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 Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 21.60 20.8 20.4 20 19.7 16.5 percent
Inflation Rate 1.40 2.3 2 1.5 1.5 2.4 percent
Interest Rate 3.00 3.5 3.5 3.5 3 4 percent
Balance of Trade -160141.00 -118000 -237000 -165000 -148000 -230000 USD Thousands
Government Debt to GDP 38.70 41.8 41.8 42.5 42.5 43.1 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Stock Market 3330.13
points		 3285 3184 3085 2989 2635
Currency 52.33
 53.56 54.5 55.45 56.42 60.48
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Annual Growth Rate 0.10
percent		 2.5 2.8 2.2 2 2.4
GDP 11.34
USD Billion		 11.6 11.6 12.1 12.1 12.5
GDP Constant Prices 149483.00
MKD Million		 161743 170530 152772 156576 179163
Gross Fixed Capital Formation 143495.57
MKD Million		 145289 147513 146652 146365 154981
GDP per capita 5245.36
USD		 5330 5330 5500 5500 5590
GDP per capita PPP 13111.21
USD		 13300 13300 13800 13800 13850
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 21.60
percent		 20.8 20.4 20 19.7 16.5
Employed Persons 749892.00
 759954 762825 766338 771094 812041
Unemployed Persons 206748.00
 200924 198405 195919 193524 173648
Wages 35117.00
MKD/Month		 35100 36000 35000 34950 38000
Population 2.08
Million		 2.08 2.08 2.08 2.08 2.09
Wage Growth 1.00
percent		 1.51 1.69 1.32 1.47 1.44
Job Vacancies 8331.00
 8194 7762 7983 7849 7917
Labor Force Participation Rate 56.90
percent		 56.88 56.86 56.89 56.93 56.96
Long Term Unemployment Rate 15.30
percent		 14.69 14.32 13.9 13.5 9.77
Minimum Wages 231.40
EUR/Month		 240 240 250 234 260
Part Time Employment 25.50
Thousand		 34.41 33.64 32.52 32.21 32.05
Full Time Employment 711.30
Thousand		 724 725 728 734 772
Employment Rate 44.60
percent		 44.74 44.63 44.72 44.83 44.75
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 1.40
percent		 2.3 2 1.5 1.5 2.4
Consumer Price Index CPI 113.03
Index Points		 114 114 113 115 119
GDP Deflator 103.50
percent		 103 103 103 103 103
Producer Prices 103.00
Index Points		 104 106 106 105 111
Producer Prices Change 1.50
percent		 2.23 3.2 3 2.19 2.2
Inflation Rate Mom 0.00
percent		 0.06 0.12 0.1 0.1 0.1
Food Inflation 0.40
percent		 -0.06 -0.25 -0.3 -0.32 -0.32
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 3.00
percent		 3.5 3.5 3.5 3 4
Banks Balance Sheet 559033.13
MKD Million		 569706 576333 582951 589562 655234
Deposit Interest Rate 0.15
percent		 0.65 0.65 0.65 0.15 1.15
Lending Rate 3.50
percent		 4 4 4 3.5 4.5
Money Supply M0 28991.90
MKD Million		 28892 28877 28855 28855 28859
Money Supply M1 123339.30
MKD Million		 128001 131151 134187 137219 166119
Money Supply M2 276915.30
MKD Million		 423822 423822 423822 423822 423822
Central Bank Balance Sheet 184732.33
MKD Million		 182253 182257 182238 182238 182238
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -160141.00
USD Thousands		 -118000 -237000 -165000 -148000 -230000
Exports 574330.00
USD Thousands		 597000 528000 544000 551000 571000
Imports 734470.00
USD Thousands		 715000 765000 709000 699000 801000
Current Account -141.80
USD Million		 -27.48 -27.79 -28.49 -28.52 -28.5
Current Account to GDP -1.30
percent		 -1.4 -1.4 -1.2 -1.2 -0.9
Capital Flows -150.40
USD Million		 -28.59 -26.7 -26.52 -26.5 -26.5
Foreign Direct Investment 51.12
EUR Million		 42.37 44.1 43.82 43.56 43.66
Gold Reserves 6.90
Tonnes		 6.9 6.9 6.89 6.89 6.89
Tourist Arrivals 1040.00
Hundreds		 700 600 800 800 700
Terrorism Index 1.19
 1.62 1.44 1.51 1.58 2.13
External Debt 7403.37
EUR Million		 7988 8023 8150 8239 9330
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 38.70
percent		 41.8 41.8 42.5 42.5 43.1
Government Budget -2.70
percent of GDP		 -2.6 -2.6 -2.93 -2.95 -1.8
Government Budget Value -1861.00
MKD Million		 -870 -1037 -1051 -1041 -1042
Government Spending 24389.00
MKD Million		 23274 26341 24926 24333 27675
Government Revenues 15243.00
MKD Million		 15610 15547 15523 15533 15532
Government Debt 4270.70
EUR Million		 4424 4501 4577 4652 5388
Fiscal Expenditure 17104.00
MKD Million		 16480 16579 16574 16575 16573
Military Expenditure 109.90
USD Million		 131 132 132 133 135
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Industrial Production 1.10
percent		 1.97 1.87 1.98 2.01 2.08
Manufacturing Production 3.10
percent		 3.06 2.7 2.59 2.52 2.46
Changes in Inventories 51319.90
MKD Million		 53883 55510 56141 56772 60820
Internet Speed 7707.57
KBps		 7716 7764 7732 7754 7766
IP Addresses 377561.00
IP		 381776 383004 383485 383330 383049
Steel Production 20.00
Thousand Tonnes		 25.66 24.91 25.11 25.07 25.08
Corruption Index 35.00
Points		 33 33 33 32 32
Corruption Rank 107.00
 110 113 115 116 113
Competitiveness Index 4.23
Points		 4.22 4.21 4.21 4.22 4.22
Competitiveness Rank 68.00
 70 73 72 72 72
Business Confidence 28.70
Index Points		 25.7 24.4 21.2 28.95 15
Ease of Doing Business 11.00
 3 1 1 1 1
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Consumer Spending 96116.00
MKD Million		 105884 110536 98231 110739 116131
Retail Sales Yoy 7.10
percent		 6.91 6.85 6.85 6.89 6.88
Gasoline Prices 1.34
USD/Liter		 1.27 1.2 1.13 1.07 0.6
Consumer Credit 145888.56
MKD Million		 150948 153814 156560 159192 180174
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Construction Output -15.10
percent		 -0.02 5.29 8.29 9.99 12.19
Housing Index 95.24
Index Points		 96.48 96.42 96.52 96.46 96.39
Home Ownership Rate 90.00
percent		 89.61 89.59 89.57 89.56 89.52
Building Permits 222.00
 249 252 253 253 253
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 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 Q3/18 Q4/18 Q1/19 Q2/19 2020
Temperature 23.59
celsius		 19.6 5.77 1.69 15.42 10.63