Macroeconomic Forecast Macedonia

Macedonia's external debt continued to rise in the first quarter of 2012. Gross external debt hit US$6.57bn in Q112, up from US$6.30bn at end-2011 and an increase of 3.7% from a year earlier. The increase was almost entirely down to more borrowing by the government, as public external debt hit US$2.84bn (28.1% of GDP). We hold our forecast for gross external debt hitting US$7.26bn by end-2012, as the government uses more loans to meet its financing needs. We expect public debt, of which the majority is down to foreign borrowing, to hit 30.6% of GDP in

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