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. GDP Annual Growth Rate in Macedonia averaged 2.71 percent from 2001 until 2018, 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 2.20 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.