Macedonian public debt grows to 53,3 percent of GDP

Macedonia’s public debt reached 53,3 percent of GDP in May. It grew by 2,6 percent in just two months, largely driven by the 700 million EUR loan meant to cover public spending because of the reduction in revenue caused by the coronavirus epidemic.

Tax revenue is down 9 percent in the first six months of the year, and spending grew by 10 percent.