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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