Macedonia’s H1 current account gap shrinks 46% y/y

By bne IntelliNews August 31, 2015

Macedonia's current account deficit narrowed by 46% y/y to €121mn in January-June, preliminary central bank data showed. The H1 deficit is equal to 1.3% of the projected 2015 GDP. For the 12 months to end-June, the current account balance is a small deficit of €10.8mn, or 0.1% of GDP.

The improvement in the H1 current account balance was driven by a robust growth in exports of goods and services coupled with soft imports. The merchandise trade deficit declined 5.9% y/y to €864.4mn, as exports rose 12.6% y/y to €1.45bn and imports went up 4.9% y/y to €2.31bn. The services surplus soared 58.6% y/y to €176.9mn.

On the other hand, the primary income deficit widened by 11.8% y/y to €123.2mn in H1. In addition, the secondary income surplus edged down 0.6% y/y to €689.7mn.

In June alone, the current account balance was a deficit of €4.2mn, reversing a surplus of €30.8mn in June 2014.

Current Account, €mn        
  2014   2015  
  June H1 June H1
CURRENT ACCOUNT 31 -224 -4 -121
- Credit 498 2,667 541 2,900
- Debit 467 2,891 546 3,021
Goods and services  -77 -808 -116 -688
- Credit 354 1,870 392 2,104
- Debit 431 2,678 507 2,792
Goods  -117 -919 -143 -864
- Credit 243 1,288 278 1,450
- Debit 360 2,207 421 2,314
Services  40 112 27 177
- Credit 110 582 113 654
- Debit 71 470 86 478
Primary Income -20 -110 -21 -123
Secondary Income  128 694 132 690
Source: Central bank        
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