Macedonia’s GDP growth slows to 2.6% y/y in Q2

By bne IntelliNews September 15, 2015

Macedonia’s real GDP growth slowed to 2.6% y/y in the second quarter from 3.2% y/y the quarter before, statistics office data showed. The country’s economy expanded by 3.8% in 2014.

The production approach breakdown shows that in Q2 the highest y/y increase of 13.8% was registered in the finance and insurance sector (+6.2% y/y in Q1). Manufacturing went up 2.3% y/y in Q2, reversing a 1.8% y/y decline in Q1. Construction climbed 6.2% y/y, accelerating from a 3.1% y/y rise in Q1. The annual contraction in agriculture deepened to 2.1% from 0.4%.

The breakdown across expenditure components shows that the deceleration of GDP growth was driven by gross capital formation, which contracted 7.6% y/y in Q2 after rising 1.3% y/y in Q1. On the other hand, final consumption grew 2.7%, speeding from a 1.9% y/y rise in Q1, driven by increased government spending.

We estimate that net exports had a positive contribution to real GDP growth in Q2. Exports growth decelerated to 7.4% y/y from 9.4% y/y in Q1 and imports growth slowed to 1.6% from 4.7%.

In nominal terms, Q2 GDP amounted to MKD139.9bn (€2.3bn).

GDP, % y/y real              
  Q1'14 Q2'14 Q3'14 Q4'14 2014 Q1'15 Q2'15
Gross Domestic Product 3.3 4.7 4.3 2.7 3.8 3.2 2.6
Final consumption  -0.4 3.1 1.0 2.7 1.6 1.9 2.7
- Households -0.1 3.8 2.5 2.9 2.3 2.2 2.0
- General government -1.7 0.0 -5.2 1.9 -1.2 0.9 5.8
Gross capital formation 31.0 8.9 19.1 1.8 13.5 1.3 -7.6
Exports 14.2 15.9 15.2 22.4 17.0 9.4 7.4
Imports 14.8 11.5 14.3 17.4 14.5 4.7 1.6
Source: Statistics office              

Related Articles

Ukraine central bank slams PwC over PrivatBank audit

The National Bank of Ukraine (NBU) has accused PricewaterhouseCoopers, PrivatBank's auditing firm, of providing an inadequate evaluation of collateral under loans provided by the çountry's ... more

Macedonia to issue Eurobond in 2017 if conditions are "extremely favorable"

Macedonia sees no need to issue a new Eurobond issue in 2017, but this may happen if the circumstances on the international money market are extremely favorable, bne IntelliNews has learned from ... more

Speculation over a second downgrade grows as S&P drops outlook on Polish economy

Speculation that Poland could suffer a second downgrade of its sovereign rating at the end of the week intensified on January 10, as Standard & Poor’s lowered its estimates on economic growth. ... ... 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