Fitch affirms North Macedonia’s BB+ credit rating with stable outlook

Fitch Ratings has affirmed North Macedonia’s long-term credit rating at ‘BB+’ with a stable outlook. The agency cited positive prospects for economic growth, strong investment activity, and the ongoing reform process linked to European Union accession as key supporting factors.

Real economic growth accelerated to 4.3% in the second quarter of 2026, driven by strong performance in construction and manufacturing. Public investment has also seen significant momentum, with capital expenditures increasing by 40% year-on-year between January and July, reflecting major infrastructure projects such as Corridors 8 and 10d.

Despite the stable outlook, Fitch noted challenges regarding fiscal consolidation. The agency highlighted the need to manage the budget deficit and high debt levels. The government has revised its 2026 deficit target to 4.1% of GDP, reflecting increased obligations for public sector wages and capital expenditures.

Prime Minister Hristijan Mickoski welcomed the rating, stating it serves as a rebuttal to opposition claims of economic instability. Finance Minister Gordana Dimitrieska-Kochoska also emphasized that the rating confirms the effectiveness of government economic policies and the stability of public finances.