Macedonia’s real GDP growth slowed to 2.6% y/y in the second quarter from 3.2% y/y the quarter before, statistics office data showed. The country’s economy expanded by 3.8% in 2014.
The production approach breakdown shows that in Q2 the highest y/y increase of 13.8% was registered in the finance and insurance sector (+6.2% y/y in Q1). Manufacturing went up 2.3% y/y in Q2, reversing a 1.8% y/y decline in Q1. Construction climbed 6.2% y/y, accelerating from a 3.1% y/y rise in Q1. The annual contraction in agriculture deepened to 2.1% from 0.4%.
The breakdown across expenditure components shows that the deceleration of GDP growth was driven by gross capital formation, which contracted 7.6% y/y in Q2 after rising 1.3% y/y in Q1. On the other hand, final consumption grew 2.7%, speeding from a 1.9% y/y rise in Q1, driven by increased government spending.
We estimate that net exports had a positive contribution to real GDP growth in Q2. Exports growth decelerated to 7.4% y/y from 9.4% y/y in Q1 and imports growth slowed to 1.6% from 4.7%.
In nominal terms, Q2 GDP amounted to MKD139.9bn (€2.3bn).
| GDP, % y/y real | |||||||
| Q1'14 | Q2'14 | Q3'14 | Q4'14 | 2014 | Q1'15 | Q2'15 | |
| Gross Domestic Product | 3.3 | 4.7 | 4.3 | 2.7 | 3.8 | 3.2 | 2.6 |
| Final consumption | -0.4 | 3.1 | 1.0 | 2.7 | 1.6 | 1.9 | 2.7 |
| - Households | -0.1 | 3.8 | 2.5 | 2.9 | 2.3 | 2.2 | 2.0 |
| - General government | -1.7 | 0.0 | -5.2 | 1.9 | -1.2 | 0.9 | 5.8 |
| Gross capital formation | 31.0 | 8.9 | 19.1 | 1.8 | 13.5 | 1.3 | -7.6 |
| Exports | 14.2 | 15.9 | 15.2 | 22.4 | 17.0 | 9.4 | 7.4 |
| Imports | 14.8 | 11.5 | 14.3 | 17.4 | 14.5 | 4.7 | 1.6 |
| Source: Statistics office |
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