Macedonia Economic Outlook
September 7, 2021Economic conditions seemingly improved in Q2, after GDP shrank at a somewhat sharper pace in Q1. Retail sales rose strongly year-on-year in the quarter, hinting at firming household spending, while a sharp bounce-back in industrial production points to healthier private sector activity. Meanwhile, merchandise exports and tourist arrivals also jumped compared to Q2 2020. That said, all indicators benefited from an extremely low base effect. The recovery in activity should have carried over into Q3, albeit at a more moderate pace, as suggested by softer but still-healthy growth in retail sales in July. Fiscal data for January-July, which shows the budget deficit narrowed considerably from 2020, is a further sign of recovery. Meanwhile, on 23 August S&P Global Ratings affirmed the country’s credit rating at BB-, highlighting the stability of its banking system.
North Macedonia Economic GrowthThe economy should recover some of last year’s losses in 2021, benefiting from solid growth in household and capital spending. Moreover, strong foreign demand amid the easing of restrictions abroad is set to support the external sector. However, uncertainty over new variants of Covid-19 and the speed of the vaccine rollout clouds the outlook. FocusEconomics panelists forecast GDP to expand 3.9% in 2021, which is unchanged from last month’s estimate, and 4.0% in 2022.
North Macedonia Economy Data
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North Macedonia Facts
|Exchange Rate||54.86||-0.56 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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