Macedonia’s GDP expanded 3.1 percent year-on-year in the second quarter of 2019, slowing from a 4.1 percent advance in the previous period. Net foreign demand contributed negatively to growth, as exports rose 10.6 percent (vs 15.6 percent in Q1) while imports jumped at a faster 10.9 percent (vs 14.4 percent). Meantime, household consumption (3.1 percent vs 2.6 percent); government expenditure (1.2 percent vs 0.1 percent) and fixed investment (11.1 percent vs 9.9 percent) increased faster. GDP Annual Growth Rate in Macedonia averaged 2.74 percent from 2001 until 2019, 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.
GDP Annual Growth Rate in Macedonia is expected to be 2.30 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 2.80 in 12 months time. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 2.40 percent in 2020, according to our econometric models.