Macedonia’s gross domestic product contracted by 1.9 percent year-on-year in the first quarter of 2021, following a 0.7 percent decline in the previous three-month period. The economy was mostly weighed down by a sharp reduction in gross capital formation (-16.6 percent vs -13.0 percent in 4Q 2020) and a downturn in government spending (-2.2 percent vs 6.6 percent). Meanwhile, household consumption showed signs of recovery (0.4 percent vs -4.3 percent), while net foreign demand continued to contribute positively to GDP, as exports advanced 8.6 percent (vs 1.3 percent) and imports rose a slower 2.0 percent (vs -7.2 percent). source: State Statistical Office of the Republic of Macedonia
GDP Annual Growth Rate in Macedonia averaged 2.32 percent from 2001 until 2021, 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 June of 2021.
GDP Annual Growth Rate in Macedonia is expected to be 11.50 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 5.30 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.70 percent in 2022, according to our econometric models.