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.

Related Articles

Macedonias 2013 tobacco crop expected to exceed 30,000 tonnes.

Macedonias tobacco crop is expected to increase by 20% to over 30,000 tonnes in 2013, Utrinski vesnik daily reported quoting Danco Mileski, president of the countrys tobacco association. The ... more

Macedonia cancels tender for gas distribution network feasibility study.

The transport ministry has cancelled the tender for preparing a feasibility study for developing the countrys natural gas distribution network, build.mk portal reported. Reportedly, two bids were ... more

Komercijalna Banka wins Global Finance award Best Bank in Macedonia for 2013.

Large-sized commercial bank Komercijalna Banka announced that it has won the award Best Bank in Macedonia for 2013 by the magazine Global Finance. The Macedonian bank wins the award for a 10th ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss