North Macedonia Current Account Narrows in Q1

Macedonia’s current account deficit narrowed to USD 347.43 million in the first quarter of 2026, compared with USD 353.28 million in the same period last year. The services account surplus rose to USD 253.03 million from USD 230.46 million in Q1 2025, while the secondary income account surplus widened to USD 573.28 million from USD 510.13 million over the same period last year. In contrast, the goods account deficit increased to USD 923.71 million from USD 875.29 million a year earlier, and the primary income deficit also widened to USD 250.03 million from USD 218.58 million.

Macedonia's current account deficit widened to USD 312.32 million in the fourth quarter of 2025, from USD 298.61 million in the same period a year earlier. This marked the largest current account shortfall since Q1 2025, as the goods account deficit climbed to USD 1,085.6 million from USD 940.3 million in Q4 2024, and the primary income shortfall rose to USD 233.6 million from USD 213.9 million. In addition, the secondary income surplus narrowed slightly to USD 701.03 million in Q4 2025, from USD 701.3 million a year earlier. In contrast, the services account surplus jumped to USD 305.8 million from USD 154.3 million.

Macedonia's current account deficit widened to USD 220.13 million in second quarter of 2025 from USD 127.81 million in the same period last year. The increase was primarily due to larger deficits in the goods account (USD -836.77 million vs USD -806.30 million in Q2 2024) and in primary income (USD -230.73 million vs USD -213.68 million). In addition, the services account surplus narrowed to USD 207.81 million from USD 261.36 million a year earlier. On the other hand, the secondary income surplus rose to USD 639.55 million from USD 630.81 million.