Macedonia’s GDP grows by 3.1% in 2013

By bne IntelliNews March 17, 2014

Macedonia’s GDP increased by a real 3.1% in 2013 after dropping by a real 0.4% in 2012, according to statistics office data. The key drivers of the GDP growth last year included the construction and industry sectors, which expanded by a real 32.7% and 4.9%, respectively.

The breakdown across the expenditure components shows that the main contribution to the GDP increase came from net exports and household final consumption. Exports rose by a real 4.5% last year, while imports declined by 2.1%. Household final consumption expanded by 4.2% in 2013.

On the other hand, the gross capital formation shrank by 11.5% last year. In addition, the general government's final consumption dropped by 3.6%.

In current prices, the 2013 GDP amounted to MKD 474.20bn (EUR 7.71bn), up from MKD 458.62bn in 2012.

In Q4 2013 alone, the GDP grew by a real 3.2% y/y. The real annual GDP growth in Q3 was revised down to 3.0% from a 3.3% estimate made in December 2013. The economic growth in the last quarter of 2013 was also driven by the construction and industry, which expanded by a real 32.1% and 2.6%, respectively.

On the expenditure side, net exports drove growth in Q4 2013, with exports increasing by a real 8.4% y/y and imports contracting by a real 0.8% y/y. Household final consumption rose by a real 1.4% y/y in the last quarter of 2013. On the other hand, a real annual decline was reported in the general government's final consumption (down 3.2%) and the gross capital formation (down 3.6%).

GDP, % y/y real            
  2012 Q1/13 Q2/13 Q3/13 Q4/13 2013
GROSS DOMESTIC PRODUCT -0.4 2.6 3.5 3.0 3.2 3.1
Final consumption  -2.7 5.1 4.9 0.4 0.5 2.7
Household final consumption -3.0 7.0 7.1 1.6 1.4 4.2
General govt final consumption  -1.4 -2.3 -4.3 -4.4 -3.2 -3.6
Gross capital formation 20.0 -23.4 -6.6 -17.8 -3.6 -11.5
Export of goods and services  0.0 -3.0 2.5 9.5 8.4 4.5
Import of goods and services  4.2 -4.9 1.6 -4.4 -0.8 -2.1
Source: Statistics office            

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