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.

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Macedonia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.90 -0.70 10.70 -14.90 2001 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
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 -0.7% -3.3% -5%
2021-06-07 12:00 PM Q1 -1.9% -0.7% -2.6%
2021-09-07 10:00 AM Q2 -1.9%
2021-12-07 11:00 AM Q3


News Stream
Macedonia Economic Recession Deepens in Q1
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).
2021-06-07
Macedonia GDP Contraction Eases in Q4
Macedonia's gross domestic product shrank by 0.7 percent year-on-year in the fourth quarter of 2020, following a 3.3 percent contraction in the previous three-month period and a record 14.9 percent slump in the second quarter. Household consumption continued to fall (-4.3 percent vs -4.1 percent in Q3) and gross capital formation also dropped (-13.0 percent vs 4.2 percent). Meanwhile, net external demand contributed positively to the GDP as exports rose and imports declined, while government spending grew further (6.6 percent vs 13.5 percent).
2021-03-08
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 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.