Industrial production in Macedonia grew 5.8 percent year-on-year in July 2019, recovering notably from a 2.7 percent slump in the previous month. It was the strongest annual gain in industrial activity since March, driven by electricity, gas, steam & air conditioning supply (51.8 percent vs 34.3 percent in June) and mining & quarrying (15.7 percent vs 5.2 percent). At the same time, manufacturing showed no growth, after shrinking 6.7 percent in the previous month. Year-to-date, industrial production advanced 4.9 percent compared to the same period of 2018. Industrial Production in Macedonia averaged 2.09 percent from 2005 until 2019, reaching an all time high of 24.50 percent in March of 2011 and a record low of -14.50 percent in June of 2009.
Industrial Production in Macedonia is expected to be 6.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Macedonia to stand at 5.80 in 12 months time. In the long-term, the Macedonia Industrial Production is projected to trend around 2.50 percent in 2020, according to our econometric models.