Nenoski: Macedonia is moving on a steady path of economic growth

Industrial production in the past year has increased by 3.2 percent, and in December 2013 compared to December 2012 is increased by 9.5 percent.

Experts are satisfied with the statistics which means a good signal about the direction of Macedonian economy in the coming period.

Professor Tome Nenovski says this is a big step that moves away Macedonia from the economic crisis and encourages optimism that the growth will be noticed this year.

- Increased industrial growth is relatively successful finish of the year on economic plan for the Republic of Macedonia. It confirms that the observed continuous increase in the economy over the previous year is at the same time signal that Macedonia slowly leaves the crisis zone. It is important to note that the industrial production growth is due largely to the growth of manufacturing industry, a sector which will probably help us to achieve significant economic results in the upcoming period. The fact is I would say a big surprise, over 43 percent annually. Very important fact for the economy is that the growing is due to increased production of certain groups of industrial products with high added value in relation to other products, Nenoski said.

Industrial production in mining and quarrying is decreased by 4.2 percent, the processing industry grew by 13.1 percent, and the section Electricity, gas, steam and air conditioning supply is increased by 1.9 percent.

By Main Industrial Groupings, the production in December 2013 compared to December 2012, was higher in intermediate goods, except energy by 4.8 percent, Capital goods by 43.8 percent, Durable consumer goods by 4.3 percent and non-durable consumer goods by 14.2 percent, but lower in energy by 7.1 percent.

The expert says that these data are a positive signal that Macedonia is moving on a steady path.

- All this together may lead us to a collective conclusion that we can definitely say that we have achieved GDP growth of 3 to 3.2 percent. It is a signal for the coming period, and a signal for the businessmen and bankers that Macedonia is moving on a steady path of economic growth and with the help of bankers and bank loans, with greater enthusiasm of entrepreneurs in the forthcoming period, we can say that this year Macedonia will register positive economic growth between 3-3.5 percent, Nenoski said.

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