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). source: State Statistical Office of the Republic of Macedonia
GDP Annual Growth Rate in Macedonia averaged 2.37 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 -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 May of 2021.
GDP Annual Growth Rate in Macedonia is expected to be -3.00 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 5.30 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.70 percent in 2022, according to our econometric models.