Macedonia Economic Outlook-Quarterly
As a result of the expected trends in the EU (the most important trade partner of Macedonia) economic growth in the period 2011-2013 is expected to be on average up to 4.5%2. In 2011 realized economic growth was under this projection reaching the level of 3%. It is expected that recovery of domestic economic activity will be with lower
intensity, whereas it is estimated that economic growth will be maintained below it’s potential trend by the end of 2013. The beginning of 2012 was marked with record multiple increase of the price of fuel.