Macedonia's gross domestic product jumped 13.1 percent year-on-year in the second quarter of 2021, ending a five-quarter period of contraction. It was the highest growth rate ever, amid a low base effect from last year due to the coronavirus lockdown and as the economy consolidated its recovery. Household consumption rose 12.9% (vs 0.4 percent in Q1) and public spending advanced 2.9 percent (vs -2.2 percent in Q1). In addition, gross capital formation increased 38.4 percent (vs -16.6 percent in Q1) while net external demand contributed negatively to the GDP as exports rose less than imports. source: State Statistical Office of the Republic of Macedonia

GDP Annual Growth Rate in Macedonia averaged 2.45 percent from 2001 until 2021, reaching an all time high of 13.10 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. Macedonia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.

GDP Annual Growth Rate in Macedonia is expected to be 4.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.70 percent in 2022 and 3.00 percent in 2023, according to our econometric models.

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Macedonia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
13.10 -1.90 13.10 -14.90 2001 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-12-07 11:30 AM Q3 -3.3% -14.9% -7.5%
2021-03-08 11:00 AM Q4 -0.7% -3.3% -5%
2021-06-07 12:00 PM Q1 -1.9% -0.7% -2.6%
2021-09-06 11:00 AM Q2 13.1% -1.9% 15.1%
2021-12-07 11:00 AM Q3 13.1%


News Stream
Macedonia Q2 GDP Records Highest Growth Ever
Macedonia's gross domestic product jumped 13.1 percent year-on-year in the second quarter of 2021, ending a five-quarter period of contraction. It was the highest growth rate ever, amid a low base effect from last year due to the coronavirus lockdown and as the economy consolidated its recovery. Household consumption rose 12.9% (vs 0.4 percent in Q1) and public spending advanced 2.9 percent (vs -2.2 percent in Q1). In addition, gross capital formation increased 38.4 percent (vs -16.6 percent in Q1) while net external demand contributed negatively to the GDP as exports rose less than imports.
2021-09-06
Macedonia Economic Recession Deepens in Q1
Macedonia’s gross domestic product contracted by 1.9 percent year-on-year in the first quarter of 2021, following a 0.7 percent decline in the previous three-month period. The economy was mostly weighed down by a sharp reduction in gross capital formation (-16.6 percent vs -13.0 percent in 4Q 2020) and a downturn in government spending (-2.2 percent vs 6.6 percent). Meanwhile, household consumption showed signs of recovery (0.4 percent vs -4.3 percent), while net foreign demand continued to contribute positively to GDP, as exports advanced 8.6 percent (vs 1.3 percent) and imports rose a slower 2.0 percent (vs -7.2 percent).
2021-06-07
Macedonia GDP Contraction Eases in Q4
Macedonia's gross domestic product shrank by 0.7 percent year-on-year in the fourth quarter of 2020, following a 3.3 percent contraction in the previous three-month period and a record 14.9 percent slump in the second quarter. Household consumption continued to fall (-4.3 percent vs -4.1 percent in Q3) and gross capital formation also dropped (-13.0 percent vs 4.2 percent). Meanwhile, net external demand contributed positively to the GDP as exports rose and imports declined, while government spending grew further (6.6 percent vs 13.5 percent).
2021-03-08
Macedonia GDP Contracts 3.3% YoY in Q3
Macedonia's gross domestic product shrank 3.3 percent year-on-year in the third quarter of 2020, easing from an upwardly record contraction of 14.9 percent in the previous period. Household consumption fell at a softer pace (-4.1 percent vs -13 percent in Q2) and gross capital formation rebounded (4.2 percent vs -34.4 percent). In addition, government expenditure advanced faster (13.5 percent vs 9.8 percent) and foreign demand contributed positively to GDP growth, as exports fell 8.4 percent (vs -30.8 percent in Q2) while imports went down at a softer 2.4 percent (vs -29.4 percent).
2020-12-07

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.