Economic growth of 3.5% by 2028 - Central Bank of North Macedonia publishes projections
The latest projections of the National Bank show that the economy of North Macedonia will experience solid growth during the period 2025-2028, with Gross Domestic Product of 3.5% in 2025 and growth of 4% in the following years.
Inflation is expected to decrease from 3.9% this year to 2% by 2028, while growth will be driven mainly by domestic demand and investment, while net exports will have an average negative contribution.
"The forecasts are that economic growth will slow down minimally from the 3.3% achieved last year to 3.2% according to the estimate for this year, but this slight trend continues further, which means that it is still above the pre-pandemic level compared to what is happening now, which is still higher. Global inflation is slowing and will continue to slow down, decreasing to 4.2% and 3.7% during 2025 and the following year 2026," said Trajko Slavevski, Governor of the BP.
North Macedonia's current account deficit is expected to reach 4.2% of GDP in 2025, due to a decrease in services and secondary income. In the period 2026-2028, the balance is expected to improve to an average of 3.4% of GDP.
"We expect a moderate annual expansion of the current account deficit to 4.2% of Gross Domestic Product in 2025. The increase in the deficit this year will be attributed to the lower surplus in secondary income following the historically high levels achieved in the previous period," said Governor Slavevski.
For the entire projection period, an increase in foreign exchange reserves and maintenance of the appropriate level for the stability of the local currency are expected, the governor emphasized.
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