North Macedonia Economic Forecast

Macedonia Economic Outlook

July 2, 2019

The economy gained traction in the first quarter. The acceleration was chiefly underpinned by robust investment, likely spurred by stronger credit growth and an improved business climate amid greater political stability. Conversely, household spending ebbed and public consumption nearly flatlined, while the external sector dragged slightly on growth. On the political front, in late June the European Council delayed opening accession talks with North Macedonia until October. The decision signaled that a green light in October is not guaranteed at a time when key EU members are resistant to EU enlargement. In brighter news, Fitch Ratings upgraded the country’s sovereign credit rating on 14 June from BB to BB+, citing sustained reforms and macroeconomic stability.

North Macedonia Economic Growth

The economy is projected to gather momentum this year, largely thanks to a recovery in investment. Moreover, continued progress on the reform agenda should continue to bolster the business climate. The largest downside risks to the outlook include a slowdown across the Euro area, which could weigh on demand for exports and FDI inflows, and a blocked EU accession. FocusEconomics panelists expect GDP to expand 3.1% in 2019, which is unchanged from last month’s forecast, and 3.2% in 2020.

North Macedonia Economy Data

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Trade Balance (EUR billion)-  -  -  -  -  
Exports (EUR billion)-  -  -  -  -  
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International Reserves (EUR)-  -  -  -  -  
External Debt (% of GDP)-  -  -  -  -  

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North Macedonia Facts

ValueChangeDate
Exchange Rate54.66-0.56 %Jul 11
Stock Market0.10.0 %Jul 10

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