Macedonia Economic Outlook
September 8, 2020GDP will have contracted notably in Q2 on the blow from the coronavirus health crisis. Industrial output nosedived in the quarter as the full force of containment measures hammered activity, particularly in the manufacturing sector. Moreover, retail sales declined sharply in Q2, spelling trouble for household spending. Turning to Q3, although containment measures have been relaxed, incoming data continues to paint a bleak picture: Industrial production fell markedly in July, while retail sales tumbled further in the same month. In politics, on 30 August, the parliament approved the new coalition government led by the Social Democrats, following snap elections on 15 July. Reform continuation for potential EU accession is to be expected.
North Macedonia Economic GrowthThe Covid-19 pandemic is set to pummel the economy this year. Weak EU demand and travel restrictions will constrain the external sector, while containment measures will hammer domestic demand. Although fiscal relief measures should cushion the fallout somewhat, a potential second wave of Covid-19 infections poses a downside risk. FocusEconomics panelists forecast GDP to contract 4.9% in 2020, which is down 0.2 percentage points from last month’s estimate, and to grow 5.5% in 2021.
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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