EC raises Macedonia’s 2013 GDP growth forecast to 2.1%.

By bne IntelliNews November 5, 2013

The European Commission raised its forecast for Macedonia's 2013 economic growth to 2.1% in the autumn edition of its European Economic Forecast from 1.5% projected in its spring forecast. Economic growth in the Balkan country is seen accelerating to 2.5% in 2014 and 2.8% in 2015 on the back of strong foreign direct investment and public investment spending.

The Commission’s forecasts for 2013 and 2014 GDP growth in Macedonia are below those of the IMF. In October, the IMF said that it expects GDP growth of 2.2% this year and 3.2% next year. The forecasts of Macedonia’s ministry of finance and central bank are for 2013 economic growth of 2% and 2.2%, respectively. However, both deputy PM and minister of finance Zoran Stavreski and central bank governor Dimitar Bogov have said recently that they already expect better growth outcomes this year.

The EC projects gradual decline in Macedonia’s general government deficit from 4% of GDP in 2012 to 3.3% of GDP in 2015. However, the central government debt is expected to rise from 34% of GDP in 2012 to 39.4% of GDP by 2015. The report further notes that this figure does not include the debt of state-owned companies, such as the Road Fund, “whose balance sheets are affected by the government's credit-financed infrastructure investments.”

EC forecast for Macedonia        
(annual percentage change) 2012 2013 2014 2015
GDP -0.4 2.1 2.5 2.8
Private Consumption -1.2 1.0 2.8 3.0
Public Consumption -2.2 0.0 0.5 1.0
Gross fixed capital formation 16.0 5.5 7.0 7.5
Exports (goods and services) 0.0 4.5 5.5 6.0
Imports (goods and services) 4.2 3.0 5.7 6.2
Source: European Commission        

Related Articles

Macedonia to issue Eurobond in 2017 if conditions are "extremely favorable"

Macedonia sees no need to issue a new Eurobond issue in 2017, but this may happen if the circumstances on the international money market are extremely favorable, bne IntelliNews has learned from ... more

DUI leader keeps options open as coalition talks begin in Macedonia

The leader of Macedonia’s ethnic Albanian Democratic Union for Integration (DUI), Ali Ahmeti, said on January 11 that his party will negotiate with the conservative VMRO-DPMNE on the formation ... more

Macedonia’s ethnic Albanian parties set conditions for joining new government

Three ethnic Albanian political parties in Macedonia adopted a joint platform on January 7 asking for more rights as a prerequisite for their participation in the new coalition government, one of the ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss