7th April 2026, Skopje - S&P Global Ratings Agency has affirmed the country’s sovereign rating at BB- with a stable outlook in its latest report published today.
According to the report, economic growth is projected at around 3.4% this year, driven by strong domestic demand, continued high public investments, particularly in major infrastructure projects.
Credit Rating Agency assesses that these investments, together with rising wages and pensions, will continue to underpin economic activity.
Over the medium term, economic growth is expected to stabilize at slightly above 3%, with prospects for further strengthening driven by private investments and a gradual recovery in external demand.
In addition, the Report identifies downside risks, mainly related to geopolitical developments, notably the Middle East conflict which can potentially increase inflationary pressures, energy prices and dampen economic growth in the country’s principal trading partners.
As regards public finances, S&P Global Ratings assesses that the country’s fiscal policy is aimed at gradual consolidation, while simultaneously sustaining robust support for economic growth through investments, as well as safeguarding the living standard.
Budget deficit is projected to decline gradually over the next period, while public debt is projected to remain at a prudent and sustainable level over the medium term in support of the economy’s development priorities.
Despite the ongoing challenges associated with progress along the EU accession path, the EU accession process remains a key driver of structural reforms.
At the same time, Government’s efforts for making progress on institutional reform, strengthening the rule of law and implementing anti-corruption measures are being acknowledged.
The sovereign credit rating serves as an important indicator for investors and international financial markets, as it reflects the level of risk and the confidence in the country’s economic policies.
Ministry will continue to pursue policies aimed at maintaining macroeconomic stability, achieving gradual fiscal consolidation, supporting investments, and fostering economic growth, all to the end of improved living standard for citizens.
