Macedonia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

0.9

Units In

2.1

Frequency

Quarterly

Next Release

Mar 07, 2025

Time to Release

2 Months 28 Days 16 Hours

Highest	Lowest	Average	Date Range	Source
13.4 Jun 2021	-14.9 Jun 2020	2.42 %	2001-2023	State Statistical Office of the Republic of Macedonia

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.

Latest Updates

North Macedonia’s economy grew by 3% year-on-year in the third quarter of 2024, up from an upwardly revised 2.8% increase in the previous three-month period, marking the highest growth rate in two years. Growth was mainly driven by a higher increase in government spending (13.3% vs 9% in Q2), household consumption (1.9% vs 1.6%) and a rebound in gross capital formation (0.6% vs -5.7%). Meanwhile, exports and imports of goods and services were unchanged compared to the same period in the previous year. On a seasonally adjusted quarterly basis, the GDP rose by 0.6% in Q3, following a 1% increase in the quarter before.