Macedonia continues to do better than most other Balkan countries. It does so by riding on the back of the country’s public investment and export performance. This should continue over the medium term. Political risks are increasing owing to the current government having been so long in office. Moreover, the fact that EU integration has stalled hardly helps. The Russian connection does not play much of a role; hence, the current tensions are mainly inconsequential.

map Macedonia
Main Economic Indicators201220132014201520162017
Population, 1000 persons.206120642075...
GDP, real change in %-
GDP per capita (EUR at PPP)920095009900...
Gross industrial production, real change in %-
Unemployment rate - LFS, in %, average31.
Average gross monthly wages, EUR498504505...
Consumer prices, % p.a.3.32.8-
Fiscal balance in % of GDP-3.9-4.0-4.0...
Public debt in % of GDP38.340.446.0...
Current account in % of GDP-2.9-1.8-2.0-4.0-4.0.
FDI inflow, EUR mn72251....
Gross external debt in % of GDP68.264.377.7...

Basic data are continuously updated.

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


MACEDONIA: Growth versus stability

Vladimir Gligorov
in: On Thin Ice: CESEE Core Resilient in the Face of EU Stagnation and the Ukraine Crisis
wiiw Forecast Report No. Autumn 2014, November 2014 , pp. 89-90
Details and Buy


Monthly Report No. 7-8/2014

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Michael Landesmann, Sebastian Leitner, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, July 2014
23 pages including 1 Table and 2 Figures