Macedonia’s real GDP growth accelerated to 3.8% last year from 2.7% in 2013, statistics office data showed. The real annual GDP growth was 3.3% in Q1, 4.7% in Q2, 4.3% in Q3 and 2.7% in Q4. Nominal GDP was MKD525.8bn (€8.6bn) in 2014.
The breakdown by production approach shows that last year the highest real growth of 11.7% took place in a broad group defined as “arts, entertainment and recreation; other service activities; activities of households as employers; undifferentiated goods- and services-producing activities of households for own use”.
Manufacturing was the second fastest growing sector, expanding by 10%. We should note, though, that real annual growth of manufacturing decelerated to 4.5% in Q4 from 16.6% in Q3.
The breakdown across expenditure components shows that 2014 GDP growth was driven by gross capital formation and household final consumption, while general government final consumption contracted and a strong growth in exports was offset by an expansion of imports.
Gross capital formation rose 13.5% in 2014, but its annual growth slowed down to 1.8% in Q4 from 19.1% in Q3. Last year, household final consumption rose 2.3%, while general government consumption shrank 1.2%. Both exports and imports registered double-digit growth rates, of 17% and 14.5%, respectively.
| GDP, % y/y real | |||||
| Q1'14 | Q2'14 | Q3'14 | Q4'14 | 2014 | |
| Gross Domestic Product | 3.3 | 4.7 | 4.3 | 2.7 | 3.8 |
| Final consumption | -0.4 | 3.1 | 1.0 | 2.7 | 1.6 |
| - Household final consumption | -0.1 | 3.8 | 2.5 | 2.9 | 2.3 |
| - General govt final consumption | -1.7 | 0.0 | -5.2 | 1.9 | -1.2 |
| Gross capital formation | 31.0 | 8.9 | 19.1 | 1.8 | 13.5 |
| Exports of goods and services | 14.2 | 15.9 | 15.2 | 22.4 | 17.0 |
| Imports of goods and services | 14.8 | 11.5 | 14.3 | 17.4 | 14.5 |
| Source: Statistics office |
Related Articles
European Union increases humanitarian aid to Syria to €202mn
The European Union announced on May 27 an increase in humanitarian aid to Syria to more than €202mn for this year, SANA reported. The additional funding will ... more
MBH Bank Tier 2 bond sale oversubscribed 3.5 times
Hungary’s MBH Bank has completed a successful €200mn Tier 2 bond issuance amid strong investor appetite. The ten-year notes, callable after five years, are priced with a 6.875% coupon following ... more
IMF says Azerbaijan’s banking sector stronger but systemic vulnerabilities persist
The International Monetary Fund (IMF) has concluded that Azerbaijan’s financial system has made considerable progress in strengthening resilience since the 2015 oil price shock and 2020 COVID-19 ... more