North Macedonia’s gross domestic product expanded by 2.1% year-on-year in the first quarter of 2023, accelerating from a 0.6% advance in the fourth quarter of 2022. It marked the tenth consecutive period of expansion mainly due to an improvement in net external demand. Exports rose 7.1% (vs 10.2% in Q4) and imports dropped 4.3% (vs 6.5%). Meanwhile, household consumption eased (2.7% vs 3%) and government expenditure (-5.9% vs -2.8%) and investment (-22.3% vs -5.3%) fell faster. source: State Statistical Office of the Republic of Macedonia

GDP Annual Growth Rate in Macedonia averaged 2.54 percent from 2001 until 2023, reaching an all time high of 14.50 percent in the second quarter of 2021 and a record low of -15.40 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 June of 2023.

GDP Annual Growth Rate in Macedonia is expected to be 1.50 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
2023-03-02 12:00 PM Q4 0.6% 2% 2.7%
2023-06-05 01:00 PM Q1 2.1% 0.6% 2.2%
2023-09-04 10:00 AM Q2 2.1% 1.5%


Related Last Previous Unit Reference
GDP Growth Rate 3.90 3.10 percent Mar 2014
GDP Annual Growth Rate 2.10 0.60 percent Mar 2023
GDP Constant Prices 198821.00 231750.00 MKD Million Mar 2023
Gross Fixed Capital Formation 162391.65 144506.45 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
2.10 0.60 14.50 -15.40 2001 - 2023 percent Quarterly

News Stream
Macedonia GDP Growth Accelerates to 2.1% in Q1
North Macedonia’s gross domestic product expanded by 2.1% year-on-year in the first quarter of 2023, accelerating from a 0.6% advance in the fourth quarter of 2022. It marked the tenth consecutive period of expansion mainly due to an improvement in net external demand. Exports rose 7.1% (vs 10.2% in Q4) and imports dropped 4.3% (vs 6.5%). Meanwhile, household consumption eased (2.7% vs 3%) and government expenditure (-5.9% vs -2.8%) and investment (-22.3% vs -5.3%) fell faster.
2023-06-06
North Macedonia Q4 GDP Growth at Over 1 Year Low
North Macedonia’s gross domestic product advanced by 0.6% year-on-year in the fourth quarter of 2022, decelerating from a 2% rise in the third quarter of 2022. It marked the eighth consecutive period of expansion but the slowest pace since Q1 of 2021, mainly due to a decline in fixed investment (-5.3% vs 9% in the previous period) and slower growth in household consumption (3% vs 5.4%). On the other hand, government spending fell less (-2.8% vs -4.7%), and net external demand contributed positively, as exports (10.2%vs 17.8%) rose faster than imports (6.5% vs 19.4% in Q3). For the entire 2022, gross domestic product increased by 2.1%, down from the 3.9% gain in 2021.
2023-03-02
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