Fitch Ratings has affirmed N. Macedonia’s credit rating at BB+ with a stable outlook, recognizing the positive prospects for economic growth, strong investment activity and EU-related reform process, the Macedonian Ministry of Finance said Saturday.
In its report, Fitch notes that the economy has largely been resilient to the impact of the US-Iran war, adding that real economic growth rose to 4.3 percent in the second quarter of 2026, driven by robust performance in construction and manufacturing.
According to Fitch, capital expenditure in January-July accelerated by a substantial 40 percent, which is equivalent to 46 percent of the revised full-year target, reflecting strong execution of the flagship VIII/Xd Corridor projects.
Fitch expects growth of 3.2 percent in 2026 to be supported by strong public investment and private consumption, while continued execution of reforms under the EU’s Reform and Growth Facility and infrastructure projects pose upside to the medium-term potential growth rate of 3 percent.
Macedonia’s ‘BB+’ rating is supported by more favorable governance indicators and higher GDP per capita than peer medians, commitment to an EU accession process that acts as a reform anchor over the medium term and a record of credible and consistent monetary policies that underpin the longstanding de facto exchange rate peg to the euro, notes the agency.
