North Macedonia
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
| Population, 1000 persons | 1828 | 1824 | 1814 | . | . | . |
| GDP, real change in % | 2.6 | 3.0 | 3.5 | 2.9 | 2.9 | 3.0 |
| GDP per capita (EUR at PPP) | 15830 | 16930 | 18110 | . | . | . |
| Gross industrial production, real change in % | 0.6 | -3.4 | 1.6 | . | . | . |
| Unemployment rate - LFS, in %, average | 13.1 | 12.4 | 11.5 | 11.0 | 10.5 | 10.0 |
| Average gross monthly wages, EUR | 892 | 1008 | 1103 | . | . | . |
| Consumer prices, % p.a. | 9.0 | 4.2 | 4.3 | 5.0 | 4.5 | 4.0 |
| Fiscal balance in % of GDP | -4.3 | -4.5 | -4.1 | -4.0 | -4.0 | -4.0 |
| Public debt in % of GDP | 49.4 | 52.9 | 51.6 | . | . | . |
| Current account in % of GDP | 0.3 | -2.2 | -4.4 | -5.5 | -5.3 | -4.4 |
| FDI inflow, EUR m | 593 | 966 | 618 | . | . | . |
| Gross external debt in % of GDP | 77.4 | 77.9 | 72.0 | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.
publication_icon
Monthly Report No. 04/2026
Vasily Astrov, Ioannis Gutzianas, Marko Hočevar, Mario Holzner, Branimir Jovanović, Sabina Lange and Bernd Christoph Ströhm
wiiw Monthly Report No. 04, April 2026
33 pages including 6 Figures
publication_icon
Executive summary
Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII
Details
Despite ending 2025 on a solid footing, the outlook at the start of 2026 has worsened substantially, with industrial production and exports falling deep into negative territory. The war in the Middle East will make things worse, fuelling inflation, eroding real incomes, slowing consumption and investment, and further weakening the already sharply reduced foreign direct investment. The only positive signal comes from revived domestic investment in infrastructure, but that is unlikely to prevent a slowdown in growth. We have therefore revised our GDP growth forecast for 2026 downward to 2.9% and have raised our inflation forecast to 5.0%, with the possibility of the outcomes being even worse.