Bi-Weekly Report 17 – 30 November 2020


The easing of COVID-19 containment measures, together with a sizeable credit impulse, brought about a rebound in GDP growth in Q3:20 (up 6.7% y-o-y and 15.6% q-o-q s.a., well above consensus expectations)

Economic recovery would be constrained by a resurgence in COVID-19 infections in Q4:20 and a tight monetary policy in FY:21



A new delay in North Macedonia’s EU membership process

Higher provisioning, due to COVID-19, together with weaker pre-provision operating income, eroded banks’ profitability in 9M:20

Banks’ strong capital adequacy provides a line of defense against COVID-19-related losses



GDP contraction eased markedly to -4.1% y-o-y (up 9.4% q-o-q s.a.) in Q3:20, following the re-opening of the economy

Economic momentum appears to be slowing in Q4:20, as the second COVID-19 wave kicks-in

GDP is set to rebound in FY:21, recouping a large part of its COVID-19-related losses



Bi-Weekly Report 17 – 30 November 2020

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