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 Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 3.90 0.7 0.6 0.5 0.4 0.6 percent [+]
Unemployment Rate 23.10 22.6 22.2 22 21.7 16.5 percent [+]
Inflation Rate 1.00 0.8 1.2 1.5 1.9 2.4 percent [+]
Interest Rate 3.25 3 2.75 2.75 2.5 1.5 percent [+]
Balance of Trade -180023.00 -167992 -174597 -173000 -175499 -160000 USD Thousands [+]
Government Debt to GDP 40.90 39.79 41.73 43.67 43.75 43.11 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Stock Market 2262.52 2230 2210 2140 2160 1800 points [+]
Currency 54.55 58.06 58.64 60.36 59.79 68.99 [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 3.90 0.7 0.6 0.5 0.4 0.6 percent [+]
GDP Annual Growth Rate 2.40 2.6 2.5 2.5 2.6 2.4 percent [+]
GDP 10.09 10.63 10.51 10.87 10.51 13.65 USD Billion [+]
GDP Constant Prices 160309.00 161822 169706 172074 168436 193117 MKD Million [+]
Gross Fixed Capital Formation 129095.00 134359 136169 137980 139987 162427 MKD Million [+]
GDP per capita 5093.84 5134 5190 5245 5278 5654 USD [+]
GDP per capita PPP 12732.40 12832 12972 13111 13194 14134 USD [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 23.10 22.6 22.2 22 21.7 16.5 percent [+]
Employed Persons 731107.00 736354 742232 747113 750135 794476 [+]
Unemployed Persons 219148.00 211030 207328 203721 200210 167872 [+]
Wages 32869.00 33118 33107 33161 33162 33153 MKD/Month [+]
Population 2.07 2.06 2.06 2.06 2.06 2.06 Million [+]
Part Time Employment 40.90 34.02 34.5 34.67 34.67 34.79 Thousand [+]
Minimum Wages 231.40 230 234 235 234 234 EUR/Month [+]
Job Vacancies 6470.00 6367 6359 6307 6403 6353 [+]
Labor Force Participation Rate 56.59 56.35 56.39 56.41 56.34 56.08 percent [+]
Full Time Employment 682.30 693 695 698 703 743 Thousand [+]
Employment Rate 43.54 43.39 43.51 43.59 43.51 43.53 percent [+]
Wage Growth 2.20 3.21 3.69 3.2 2.95 2.98 percent [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 1.00 0.8 1.2 1.5 1.9 2.4 percent [+]
Consumer Price Index CPI 109.39 110 110 110 110 110 Index Points [+]
GDP Deflator 101.90 102 102 102 102 102 percent [+]
Producer Prices 106.70 109 111 113 115 129 Index Points [+]
Producer Prices Change 4.90 6.9 7.4 4.9 4.2 2.2 percent [+]
Inflation Rate Mom 0.50 0.19 0.16 0.17 0.17 0.17 percent [+]
Food Inflation -0.40 -0.75 -0.43 -0.29 -0.26 -0.25 percent [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 3.25 3 2.75 2.75 2.5 1.5 percent [+]
Banks Balance Sheet 533585.13 538009 544294 550630 556951 625432 NC Million [+]
Deposit Interest Rate 0.25 0.25 0.25 0.25 0.25 0.25 percent [+]
Money Supply M0 27753.40 27228 27460 27376 27354 27368 MKD Million [+]
Money Supply M1 105637.30 107710 109641 111716 113765 134247 MKD Million [+]
Money Supply M2 259417.70 262209 264816 267450 269953 291903 MKD Million [+]
Lending Rate 3.75 3.72 3.73 3.72 3.73 3.72 percent [+]
Central Bank Balance Sheet 181523.44 180863 181023 180992 180986 180993 NC Million [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade -180023.00 -167992 -174597 -173000 -175499 -160000 USD Thousands [+]
Exports 454210.00 427955 433997 436574 435326 435212 USD Thousands [+]
Imports 634233.00 579807 598708 596072 596299 596190 USD Thousands [+]
Current Account -57.70 -31.87 -29.52 -29.58 -29.62 -29.62 USD Million [+]
Current Account to GDP -1.40 -2.96 -3.01 -3.06 -3.09 -1.34 percent [+]
Capital Flows -63.60 -30.41 -27.77 -27.39 -27.32 -27.31 USD Million [+]
Foreign Direct Investment 19.15 9.57 18.98 16.07 16.03 16.29 EUR Million [+]
Gold Reserves 6.88 6.88 6.88 6.85 6.86 6.86 Tonnes [+]
Terrorism Index 1.86 2.27 2.33 2.4 2.37 2.63 [+]
External Debt 7253.16 7481 7782 7826 8012 9382 EUR Million [+]
Tourist Arrivals 430.00 753 672 586 651 644 Hundreds Person [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 40.90 39.79 41.73 43.67 43.75 43.11 percent [+]
Government Budget -3.50 -3.67 -3.39 -3.1 -3.2 -3.52 percent of GDP [+]
Government Budget Value 107.00 -1612 -1408 -1363 -1427 -1400 MKD Million [+]
Government Spending 25368.00 24408 24185 25198 24745 25519 MKD Million [+]
Government Revenues 16840.00 14477 14348 14380 14363 14365 MKD Million [+]
Government Debt 3851.50 4001 4075 4148 4221 4983 EUR Million [+]
Fiscal Expenditure 16733.00 15882 15717 15711 15714 15719 MKD Million [+]
Military Expenditure 128.30 168 169 169 170 168 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Industrial Production -0.90 1.08 1.2 1.54 1.68 1.95 percent [+]
Manufacturing Production -0.70 0.42 1.52 1.92 2.13 2.34 percent [+]
Changes in Inventories 44099.00 42882 44424 45965 45830 50875 MKD Million [+]
Corruption Index 37.00 38 37 36 35 34 Points [+]
Corruption Rank 90.00 84 92 99 99 101 [+]
Competitiveness Index 4.23 4.28 4.28 4.28 4.33 4.49 Points [+]
Competitiveness Rank 68.00 62 62 62 73 72 [+]
Business Confidence 24.90 21.5 24.67 17.2 24.66 5.5 [+]
Ease of Doing Business 10.00 14 13 12 12 11 [+]
Steel Production 25.00 19.17 19.39 19.5 19.46 19.47 Thousand Tonnes [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Spending 102555.00 105988 102524 104175 99598 104582 MKD Million [+]
Retail Sales Yoy -2.50 -0.8 -1.76 -1.1 -1.37 -1.33 percent [+]
Gasoline Prices 1.17 1.17 1.17 1.17 1.17 1.17 USD/Liter [+]
Consumer Credit 133055.00 134799 137349 139776 142085 161133 MKD Million [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Construction Output -17.90 4.42 11.83 14.97 16.33 17.37 percent [+]
Housing Index 88.75 88.47 87.71 87.34 87.36 87.2 Index Points [+]
Home Ownership Rate 90.60 88.57 88.75 88.93 88.95 89.06 percent [+]
Building Permits 384.00 340 332 330 330 330 [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 10.00 9.99 9.99 9.99 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 [+]