Macedonia’s economy recovers slightly in Q3

Macedonia’s economy recovers slightly in Q3
By bne IntelliNews December 7, 2017

Macedonian economy edged up by a real 0.2% y/y in the third quarter of 2017, after shrinking by a revised 1.3% y/y in the previous quarter, estimated data released by the Macedonian Statistical Office showed on December 7.

The European Commission in November lowered Macedonia’s GDP forecast for 2017 to 1.7% from 2.9%, after the economy contracted in the first half of the year due to the political uncertainties. However, the projection is still unrealistic unless the economy manages to catch up in the fourth quarter.

Macedonia ended 2016 with growth of 2.9%.

The gross domestic product (GDP) totaled MKD159.7bn (€2.59bn) in Q3 2017 in current prices.

According to the statistics office, in Q3 the largest increase was recorded in the wholesale and retail sector (+9.8%), followed by the agriculture, forestry and fishing sector (+3.8%).

The real estate sector was also among the three sectors that registered growth, of modest 0.9%, in Q3.

On the other hand, the biggest decrease was seen in the construction sector (-11.6%), followed by arts, entertainment and recreation (-6.9%). The manufacturing sector dropped by 5.8% y/y.

In the third quarter of 2017, household final consumption, including non-profit institutions serving households, increased by 2.9%, while general government consumption fell 3.6% y/y. Gross capital formation dropped by 9.4% y/y.

In the same period, exports of goods and services increased by 5.5%, while imports of goods and services were 2.1% higher.

Data

Dismiss