Skopje, 20 September 2025 (MIA) - Fitch Ratings agency has reaffirmed North Macedonia’s credit rating at BB+ with a stable outlook. The Ministry of Finance states that this assessment confirms the stability of economic policies and signals trust in the country’s macroeconomic outlook.

“In its report, Fitch emphasizes that credible and consistent macroeconomic policies, a long-standing fixed exchange rate policy, and improved governance indicators compared to countries with similar ratings remain key factors supporting stability. In the first half of 2025, real GDP grew by 3.2 percent, supported by strong private consumption and increased exports. Economic prospects for the upcoming period are positive,” the Ministry of Finance notes.

Fitch, the Ministry adds, expects the economy to expand by 3.2 percent in 2025 and by an average of 3.4 percent in 2026–2027, which is above the estimated long-term growth potential of about 3 percent.

“Growth will be further driven by major infrastructure projects, which will create new investment opportunities and better connect the economy with European markets. Commitment to the EU integration process is additionally recognized as an anchor for implementing structural reforms and strengthening institutions,” the Ministry of Finance emphasizes.

Although a moderate decline in foreign direct investment is expected after a record 7 percent of GDP in 2024, they note that this is mainly due to labor shortages and global uncertainty in the automotive industry.

“Fitch identifies negative demographic trends and low productivity growth as limiting factors for economic development, posing medium-term structural challenges. The agency also notes the delayed implementation of the Budget Law due to investment activity and anticipates a gradual decrease in the budget deficit and stabilization of public debt well below 60 percent of GDP in the medium term,” the Ministry of Finance reports.

The Ministry of Finance emphasize that the confirmation of the BB+ credit rating with a stable outlook sends an important signal to international financial markets and investors that the country is successfully maintaining economic stability amid global challenges.

“This decision is an additional confirmation of the credibility of economic policies and serves as encouragement to continue reforms, strengthen fiscal discipline, and improve the economy’s competitiveness, with the ultimate goal of ensuring a higher standard of living for citizens and new opportunities for development,” the Ministry of Finance emphasizes.

Photo: Ministry of Finance