Macedonia’s GDP grew by a real 4.3% y/y in Q2 2014, accelerating from a revised 3.5% y/y expansion in Q1, statistics office data showed. The Balkan country’s GDP growth for full-2013 was revised down to 2.2% from a previous estimate of 2.9%.
In the second quarter of this year, all sectors of Macedonia’s economy expanded in real annual terms. The highest growth rate of 5% was recorded in a broad group that includes trade, transportation and storage, as well as accommodation and food service activities. The second highest y/y growth took place in financial and insurance activities, which expanded by 4.1%. The construction sector edged up by 0.6% y/y in Q2 after growing by 10.4% y/y in Q1 and by 32.2% in 2013.
The Q2 2014 breakdown across the expenditure components shows that growth was supported by final consumption and gross capital formation, while the increase in exports was nearly matched by the expansion of imports. Household consumption rose 4.6% y/y in Q2, accelerating from a 1.5% y/y growth in Q1 and general government consumption increased 3.5% y/y, speeding from a 2.4% y/y growth in Q1. On the other hand, the y/y growth in gross capital formation decelerated sharply to 1.3% from 13.9%. Exports and imports increased by 12.4% y/y and 8.1% y/y, respectively.
Macedonia’s nominal GDP amounted to MKD 135.7bn (EUR 2.2bn) in Q2 2014.
| GDP, % y/y real | |||||||
| Q1'13 | Q2'13 | Q3'13 | Q4'13 | 2013 | Q1'14 | Q2'14 | |
| GROSS DOMESTIC PRODUCT | -0.5 | 1.3 | 2.9 | 4.5 | 2.2 | 3.5 | 4.3 |
| Final consumption | 4.1 | 3.5 | -0.1 | -0.2 | 1.8 | 1.7 | 4.5 |
| - Household final consumption | 5.7 | 5.8 | 1.1 | 0.2 | 3.2 | 1.5 | 4.6 |
| - General govt final consumption | -2.0 | -6.1 | -5.0 | -1.7 | -3.7 | 2.4 | 3.5 |
| Gross capital formation | -34.0 | -3.6 | -10.7 | 3.9 | -8.9 | 13.9 | 1.3 |
| Export of goods and services | -4.4 | 4.8 | 5.4 | 8.9 | 3.8 | 14.3 | 12.4 |
| Import of goods and services | -5.3 | 5.1 | -4.9 | -0.2 | -1.3 | 10.5 | 8.1 |
| Source: Statistics office |
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