Macedonia - Economic Forecasts - 2018-2020 Outlook

This page has economic forecasts for Macedonia including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Macedonia economy.


Overview Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 22.10 21.7 21.5 21.9 20.4 16.5 percent
Inflation Rate 1.10 2.3 2.4 2.3 2 2.4 percent
Interest Rate 3.25 3.25 3.5 3.5 3.5 4 percent
Balance of Trade -257762.00 -193098 -188698 -180938 -169000 -160000 USD Thousands
Government Debt to GDP 39.10 41.8 41.8 41.8 41.8 43.1 percent
MARKETS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Stock Market 2763.32
points
2585 2523 2461 2401 1973
Currency 49.38
51.07 51.96 52.87 53.8 57.67
GDP Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Annual Growth Rate 0.20
percent
1.5 2.2 2.5 2.8 2.4
GDP 10.90
USD Billion
10.3 10.6 10.9 11.22 13.65
GDP Constant Prices 159746.00
MKD Million
151822 153103 156125 158511 154790
Gross Fixed Capital Formation 143495.57
MKD Million
137550 142550 147550 152550 153035
GDP per capita 5222.83
USD
5430 5430 5430 5430 5590
GDP per capita PPP 13054.78
USD
13110 13163 13217 13270 13356
LABOUR Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 22.10
percent
21.7 21.5 21.9 20.4 16.5
Employed Persons 743451.00
739790 740319 740941 739832 732683
Unemployed Persons 211363.00
211905 211915 212986 213578 221621
Wages 34079.00
MKD/Month
34084 34063 34042 34020 33768
Population 2.07
Million
2.08 2.08 2.08 2.08 2.09
Wage Growth 1.00
percent
1.21 1.56 1.82 1.97 1.85
Job Vacancies 7586.00
7022 6738 6442 6225 6530
Labor Force Participation Rate 56.82
percent
56.64 56.68 56.65 56.58 56.28
Long Term Unemployment Rate 17.50
percent
17.66 17.68 17.8 17.93 19.49
Minimum Wages 231.40
EUR/Month
240 240 240 240 260
Part Time Employment 24.50
Thousand
36.82 36.42 35.3 34.64 34.61
Full Time Employment 711.20
Thousand
705 707 708 706 698
Employment Rate 44.24
percent
43.92 43.99 44.03 43.94 43.54
PRICES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Inflation Rate 1.10
percent
2.3 2.4 2.3 2 2.4
Consumer Price Index CPI 111.76
Index Points
112 112 112 111 111
GDP Deflator 104.10
percent
155 155 156 156 161
Producer Prices 107.30
Index Points
115 115 107 118 129
Producer Prices Change 3.80
percent
4.2 4.2 4.17 3.2 2.2
Inflation Rate Mom -0.40
percent
0.03 0.14 0.1 0.11 0.11
Food Inflation 0.60
percent
0.88 0.92 1.12 1.29 1.64
MONEY Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Interest Rate 3.25
percent
3.25 3.5 3.5 3.5 4
Banks Balance Sheet 540004.00
NC Million
541878 541777 541377 540814 531979
Deposit Interest Rate 0.25
percent
0.25 0.27 0.28 0.29 0.39
Lending Rate 3.75
percent
3.83 3.96 4.1 4.23 5.63
Money Supply M0 29967.90
MKD Million
28922 28915 28882 28846 28423
Money Supply M1 123208.50
MKD Million
121052 120959 120852 120741 119431
Money Supply M2 277607.50
MKD Million
281382 281952 281813 281595 278877
Central Bank Balance Sheet 151648.00
NC Million
151331 150658 149999 149354 142624
TRADE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Balance of Trade -257762.00
USD Thousands
-193098 -188698 -180938 -169000 -160000
Exports 478319.00
USD Thousands
465658 448107 431790 417197 327695
Imports 736080.00
USD Thousands
691654 665500 641688 620453 494310
Current Account 56.50
USD Million
-30.99 -29 -28.59 -28.63 -28.64
Current Account to GDP -2.70
percent
-1.4 -1.4 -1.4 -1.4 -0.9
Capital Flows 55.20
USD Million
-25.46 -26.13 -26.16 -26.16 -26.15
Foreign Direct Investment -54.19
EUR Million
-7.84 4.59 14.66 22.82 54.76
Gold Reserves 6.88
Tonnes
6.73 6.6 6.48 6.37 6.11
Tourist Arrivals 516.00
Hundreds Person
400 600 600 500 500
Terrorism Index 1.19
1.97 1.79 1.62 1.44 2.13
External Debt 7710.22
EUR Million
7717 7718 7689 7669 7366
GOVERNMENT Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Government Debt to GDP 39.10
percent
41.8 41.8 41.8 41.8 43.1
Government Budget -2.70
percent of GDP
-2.6 -2.6 -2.6 -2.6 -1.8
Government Budget Value -3713.00
MKD Million
-806 -955 -1024 -999 -1003
Government Spending 22987.00
MKD Million
23554 23797 23399 23624 23292
Government Revenues 18975.00
MKD Million
16188 15627 15374 15270 13583
Government Debt 3875.80
EUR Million
3842 3815 3783 3744 3168
Fiscal Expenditure 22688.00
MKD Million
18121 16876 16131 15551 13064
Military Expenditure 105.80
USD Million
136 136 136 136 138
BUSINESS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Industrial Production -2.60
percent
0.38 0.66 1.26 1.48 1.87
Manufacturing Production -1.50
percent
2.38 2.01 2.21 2.26 2.32
Changes in Inventories 51319.90
MKD Million
49336 50717 52099 53481 44434
Internet Speed 7707.57
KBps
7492 7408 7313 7214 6034
IP Addresses 377561.00
IP
363248 361316 359369 357849 346186
Steel Production 33.60
Thousand Tonnes
29.25 26.72 24.76 23.17 17.18
Corruption Index 37.00
Points
40 39 38 37 36
Corruption Rank 90.00
78 84 90 96 96
Competitiveness Index 4.23
Points
4.24 4.23 4.22 4.21 4.16
Competitiveness Rank 68.00
65 67 68 70 73
Business Confidence 27.10
Index Points
26.28 24.26 21.95 12.4 5.5
Ease of Doing Business 11.00
17 16 15 14 26
CONSUMER Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Consumer Spending 104577.00
MKD Million
97955 104388 103155 105048 102602
Retail Sales Yoy -1.60
percent
-0.91 -0.58 -0.31 -0.13 0.32
Gasoline Prices 1.37
USD/Liter
1.38 1.38 1.37 1.37 1.3
Consumer Credit 141232.00
MKD Million
142835 143929 144652 145077 139867
HOUSING Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Construction Output -38.40
percent
3.42 9.38 12.19 13.5 14.66
Housing Index 91.59
Index Points
91.35 91.36 91.09 90.92 87.43
Home Ownership Rate 90.60
percent
89.39 89.4 89.42 89.44 89.39
Building Permits 229.00
253 250 248 247 246
TAXES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Corporate Tax Rate 10.00
percent
10 10 10 10 11
Personal Income Tax Rate 10.00
percent
11 11 11 11 13
Sales Tax Rate 18.00
percent
18 18 18 18 18
CLIMATE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Temperature 23.59
celsius
1.69 14.55 19.6 5.77 10.63