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
Main Economic Indicators201720182019202020212022
Population, 1000 persons207520762100...
GDP, real change in %
GDP per capita (EUR at PPP)109001150012000...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average22.420.717.017.517.5.
Average gross monthly wages, EUR547579606...
Consumer prices, % p.a.
Fiscal balance in % of GDP-2.8-1.1-1.8...
Public debt in % of GDP47.648.647.0...
Current account in % of GDP-1.0-0.1-0.7-2.5-3.1.
FDI inflow, EUR mn351539500...
Gross external debt in % of GDP73.473.377.5...

Basic data are continuously updated.

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


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


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