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) of the national economy is negative and at the end of 2022 equals Denar 522 billion, or 65,7% of GDP, which is an improvement of 1.3 percentage points compared to 2021. These changes are mostly а result of the improved negative NFW of the nonfinancial corporations, and in smaller part, the NFW of financial corporations and the Government, versus worsened NFW of the household sector. This trend has been maintained in the first half of 2023, so the NFW of the national economy at the end of this period equals Denar 541 billion, or 61,9%. Compared to the end of 2022, the NFW improved by 3,8 percentage points, because of the narrowed NFW of the nonfinancial corporations and moderate worsening of the positive NFW of household sector, as a result of higher financial liabilities relative to the financial assets.

In terms of the sectors, both the households and the “rest of the world” sector are net creditors financing the other sectors in the national economy (the nonfinancial corporations and the government), which are net debtors. At the same time, the financial sector has almost balanced net financial position. Read more... 

Source: National Bank of the Republic of North Macedonia

Data revisions

In October 2023, with the compilation and publication of quarterly data, a revision of the time series of the annual financial accounts from 2016 onwards was made, which resulted from the better scope, change in data sources and new and improved calculations for certain instruments. Those revisions did not lead to higher changes of the net financial worth of the domestic economy.

Archive for annual finacial accounts     


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