Introduction
The Economic Sentiment Indicator (ESI) summarizes confidence levels across industry, services, retail trade, and construction, offering a forward-looking view of North Macedonia’s economic outlook. ESI ranges from 0 to 200, where values above 100 signal above-average confidence and below 100 indicate weaker sentiment.
In contrast, the sectoral confidence indicators (industry, services, retail trade, and construction) are measured as balance statistics — the difference between positive and negative responses — and typically fluctuate around zero, where positive values signal optimism and negative values indicate pessimism among respondents.
This analysis is based on data from Eurostat, which compiles monthly survey results from key economic sectors across European countries. All values are seasonally adjusted and updated in real time, typically released on the last working day of each month or shortly after, once national data providers publish their final results.
Overall Economic Sentiment
In November 2025, North Macedonia's Economic Sentiment Indicator rose to 100.2 points (+1.9 m/m), suggesting that optimism among businesses has strengthened on improving demand and a more stable outlook. The chart below shows how sentiment levels have evolved since May 2008, highlighting the current position in a long-term context.
Consumer Confidence Indicator
As of November 2025, North Macedonia's Consumer Confidence Indicator rose to -0.1 points (+1.3 m/m), reflecting improved household expectations regarding their financial situation and the broader economic outlook.
Industrial Confidence Indicator
North Macedonia's Industrial Confidence Indicator rose to -7.5 points (+0.9 m/m) in November 2025, indicating that manufacturers are more confident about production and new orders going forward.
Services Confidence Indicator
In November 2025, North Macedonia's Services Confidence Indicator increased to 8.4 points (+2.5 m/m), pointing to stronger demand expectations and improved assessments of business activity.
Retail Confidence Indicator
As of November 2025, North Macedonia's Retail Confidence Indicator rose to 16.4 points (+0.4 m/m), suggesting that retailers are more optimistic about near‑term sales and market conditions.
Construction Confidence Indicator
In November 2025, North Macedonia's Construction Confidence Indicator decreased to -4.3 points (-0.6 m/m), reflecting growing caution among construction firms due to weaker order books and hiring prospects.
Frequently Asked Questions
Economic sentiment indicators, such as the Economic Sentiment Indicator (ESI) published by Eurostat, are early signals of changes in business and consumer confidence. They help identify shifts in economic activity before traditional statistics like GDP or employment data are released, making them essential tools for economic forecasting and policy analysis.
As of November 2025, North Macedonia's ESI stood at 100.2 points. For comparison, here are the latest Economic Sentiment Indicator values for other European countries:
- Greece: 106 points
- Spain: 105.9 points
- Italy: 101.8 points
- Germany: 91.3 points
- France: 95.4 points
- Poland: 99 points
- Portugal: 106.5 points
- Netherlands: 100 points
- Belgium: 95.1 points
Eurostat compiles the ESI from monthly business surveys coordinated by the European Commission (DG ECFIN). Thousands of companies across industry, services, retail trade, and construction report their expectations for production, demand, and employment. These responses are aggregated into confidence indicators, which together form the overall Economic Sentiment Indicator for Europe.
Conjuncture in Other Countries
Compare North Macedonia’s results with other European economies to explore broader regional trends.
Methodology and Data Sources
All charts and indicators update automatically based on Eurostat's monthly Business and Consumer Surveys, typically released on the last working day of each month.