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          
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