Macedonian central bank (NBRM) has informed on Thursday that they stand by their forecast that the economy will grow by 4,1 percent in 2015 and 4,5 percent in 2016. Governor Dimitar Bogov said that the forecast remains, after the European Commission 2016 Spring economic forecast had Macedonia growing by 3,8 and 3,9 percent.
Governor Bogov said that the NBRM Council has concluded that there is solid economic and credit growth in Macedonia, there is no pressure on the prices and the bank is able to maintain the foreign currency reserves at adequate levels. Potential risks come from the external situation, mainly from the further course of the international and European economy. Governor Bogov also said that risks include uncertainty over the Macedonian domestic political situation.
Main drivers of economic growth in the next two years are expected to be relatively strong rates of investment and, to a lesser degree, domestic consumption. NBRM has also revised inflation projections downwards at 0,5 percent. The bank expects to see inflation normalize at 2 percent in 2016, in line with the expected improvement in consumption and surrounding inflation rates. Credits are expected to grow at a rate of 9 percent in 2015 and 10 percent in 2016.
