North Macedonia Q3 GDP Growth Hits Yearly Peak

North Macedonia’s economy expanded 3.8% year-on-year in the third quarter of 2025, the fastest pace since Q4 2024, accelerating from an upwardly revised 3.5% growth in Q2. The acceleration was mainly driven by a surge in gross fixed capital formation, which accounts for 31.1% of GDP, jumping 30.6% (vs 5.4% in Q2). Government spending also contributed, rising 5.7% (vs 3.5%). In contrast, household consumption slowed to 0.9% growth (vs 3.1%). External trade weighed on the expansion, with exports rising 3.4% (vs 8.5%) while imports climbed 9.9% (vs 8.1%). On a seasonally adjusted quarterly basis, GDP increased 0.8% in Q3, moderating from a revised 1.1% growth in Q2.

North Macedonia’s economy grew 3.4% year-on-year in the second quarter of 2025, the highest since Q2 2022, slightly up from a 3.0% expansion in Q1, mainly driven by stronger household consumption, which accounts for 68.5% of GDP, rising 3.0% (vs 2.1% in Q1). External trade also supported growth, with exports up 9.1% (vs 1.2%) and imports increasing 8.0% (vs 5.8%). In contrast, government spending fell 1.0% (vs 1.1%), while gross capital formation grew at a slower pace of 6.1% (vs 18.0%). On a seasonally adjusted quarterly basis, GDP expanded 0.9% in Q2, accelerating from 0.5% in Q1 2025.

North Macedonia’s economy grew by 3.0% year-on-year in the first quarter of 2025, easing slightly from a 3.2% expansion in the previous quarter. The moderation in GDP growth was mainly due to weaker increases in government spending (1.1% vs 6.8% in Q4 2024) and gross capital formation (18.0% vs 21.5%). In contrast, the slowdown was partially offset by stronger growth in household consumption (2.1% vs 0.2%), which accounts for 69.0% of GDP. On the external side, exports rebounded (1.2% vs -6.0%), while imports grew at a faster pace (5.8% vs 1.5%). On a seasonally adjusted quarterly basis, GDP grew by 0.6% in Q1, easing from a 0.8% expansion in the previous quarter.