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