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|
|Gross Domestic Product||3.3||4.7||4.3||2.7||3.8||3.2||2.6|
|- 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|
|Source: Statistics office|
Ukrainian President Petro Poroshenko has nominated Yakiv Smolii, the acting head of National Bank of Ukraine (NBU), as a candidate for the post of governor to replace the outgoing governor ... more
Moody's Investors Service on January 18 raised Mongolia's long-term issuer ratings and senior unsecured ratings from Caa1 to B3 with stable outlooks. The ... more
The assets of the International Bank of Azerbaijan (IBA), the largest lender in the country, contracted by 28.9% y/y to AZN8.7bn ($5.1bn) in 2017, the state-controlled bank reported on January 10. ... ... more