In 2021, Macedonia's economy expanded 4 percent, recovering from a 6.1 percent contraction in 2020. The recovery was broad-based, driven by a boost in personal consumption, and a growing investment contribution. Exports and imports bounced back, but the trade balance worsened.
On the production side, growth was driven by services, as the industry struggled with supply-chain blockages and reduced external orders. source: World Bank
Full Year GDP Growth in Macedonia averaged 1.38 percent from 1991 until 2021, reaching an all time high of 6.47 percent in 2007 and a record low of -7.47 percent in 1993. This page includes a chart with historical data for Macedonia Full Year GDP Growth. Macedonia Full Year GDP Growth - values, historical data and charts - was last updated on July of 2022.
Full Year GDP Growth in Macedonia is expected to reach 2.30 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Macedonia Full Year GDP Growth is projected to trend around 3.00 percent in 2023 and 3.20 percent in 2024, according to our econometric models.