Macedonia’s GDP growth speeds to 3.8% in 2014

By bne IntelliNews March 13, 2015

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

Poroshenko officially nominates Smolii for post of Ukraine central bank governor

Ukrainian President Petro Poroshenko has nominated Yakiv Smolii, the acting head of National Bank of Ukraine (NBU), as a candidate for the post of governor to replace the outgoing governor ... more

Moody’s raises Mongolia’s long-term issuer and senior unsecured ratings to ‘B3’ with stable outlooks

Moody's Investors Service on January 18 raised Mongolia's long-term issuer ratings and senior unsecured ratings from Caa1 to B3 with stable outlooks. The ... more

Azerbaijan's IBA sees assets fall 29% y/y in 2017 after debt restructuring

The assets of the International Bank of Azerbaijan (IBA), the largest lender in the country, contracted by 28.9% y/y to AZN8.7bn ($5.1bn) in 2017, the state-controlled bank reported on January 10. ... ... more

Dismiss