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European Commission expects Macedonia's economy to grow by 3.2 pct in 2017

Xinhua, February 14, 2017 Adjust font size:

Macedonia's economy is expected to grow by 3.2 percent in 2017, while the unemployment rate will fall to 23.2 percent, the European Commission said in its winter 2017 economic forecast released Monday.

The biggest contribution to the economy is expected to be from domestic demand, with private consumption remaining robust while the fiscal policy is expected to remain supportive to domestic demand growth in 2017 and 2018, the report showed.

The Macedonian economy will continue its positive growth trend, rising to 3.6 percent in 2018, local media said, citing the Commission report.

According to the Commission forecast, Macedonia will start to recover this year after the slowdown in economic growth witnessed during 2016 mainly due to the extended political crisis.

The pace of economic expansion slowed in the first three quarters of 2016 compared with the same period one year earlier by 0.4 percentage points to 2.7 percent year-on-year.

However, the Commission noted that the quick stabilization of the political situation here, following the Dec. 11 elections would give a push to the economy in general. Endit