IMF Raises Macedonia’s Growth to 3.5% While Construction Grows Double Digits for Six Quarters in a Row: How Sustainable Is It?
The IMF raised its 2026 forecast from 3.1 to 3.5 percent; Deputy PM Nikoloski says construction grew almost 22 percent in the second quarter and expects double-digit growth in the third and fourth.
The International Monetary Fund raised its forecast for the Macedonian economy’s growth in 2026 from 3.1 to 3.5 percent, according to its October update. According to a media report, 3.2 percent is estimated for 2027, and the World Bank recently raised its 2026 estimate from 2.9 to 3.2 percent, with infrastructure projects as the main driver.
Deputy Prime Minister and Transport Minister Aleksandar Nikoloski says “construction has a large share in this growth.” In the second quarter construction grew almost 22 percent, and “for 6 quarters so far we have had double-digit growth.” He expects double-digit growth in the third and fourth quarters too. The State Statistical Office showed GDP growth of 4.3 percent in the second quarter, in which construction was the fastest-growing sector.
The question is how sustainable growth is when it depends on construction: it often means public projects that end once they are finished. In the second quarter agriculture and public administration were in the red, and imports are growing faster than exports. The text offers no independent assessment of sustainability; this is the picture according to the data and statements so far.
MKNews Hub · Macedonia · October 14, 2026
