The National Bank of the Republic of North Macedonia set out its near-term macroeconomic outlook, with Governor Trajko Slaveski telling Economy and Business magazine that the domestic economy has remained relatively resilient to global risks and is expected to record growth of around 4% in 2026, while inflation is projected to decline to 2.5% before gradually returning to its historical average of about 2%. Growth is expected to be supported by increased realisation of road, railway and local infrastructure projects, alongside private investment in manufacturing and energy underpinned by foreign direct investment inflows. Moderate growth in household disposable income and stable bank lending are expected to sustain private consumption, while gradual stabilisation among key trading partners and favourable terms of trade are expected to support exports. The central bank also pointed to favourable global price movements, anchored inflation expectations and limited domestic demand pressures as factors behind its inflation path, and to further stabilisation of the external position as supporting foreign exchange potential and an appropriate level of foreign reserves to maintain a stable domestic currency. The National Bank noted that global volatility and uncertainty remain elevated and said it will continue to monitor economic developments to preserve price and financial stability.
National Bank of the Republic of North Macedonia 2026-01-09
National Bank of the Republic of North Macedonia outlines 2026 outlook for 4% growth and inflation falling to 2.5%
The National Bank of the Republic of North Macedonia projects 2026 economic growth at 4% with inflation declining to 2.5%, supported by infrastructure projects, private investment, and stable bank lending. The bank will monitor global volatility to maintain price and financial stability.