Kazakhstan's manufacturing remained under pressure in May, PMI data shows
23 hours ago
The Macedonian central bank has cut its projections for the growth of the country’s economy for 2017 and 2018 to 2.5% and 3.2% respectively, the Bank of Macedonia said on May 25.
In its report the bank said factors contributing to the cut were the recent political crisis in the country as well as external factors, such as potential negative consequences from Brexit.
In the previous October 2016 projection, Macedonia's GDP growth was forecast to be 3.5% for 2017 and 3.7% for 2018. The economy actually grew by 2.4% in 2016 and the country ended 2016 with an average deflation of 0.2%.
Macedonia has been left in a political vacuum since the December 11 snap election but this chapter is about to close as the Social Democratic Union of Macedonia party is expected to announce the composition of its new government, possibly early next week.
Economic growth will be driven by export and domestic consumer consumption while investment activities will be an additional factor for growth in 2018, the central bank said.
Inflation is predicted to be 1.3% in 2017 and 2% in 2018, due to the rising prices of food and energy and higher inflation abroad.
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