North Macedonia

map North Macedonia
As expected, the economy slowed in Q2, owing to high inflation, restrictive monetary policy and limited foreign direct investment. Driven by company profits, inflation remained very high: the government has reinstated price controls on food products in an effort to tame it (though we do not believe the effects will last long). The GDP forecast for 2023 has been kept unchanged at 1.6%, but our forecast for 2024 has been revised downward to 2%, on account of the cloudier outlook for the EU economy.
Main Economic Indicators202020212022202320242025
Population, 1000 persons207318371832...
GDP, real change in %-
GDP per capita (EUR at PPP)113501384014730...
Gross industrial production, real change in %-9.51.5-0.3...
Unemployment rate - LFS, in %, average16.415.714.413.012.512.0
Average gross monthly wages, EUR658696773...
Consumer prices, % p.a.
Fiscal balance in % of GDP-8.2-5.4-4.5-4.0-3.0-2.5
Public debt in % of GDP50.851.450.9...
Current account in % of GDP-2.9-2.8-6.2-2.2-2.5-3.1
FDI inflow, EUR m28575788...
Gross external debt in % of GDP78.780.983.7...

Basic data are continuously updated.

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


Executive summary

Branimir Jovanović
in: Beneath the Veneer of Calm
wiiw Forecast Report No. Autumn 2023, October 2023 , pp. I-VI


Monthly Report No. 7-8/2023

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Meryem Gökten, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2023
51 pages including 3 Tables, 24 Figures and 1 Box