Macedonia’s GDP growth speeds to 3.2% y/y in Q1

By bne IntelliNews June 12, 2015

Macedonia’s real GDP growth quickened to 3.2% y/y in Q1 from 2.7% y/y in Q4 2014, thanks to a recovery in investments, statistics office data showed. We remind that the country’s economy expanded by 3.8% in 2014.

Nominal GDP was MKD126.6bn (€2.05bn) in the first quarter of 2015.

Final consumption grew 1.9% y/y in Q1, slowing from a 2.7% y/y expansion in Q4. Both components of final consumption decelerated y/y – household consumption to 2.2% from 2.9%, and government consumption to 0.9% from 1.9%. On the other hand, growth in gross capital formation speeded up to 2.4% from 1.8%.

Growth in both exports and imports decelerated sharply in Q1. Exports rose 8%, significantly outpacing imports, which climbed 4.3%, versus 22.4% and 17.4%, respectively in Q4.

The Q1 breakdown by production approach shows that the highest increase of 9.9% y/y took place in a group defined as “professional, scientific and technical activities; administrative and support service activities”. Notably, manufacturing turned to a 1.8% y/y contraction in Q1, reversing a 4.5% y/y rise in Q4.

GDP, % y/y real            
  Q1'14 Q2'14 Q3'14 Q4'14 2014 Q1'15
Gross Domestic Product 3.3 4.7 4.3 2.7 3.8 3.2
Final consumption  -0.4 3.1 1.0 2.7 1.6 1.9
- Household final consumption -0.1 3.8 2.5 2.9 2.3 2.2
- General govt final consumption  -1.7 0.0 -5.2 1.9 -1.2 0.9
Gross capital formation 31.0 8.9 19.1 1.8 13.5 2.4
Exports of goods and services  14.2 15.9 15.2 22.4 17.0 8.0
Imports of goods and services  14.8 11.5 14.3 17.4 14.5 4.3
Source: Statistics office            

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