Macedonias central bank cuts 2012 GDP growth forecast to 2.4%.

By bne IntelliNews February 3, 2012
Macedonias central bank announced that it now expects GDP growth of 2.4% in 2012, down from previously projected 3%. The monetary authority said that, in the conditions of increased uncertainty about the development of the debt crisis in the euro zone and expectations of adverse movements of foreign effective demand, the latest estimates point to bigger than previously expected slowdown of the domestic economy. The central bank estimates that GDP has risen by 3.3% in 2011. The institutions forecast of this years annual inflation remains unchanged at 2%. The monetary authority projects CA deficit of 4.5% in 2012, a figure which is within the previous projection. The central bank expects further accumulation of foreign reserves and maintaining coverage of more than four months of imports. The institution now expects slower money supply and loan growth rates this year, of 9% and 7.6% respectively. As recalled, in January the EBRD raised its forecast for Macedonia's real GDP growth in 2011 to 3.1% (from 3% projected in October) but cut significantly its projection for 2012 to 1.8% from 2.4% made in October, according to the latest edition of the bank's regional economic forecast overview.

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