Wednesday, December 17, 2008

CA gap widens to EUR 567mn in Jan-Sep.

Source: Intellinews - Macedonia Today

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CA gap widens to EUR 567mn in Jan-Sep. The CA deficit widened 8 times to EUR 567mn in Jan-Sep compared to EUR 83.4mn a year earlier, according to data released by the central bank. Still, the widening of the CA gap was smaller compared to Jan-Aug when the deficit surged 20 times y/y. The merchandise trade gap expanded almost three times to EUR 1.29bn in Jan-Sep (20% of the projected full-year GDP) on stagnating exports and expanding imports. However, the trade gap grew less than 1% y/y at EUR 109.6mn in September alone as compared to 164% y/y in August. Net FDI inflows dropped 42.8% y/y as the country started to feel the indirect effects of the global financial crisis. The Jan-Sep net FDI cover approximately 73.7% of the CA gap, as compared to 73.9% a month ago. Balance of payments, EUR mn Sep 07 Sep 08 Jan-Sep 07 Jan-Sep 08 Current Account -58.6 -27.8 -83.4 -567.1 GOODS, net -108.9 -109.6 -718.5 -1,286.3 Exports, f.o.b. 194.3 242.7 1,805.5 2,054.3 Imports, f.o.b. /2 -303.2 -352.3 -2,524.0 -3,340.6 SERVICES, net 10.3 13.0 23.2 18.3 INCOME, net /5 -48.9 -33.3 -201.2 -71.5 CURRENT TRANSFERS, net 88.9 102.1 813.2 772.3 Official 3.3 3.0 36.4 42.8 Private 85.7 99.1 776.9 729.5 CAPITAL ACCOUNT, net -0.1 -0.9 5.6 -4.4 FINANCIAL ACCOUNT, net 59.2 23.2 104.7 586.5 Direct investment, net 45.3 25.9 339.9 418.1 Portfolio investment, net 9.5 -4.7 94.2 -27.2 Other investment, net 40.0 75.7 -222.0 338.7 Gross official reserves (- = increase) -35.6 -73.7 -107.4 -143.1 III. Errors and Omissions -0.4 5.4 -26.9 -15.0 Source: Central bank

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CA gap widens to EUR 567mn in Jan-Sep.

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