FX.co ★ Macedonia Industrial Output Growth at 19-Month High

Industrial production in North Macedonia experienced a significant expansion, increasing by 9.4% year-on-year in May 2025. This surge follows a 1.4% growth recorded in the previous month. It represents the most robust rise in industrial activity since October 2023. The growth was predominantly fueled by a notable recovery in the mining and quarrying sector, which soared by 18.8% compared to a decline of 1.2% in April. Additionally, manufacturing output witnessed accelerated growth, rising to 9% from 2.5% in the prior month. Conversely, the sectors of electricity, gas, steam, and air conditioning supply continued to face a downturn, albeit at a slower rate, decreasing by 11.8% as opposed to an 18.3% fall previously. Looking at the broader picture for the year, industrial production in the first five months increased by 3.3% compared to the corresponding period of the previous year.