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the positive side, a renewed push for reforms, reflecting the opening of
EU accession talks, could boost capital inflows, confidence and the
reform momentum.
2.8.4 Industrial production
The GDP growth in the first half of 2022 was driven by services, as
industry struggled and construction saw a further decline in activity.
North Macedonia's industrial output fell by an annual 5.3% in October,
deepening from a 0.5% decrease in the previous month, according to
statistics office data.
Industrial production has been going up and down since November
2021.
North Macedonia’s industrial production is projected to trend around 2%
in 2023 and 2.5% in 2024, according to Trading Economics’ models.
The key manufacturing sector declined by 2.9% y/y in the third quarter
of 2022 when the overall economy grew by 2%.
In the first ten months of 2022, industrial production edged up 0.3 y/y.
64 SE Outlook 2023 www.intellinews.com
