Macedonia | Economic Forecasts | 2017-2020 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 Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Growth Rate 3.90 0.6 0.5 0.5 0.5 0.6 percent [+]
Unemployment Rate 22.60 22.2 22 21.7 21.5 16.5 percent [+]
Inflation Rate 1.90 1.2 1.5 1.6 1.8 2.4 percent [+]
Interest Rate 3.25 3 3 2.75 2.5 2 percent [+]
Balance of Trade -168356.00 -168732 -173000 -158973 -158904 -160000 USD Thousands [+]
Government Debt to GDP 40.90 41.4 41.4 41.8 41.8 43.1 percent [+]
MARKETS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Stock Market 2677.81 2240 2220 2200 2170 1920 points [+]
Currency 51.24 50.49 49.98 49.47 48.96 43.35 [+]
GDP Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
GDP Growth Rate 3.90 0.6 0.5 0.5 0.5 0.6 percent [+]
GDP Annual Growth Rate -1.80 2.5 2.5 2.6 2.5 2.4 percent [+]
GDP 10.90 10.92 10.87 10.89 10.75 13.65 USD Billion [+]
GDP Constant Prices 153506.00 153174 158169 150190 152943 153138 MKD Million [+]
Gross Fixed Capital Formation 129095.00 136169 137980 139987 141995 162427 MKD Million [+]
GDP per capita 5222.83 5317 5335 5359 5383 5564 USD [+]
GDP per capita PPP 13054.78 13290 13336 13396 13456 13908 USD [+]
LABOUR Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Unemployment Rate 22.60 22.2 22 21.7 21.5 16.5 percent [+]
Employed Persons 739892.00 741382 738636 737370 738407 732268 [+]
Unemployed Persons 215807.00 216451 216836 217155 218264 228921 [+]
Wages 33328.00 33511 33525 33511 33510 33512 MKD/Month [+]
Population 2.07 2.07 2.07 2.08 2.08 2.09 Million [+]
Part Time Employment 37.20 34.35 34.5 34.71 34.88 34.88 Thousand [+]
Minimum Wages 231.40 234 235 234 234 234 EUR/Month [+]
Job Vacancies 7871.00 8207 8208 7935 7761 7577 [+]
Labor Force Participation Rate 56.90 56.75 56.6 56.62 56.66 56.33 percent [+]
Full Time Employment 691.40 695 698 704 708 743 Thousand [+]
Employment Rate 44.10 44.19 43.97 43.86 43.95 43.61 percent [+]
Wage Growth 2.20 3.69 3.2 2.95 2.88 2.98 percent [+]
PRICES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Inflation Rate 1.90 1.2 1.5 1.6 1.8 2.4 percent [+]
Consumer Price Index CPI 110.88 111 110 110 110 109 Index Points [+]
GDP Deflator 101.90 102 102 102 102 102 percent [+]
Producer Prices 106.40 111 113 115 115 129 Index Points [+]
Producer Prices Change 3.20 7.4 4.9 4.2 4.2 2.2 percent [+]
Inflation Rate Mom 0.40 0.12 0.17 0.17 0.17 0.17 percent [+]
Food Inflation 1.10 1.26 1.43 1.53 1.6 1.69 percent [+]
MONEY Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Interest Rate 3.25 3 3 2.75 2.5 2 percent [+]
Banks Balance Sheet 538202.63 544363 550798 557223 563635 626979 NC Million [+]
Deposit Interest Rate 0.25 0.25 0.25 0.25 0.25 0.25 percent [+]
Money Supply M0 28472.60 28007 27898 27943 27966 27954 MKD Million [+]
Money Supply M1 109750.20 110853 113293 115556 117796 138634 MKD Million [+]
Money Supply M2 261563.80 263713 266334 268707 271032 290289 MKD Million [+]
Lending Rate 3.75 3.76 3.75 3.76 3.76 3.76 percent [+]
Central Bank Balance Sheet 172581.69 173462 173757 173647 173666 173665 NC Million [+]
TRADE Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Balance of Trade -168356.00 -168732 -173000 -158973 -158904 -160000 USD Thousands [+]
Exports 439816.00 446682 447841 451200 451179 450609 USD Thousands [+]
Imports 608172.00 604614 609880 610190 608576 608952 USD Thousands [+]
Current Account -15.00 -27.49 -30.07 -30.29 -30.25 -30.24 USD Million [+]
Current Account to GDP -3.10 -1.6 -1.6 -1.4 -1.4 -0.9 percent [+]
Capital Flows -23.10 -30.05 -28.22 -27.94 -27.89 -27.88 USD Million [+]
Foreign Direct Investment 24.61 27.32 24.92 24.92 25.19 25.1 EUR Million [+]
Gold Reserves 6.88 6.88 6.85 6.86 6.85 6.86 Tonnes [+]
Terrorism Index 1.86 2.33 2.4 2.37 2.34 2.63 [+]
External Debt 7253.16 7782 7826 8012 8076 9382 EUR Million [+]
Tourist Arrivals 1534.00 800 200 400 600 500 Hundreds Person [+]
GOVERNMENT Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Government Debt to GDP 40.90 41.4 41.4 41.8 41.8 43.1 percent [+]
Government Budget -3.50 -3.39 -3.1 -3.2 -3.29 -3.52 percent of GDP [+]
Government Budget Value -2395.00 -1199 -1466 -1548 -1446 -1487 MKD Million [+]
Government Spending 23856.00 23557 24086 23878 23947 23640 MKD Million [+]
Government Revenues 15174.00 14635 14774 14738 14750 14748 MKD Million [+]
Government Debt 3851.50 4075 4148 4221 4293 4983 EUR Million [+]
Fiscal Expenditure 17569.00 15939 16204 16225 16200 16199 MKD Million [+]
Military Expenditure 105.80 136 136 137 138 140 USD Million [+]
BUSINESS Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Industrial Production -2.20 -3.03 -0.41 -1.28 -0.99 -1.07 percent [+]
Manufacturing Production -2.60 3.25 2.47 2.52 2.47 2.44 percent [+]
Changes in Inventories 44099.00 44424 45965 45830 45694 50875 MKD Million [+]
Corruption Index 37.00 37 36 35 35 34 Points [+]
Corruption Rank 90.00 92 99 99 99 101 [+]
Competitiveness Index 4.23 4.28 4.28 4.32 4.33 4.49 Points [+]
Competitiveness Rank 68.00 62 62 70 73 72 [+]
Business Confidence 25.80 25.64 17.2 25.78 25.78 5.5 [+]
Ease of Doing Business 10.00 13 12 12 11 11 [+]
Steel Production 25.00 14.95 18.16 16.96 17.31 17.25 Thousand Tonnes [+]
CONSUMER Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Consumer Spending 108568.00 101757 104312 97094 104346 102268 MKD Million [+]
Retail Sales Yoy -3.00 -2.98 -2.29 -2.35 -2.4 -2.39 percent [+]
Gasoline Prices 1.21 1.22 1.22 1.22 1.21 1.19 USD/Liter [+]
Consumer Credit 136034.00 139311 142447 145442 148300 170635 MKD Million [+]
HOUSING Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Construction Output -45.20 9.79 13.81 15.6 16.37 16.97 percent [+]
Housing Index 88.75 87.71 87.34 87.36 87.19 87.2 Index Points [+]
Home Ownership Rate 90.60 89.42 89.44 89.43 89.42 89.39 percent [+]
Building Permits 241.00 292 294 294 294 294 [+]
TAXES Actual Q3/17 Q4/17 Q1/18 Q2/18 2020
Corporate Tax Rate 10.00 9.99 9.99 10 10 10 percent [+]
Personal Income Tax Rate 10.00 10 10 10 10 10 percent [+]
Sales Tax Rate 18.00 18 18 18 18 18 percent [+]