North Macedonia

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The economy continues to struggle, weighed down by the recession in Germany. Despite strong real wage growth, robust FDI inflows and slowing inflation, there is no clear sign that the situation is improving. The new government has yet to provide a coherent economic vision for the country’s future. Its primary focus has been on a strategic partnership with Hungary, which has so far resulted in a EUR 500m loan, with no clear plan on how the money will be used. This partnership also brings political risks that could prove costly for the country.
        FORECAST*
Main Economic Indicators202220232024202520262027
Population, 1000 persons18341828....
GDP, real change in %2.82.12.62.32.6.
GDP per capita (EUR at PPP)1507015820....
Gross industrial production, real change in %-0.20.6....
Unemployment rate - LFS, in %, average14.413.112.512.012.0.
Average gross monthly wages, EUR773892....
Consumer prices, % p.a.14.09.04.23.02.5.
Fiscal balance in % of GDP-4.3-4.4-4.0-3.5-3.0.
Public debt in % of GDP49.649.7....
Current account in % of GDP-6.10.4-1.2-1.9-2.2.
FDI inflow, EUR m788593....
Gross external debt in % of GDP81.577.9....


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. 7-8/2024

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, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2024
45 pages including 5 Tables and 12 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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