North Macedonia

map North Macedonia
Weak government support, deep-seated structural problems and global issues in the automotive sector all combined to slow economic recovery in North Macedonia in the first half of 2021. We are downgrading our forecast for GDP growth in 2021 from 4.1% to 3.5%. Developments in the years to follow will depend on whether the government starts to undertake structural reforms and invests in green and digital transformation.
Main Economic Indicators201820192020202120222023
Population, 1000 persons207620772073...
GDP, real change in %2.93.9-
GDP per capita (EUR at PPP)113901194011170...
Gross industrial production, real change in %5.43.7-9.6...
Unemployment rate - LFS, in %, average20.717.316.416.015.515.0
Average gross monthly wages, EUR579609658...
Consumer prices, % p.a.
Fiscal balance in % of GDP-1.1-2.1-8.3-3.0-2.0-1.0
Public debt in % of GDP40.440.451.9...
Current account in % of GDP-0.1-3.3-3.4-3.5-4.0-4.7
FDI inflow, EUR m53948828...
Gross external debt in % of GDP73.072.480.3...

Basic data are continuously updated.

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


Executive summary

Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI


Monthly Report No. 7-8/2021

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Maryna Tverdostup
wiiw Monthly Report No. 7-8, July-August 2021
42 pages including 4 Tables and 15 Figures