Skopje, 14 June 2023 (MIA) - Inflation is on a downward trend as State Statistical Office official data show, according to which it dropped to 11.3% for the previous month from 19.8% in October 2022, Deputy PM for Economic Affairs Fatmir Bytyqi told Lokalno news portal.

Deputy PM Bytyqi said this trend is expected to continue until the end of the year, which is in line with the National Bank and government projections, according to which inflation for the whole of 2023 would be around 8%.

"On the other hand, the expectation of wage growth at double-digit rates is a reality considering the fact that we managed to create an attractive economic environment for the influx of new domestic and foreign direct investments that create a much higher added value, and will also increase the productivity of the overall economy and result in real growth of the average wage in the entire economy," said Bytyqi.

He also mentioned expectations in terms of inflation movements, regarding which he noted that the country's national economy is not isolated and closed.

"We are exposed to economic forces that recognize no borders and influence the defining of our performance. The economic crisis is not over yet, energy issues are still open. There was no economy that did not feel the consequences of the Russian aggression against Ukraine, a war that is still ongoing, and no one can predict how it will develop. There are many variable factors that affect inflation, over which we have no influence even though we are exposed to their consequences," Bytyqi said.