North Macedonia’s economy grew by a real 0.6% y/y in the fourth quarter of 2022, slowing from a 2% increase in the previous quarter (chart), estimated data from the statistics office showed on March 2.
The central bank said earlier that it was expected unfavourable trends in industry and construction works to continue in the fourth quarter of last year.
For the whole of 2022, the GDP growth was 2.1%, following a 4% growth in 2021.
GDP totalled MKD231.7bn (€3.7bn) in current prices in the fourth quarter of the year, up from MKD198bn a year earlier, the statistics office said.
The biggest annual increase in 4Q22 was registered in the wholesale and retail sector (8.3%). The sector of arts, entertainment and recreation and other service activities grew by 1.5% y/y, the real estate sector expanded by 1.3% and the sector of professional, scientific and technical activities was up 0.5%.
All other sectors declined in the last quarter of 2022, with the construction sector seeing the biggest drop of 8.1% y/y, followed by manufacturing (-3.2%), IT (-2%) and mining and quarrying (-1.1%).