Page 60 - SE Outlook Regions 2023

2.8 Macroeconomy - North Macedonia

North Macedonia key economic figures and forecasts

2016 2017 2018 2019 2020 2021 2022

Nominal GDP (EUR bn) 9.657 10.038 10.744 11.262 10.852 11.690 13.502

Real GDP (% y/y) 2.8 1.1 2.9 3.9 -4.7 3.9 2.7

Industrial output (% y/y) 3.4 0.2 5.4 3.7 -9.5 1.4

Unemployment rate (avg, %) 23.7 22.4 20.7 17.3 16.4 15.7 14.5

Nominal industrial wages (% y/y) 2 2.6 5.9 3.9 7.8 5.7 11.1

Producer prices (avg, % y/y) -2.4 3.5 0.9 2.1 0.6 11.1

Consumer prices (avg, % y/y) -0.2 1.4 1.5 0.8 1.2 3.2 13.5

Consumer prices (eop, % y/y) -0.2 2.4 0.9 0.4 2.3 4.9

General budget balance (% of GDP) -2.7 -2.7 -1.8 -2 -8 -5.4 -5.1

Public debt (% of GDP) 48.8 47.7 48.4 49.2 59.7 61

Current account balance (% of GDP) -2.9 -1 -0.1 -3.3 -3.4 -3.6 -6.7

Official FX reserves (EUR bn) 2.613 2.336 2.867 3.263 3.360 3.643

Gross foreign debt (% of GDP) 73.4 73.0 72.7 79.9 80.3 81.9

LC/EUR (avg) 61,5950 61,5743 61,5111 61,5053 61,6742 61,6275

LC/USD (avg) 55,6860 54,6450 52,1226 54,9505 54,1332 52,1093

Source: Thomson Reuters, RBI/Raiffeisen RESEARCH

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