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|
|Gross Domestic Product||3.3||4.7||4.3||2.7||3.8||3.2|
|- 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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