Macedonia's GDP expanded 0.2 percent year-on-year in the first quarter of 2020, easing from a 3.4 percent advance in the previous period. It was the lowest GDP growth since the third quarter of 2017, as household consumption (1.2 percent vs 2.4 percent in Q4) and government expenditure (2.4 percent vs 7.1 percent) slowed while gross capital formation fell (-0.5 percent vs 11.5 percent). Also, exports dropped 5.4 percent (vs -1.6 percent in Q4) and imports went down -3.2 percent (vs 2.8 percent in Q4). On the production side, output slowed mainly for construction (1.5 percent vs 6.7 percent) and agriculture, forestry & fishing (2.8 percent vs 3.1 percent). At the same time, manufacturing production declined further (-1.3 percent vs -0.7 percent).
GDP Annual Growth Rate in Macedonia averaged 2.72 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 -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 August of 2020.
GDP Annual Growth Rate in Macedonia is expected to be -2.80 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 3.80 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.