSFERS 146 903 151 886
CAPITAL ACCOUNT 1 8 0 16
FINANCIAL ACCOUNT 88 130 -20 394
Direct investment 70 83 31 197
Portfolio investment -1 -27 -3 -13
Other investment 19 73 -48 210
ERRORS AND OMISSIONS 6 18 4 -24
OVERALL BALANCE 55 70 7 111
Source: Central bank, prelim. data
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