Macedonia's GDP expanded 0.2 percent year-on-year in the first quarter of 2020, easing from a 3.4 percent advance in the previous period. It was the lowest GDP growth since the third quarter of 2017, as household consumption (1.2 percent vs 2.4 percent in Q4) and government expenditure (2.4 percent vs 7.1 percent) slowed while gross capital formation fell (-0.5 percent vs 11.5 percent). Also, exports dropped 5.4 percent (vs -1.6 percent in Q4) and imports went down -3.2 percent (vs 2.8 percent in Q4). On the production side, output slowed mainly for construction (1.5 percent vs 6.7 percent) and agriculture, forestry & fishing (2.8 percent vs 3.1 percent). At the same time, manufacturing production declined further (-1.3 percent vs -0.7 percent).

GDP Annual Growth Rate in Macedonia averaged 2.72 percent from 2001 until 2020, reaching an all time high of 10.70 percent in the second quarter of 2005 and a record low of -12.70 percent in the third quarter of 2001. This page provides - Macedonia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Macedonia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020.

GDP Annual Growth Rate in Macedonia is expected to be -2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Macedonia to stand at 3.80 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.40 percent in 2021 and 2.70 percent in 2022, according to our econometric models.

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Macedonia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.20 3.40 10.70 -12.70 2001 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-09-06 10:00 AM Q2 3.1% 4.1% 3.5%
2019-12-06 11:30 AM Q3 3.6% 3.4% 2.2%
2020-03-06 04:00 PM Q4 3.4% 3.6% 2.6%
2020-06-08 11:00 AM Q1 0.2% 3.4% 1.7%
2020-09-07 10:00 AM Q2 0.2% -4%
2020-12-07 11:00 AM Q3 -2.8%


News Stream
Macedonia Q1 GDP Growth at 2-1/2-Year Low of 0.2%
Macedonia's GDP expanded 0.2 percent year-on-year in the first quarter of 2020, easing from a 3.4 percent advance in the previous period. It was the lowest GDP growth since the third quarter of 2017, as household consumption (1.2 percent vs 2.4 percent in Q4) and government expenditure (2.4 percent vs 7.1 percent) slowed while gross capital formation fell (-0.5 percent vs 11.5 percent). Also, exports dropped 5.4 percent (vs -1.6 percent in Q4) and imports went down -3.2 percent (vs 2.8 percent in Q4). On the production side, output slowed mainly for construction (1.5 percent vs 6.7 percent) and agriculture, forestry & fishing (2.8 percent vs 3.1 percent). At the same time, manufacturing production declined further (-1.3 percent vs -0.7 percent).
2020-06-08
Macedonia GDP Growth Rate Moderates to 3.4% in Q4
Macedonia's gross domestic product advanced by 3.4 percent year-on-year in the fourth quarter of 2019, following a 3.6 percent expansion in the previous three-month period. Industrial output contracted (-3.1 percent vs 6.8 percent in Q3), as manufacturing activity fell further (-0.7 percent vs -0.5 percent). In addition, finance & insurance posted a decline (-1.4 percent vs 0.4 percent). Meanwhile, activity gained steam in construction (6.7 percent vs 5.5 percent); wholesale and retail trade, transportation and storage, and accommodation & food services (8.1 percent vs 4.9 percent); information & communication (5.7 percent vs 2.2 percent); real estate (2.9 percent vs 2.4 percent) and arts, entertainment and recreation (4.1 percent vs 1 percent). Also, agriculture rose faster (3.1 percent vs 0.6 percent). In 2019, the economy grew 3.6 percent, above 2.7 percent a year earlier.
2020-03-06
Macedonia GDP Growth Accelerates in Q3
Macedonia's gross domestic product grew by 3.6 percent year-on-year in the third quarter of 2019, following a revised 3.4 percent expansion in the previous three-month period. Industrial output rose sharply (6.8 percent vs 4.3 percent in Q2) as manufacturing sector contracted less (-0.5 percent vs -0.7 percent), and construction activity grew more (5.5 percent vs 4.8 percent). Also, better performance was observed for: wholesale and retail trade, transportation and storage, and accommodation and food services (4.9 percent vs 2.2 percent); information and communication (2.2 percent vs -6.1 percent); professional, scientific and technical activities, and administrative and support service activities (4.5 percent vs 3.6 percent); and arts, entertainment and recreation, other service activities (1.0 percent vs -3.8 percent).
2019-12-06
Macedonia GDP Growth Slows to 3.1% in Q2
Macedonia’s GDP expanded 3.1 percent year-on-year in the second quarter of 2019, slowing from a 4.1 percent advance in the previous period. Net foreign demand contributed negatively to growth, as exports rose 10.6 percent (vs 15.6 percent in Q1) while imports jumped at a faster 10.9 percent (vs 14.4 percent). Meantime, household consumption (3.1 percent vs 2.6 percent); government expenditure (1.2 percent vs 0.1 percent) and fixed investment (11.1 percent vs 9.9 percent) increased faster.
2019-09-06

Macedonia GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by gross fixed capital formation (31 percent) and government expenditure (17 percent). Exports of goods and services account for 48 percent while imports account for 65 percent, subtracting 17 percent of total GDP.