Financial accounts refer to the balance sheet (stocks) of financial assets and liabilities by financial instrument and sub-instrument for each institutional sector and sub-sector of the national economy, as well as rest of the world. The Financial accounts are prepared on a non-consolidated basis. Stocks represent the value of financial assets held and overdue financial liabilities at the end of the reporting year. The difference represents the net financial worth of the respective sector/sub-sector i.e. total economy. In other words, net financial worth (NFW) equals the difference between total financial assets and total financial liabilities of total economy/sector. If the national economy/sector has a surplus of financial assets, then the NFW is positive, i.e. the economy/sector is a net creditor. If the national economy/sector is short of financial assets, then the NFW is negative, i.e. the economy/sector is a net debtor.

Data is presented in domestic currency (in millions of denars).

         Financial accounts developments

The total net financial worth (NFW) indicates that also in 2021, the Macedonian economy has a negative net financial position, as a result of higher financial liabilities relative to the financial assets. The NFW in 2021 equals Denar 481 billion, which is a deepening of Denar 32 billion, i.e. by 7.2%.

The analysis of the relative indicators shows a moderate improvement of the negative net position in 2021, compared to the previous year (by 0.3 percentage points of GDP) and it amounts to 66.8% of GDP. The improvement results from the growth of the positive NFW of the households sector and the smaller negative NFW of non-financial corporations. In 2021, the deepening of the negative NFW was influenced by the general government sector, as well as by the financial corporations.

In terms of the sectors, also in 2021, the households and the rest of the world sector are net creditors and finance the other sectors in the national economy (the non-financial corporations and the general government), which are net debtors. At the same time, the financial sector has an almost balanced net financial position. Read more... 

Source: National Bank of the Republic of North Macedonia

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