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.
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Population, 1000 persons | 2072 | 2075 | 2076 | . | . | . |
| GDP, real change in % | 2.8 | 1.1 | 2.7 | 3.3 | 3.4 | 3.4 |
| GDP per capita (EUR at PPP) | 10800 | 10900 | 11600 | . | . | . |
| Gross industrial production, real change in % | 3.4 | 0.2 | 5.4 | . | . | . |
| Unemployment rate - LFS, in %, average | 23.7 | 22.4 | 20.7 | 18.5 | 17.5 | 17.5 |
| Average gross monthly wages, EUR | 533 | 547 | 579 | . | . | . |
| Consumer prices, % p.a. | -0.2 | 1.4 | 1.5 | 0.8 | 2.4 | 2.5 |
| Fiscal balance in % of GDP | -2.7 | -2.8 | -1.1 | . | . | . |
| Public debt in % of GDP | 48.7 | 47.6 | 48.6 | . | . | . |
| Current account in % of GDP | -2.9 | -1.0 | -0.1 | -1.4 | -2.5 | -3.1 |
| FDI inflow, EUR mn | 495 | 351 | 539 | . | . | . |
| Gross external debt in % of GDP | 74.7 | 73.4 | 73.3 | . | . | . |
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