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 Indicators201720182019202020212022
Population, 1000 persons207520762100...
GDP, real change in %1.12.73.43.43.4.
GDP per capita (EUR at PPP)1090011600....
Gross industrial production, real change in %0.25.44.8...
Unemployment rate - LFS, in %, average22.420.717.017.517.5.
Average gross monthly wages, EUR547579606...
Consumer prices, % p.a.1.41.50.82.42.5.
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.

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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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