Macedonia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

0.9

Units In

2.1

Frequency

Quarterly

Next Release

Dec 06, 2024

Time to Release

2 Months 30 Days 8 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 2.3% year-on-year in the second quarter of 2024, up from a 1.2% 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 (3.5% vs 2.4% in Q1 2024). In contrast, gross capital formation declined (-1.7% vs 23.6%) and household consumption grew at a lower rate (1.3% vs 2%). Meanwhile, exports declined at a lower rate (-2.9% vs -7.8%), and imports fell (-4.5% vs 0.2%). On a seasonally adjusted quarterly basis, the GDP rose by 0.8% in Q2, following a 0.5% increase in the quarter before.