Skopje, 30 March 2026 (MIA) – The National Bank Council, during its regular session, reviewed the latest economic indicators and assessed that the country’s macroeconomic situation remains stable for now and in line with expectations.

“Developments in key macroeconomic indicators are currently in line with the latest projections, although risks remain elevated due to uncertainty regarding the intensity and duration of the conflict in the Middle East. Since early 2026, annual inflation has been on a downward trend, reaching 2.9 percent in February, as expected, amid a stronger deceleration in core prices,” the National Bank said in a press release.

However, as stated in the press release, due to the military actions and the disruption in energy supplies from the Gulf countries, expectations for some import prices, primarily oil prices, have been revised more significantly upward compared to the October projections, posing an upward risk to inflation in the period ahead.

"Over the past year, the domestic economy proved generally resilient to the uncertain and volatile external environment and recorded accelerated economic growth, driven by domestic investment activity, as well as solid exports, with the performance being in line with the forecasts. Available high-frequency data for the first quarter of 2026 are still insufficient for more precise assessments, given that only January data for industry and retail trade are available so far, which currently show weaker year-on-year performance. Foreign exchange reserves have been increasing since the beginning of the year and remain at an adequate level. In the monetary segment, deposit and credit growth as of February is solid and slightly above expectations for the first quarter of the year,” the National Bank said.

The Council, as stated in the press release, assessed that the macroeconomic situation is currently stable and in line with the latest projections, but the National Bank will continue to closely monitor the external environment and potential risks stemming from global and regional developments in order to maintain macroeconomic stability.

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