Macedonia Economic Outlook
October 1, 2019Economic growth moderated in the second quarter, weighed on by the slowdown in the European Union. On the upside, private consumption strengthened in the same period on the back of strong wage increases and a steady decline in the unemployment rate. Moreover, investment surged in the period, although it mostly reflected a base effect from last year and is expected to moderate in the second half of the year amid slowing foreign direct investment. Turning to the third quarter, available data suggests that the economy continues to expand at a similar pace as in Q2, with wages posting another solid gain in July and industrial production expanding strongly in August. On the downside, tourist arrivals remained weak in July. Meanwhile, on the political front, despite recent support from European Council President Donald Tusk, there is no date to start EU accession negations.
North Macedonia Economic GrowthGrowth should accelerate this year on strong wage gains and solid investment, before flattening next year. External headwinds will likely weigh on the performance of the external sector, however, while potential political unrest ahead of the 2020 parliamentary elections, subdued economic growth in the European Union and the slow pace of EU accession talks are key downside risks. FocusEconomics panelists expect GDP to expand 3.2% in 2019 from last month’s forecast and 3.3% in 2020, which is unchanged from last month’s forecast.
North Macedonia Economy Data
5 years of North Macedonia economic forecasts for more than 30 economic indicators.
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North Macedonia Facts
|Exchange Rate||54.66||-0.56 %||Sep 04|
|Stock Market||0.1||0.0 %||Sep 04|
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