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|
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