The Council of the National Bank of the Republic of North Macedonia analyzed the latest macroeconomic data, which show that the domestic economy is maintaining its stability despite the uncertainty present in the external environment. According to the assessment, the latest indicators of economic activity in the country currently appear somewhat more positive.

High-frequency supply-side data signal a faster pace of economic growth during the second quarter. This development has been supported by a significant expansion in construction, increased industrial production, and higher real turnover in the hospitality sector, while overall trade has maintained stable trends.

Inflation has entered a slowing trajectory and is currently within the National Bank’s forecasts. However, risks related to the external situation continue to be considered unfavorable.

Foreign exchange reserves stood at €4,936.4 million at the end of June 2026, remaining at a safe level.

Monetary indicators point to a further significant increase in deposits and lending activity. Support from lending is proving stronger than forecast.

During the meeting, the Council adopted the Decision on the core number of payment service providers and the standards for establishing payment accounts. This decision improves the existing regulatory framework by adapting it to the development of payment systems and the implementation of international standards, as well as aligning it with the standards used in the SEPA area./Telegrafi/

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Prime Minister Hristijan Mickoski announced that annual inflation in North Macedonia was 2.3 percent in July, while retail prices rose by 1.8 percent.

According to him, the average inflation rate in the European Union was 2.93 percent, which, Mickoski emphasized, places North Macedonia below the European average. He explained that the EU is the country’s largest trading partner, making this figure important for comparison.

Mickoski also referred to the situation in 2022, when the country was governed by the SDSM and DUI coalition. He said that during that period inflation was in double digits and occasionally reached as high as 20 percent, while in July it was above 14 percent, or approximately 14.7 percent. According to him, at that time the EU average was twice as low as inflation in North Macedonia.

“In July, inflation in Macedonia—that is, the annual increase in prices—was 2.3%, while retail prices in supermarkets rose by 1.8%. In the European Union, the average was 2.93%. I mention Europe because the EU is our largest trading partner. You remember 2022, when the SDSM and DUI were in government and double-digit inflation occasionally reached as high as 20%; at the time, they told us it had been imported. During that period, the European average was twice as low as inflation in our country. Today, ours is half the European average,” Mickoski said.

He added that North Macedonia’s ranking in the region had changed significantly. Comparing 12 countries—Slovenia, Bosnia and Herzegovina, Croatia, Montenegro, Kosovo, Albania, Serbia, Romania, Bulgaria, Greece, Turkey and Macedonia—the prime minister said that in July 2022 only Turkey, Romania and Bulgaria had worse results, while the country ranked ninth. Now, he said, North Macedonia is in second place, with all the other countries behind it. “This is the difference between this government and the previous one. At that time, inflation was above 14%, I think 14.7% or something like that, whereas now it is 2.3%,” Mickoski concluded.

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