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 21.10 20.8 20.4 20 19.7 16.5 percent
Inflation Rate 1.50 2.3 2 2.1 2.3 2.4 percent
Interest Rate 3.25 3.25 3.25 3.25 3.25 4 percent
Balance of Trade -186141.00 -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 3431.23
points		 3347 3315 3283 3251 3128
Currency 52.52
 52.8 53.11 53.42 53.74 55.02
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Annual Growth Rate 3.10
percent		 1.5 1.8 2.2 2 2.4
GDP 11.34
USD Billion		 11.6 11.6 12.1 12.1 12.5
GDP Constant Prices 159685.00
MKD Million		 160944 168871 152772 162879 177420
Gross Fixed Capital Formation 143495.57
MKD Million		 144572 146078 146652 146365 153474
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 21.10
percent		 20.8 20.4 20 19.7 16.5
Employed Persons 755073.00
 759244 762532 766277 770824 811793
Unemployed Persons 202398.00
 199975 197312 194632 192094 170685
Wages 35530.00
MKD/Month		 35100 36000 35000 35417 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 56.91
percent		 56.86 56.85 56.89 56.91 56.93
Long Term Unemployment Rate 15.30
percent		 14.69 14.32 13.9 13.5 9.77
Minimum Wages 12165.00
MKD/Month		 12165 12165 13400 13400 14900
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 44.88
percent		 44.82 44.7 44.77 44.9 44.83
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 1.50
percent		 2.3 2 2.1 2.3 2.4
Consumer Price Index CPI 112.67
Index Points		 114 114 114 116 119
GDP Deflator 103.50
percent		 103 103 103 103 103
Producer Prices 102.70
Index Points		 104 106 106 106 111
Producer Prices Change 1.00
percent		 2.2 3.2 3 2.8 2.2
Inflation Rate Mom 0.30
percent		 0.08 0.11 0.11 0.11 0.11
Food Inflation 0.00
percent		 -0.12 -0.31 -0.37 -0.38 -0.39
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 3.25
percent		 3.25 3.25 3.25 3.25 4
Banks Balance Sheet 573742.00
MKD Million		 578587 585901 593235 600568 673895
Deposit Interest Rate 0.15
percent		 0.15 0.15 0.15 0.15 0.9
Lending Rate 3.25
percent		 3.25 3.25 3.25 3.25 4
Money Supply M0 3121.70
MKD Million		 21237 16955 19994 19756 19668
Money Supply M1 132969.00
MKD Million		 134504 137969 141593 145109 178439
Money Supply M2 293628.00
MKD Million		 296308 301781 307241 312478 355972
Central Bank Balance Sheet 194379.00
MKD Million		 194652 194918 194829 194846 194851
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade -186141.00
USD Thousands		 -118000 -237000 -165000 -148000 -230000
Exports 561494.00
USD Thousands		 597000 528000 544000 551000 571000
Imports 747635.00
USD Thousands		 715000 765000 709000 699000 801000
Current Account -30.30
USD Million		 -30.75 -28.94 -28.1 -28.11 -28.15
Current Account to GDP -1.30
percent		 -1.4 -1.4 -1.2 -1.2 -0.9
Capital Flows -29.90
USD Million		 -26.85 -26.38 -26.25 -26.24 -26.24
Foreign Direct Investment 66.96
EUR Million		 70.59 69.49 68.91 69.18 69.17
Gold Reserves 6.90
Tonnes		 6.9 6.9 6.89 6.89 6.89
Tourist Arrivals 1023.00
Hundreds		 700 600 800 800 700
Terrorism Index 1.19
 1.62 1.44 1.51 1.58 2.13
External Debt 8297.95
EUR Million		 8387 8282 8609 8682 9998
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 -2958.00
MKD Million		 -884 -1132 -1181 -1122 -1118
Government Spending 24732.00
MKD Million		 23159 26085 24926 25227 27406
Government Revenues 15599.00
MKD Million		 15604 15559 15534 15543 15542
Government Debt 4270.70
EUR Million		 4424 4501 4577 4652 5388
Fiscal Expenditure 18557.00
MKD Million		 16488 16705 16715 16666 16660
Military Expenditure 109.90
USD Million		 131 132 132 133 135
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Industrial Production 8.40
percent		 5.26 8.51 7.2 7.59 7.53
Manufacturing Production 12.50
percent		 5.67 4.69 3.64 3.09 2.57
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 35.00
Thousand Tonnes		 29.13 28.78 29.34 29.1 29.16
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 29.50
Index Points		 29.3 29 25.5 23 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 111158.00
MKD Million		 105361 109460 98231 113381 115002
Retail Sales Yoy 6.80
percent		 6.7 6.63 6.57 6.56 6.57
Gasoline Prices 1.35
USD/Liter		 1.38 1.3 1.23 1.16 0.92
Consumer Credit 147829.00
MKD Million		 150948 153814 156560 159192 180174
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Construction Output 14.20
percent		 8.38 10.7 11.64 12.11 12.67
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 276.00
 232 238 241 243 244
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