9th April 2026, Skopje - Fitch Ratings affirmed North Macedonia’s BB+ rating with a stable outlook, reflecting strong confidence in the country’s economic policies.
In its latest 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 than peer medians, remain key factors in maintaining stability. Moreover, commitment to the EU accession process is assessed as a reform anchor over the medium term.
Real GDP growth accelerated to 3.5% in 2025, driven by domestic consumption and investments, which grew by 8%. Despite the global challenges, Fitch expect for the economy to maintain stable growth of 3% in 2026, rebounding to 3.4% in 2027, positioning the country on the sustainable growth trajectory.
Fiscal policy remains to be prudently structured and managed. Budget deficit amounted to 4% of GDP in 2025, in line with the target, moderating to 3.4% by 2027.
Public debt is maintained at a moderate and controlled level, significantly below the European standards, thereby further affirming the fiscal stability.
Fitch noted the exposure to external risks, in particular as regards the energy markets, but concludes that such shocks are unlikely to result in long-term disruptions to the economy.
Inflation is showing signs of stabilization, with projections indicating a moderate level in the coming period and continued stabilization through 2027.
Affirmed BB+ credit rating with a stable outlook signals to the international financial markets and the investors that Macedonia retains macroeconomic stability and pursues a predictable economic policy even amid global uncertainty.
