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Export Boom Cycle

Current account surplus with strong export growth (>15% YoY), reserve accumulation, and moderate GDP growth. Typical of commodity exporters during price surges.

2 occurrences detected, 0 successful

North Macedonia 2023

Reserves YoY

+21.7%

GDP growth

2.6%

C/A balance

0.3%

North Macedonia 2018

Reserves YoY

+17.2%

GDP growth

2.9%

C/A balance

0.1%

24 mo later

-4.7%

North Macedonia Orthodox Tightening Cycle Currency Crisis Pattern Fiscal Dominance Trap Stagflation Risk Insights