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Sep 27, 2023 10:29 EEST
September 27 (SeeNews) - North Macedonia's gross domestic product (GDP) is expected to expand by 2% in 2023, the European Bank for Reconstruction and Development (EBRD) said on Wednesday, keeping its May forecast unchanged.
"Growth is forecast to remain modest at 2.0 per cent in 2023 as external demand is expected to remain sluggish and measures to contain inflation take their toll on household consumption," the EBRD said in its Regional Economic Prospects report.
North Macedonia's GDP growth is projected to speed up to 3% in 2024.
The country's economy expanded by 2.1% in the first quarter of 2023 as a favourable net export position, driven by a decline in imports, was partly offset by a significant drop in investment. At the same time, industrial production remained subdued as a decline in the manufacturing sector was offset by robust electricity generation, the EBRD said.
Household consumption, boosted by remittances, remained resilient despite the high inflation and significant monetary policy tightening, the report reads.
North Macedonia's GDP expanded by 2.1% in 2022 after rising by 3.9% in 2021.
The EBRD expects the economic growth of the Western Balkans region to slow to 2% in 2023 from the estimated rate of 3.2% in 2022. Economic growth for the region in 2024 is projected at 3.4%.
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