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 |
Amid the furore over Hungarian Prime Minister Viktor Orban’s visit to Tbilisi immediately after the allegedly stolen October 26 general election, a visit by the country’s President Tamas ... more
The growth of green loans in North Macedonia’s commercial banks continued in the second quarter of 2024, with an annual increase of 14.9% or by MKD2.6bn (€42.3mn), the central bank said on August ... more
North Macedonia's largest bank, Komercijalna banka, announced on August 26 that it has published the takeover bid for local Stopanska banka Bitola. The offered price is set at MKD3,200 (€52) per ... more