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.

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Macedonia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.60 3.40 10.70 -12.70 2001 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-03-08 11:00 AM Q4 3.7% 3% 1.8%
2019-06-07 10:00 AM Q1 4.1% 3.7% 2.2%
2019-09-06 10:00 AM Q2 3.1% 4.1% 3.5%
2019-12-06 11:30 AM Q3 3.6% 3.4% 2.2%
2020-03-06 11:00 AM Q4 3.6% 2.6%

News Stream
Macedonia GDP Growth Slows to 3.1% in Q2
Macedonia’s GDP expanded 3.1 percent year-on-year in the second quarter of 2019, slowing from a 4.1 percent advance in the previous period. Net foreign demand contributed negatively to growth, as exports rose 10.6 percent (vs 15.6 percent in Q1) while imports jumped at a faster 10.9 percent (vs 14.4 percent). Meantime, household consumption (3.1 percent vs 2.6 percent); government expenditure (1.2 percent vs 0.1 percent) and fixed investment (11.1 percent vs 9.9 percent) increased faster.

Macedonia GDP Grows the Most Since 2015 in Q1
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.

Macedonia Economy Grows the Most since 2015
Macedonia's gross domestic products advanced 3.7 percent year-on-year in the fourth quarter of 2018, quickening from a 3 percent growth in the previous period. It is the fastest expansion since the fourth quarter of 2015. Household consumption rose faster (4.6 percent vs 3 percent in Q3) and gross capital formation rebounded (1.6 percent vs -8.5 percent). Meantime, government spending grew less (4.7 percent vs 9.6 percent). The net trade contributed positively to growth, as exports jumped 21.7 percent (vs 12 percent in Q3) and imports advanced at a slower 17.5 percent (vs 7.5 percent in Q3). On the production side, main drivers of growth were construction (19.6 percent vs -2.6 percent); manufacturing (6.3 percent vs 4.1 percent) and mining & utilities (5.4 percent vs 3.6 percent). In 2018, the economy expanded 2.7 percent, far above 0.2 percent in 2017.

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.

Macedonia GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate 3.60 3.40 10.70 -12.70 percent [+]
GDP 12.67 11.28 12.67 2.44 USD Billion [+]
GDP Constant Prices 174897.00 165968.00 179644.00 59063.00 MKD Million [+]
Gross Fixed Capital Formation 130242.22 135317.85 143495.57 34716.00 MKD Million [+]
GDP per capita 5394.30 5256.70 5394.30 3057.00 USD [+]
GDP per capita PPP 13483.42 13139.54 13483.42 7641.16 USD [+]