Macedonia Economic Forecast

Macedonia Economic Outlook

July 3, 2018

Annual economic growth slowed to the weakest pace in three quarters in Q1 due to lower investment and government consumption. Contributing to the expansion, however, was higher private consumption. The outlook for Q2 looks mixed given that industrial production grew at the weakest pace in four months in April, while, in the same month, retail sales grew strongly. On the political front, parliament is expected to override the president in a second vote on changing Macedonia’s official name to the “Republic of Northern Macedonia” in the coming weeks, after the president opposed the outcome of the first vote in June. However, before this comes into effect, improving Macedonia’s chances of joining the EU, a referendum on the change is expected to be held in the autumn.

Macedonia Economic Growth

This year and next, economic growth is expected to accelerate on the back of solid growth in the domestic economy. FocusEconomics panelists expect the economy to grow 2.7% in 2018, which is down 0.2 percentage points from last month’s forecast, and 3.1% in 2019.

Macedonia Economy Data

20132014201520162017
Population (million)2.12.12.12.12.1
GDP per capita (USD)5,1285,6254,8825,2105,530
GDP per capita (EUR)3,9214,1384,3814,6874,847
GDP (USD bn)10.611.610.110.811.5
GDP (EUR bn)8.18.69.19.710.1
Economic Growth (GDP, annual variation in %)2.93.83.92.90.0
Consumption (annual variation in %)1.92.14.53.12.9
Investment (annual variation in %)0.510.78.313.3-4.5
Industrial Production (annual variation in %)3.24.84.93.40.2
Unemployment Rate29.028.026.123.722.4
Fiscal Balance (% of GDP)-3.8-4.2-3.5-2.7-2.7
Public Debt (% of GDP)40.345.846.648.547.6
Money (annual variation of M2 in %)0.27.27.66.14.1
Inflation Rate (CPI, annual variation in %)2.8-0.3-0.3-0.21.4
Policy Interest Rate (%)3.253.253.253.753.25
Exchange Rate (vs USD)44.6750.6156.5558.5051.28
Exchange Rate (vs USD, aop)46.5446.4255.4355.6954.63
Exchange Rate (vs EUR)61.4061.2261.4161.5261.53
Exchange Rate (vs EUR, aop)61.8161.5761.5061.6161.60
Current Account (% of GDP)-1.7-0.6-1.9-2.8-1.1
Current Account Balance (EUR bn)-0.10.0-0.2-0.3-0.1
Trade Balance (EUR billion)-1.9-1.8-1.8-1.8-1.8
Exports (EUR billion)2.42.73.03.54.0
Imports (EUR billion)4.34.54.85.35.8
Exports (annual variation in %)3.910.912.614.016.8
Imports (annual variation in %)-1.03.87.78.610.5
International Reserves (EUR)2.02.42.32.62.3
External Debt (% of GDP)63.662.166.968.3-  

Sample Report

5 years of Macedonia economic forecasts for more than 30 economic indicators.

Download

Sample Report

Get a sample report showing all the data and analysis covered in our Regional, Country and Commodities reports.

Download

Macedonia Facts

ValueChangeDate
Exchange Rate52.80-0.56 %Jul 17
Stock Market0.10.0 %Jul 17

Start Your Free Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Search form