Macedonia’s gross domestic product grew 2.4 percent year-on-year in the first quarter of 2022, following a 2.3 percent expansion in the previous period, as the economy continues recovering from the pandemic shock. Significant contribution came from gross capital formation (38.6 percent vs 21.2 percent in Q4). Meanwhile, growth slowed for both household consumption (4.9 percent vs 5.7 percent) and government spending (0.5 percent vs 6.5 percent). Also, net foreign demand contributed negatively as exports increased 11.1 percent on year (vs 1.8 percent in Q4) while imports surged at a faster 24.4 percent (vs 13.5 percent). source: State Statistical Office of the Republic of Macedonia

GDP Annual Growth Rate in Macedonia averaged 2.46 percent from 2001 until 2022, reaching an all time high of 13.40 percent in the second quarter of 2021 and a record low of -14.90 percent in the second quarter of 2020. 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 July of 2022.

GDP Annual Growth Rate in Macedonia is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Macedonia GDP Annual Growth Rate is projected to trend around 3.00 percent in 2023, according to our econometric models.

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Macedonia GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-03 10:00 AM Q4 2.3% 3% 6%
2022-06-09 10:00 AM Q1 2.4% 2.3% 3.6%
2022-09-02 11:00 AM Q2 2.4%


Related Last Previous Unit Reference
GDP Growth Rate 3.90 3.10 percent Mar 2014
GDP Annual Growth Rate 2.40 2.30 percent Mar 2022
GDP Constant Prices 180836.00 207766.00 MKD Million Mar 2022
Gross Fixed Capital Formation 144779.08 146077.79 MKD Million Dec 2020

Macedonia GDP Annual Growth Rate
On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by gross fixed capital formation (31 percent) and government expenditure (17 percent). Exports of goods and services account for 48 percent while imports account for 65 percent, subtracting 17 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
2.40 2.30 13.40 -14.90 2001 - 2022 percent Quarterly

News Stream
Macedonia GDP Growth Accelerates to 2.4% in Q1
Macedonia’s gross domestic product grew 2.4 percent year-on-year in the first quarter of 2022, following a 2.3 percent expansion in the previous period, as the economy continues recovering from the pandemic shock. Significant contribution came from gross capital formation (38.6 percent vs 21.2 percent in Q4). Meanwhile, growth slowed for both household consumption (4.9 percent vs 5.7 percent) and government spending (0.5 percent vs 6.5 percent). Also, net foreign demand contributed negatively as exports increased 11.1 percent on year (vs 1.8 percent in Q4) while imports surged at a faster 24.4 percent (vs 13.5 percent).
2022-06-09
Macedonia GDP Growth Eases to 2.3% in Q4
Macedonia’s gross domestic product grew 2.3 percent year-on-year in the fourth quarter of 2021, easing from 3 percent in the previous period, as net foreign demand contributed negatively to GDP growth. Exports increased 1.8 percent ( vs 4.1 in Q3) while imports rose at a faster 13.5 percent ( vs 2.7 percent). On the other hand, gross capital formation (21.2 percent vs 0.4 percent), public spending (6.5 percent vs 4.9 percent), and household consumption (5.7 percent vs 2.4 percent). In full year 2021, the GDP expanded 4 percent, compared to a 6.1 percent contraction in 2020.
2022-03-03
Macedonia GDP Growth Eases to 3% in Q3
Macedonia's gross domestic product expanded 3 percent year-on-year in the third quarter of 2021, easing from an upwardly revised 13.4 percent record advance in the previous period, largely due to fading low-base effects from the pandemic shock last year. Household consumption (2.4 percent vs 12.4 percent in Q2), public spending (4.9 percent vs 5.2 percent) and gross capital formation (0.4 percent vs 40.7 percent) slowed. Meanwhile, net foreign demand contributed positively to GDP growth, as exports surged 4.1 percent (vs 45.5 percent in Q2) while imports rose at a softer 2.7 percent (vs 46.6 percent).
2021-12-07