Macedonia’s GDP growth quickens to 4.3% y/y in Q2 2014

By bne IntelliNews September 15, 2014

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              

Related Articles

Seven policemen injured in violent protests in Skopje against name change

Seven policemen were injured and 25 demonstrators were arrested late on June 17 during a violent protest in Skopje against the change of the country’s name, police said. The protest erupted after ... more

Bulgaria's PM, foreign minister snub Macedonian president over opposition to name deal

Bulgaria’s Prime Minister Boyko Borissov and Foreign Affairs Minister Ekaterina Zaharieva declined to meet Macedonia’s President Gjorge ... more

Protests held in 25 Greek cities over Macedonia name dispute

Protests were held in 25 cities across Greece on June 6 against the use of the name Macedonia by Greece's northern neighbour, as the governments in Skopje and Athens announced they are ... more

Dismiss