North Macedonia

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With the spectre of a global trade war looming, domestic policy makers appear to be taking all the wrong turns. Their refusal to support wage growth risks undermining household consumption, the main engine of last year’s economic expansion. Reckless fiscal management is placing additional strain on public finances, without meaningfully supporting the economy. And their failed experiment with price controls has only served to reignite inflation. For all these reasons, we are revising our GDP growth forecasts for 2025 and the following two years downward by 0.4 percentage points.
        FORECAST*
Main Economic Indicators202220232024202520262027
Population, 1000 persons183418281818...
GDP, real change in %2.82.12.82.42.62.8
GDP per capita (EUR at PPP)150701582016870...
Gross industrial production, real change in %-0.20.6-3.6...
Unemployment rate - LFS, in %, average14.413.112.412.111.711.3
Average gross monthly wages, EUR7738921008...
Consumer prices, % p.a.14.09.04.24.03.53.0
Fiscal balance in % of GDP-4.3-4.4-4.6-4.0-4.0-3.0
Public debt in % of GDP49.649.753.8...
Current account in % of GDP-6.10.4-2.3-2.4-1.9-1.5
FDI inflow, EUR m7885931076...
Gross external debt in % of GDP81.577.979.9...


Basic data are continuously updated.

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

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Monthly Report No. 1/2025

Vasily Astrov, Alexandra Bykova, Selena Duraković, Meryem Gökten, Richard Grieveson, Maciej J. Grodzicki, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Dzmitry Kruk, Sebastian Leitner, Isilda Mara, Emilia Penkova-Pearson, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 1, January 2025
50 pages including 6 Tables and 13 Figures

Details

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Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII
Details


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