Macedonia Economic Outlook
November 3, 2020Incoming figures paint a bleak picture for Q3, after GDP declined at the steepest pace in nearly two decades in Q2 on the Covid-19 hit. Retail sales contracted sharply in the quarter, pointing at weak consumer demand. Moreover, industrial production decreased notably in July–September, despite the easing of coronavirus containment measures. Turning to the final quarter of the year, economic prospects are less than rosy due to the rapidly increasing number of new Covid-19 cases. In mid-October, the government reimposed restrictions in an attempt to restrain the spread of the virus—limiting the working hours of bars and restaurants, reducing capacity on public transport and recommending remote work—all of which are set to weigh on activity in Q4.
North Macedonia Economic GrowthThe economy is set to rebound in 2021, after this year’s projected contraction due to the coronavirus shock. Household and capital spending are seen bouncing back, supported by fiscal stimulus measures. Meanwhile, a pickup in global demand should boost the external sector. A prolongation of the health crisis clouds the outlook, however. FocusEconomics panelists forecast GDP to expand 5.4% in 2021, which is down 0.1 percentage points from last month’s estimate, and 4.0% in 2022.
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||54.86||-0.56 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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