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Economy and Banking Sector of Macedonia

National Currency

Macedonian Denar (MKD)

GDP

Nominal GDP (2018)
10.7 bln EUR  (+0.07%)
Nominal GDP per Capita (2017)
4,840 EUR  (+0.03%)
Real GDP Growth (2018)
2.7 %  (2017: 1.1 %)

According to Eurostat, nominal GDP of Macedonia in 2018 was 10.7 bln EUR.

Macedonia outperforms the European Union in terms of real GDP growth with the average annual differential coming to 1.4% over the past 10 years (2008 - 2018). In 2018 real GDP growth was 2.7% which was above the Euro Area average (1.9%) and above the European Union average (2.0%). Real GDP growth in 2019 - 2024 are IMF's estimates.

Real GDP Growth in Macedonia.

Chart 1. Real GDP Growth in Macedonia. Source: Eurostat, International Monetary Fund.

In 2017, nominal GDP per capita in Macedonia was 4,840 EUR.

Macedonia has a below-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, fell behind that of the European Union by -55.2% over the past 10 years (2007 - 2017). GDP per capita at PPP in 2018 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Macedonia; European Union = 100.

Chart 2. GDP Per Capita at Purchasing Power Parity in Macedonia; European Union = 100.

Inflation Rate

CPI, MoM (Apr 2020)
0.4 % (unchanged)
CPI, YoY (Apr 2020)
-0.7 %  (Mar 2020: -0.3 %)
CPI, Year Average (2019)
0.7 %  (2018: 2.3 %)

According to Eurostat, inflation rate in Macedonia in 2019 expressed as annual percentages of average consumer prices was 0.7% which was below the Euro Area average (1.2%) and below the European Union average (1.5%). Inflation rates in 2020 - 2024 are IMF's estimates.

Inflation Rate in Macedonia.

Chart 3. Inflation Rate in Macedonia. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2019)
17.3 %  (2018: 20.8 %)

According to Eurostat, unemployment rate in Macedonia in 2019 was 17.3% which was above the Euro Area average (7.6%) and above the European Union average (6.3%). Unemployment rates in 2020 - 2024 are IMF's estimates.

Unemployment Rate in Macedonia.

Chart 4. Unemployment Rate in Macedonia. Source: Eurostat, International Monetary Fund.

Credit Ratings (as of Aug 2020)

Fitch
BB+ (speculative), outlook negative
Moody's
-
Scope
-

Macedonia has a sovereign credit rating assigned by Fitch: the rating is BB+ (speculative), outlook negative. Scope Ratings, the European rating agency, have not assigned credit ratings to Macedonia.

Fitch and Moody's rating data are provided for June 2020, Scope Ratings for August 2020.