Macedonia prime minister defends crisis measures.

By bne IntelliNews January 27, 2012
Macedonia has a low public debt and managed to keep its budget deficit at 2.5% of GDP in 2011, PM Gruevski said to back up the government's efforts to mitigate the crisis. In response to a question, Macedonian PM Nikola Gruevski said that the government is doing everything within its powers to mitigate spillovers from the crisis in the EU. The EU accounts for 60% of Macedonias exports and other 30% are made to countries which are also exporting to the union. This raises the spillover concerns. GDP growth has however reached 4.1% in Jan-Sep 2011, although it decelerated to 2.3% in Q3. Gruevski also said that according to information from the central bank, the local currency is stable and the foreign reserves are at one of their highest levels historically.

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