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

Ukraine's central bank cuts key policy rate to 12.5%

The National Bank of Ukraine (NBU) will cut its key policy rate by 0.5 percentage points to 12.5% per annum from May 26. The move is consistent with the pursuit of inflation ... more

World Bank forecasts a 0.4% y/y decline in Belarus's GDP for 2017

The Belarusian economy will decline by 0.4% year-on-year in 2017, followed by a modest growth of 0.7% in 2018 and 1.2% in 2019, the World Bank forecasts in its Belarus Economic Update published on ... more

EIB and Belarus sign Framework Cooperation Agreement

The European Investment Bank (EIB) and Belarus inked the Framework Agreement on Cooperation on May 15, which paves the way for the lender to invest up to €200mn in Belarusian projects, the Foreign ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Dismiss