20th September 2025, Skopje - Fitch Ratings has affirmed North Macedonia’s credit rating at 'BB+’ with a stable outlook, thus speaking in favor of our country’s stable economic policies and signaling confidence in its macroeconomic prospects.
In its Report, Fitch highlights that credible and consistent macroeconomic policies, longstanding de facto exchange rate peg to the euro, as well as more favourable governance indicators compared to peer medians, remain key factors in maintaining stability.
In the first half of 2025, real GDP growth averaged 3.3% aided by strong consumption and boosted export.
The economic outlook for the period ahead remains positive.
Fitch expects growth to reach 3.2% in 2025 and average 3.4% in 2026-2027, slightly above medium-term potential of 3%.
Growth will be further driven by major infrastructure projects, which will provide for creating new investments opportunities and strengthening the economy’s integration with the European markets.
Commitment to an EU accession process has been recognized as an anchor in carrying out structural reforms and strengthening institutions.
It is expected for net FDI to moderate to closer to historical levels after a 17-year high of 7% of GDP in 2024, as labor shortages and global uncertainty over tariffs on the auto industry weigh on investment sentiment.
As per Fitch, poor demographics and weak productivity growth are key constraints to medium-term economic growth.
Fitch notes the delayed implementation of the Organic Budget Law owing to the ongoing investment activities, thereby expecting gradual reduction in the budget deficit alongside stabilization of public debt at levels significantly below the 60% of GDP limit over the medium term.
Affirmation of the credit rating 'BB+’ with a stable outlook sends a strong signal to international financial markets and investors that Republic of North Macedonia is successfully preserving economic stability amidst global challenges.
Fitch’s rating attests to the credibility of the economic policies, acting as an incentive to proceed with the needed reforms, strengthen the fiscal discipline and boost the competitiveness of the economy, with the ultimate goal of ensuring a higher living standard for citizens and creating new opportunities in support of the country’s development.
