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            
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

EIF signs guarantee agreements with 11 banks in Western Balkans, unlocking €750mn for small businesses

The European Investment Fund (EIF), part of the EIB Group, said on April 15 that it has signed guarantee agreements with 11 banks and financial intermediaries in the Western Balkans. These ... more

EIB surpasses investment milestone in the Western Balkans by investing €1.2bn in 2023

EIB Global, the financial arm of the European Investment Bank (EIB) for activities beyond the EU, set a new record by investing €1.2bn in the Western Balkans in 2023, the EIB said on February 9. ... ... more

bne IntelliNews Southeast Europe Outlook 2024

This Southeast Europe Outlook 2024 has been prepared by bne IntelliNews as part of a series of annual reviews providing updates on the geopolitical, macroeconomic and commercial state of ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    6 days ago
  2. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    7 days ago
  3. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  4. Russia’s war economy boosted by rising oil prices
    8 days ago
  5. Russia’s $13.4bn current account surplus in March second highest since 2007
    7 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    25 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    29 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    27 days ago
  5. UBN: Russia could take the Baltic states in 48 hours
    1 month ago

Reports

Dismiss