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

Macedonian president refuses to meet EU Commissioner Hahn

EU Enlargement Commissioner Johannes Hahn’s attempt to resolve the political deadlock in Macedonia received a setback when President Gjorge Ivanov cancelled his planned meeting with the ... more

Macedonia fails to call local election due to political vacuum

The deadline for announcing local elections in Macedonia, due to take place this spring, expired on March 6 as there is no parliament speaker to call the vote. Macedonia is plunging deeper into ... more

EBRD says 2016 net profit was around €1bn

The European Bank for Reconstruction and Development (EBRD) said it made a net profit of around €1bn in 2016, up by a quarter from the €802mn it made in ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss