North Macedonia’s gross domestic product advanced by 2% year-on-year in the third quarter of 2022, decelerating from an upwardly revised 4% rise in the previous period. It marks the seventh consecutive quarter of expansion but at the slowest pace since the last quarter of 2021, mainly due to a sharp slowdown in fixed investment (9% vs 41.6% in Q2). At the same time, government spending declined (-4.7% vs -5.2%) and net external demand contributed negatively to growth, as imports (19.4% vs 19.8% in Q2) rose faster than exports (17.8% vs 14.2% in Q2). On the other hand, household consumption picked up (5.4% vs 1.5%). source: State Statistical Office of the Republic of Macedonia

GDP Annual Growth Rate in Macedonia averaged 2.47 percent from 2001 until 2022, reaching an all time high of 14.50 percent in the second quarter of 2021 and a record low of -14.90 percent in the second quarter of 2020. This page provides - Macedonia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. North Macedonia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.

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.

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North Macedonia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-02 11:40 AM Q2 2.8% 2.4%
2022-12-02 11:40 AM Q3 2% 4% 1.9%
2023-03-02 11:00 AM Q4 2% 2.7%


Related Last Previous Unit Reference
GDP Growth Rate 3.90 3.10 percent Mar 2014
GDP Annual Growth Rate 2.00 4.00 percent Sep 2022
GDP Constant Prices 201993.00 202888.00 MKD Million Sep 2022
Gross Fixed Capital Formation 162392.00 144779.08 MKD Million Dec 2021

North 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.
Actual Previous Highest Lowest Dates Unit Frequency
2.00 4.00 14.50 -14.90 2001 - 2022 percent Quarterly

News Stream
North Macedonia Q3 GDP Growth at Near 1-Year Low
North Macedonia’s gross domestic product advanced by 2% year-on-year in the third quarter of 2022, decelerating from an upwardly revised 4% rise in the previous period. It marks the seventh consecutive quarter of expansion but at the slowest pace since the last quarter of 2021, mainly due to a sharp slowdown in fixed investment (9% vs 41.6% in Q2). At the same time, government spending declined (-4.7% vs -5.2%) and net external demand contributed negatively to growth, as imports (19.4% vs 19.8% in Q2) rose faster than exports (17.8% vs 14.2% in Q2). On the other hand, household consumption picked up (5.4% vs 1.5%).
2022-12-02
Macedonia GDP Growth Accelerates to 2.4% in Q1
Macedonia’s gross domestic product grew 2.4 percent year-on-year in the first quarter of 2022, following a 2.3 percent expansion in the previous period, as the economy continues recovering from the pandemic shock. Significant contribution came from gross capital formation (38.6 percent vs 21.2 percent in Q4). Meanwhile, growth slowed for both household consumption (4.9 percent vs 5.7 percent) and government spending (0.5 percent vs 6.5 percent). Also, net foreign demand contributed negatively as exports increased 11.1 percent on year (vs 1.8 percent in Q4) while imports surged at a faster 24.4 percent (vs 13.5 percent).
2022-06-09
Macedonia GDP Growth Eases to 2.3% in Q4
Macedonia’s gross domestic product grew 2.3 percent year-on-year in the fourth quarter of 2021, easing from 3 percent in the previous period, as net foreign demand contributed negatively to GDP growth. Exports increased 1.8 percent ( vs 4.1 in Q3) while imports rose at a faster 13.5 percent ( vs 2.7 percent). On the other hand, gross capital formation (21.2 percent vs 0.4 percent), public spending (6.5 percent vs 4.9 percent), and household consumption (5.7 percent vs 2.4 percent). In full year 2021, the GDP expanded 4 percent, compared to a 6.1 percent contraction in 2020.
2022-03-03