Skopje, 8 December 2024 (MIA) – Prime Minister Hristijan Mickoski said the Government has managed to consolidate the economy in a short period of half a year, expressing satisfaction with data on 3 percent GDP growth in Q3 of 2024 (July, August and September).

Speaking at Sunday's press conference on the economic growth, the PM said the data published by the State Statistical Office exceeded both the Government's expectations and the World Bank's forecasts, pointing out that "amid complex geoeconomic and political developments, 3 percent is among the highest within the EU". 

"We managed to consolidate the economy, and the indicators that we can present to the Macedonian public today in this quarter are some of the best in Europe. Rarely have we had the opportunity to speak of an economic result that will be one of the best in Europe. Only five EU member states have a higher growth rate in Q3, and as far as the region is concerned, two EU member states have a lower growth rate in Q3, i.e. Greece and Bulgaria, 2.4 percent. Romania is at a negative balance of -0.3 percent, Slovenia is at 1 percent. The growth rates of Estonia, Austria, Latvia, Germany, etc. are negative. If we look at the revised data from the first three quarters of this year, then we can say that GDP grew on average by more than 2.6 percent, which is more than the projections of some international institutions, I think it was the World Bank, which predicted a growth of 1.8 percent for 2024 of the GDP of the Macedonian economy," Mickoski said. 

He said he expects similar and higher growth in Q4 of 2024 (October-November-December), adding that it would bring the country closer to an annual rate of 3 percent, "which is much higher than the projected 1.8 percent". 

He said that in Q3 of 2024, growth was observed in several sectors including wholesale and retail trade, transport and storage, accommodation facilities and food service activities, professional, scientific and technical activities, administrative and support service activities.

"In addition to the historically largest growth in foreign investments, which we expect to exceed EUR 1 billion by the end of the year, we have managed, after consolidating the Macedonian economy, to have the first indicators among the best in Europe, and certainly the best in the region. We will not stop here, we will continue to work. I can say that recovery is at a satisfactory level, it can always be better, and we will strive to be better, and it will be better. As for my personal assessment, I can say that in a short period of time we have consolidated the economy, and I can say that I am satisfied," Mickoski said. 

He added that better times are coming in the economy and "major economic steps" are needed to make up for "what has been lost in the past seven years," because, he said, the Government almost six months ago had inherited "a declining industry, unpaid wages, public enterprises and joint-stock companies in dominant state ownership in bankruptcy". 

Photo: MIA archive and print screen / Government YouTube Channel