EBRD cuts 2012 GDP growth forecast for Macedonia to 0.3%.

By bne IntelliNews October 25, 2012
The European Bank for Reconstruction and Development (EBRD) revised downwards its projection for Macedonia economic growth in 2012 to 0.3%, down from 0.5% projected in July, the bank said in the latest issue of its Regional Economic Prospects report. The banks forecast for real GDP growth in the country in 2013 remained unchanged at 2%. Economic growth in Macedonia has slowed down substantially this year on the back of weaker demand for exports, lower FDI and reduced remittance flows. The countrys economy contracted in the first half of 2012, and only minimal growth is projected for the year. Annual GDP growth is forecast at 1.8% in Q4. The EBRD projects average inflation of 3.5% in 2012. Earlier this month, the IMF forecasted that Macedonias real GDP will increase by 1% in 2012 and by 2% in 2013.
EBRD Regional Economic Prospects, October Current forecast Change from previous forecast
GDP growth in % 2012 2013 2012 2013
South-eastern Europe AVERAGE 0.4 1.6 -0.3 -0.1
Albania 0.6 1.3 -0.6 -0.1
Bosnia and Herzegovina 0.1 0.4 -0.2 -0.2
Bulgaria 1.2 1.7 0 0
Macedonia 0.3 2 -0.2 0
Montenegro 0.3 0.8 -0.1 0
Romania 0.5 1.9 -0.3 0.1
Serbia -0.7 1.1 -0.8 -0.6
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