Macedonia's gross domestic product advanced by 3.4 percent year-on-year in the fourth quarter of 2019, following a 3.6 percent expansion in the previous three-month period. Industrial output contracted (-3.1 percent vs 6.8 percent in Q3), as manufacturing activity fell further (-0.7 percent vs -0.5 percent). In addition, finance & insurance posted a decline (-1.4 percent vs 0.4 percent). Meanwhile, activity gained steam in construction (6.7 percent vs 5.5 percent); wholesale and retail trade, transportation and storage, and accommodation & food services (8.1 percent vs 4.9 percent); information & communication (5.7 percent vs 2.2 percent); real estate (2.9 percent vs 2.4 percent) and arts, entertainment and recreation (4.1 percent vs 1 percent). Also, agriculture rose faster (3.1 percent vs 0.6 percent). In 2019, the economy grew 3.6 percent, above 2.7 percent a year earlier.
GDP Annual Growth Rate in Macedonia averaged 2.76 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. 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 June of 2020.
GDP Annual Growth Rate in Macedonia is expected to be -4.00 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 2021 and 2.70 percent in 2022, according to our econometric models.