Stagnating economic activity in the first quarter of 2017 creates downward risks for the 2.5-percent GDP growth projection, says the National Bank of the Republic of Macedonia (NBRM).
The bank's operational monetary policy committee says exports and personal consumption are on the rise, while investments also provided positive impulse.
"However, in conditions of stronger export pressure, the general economic activity was stagnating, despite the expectations for economic growth in this period", the NBRM said in a press release.
The committee concluded that the existing economic and financial circumstances, as well as the existing risks, show that the current monetary setup is appropriate.
"NBRM continues to monitor all economic indicators and developments in the national economy, with future changes in the monetary policy to be largely dependent on trends in the domestic economy and the external sector", reads the press release.