Macedonia's gross domestic product shrank 3.3 percent year-on-year in the third quarter of 2020, easing from an upwardly record contraction of 14.9 percent in the previous period. Household consumption fell at a softer pace (-4.1 percent vs -13 percent in Q2) and gross capital formation rebounded (4.2 percent vs -34.4 percent). In addition, government expenditure advanced faster (13.5 percent vs 9.8 percent) and foreign demand contributed positively to GDP growth, as exports fell 8.4 percent (vs -30.8 percent in Q2) while imports went down at a softer 2.4 percent (vs -29.4 percent). source: State Statistical Office of the Republic of Macedonia
GDP Annual Growth Rate in Macedonia averaged 2.41 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 -14.90 percent in the second quarter of 2020. 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 March of 2021.
GDP Annual Growth Rate in Macedonia is expected to be -5.00 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 6.80 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 5.30 percent in 2021 and 2.70 percent in 2022, according to our econometric models.