The article examines the sustainability of Macedonia's current account deficit from 1998 to 2009. Factors like budget deficit, economic growth, FDI, and financial intermediation affect the current account. The sustainable level of the deficit is 5.3%-9.1% of GDP. Most of the time, the deficit stayed within this range, showing external balance. However, during the global price increase and recession in 2007-2009, the deficit exceeded the sustainable level, indicating a problem with external balance. Structural reforms are needed to prevent this in the future.