The economy is expected to return to growth of 3% in 2017 and the medium term. In 2016, growth slowed temporarily, due to the underperformance of investments. The labour market continued to improve, although the unemployment rate remains exceptionally high. Stability was more of a concern than growth, as the country headed towards an electoral resolution to the political crisis. Looking ahead, political stability could push potential growth closer to 4%.

map Macedonia
Main Economic Indicators201420152016201720182019
Population, 1000 persons.206720702085...
GDP, real change in %
GDP per capita (EUR at PPP)100001050010700...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average28.026.123.724.023.023.0
Average gross monthly wages, EUR508522533...
Consumer prices, % p.a.-0.3-0.3-
Fiscal balance in % of GDP-4.2-3.4-2.0...
Public debt in % of GDP45.746.650.0...
Current account in % of GDP-0.5-2.1-3.1-4.0-4.0-4.0
FDI inflow, EUR mn37262517...
Gross external debt in % of GDP70.070.173.5...

Basic data are continuously updated.

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


MACEDONIA: Temporary slowdown

Vladimir Gligorov
in: Cautious Upturn in CESEE: Haunted by the Spectre of Uncertainty
wiiw Forecast Report No. Spring 2017, , pp. 93-95
Details and Buy


Monthly Report No. 7-8/2016

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