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).
GDP Annual Growth Rate in Macedonia averaged 2.53 percent from 2001 until 2020, 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. 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 September of 2020.
GDP Annual Growth Rate in Macedonia is expected to be -2.80 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 3.80 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.40 percent in 2021 and 2.70 percent in 2022, according to our econometric models.