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|
|GROSS DOMESTIC PRODUCT||-0.4||2.6||3.5||3.0||3.2||3.1|
|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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