The gross domestic product in Macedonia expanded 4.1 percent year-on-year in the first quarter of 2019, accelerating from a 3.7 percent advance in the previous three-month period. It was the highest growth rate since the last quarter of 2015, as gross fixed capital formation rose 9.9 percent, faster than a 1.6 percent increase in Q4. Also, net foreign demand contributed positively to growth, as exports jumped 15.6 percent (from 21.7 percent in Q4) and imports went up at a softer 14.4 percent (from 17.5 percent). Meanwhile, both household consumption (2.6 percent from 4.6 percent) and government expenditure (0.1 percent from 4.7 percent) slowed. GDP Annual Growth Rate in Macedonia averaged 2.73 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 2.00 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 2.20 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.