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 Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 21.90 21.5 21.9 20.4 22.2 16.5 percent
Inflation Rate 1.40 2.4 2.3 2 2.2 2.4 percent
Interest Rate 3.00 3.5 3.5 3.5 3.5 4 percent
Balance of Trade -278673.00 -151000 -118000 -237000 -165000 -230000 USD Thousands
Government Debt to GDP 38.70 41.8 41.8 41.8 42.5 43.1 percent
MARKETS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Stock Market 2954.68
points		 2743 2673 2606 2540 2292
Currency 52.04
 50.8 51.68 52.58 53.5 57.31
GDP Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Annual Growth Rate 1.20
percent		 2.2 2.5 2.8 2.2 2.4
GDP 10.90
USD Billion		 10.6 10.9 11.22 12.85 13.65
GDP Constant Prices 165885.00
MKD Million		 155195 161743 170530 149086 179163
Gross Fixed Capital Formation 143495.57
MKD Million		 145074 145289 147513 146652 154981
GDP per capita 5222.83
USD		 5430 5430 5430 5500 5590
GDP per capita PPP 13054.78
USD		 13244 13290 13336 13908 14028
LABOUR Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 21.90
percent		 21.5 21.9 20.4 22.2 16.5
Employed Persons 745206.00
 742861 742849 742850 742850 742850
Unemployed Persons 208486.00
 211882 211885 211885 211885 211885
Wages 33994.00
MKD/Month		 34500 35100 36000 35000 38000
Population 2.07
Million		 2.08 2.08 2.08 2.07 2.09
Wage Growth 1.00
percent		 1 1 1 1 1
Job Vacancies 6534.00
 6738 6442 6225 6118 6530
Labor Force Participation Rate 56.80
percent		 56.83 56.84 56.84 56.84 56.84
Long Term Unemployment Rate 16.50
percent		 17.68 17.8 17.93 18.05 19.49
Minimum Wages 231.40
EUR/Month		 240 240 240 250 260
Part Time Employment 30.10
Thousand		 26.8 26.8 26.8 26.8 26.8
Full Time Employment 705.90
Thousand		 708 708 708 708 708
Employment Rate 44.30
percent		 44.21 44.21 44.21 44.21 44.21
PRICES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Inflation Rate 1.40
percent		 2.4 2.3 2 2.2 2.4
Consumer Price Index CPI 111.65
Index Points		 114 114 114 114 119
GDP Deflator 104.10
percent		 102 103 103 103 103
Producer Prices 104.70
Index Points		 111 110 113 111 118
Producer Prices Change 4.07
percent		 4.2 3.11 3.2 3 2.2
Inflation Rate Mom 0.00
percent		 0.12 0.09 0.1 0.1 0.1
Food Inflation 1.40
percent		 1.93 1.93 1.87 1.82 1.71
MONEY Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Interest Rate 3.00
percent		 3.5 3.5 3.5 3.5 4
Banks Balance Sheet 557704.13
MKD Million		 542512 540063 542149 543342 542870
Deposit Interest Rate 0.15
percent		 0.25 0.25 0.25 0.25 0.25
Lending Rate 3.50
percent		 4 4 4 4 4.5
Money Supply M0 28405.90
MKD Million		 28915 28882 28846 28811 28423
Money Supply M1 122336.60
MKD Million		 116275 112783 114271 115369 115067
Money Supply M2 277654.70
MKD Million		 266638 266004 265414 265698 265485
Central Bank Balance Sheet 183829.77
MKD Million		 150658 149999 149354 148723 142624
TRADE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Balance of Trade -278673.00
USD Thousands		 -151000 -118000 -237000 -165000 -230000
Exports 513619.00
USD Thousands		 525000 597000 528000 544000 571000
Imports 792292.00
USD Thousands		 676000 715000 765000 709000 801000
Current Account -44.80
USD Million		 -15.28 -13.21 -12.58 -12.39 -12.31
Current Account to GDP -1.30
percent		 -1.4 -1.4 -1.4 -1.2 -0.9
Capital Flows -43.60
USD Million		 -26.81 -26.71 -26.73 -26.73 -26.73
Foreign Direct Investment -54.19
EUR Million		 -10.77 -10.77 -10.77 -10.77 -10.77
Gold Reserves 6.90
Tonnes		 6.89 6.89 6.89 6.89 6.89
Tourist Arrivals 538.00
Hundreds		 1100 700 1200 900 1000
Terrorism Index 1.19
 1.79 1.62 1.44 1.51 2.13
External Debt 7403.37
EUR Million		 7718 7689 7669 7644 7366
GOVERNMENT Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Government Debt to GDP 38.70
percent		 41.8 41.8 41.8 42.5 43.1
Government Budget -2.60
percent of GDP		 -2.6 -2.6 -2.6 -3.04 -1.8
Government Budget Value 165.00
MKD Million		 -1445 -1194 -1329 -1340 -1342
Government Spending 25624.00
MKD Million		 24118 23274 26341 24687 27675
Government Revenues 15988.00
MKD Million		 15082 15224 15192 15193 15195
Government Debt 3958.50
EUR Million		 3881 3881 3881 3881 3881
Fiscal Expenditure 15823.00
MKD Million		 16527 16418 16508 16534 16537
Military Expenditure 109.90
USD Million		 136 136 136 137 138
BUSINESS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Industrial Production 4.60
percent		 2.42 2.72 2.41 2.35 2.18
Manufacturing Production 2.60
percent		 3.97 3.4 2.88 2.71 2.51
Changes in Inventories 51319.90
MKD Million		 50717 52099 53481 53403 44434
Internet Speed 7707.57
KBps		 7737 7716 7764 7732 7766
IP Addresses 377561.00
IP		 361316 359369 357849 356524 346186
Steel Production 19.70
Thousand Tonnes		 30.11 30.09 30.03 30.05 30.05
Corruption Index 35.00
Points		 35 35 35 35 35
Corruption Rank 107.00
 107 107 107 107 107
Competitiveness Index 4.23
Points		 4.23 4.23 4.23 4.23 4.23
Competitiveness Rank 68.00
 68 68 68 68 68
Business Confidence 28.20
Index Points		 26.6 25.7 24.4 21.2 15
Ease of Doing Business 11.00
 11 11 11 11 11
CONSUMER Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Consumer Spending 107525.00
MKD Million		 109762 105884 110536 95847 116131
Retail Sales Yoy 3.10
percent		 3.28 2.46 2.51 2.62 2.6
Gasoline Prices 1.34
USD/Liter		 1.27 1.19 1.12 1.06 0.74
Consumer Credit 144491.00
MKD Million		 146328 148605 150775 152842 170059
HOUSING Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Construction Output -36.00
percent		 -26.98 -25.88 -26.14 -26.05 -26.08
Housing Index 95.24
Index Points		 91.36 91.09 90.92 90.65 87.43
Home Ownership Rate 90.00
percent		 89.4 89.42 89.44 89.43 89.39
Building Permits 211.00
 250 245 256 243 250
TAXES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Corporate Tax Rate 10.00
percent		 10 10 10 10 11
Personal Income Tax Rate 10.00
percent		 10 10 10 10 10
Sales Tax Rate 18.00
percent		 18 18 18 18 18
CLIMATE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Temperature 23.59
celsius		 14.55 19.6 5.77 1.69 10.63