12th September 2026, Skopje - Fitch Ratings has reaffirmed North Macedonia’s BB+ credit rating, with a stable outlook, pointing to the favourable growth prospects, the strong investment activity, as well as the reform process driven by the EU accession agenda.
In its latest report, Fitch highlighted the resilience of Macedonian economy, thereby also noting that the real economic growth rose to 4.3% in the second quarter of 2026, driven by robust performance in construction and manufacturing, all this being coupled with strong public investments. Capex accelerated by 40% on annual basis, equivalent to 46% of the revised full-year target) in January-July 2026, reflecting strong execution of the flagship 8/10d corridor projects, as concluded by the Agency.
Fitch expects growth to be supported by strong public investment and private consumption. Moreover, reforms under the EU’s Reform and Growth Facility and infrastructure projects pose upside to the medium‑term potential growth rate.
Our country’s credit rating is supported by more favourable governance indicators and higher GDP per capita than peer medians, along with the commitment to an EU accession process that acts as a reform anchor over the medium term.
With respect to fiscal policy, Fitch highlighted the full implementation of the Organic Budget Law from 2028, as well as the need for gradual fiscal consolidation, expecting a reduction of the deficit over the medium term.
Fitch also pointed to the reform measures aimed at improving revenue collection, including the introduction of e‑invoicing.
Fitch highlighted the relatively favourable structure of general government debt, given the large share of multilateral and bilateral creditors, and expects gross general government debt to stabilize at 52.7% of GDP on average over 2026–2028, i.e. below the stipulated level.
The affirmation of the ‘BB+’ credit rating with a stable outlook sends a strong signal to international financial markets and investors about the stability and prospects of Macedonian economy, particularly against a backdrop of heightened global economic and geopolitical challenges.
Ministry of Finance remains committed to pursuing policies focused on sustainable economic growth, more intensive implementation of capital investments, structural reforms, and gradual fiscal consolidation, all to the end of strengthening the economic fundamentals, boosting the competitiveness, and increasing the living standard of citizens.
