Macedonia’s GDP growth decelerates to 4.1% y/y in Q3

By bne IntelliNews December 12, 2014

Macedonia’s GDP grew by a real 4.1% y/y in Q3, slowing down from a 4.4% y/y expansion in Q2, statistics office data showed. The quarterly GDP data was prepared in accordance with the European System of Accounts (ESA 2010).

All sectors of Macedonia’s economy expanded in real annual terms last quarter. The highest growth rate was reported in manufacturing, which grew 16.6%, accelerating from an 11.3% increase in Q2.

The Q3 breakdown across the expenditure components shows that growth was supported by household consumption and gross capital formation, while general government consumption dropped y/y and net exports had a negative contribution.

Household consumption increased 2.5% y/y in Q3, decelerating from a 3.8% y/y rise in Q2. Gross capital formation soared 17% y/y in Q3, speeding up from a 7.8% y/y increase in the previous quarter. On the negative side, general government consumption dropped 5.2% y/y, after edging up 0.1% y/y.

In Q3, both exports and imports continued to register double-digit real annual growth. Exports went up 15.4%, but were more than offset by a 14% expansion of imports.

Macedonia’s nominal GDP amounted to MKD133.3bn (€2.2bn) in Q3.

The country’s GDP increased by a real 2.7% in 2013.

GDP, % y/y real                
  Q1'13 Q2'13 Q3'13 Q4'13 2013 Q1'14 Q2'14 Q3'14
GROSS DOMESTIC PRODUCT 1.9 2.1 2.5 4.1 2.7 3.2 4.4 4.1
Final consumption  5.8 3.1 -0.5 0.3 2.1 -0.4 3.1 1.0
- Household final consumption 6.1 4.0 -0.9 -0.7 2.1 -0.1 3.8 2.5
- General govt final consumption  4.4 -0.1 1.2 4.4 2.5 -1.6 0.1 -5.2
Gross capital formation -32.6 -9.8 -15.2 -9.6 -16.6 30.2 7.8 17.0
Export of goods and services  -5.0 -0.7 -3.3 -1.9 -2.7 14.4 16.0 15.4
Import of goods and services  -13.1 -3.4 -12.9 -10.7 -10.0 14.8 11.5 14.0
Source: Statistics office                

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