First-quarter growth of GDP was 3.2%. Basically, all components of demand contributed positively, though government consumption less than the others. On the supply side, agriculture and manufacturing posted negative growth while electricity production, extraction and services did well. The unemployment rate continued to decline, but is still above 27%. Overall, recovery should continue this year and in the medium term. Political shocks and those connected with the Greek crisis are manageable.

map Macedonia
Main Economic Indicators201220132014201520162017
Population, 1000 persons.206120642068...
GDP, real change in %-
GDP per capita (EUR at PPP)9200950010100...
Gross industrial production, real change in %-
Unemployment rate - LFS, in %, average31.
Average gross monthly wages, EUR498504508...
Consumer prices, % p.a.3.32.8-
Fiscal balance in % of GDP-3.9-4.0-3.9...
Public debt in % of GDP38.340.445.1...
Current account in % of GDP-2.9-1.8-1.3-4.0-4.0-4.0
FDI inflow, EUR mn26130686...
Gross external debt in % of GDP68.264.369.8...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


Monthly Report No. 7-8/2015

Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July-August 2015
25 pages including 1 Table and 2 Figures



MACEDONIA: Growth and instability

Vladimir Gligorov
in: A Time of Moderate Expectations
wiiw Forecast Report No. Spring 2015, March 2015 , pp. 89-91
Details and Buy