Page 37 - bne IntelliNews Southeastern Europe Outlook 2025

On the other hand, Montenegro's producer price index (PPI) increased by 2.7% y/y in the third quarter of 2024, after moving up by 3.4% y/y in the previous three months.
Producer prices in the manufacturing sector increased 1.7% y/y in the third quarter and were 0.4% higher as against the previous three months. The breakdown showed that the prices of wood posted the biggest decline y/y – by 1.9%. The prices of clothing increased the most – by 9.8% y/y. The PPI in the mining and quarrying sector rose 7.9% y/y in the third quarter of the year and dropped by 3.2% q/q. Prices for utilities remained unchanged y/y and q/q in the second quarter.
In the first nine months of 2024, producer prices increased by 2.6% y/y with mining producer prices expanding by 9.4% y/y, while manufacturing went up by 1.1% y/y. Utilities prices remained unchanged.
2.8 Macroeconomy – North Macedonia
Key economic figures and forecasts
2016 2017 2018 2019 2020 2021 2022
Nominal GDP (EUR bn) 9.7 10.0 10.7 11.3 10.8 11.7 13.3
Real GDP (% y/y) 2.9 0.2 2.9 3.9 -4.7 3.9 2.1
Industrial output (% y/y) 3.4 0.2 5.4 3.7 -9.5 1.4 -0.3
Unemployment rate (avg, %) 23.7 22.4 20.7 17.3 16.4 15.4 14.4
Producer prices (avg, % y/y) -2.4 3.5 0.9 2.1 0.6 11.1 17.3
Consumer prices (avg, % y/y) -0.2 1.4 1.5 0.8 1.2 3.2 14.2
Consumer prices (eop, % y/y) -0.2 2.4 0.9 0.4 2.3 4.9 18.7
General budget balance (% of GDP) =2.6 -2.7 -1.8 -2.1 -8.1 -5.4 -4.5
Public debt (% of GDP) 48.8 47.7 48.4 49.1 59.7 60.3 58.2
Current account balance (% of GDP) -2.6 -0.8 0.2 -3.0 -2.9 -2.8 -6.1
Official FX reserves (EUR bn) 2.613 2.336 2.867 3.263 3.360 3.643 3.863
Gross foreign debt (% of GDP) 74.7 73.4 73.0 72.4 78.7 81.9 84.2
EUR/MKD (avg) 61.593 61.6046 61.5684 61.5437 61.6404 61.7300 61.6041 Source: statistics office, IMF, Thomson Reuters, RBI/Raiffeisen RESEARCH
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