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Macroeconomic Indicators

Macroeconomic Stability

Macedonia’s high-potential economic and financial stability is expressed through positive key economic indicators such as a steady GDP, low and stable inflation rate (average <2% annually), decade-long stable currency, and excellent fiscal discipline confirmed by the international financial institutions.

Macedonia was forecast to achieve the highest economic growth rate in Europe in 2015 and 2016, according to the European Commission’s 2015 Spring economic report. Based on the Ministry of Finance’s projections, Macedonia’s GDP annual growth rate is expected to reach 4,0% in 2016.

Macedonia’s exports have also had a positive track record. The export growth rate was 15,1% in 2014, 8,8% in 2015 and is expected to reach 10,4% in 2016.

GDP (REAL GROWTH RATES)

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

4,7

4,7

5,1

6,5

5,5

-0,4

3,4

2,3

-0,5

2,9

3,5

3,7

4,0

INFLATION (AVERAGE, ON CUMULATIVE BASIS,IN %)

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

-0,4

0,5

3,2

2,3

8,3

-0,8

1,6

3,9

3,3

2,8

-0,3

-0,3

2,0

UNEMPLOYMENT RATE (IN %)

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

37,2

37,3

36,0

34,9

33,8

32,2

32,0

31,4

31,0

29,0

28,0

26,1

24,8

Budget Deficit: (% of GDP

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

0,0

0,2

-0,5

0,6

-0,9

-2,6

-2,4

-2,5

-3,8

-3,8

-4,2

-3,5

N/A

AVERAGE EXCHANGE RATE MKD/EUR

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

61,33

61,30

61,19

61,18

61,27

61,27

61,51

61,53

61,53

61,58

61,62

61,61

61,5

FDI  (% of GDP)

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

5,7

1,5

6,3

8,3

5,9

2,1

2,3

4,6

1,5

3,1

2,4

1,7

N/A