The international credit rating agency Fitch has left the Republic of Macedonia’s rating unchanged at “BB+”, assigning it a stable outlook. According to the Ministry of Finance, the rating reflects expectations of economic growth, strong investment and the continuation of reforms במסגרת the European Union accession process.
Të lidhura
None found
In its recently published report, the agency notes that Macedonia’s economy has demonstrated resilience, while real economic growth accelerated to 4.3 percent in the second quarter of 2026. This result was mainly supported by strong activity in the construction sector and manufacturing.
Public investment performance also received a positive assessment. During the January–July period of this year, capital spending increased by 40 percent compared with the same period last year, reaching 46 percent of the revised annual target. According to Fitch, this indicates advanced implementation of major infrastructure projects, including Corridor 8 and Corridor 10d.
The agency forecasts that the economy will continue to benefit from high levels of public investment and private consumption. It sees potential for even stronger growth in the medium term if infrastructure projects continue and reforms linked to European Union instruments are implemented.
Among the factors supporting the credit rating, Fitch cites better governance indicators and higher GDP per capita compared with countries carrying similar ratings. In this regard, the commitment to the European Union accession process is considered an important mechanism for reforms over the medium term.
Regarding public finances, the agency notes the full implementation of the 2028 Budget Law. At the same time, it underscores the need for gradual fiscal consolidation and expects the deficit to decline over the medium term.
Fitch also highlights reform measures aimed at improving revenue collection, including the introduction of electronic invoicing.
According to the report, the structure of general government debt remains relatively favorable, particularly because of the considerable share held by multilateral and bilateral creditors. The agency forecasts that gross general government debt will stabilize at an average of 52.7 percent of GDP during 2026–2028, a level below the established threshold.
The maintenance of the “BB+” rating and stable outlook is seen as an important signal for international financial markets and investors, as it is linked to stability and expectations for Macedonia’s economy during a period marked by heightened economic and geopolitical challenges globally.
The Ministry of Finance states that it will continue policies aimed at promoting sustainable growth, expanding capital investment, implementing structural reforms and gradually consolidating public finances. The goal is to strengthen the economic base, increase competitiveness and improve citizens’ living standards.
