Skopje, 5 November 2025 (MIA) – Economy in 2025 is expected to grow by 3.5% with an average inflation rate at 3.9%, the National Bank said Wednesday.

It is expected current account deficit to be 4.2% of the GDP, which is considered expansion of the deficit compared to last year.

Compared to April projections, a moderately higher current account deficit is expected considering financial trends that on the average are higher than previous projections.

National Bank Governor Trajko Slaveski said the macroeconomic picture of the national economy points to a solid economic outlook and to inflation stabilizing further. 

“The latest macroeconomic projections for the period 2025-2028 show resilience and solid economic growth. A 3.5-percent growth is expected this year, which would be accelerated to 4 percent in the period 2026-2028. Regarding inflation, average rate is 3.9% and a track of downward adjustment and getting back to the historic average will follow in the coming period,” Slaveski told a news conference.

In the first nine months of 2025, he said, credit activity marked a strong growth, which would continue by the end of the year.

“In the period from 2025 to 2028 solid net inflow to the financial account is expected that would be used to finance the current account deficit. Regarding structure, most net inflow is expected in the form of foreign direct investments and long-term borrowing of the state abroad. For the whole period of the projection, foreign currency reserves are expected to increase as well as adequate level of maintaining stability of the domestic currency,” noted the governor. 

Photo: MIA