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Austrian Business Community Networking Event with National Bank Governor Dimitar Bogov

1. November 2013

On 1 November 2013 Advantage Austria in Macedonia (Austrian Embassy – Commercial Section) organized an Austrian Business Community Networking Event together with Sparkasse Makedonia, with Dimitar Bogov, the Governor of the National Bank of Macedonia, as the special guest.

The Governor briefed the Austrian companies on the current macroeconomic situation in Macedonia and the economic forecast for 2014.

The main discussion points were:

• GDP growth in Macedonia in 2013 will be 3.3%.
• Inflation will remain modest at a level of 3%.
• The current account deficit is also low at around 3%.
• The current account deficit can be offset by new foreign direct investment.
• Main drivers of the economic growth are investments (both foreign direct investment, as well as investment by the government, especially in the construction sector).
• 50% of Macedonia’s GDP is linked to exports to the EU.
• Money supply growth will be around 4%.

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