North Macedonia

The economy is recovering after its growth came to a halt during the political crisis two years ago. The potential growth rate is around 4%, at least as long as there is large slack in the labour market. Growth should be above 3% this year, and increase further in the medium run. The delayed start to EU accession negotiations could yet have negative repercussions for domestic politics.

map North Macedonia
        FORECAST*
Main Economic Indicators201620172018201920202021
Population, 1000 persons207220752076...
GDP, real change in %2.81.12.73.33.43.4
GDP per capita (EUR at PPP)108001090011600...
Gross industrial production, real change in %3.40.25.4...
Unemployment rate - LFS, in %, average23.722.420.718.517.517.5
Average gross monthly wages, EUR533547579...
Consumer prices, % p.a.-0.21.41.51.42.42.5
Fiscal balance in % of GDP-2.7-2.8-1.1...
Public debt in % of GDP48.747.648.6...
Current account in % of GDP-2.9-1.0-0.1-1.4-2.5-3.1
FDI inflow, EUR mn495351539...
Gross external debt in % of GDP74.773.473.3...


Basic data are continuously updated.

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

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NORTH MACEDONIA: Recovery underway

Vladimir Gligorov
in: Braced for Fallout from Global Slowdown
wiiw Forecast Report No. Autumn 2019, November 2019 , pp. 94-96
Details and Buy

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Monthly Report No. 6/2019

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Hermine Vidovic and Goran Vuksic
wiiw Monthly Report No. 6, June 2019
27 pages including 24 Tables and 1 Figure

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