13th September 2026, Skopje – Republic of Macedonia maintained the credit rating as affirmed by Fitch Ratings, thus attesting to the credibility of the policies we are implementing, serving also as a clear signal that the current course of action should be maintained,” Minister of Finance, Gordana Dimitrieska-Kochoska, pointed out in her Facebook post.
According to the Minister, the foundation of the Government's economic policy rests upon public finance stability and fostering economic growth. The effects thereof are reflected in the economic indicators, contributing to the maintenance of the country's credit rating.
“The data indicate whether there are any discernible effects. As I have emphasized on numerous occasions, the figures reflect the actual situation as it stands at present and, over time, will reflect the reality,” Minister Dimitrieska-Kochoska highlighted.
As stated in her post, economic growth in Q1 2024 stood at 1.6%, marking the point from which the economy began its upward trajectory. The decisions taken since then have contributed to sustained economic growth of around or above 3%, with the latest published data for Q2 indicating a 4.3% growth rate. This is not a matter of a single exceptionally strong quarter, but rather of sustained positive economic trends.
“Investments,” as further noting in her post, “have been the foundation on which economic policy has been built. In the second quarter of this year alone, gross investments increased by 16.5%. This is particularly important, as it demonstrates the type of economic model we aspire to pursue. A model in which investments play a much greater role in generating growth. This reflects the accelerated implementation of major capital and infrastructure projects, municipal projects supporting local economic growth, as well as domestic private sector’s investments.
Construction recorded 21.9% growth, Industry surged by 3.9%, while Manufacturing increased by 4.1%.1%.
Services sector expanded by 2.4%, with positive developments recorded across multiple activities. In Q2, exports of goods and services grew by 10.4% in real terms,” the Minister of Finance stated, adding that this is particularly important for the Government, as these results have been achieved amid heightened global uncertainty, bearing in mind that Macedonia is a small and open economy that is strongly influenced by global developments, particularly those in Europe.
“These indicators and results clearly demonstrate the effectiveness of this Government's policies. At the same time, the Government pursues a prudent and responsible approach to public finance management, striking a balance between the need to implement investments and the commitment to fiscal consolidation,” the Minister noted. She added that public debt stood at 58.8% of GDP, or EUR 10.726 billion at the end of the second quarter of 2026. Compared with the first quarter, public debt decreased by 0.1 percentage points, or EUR 21 million, while compared with the end of 2025 it declined by 0.6 percentage points, and by 2.6 percentage points compared to the end of 2024.
The Minister highlighted that these facts reflect our responsible approach to managing liabilities, ensuring funds for economic development, while at the same time securing funds for repaying prior debt liabilities.
“In Q2 2026, more than EUR 300 million was repaid for the remaining portion of the Eurobond, issued in 2020 and totalling EUR 700 million, with the largest share being already repaid in the first quarter. But for an overall picture of what kind of liabilities are involved, as well as the liabilities that this Government is repaying and will need to repay in the coming period, the following figures provide a clearer perspective – from the second half of 2024 to date, the Ministry of Finance has repaid liabilities totalling EUR 4.556 billion, specifically EUR 786 million in the second half of 2024, EUR 2.198 billion in 2025 and EUR 1.571 billion in 2026. Added to this were interest payments totalling EUR 350 million, further increasing the burden,” the Minister stated.
According to the Minister, this is the reality the Government faces nowadays. “Today, at the same time, we are paying interests and repaying liabilities incurred in the past. A country that fails to repay its liabilities pays a much higher price in the form of higher interest rates, a poorer credit rating, and higher financing costs for the entire economy. Therefore, we remain committed to balancing investments, fiscal consolidation, and timely provision of funds needed for repaying the respective liabilities. Our commitment to fiscal consolidation is clear and remains unchanged. However, consolidation must be gradual, credible, and consistent with the economic cycle,” Minister of Finance Gordana Dimitrieska-Kochoska wrote in her post.
