North Macedonia

map North Macedonia
Inflation is out of control and is eating into real incomes. Soaring global electricity prices are taking an additional toll, as some big industrial plants may be forced to close over the winter. Monetary and fiscal policies are becoming more and more restrictive, further crippling the economy. On top of that comes a possible recession in Germany, which takes half of all Macedonian exports.
Main Economic Indicators201920202021202220232024
Population, 1000 persons207720731837...
GDP, real change in %3.9-
GDP per capita (EUR at PPP)119401117013450...
Gross industrial production, real change in %3.7-9.61.4...
Unemployment rate - LFS, in %, average17.316.415.714.514.314.0
Average gross monthly wages, EUR609658696...
Consumer prices, % p.a.
Fiscal balance in % of GDP-2.1-8.3-5.4-3.0-2.0-1.5
Public debt in % of GDP40.451.951.8...
Current account in % of GDP-3.0-3.0-3.1-9.2-8.5-7.3
FDI inflow, EUR m48828575...
Gross external debt in % of GDP72.480.381.6...

Basic data are continuously updated.

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


Executive summary

Branimir Jovanović
in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. I-VIII


Monthly Report No. 7-8/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Bernhard Moshammer, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2022
58 pages including 4 Tables and 21 Figures