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 Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 21.10 20.4 20 19.7 20.3 16.5 percent
Inflation Rate 1.50 1.7 2.1 2.3 2.1 2.4 percent
Interest Rate 2.75 3.25 3.25 3.25 3.5 4 percent
Balance of Trade -88756.00 -237000 -165000 -148000 -119943 -230000 USD Thousands
Government Debt to GDP 38.70 41.8 42.5 42.5 42.5 43.1 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Stock Market 3574.77
points		 3418 3385 3353 3321 3197
Currency 53.81
 53.46 53.77 54.08 54.39 55.67
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Annual Growth Rate 3.10
percent		 1.8 2.2 2 2.3 2.4
GDP 11.34
USD Billion		 11.6 12.1 12.1 12.1 12.5
GDP Constant Prices 159685.00
MKD Million		 168871 152772 162879 164646 177420
Gross Fixed Capital Formation 135317.85
MKD Million		 137754 138295 138024 147897 144727
GDP per capita 5245.36
USD		 5330 5500 5500 5500 5590
GDP per capita PPP 13111.21
USD		 13300 13800 13800 13800 13850
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 21.10
percent		 20.4 20 19.7 20.3 16.5
Employed Persons 755073.00
 762532 766277 770824 775319 811793
Unemployed Persons 202398.00
 197312 194632 192094 189634 170685
Wages 35573.00
MKD/Month		 36000 35000 35482 35482 38000
Population 2.08
Million		 2.08 2.08 2.08 2.08 2.09
Wage Growth 4.60
percent		 5.24 3.94 3.6 3.1 3.79
Job Vacancies 7199.00
 7160 7382 7099 7176 6816
Labor Force Participation Rate 56.91
percent		 56.85 56.89 56.91 56.9 56.93
Long Term Unemployment Rate 15.50
percent		 14.84 14.43 14.07 13.72 10.67
Minimum Wages 12165.00
MKD/Month		 12165 13400 13400 13400 14900
Part Time Employment 26.60
Thousand		 33.53 32.36 32 31.57 31.6
Full Time Employment 716.40
Thousand		 723 727 731 735 770
Employment Rate 44.88
percent		 44.7 44.77 44.9 44.87 44.83
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 1.50
percent		 1.7 2.1 2.3 2.1 2.4
Consumer Price Index CPI 112.90
Index Points		 114 114 116 115 119
GDP Deflator 103.50
percent		 103 103 103 103 103
Producer Prices 101.50
Index Points		 106 106 106 104 111
Producer Prices Change 0.50
percent		 3.2 3 2.8 2.6 2.2
Inflation Rate Mom 0.30
percent		 0.3 0.2 0.1 0.1 0.2
Food Inflation 0.40
percent		 0.7 1.1 1.3 1.5 1.8
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 2.75
percent		 3.25 3.25 3.25 3.5 4
Banks Balance Sheet 581329.00
MKD Million		 591047 598398 605751 613104 679282
Deposit Interest Rate 0.15
percent		 0.65 0.65 0.65 0.9 1.4
Lending Rate 3.25
percent		 3.75 3.75 3.75 4 4.5
Money Supply M0 30665.00
MKD Million		 30730 30641 30645 30655 30654
Money Supply M1 136333.00
MKD Million		 140378 144309 148301 152240 185823
Money Supply M2 295007.00
MKD Million		 301329 306161 311236 316058 353211
Central Bank Balance Sheet 199885.00
MKD Million		 199203 199478 199533 199542 199542
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -88756.00
USD Thousands		 -237000 -165000 -148000 -119943 -230000
Exports 618129.00
USD Thousands		 528000 544000 551000 596092 571000
Imports 706885.00
USD Thousands		 765000 709000 699000 716035 801000
Current Account -30.30
USD Million		 -28.94 -28.1 -28.11 -28.15 -28.15
Current Account to GDP -1.30
percent		 -1 -1.5 -1.5 -1.5 -2
Capital Flows -29.90
USD Million		 -26.38 -26.25 -26.24 -26.24 -26.24
Foreign Direct Investment 1.06
EUR Million		 20.72 18.85 19 19.23 19.15
Gold Reserves 6.90
Tonnes		 6.9 6.89 6.89 6.89 6.89
Tourist Arrivals 1087.00
Hundreds		 300 800 1100 800 800
Terrorism Index 1.19
 1.19 1.19 1.19 1.19 1.19
External Debt 8432.89
EUR Million		 8372 8653 8834 9021 10202
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 38.70
percent		 41.8 42.5 42.5 42.5 43.1
Government Budget -2.70
percent of GDP		 -2.6 -2.2 -2.2 -2.2 -1.8
Government Budget Value -145.00
MKD Million		 -1007 -865 -866 -842 -840
Government Spending 24732.00
MKD Million		 26085 24926 25227 23692 27406
Government Revenues 15020.00
MKD Million		 15351 15395 15380 15382 15382
Government Debt 4300.40
EUR Million		 4483 4555 4635 4713 5386
Fiscal Expenditure 15165.00
MKD Million		 16526 16259 16245 16224 16223
Military Expenditure 109.90
USD Million		 132 132 133 134 135
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production 4.50
percent		 6.9 6.5 6.4 6.2 2.5
Manufacturing Production 2.60
percent		 3.67 3.35 2.94 2.8 2.64
Changes in Inventories 67659.39
MKD Million		 77265 79355 81445 83535 101309
Internet Speed 7707.57
KBps		 7764 7732 7754 7742 7766
IP Addresses 377561.00
IP		 383004 383485 383330 382907 383049
Steel Production 40.00
Thousand Tonnes		 31.03 32.59 32.38 32.36 32.38
Corruption Index 35.00
Points		 35 35 35 35 35
Corruption Rank 107.00
 107 107 107 107 107
Competitiveness Index 56.62
Points		 57.12 57.12 57.12 57.12 59.62
Competitiveness Rank 84.00
 84 84 84 84 84
Business Confidence 29.80
Index Points		 29 25.5 23 21 15
Ease of Doing Business 10.00
 10 10 11 11 11
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Spending 111158.00
MKD Million		 109460 98231 113381 107785 115002
Retail Sales Yoy 6.80
percent		 6.65 6.57 6.57 6.58 6.58
Gasoline Prices 1.32
USD/Liter		 1.3 1.28 1.25 1.23 1.14
Consumer Credit 147829.00
MKD Million		 153814 156560 159192 161714 180174
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output -34.80
percent		 -17.03 -16.56 -16.39 -16.34 -16.29
Housing Index 95.24
Index Points		 96.42 96.52 96.46 96.41 96.39
Home Ownership Rate 90.00
percent		 89.59 89.57 89.56 89.54 89.52
Building Permits 219.00
 233 239 241 242 243
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 10.00
percent		 10 10 10 10 10
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 Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 23.59
celsius		 5.77 1.69 15.42 12.49 10.63



Macedonia - Economic Forecasts - 2018-2020 Outlook