Macedonia reports CA deficit of EUR 38.3mn in October 2012.

By bne IntelliNews January 2, 2013

The CA balance was a deficit of EUR 38.3mn in October, reversing surpluses of EUR 9.2mn in September and EUR 32.4mn in October 2011, according to data of the central bank. The annual change in the CA balance was driven by deteriorations in the merchandise trade deficit, the services account and the income account. The merchandise trade gap widened by 67.1% y/y to EUR 167mn in October, as exports declined by 7.1% y/y to EUR 261.5mn and imports expanded by 12.3% y/y to EUR 428.5mn. On the other hand, current transfers grew by 13.8% y/y to EUR 144.1mn in October. In Jan-Oct, the CA balance was a deficit of EUR 167.5mn or 2.1% of projected full-year GDP. The 10-month gap is 24.5% lower on the year. The improvement was caused mainly by strong growth of current transfers, and to a lesser extent by a smaller net outflow in the income account. Current transfers rose by 16.7% on the year to EUR 1.33bn in Jan-Oct. The merchandise trade deficit expanded by 7.3% y/y to EUR 1.44bn in Jan-Oct, as exports contracted by 3.3% y/y to EUR 2.55bn and imports edged up by 0.3% y/y to EUR 3.99bn. The annualized (Nov/11-Oct/12) CA gap reached EUR 170mn or 2.1% of projected 2012 GDP.

Balance of payments, EUR mn
	2011		2012
	Oct	Jan-Oct	Oct	Jan-Oct
CURRENT ACCOUNT	32	-222	-38	-168
GOODS	-100	-1,339	-167	-1,437
Exports, f.o.b.	282	2,637	262	2,551
Imports, f.o.b.	-382	-3,976	-429	-3,988
SERVICES	7	89	-5	27
INCOME	-2	-114	-10	-91
CURRENT TRANSFERS	127	1,143	144	1,334
CAPITAL ACCOUNT	0	17	1	13
FINANCIAL ACCOUNT	-37	325	41	115
Direct investment	33	264	16	57
Portfolio investment	-6	-31	-2	20
Other investment	-63	92	26	38
ERRORS AND OMISSIONS	0	-5	0	55
OVERALL BALANCE	-4	115	4	15
Source: Central bank

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