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). GDP Annual Growth Rate in Macedonia averaged 2.75 percent from 2001 until 2019, 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.
GDP Annual Growth Rate in Macedonia is expected to be 2.60 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 2.60 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.40 percent in 2020, according to our econometric models.