Recovery of growth to around 3% should lead to growth accelerating to 3.5% and even 4% in the medium term under more positive external developments. Investments and net exports should contribute. External shocks, primarily within the region, can have a strong influence and that can go either way, which is why the risks are more often than not on the downside. In that, the agreement with Greece on the ‘name issue’ is crucial.

map Macedonia
Main Economic Indicators201520162017201820192020
Population, 1000 persons207020722090...
GDP, real change in %
GDP per capita (EUR at PPP)105001090010800...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average26.123.722.423.023.022.0
Average gross monthly wages, EUR522533547...
Consumer prices, % p.a.-0.3-
Fiscal balance in % of GDP-3.4-2.7-2.8...
Public debt in % of GDP46.648.447.5...
Current account in % of GDP-2.0-2.7-
FDI inflow, EUR mn262495395...
Gross external debt in % of GDP69.374.273.6...

Basic data are continuously updated.

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


MACEDONIA: Political crisis and recovery

Vladimir Gligorov
in: Riding the Global Growth Wave
wiiw Forecast Report No. Spring 2018, March 2018 , pp. 118-121
Details and Buy


Monthly Report No. 7-8/2017

Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, August 2017
27 pages including 1 Table and 2 Figures