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.

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Macedonia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.30 -14.90 10.70 -14.90 2001 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
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 -12.7% 0.2% -4%
2020-12-07 11:30 AM Q3 -3.3% -14.9% -7.5%
2021-03-08 11:00 AM Q4 -3.3% -5%
2021-06-07 10:00 AM Q1
2021-09-07 10:00 AM Q2
2021-12-07 11:00 AM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Macedonia GDP Contracts 3.3% YoY in Q3
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).
2020-12-07
Macedonia Q2 GDP Contracts the Most since 2001
Macedonia's economy shrank 12.7 percent year-on-year in the second quarter of 2020, following a 0.2 percent growth in the previous period. It was the sharpest economic contraction since the third quarter of 2001, reflecting the full impact of the Covid-19 containment measures. Main declines were recorded in wholesale and retail trade, transportation and storage, and accommodation & food services (-23.4 percent vs -1.3 percent in Q1) and manufacturing (-29.4 percent vs -1.3 percent). On the expenditure side, both household consumption (-11.6 percent vs 1.2 percent) and gross capital formation (-25.6 percent vs -0.5 percent) plunged, while government spending slowed (1.5 percent vs 2.4 percent). Also, exports slumped 31.3 percent (vs -5.4 percent in Q1) and imports fell 29.6 percent (vs -3.2 percent in Q1).
2020-09-07
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 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.