Macedonia GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

0.9

Units In

2.1

Frequency

Quarterly

Next Release

Jun 03, 2025

Time to Release

2 Months 28 Days 12 Hours

Highest	Lowest	Average	Date Range	Source
13.4 Jun 2021	-14.9 Jun 2020	2.42 %	2001-2023	State Statistical Office of the Republic of Macedonia

On the expenditure side, household consumption is the main component of GDP and accounts for 70 percent of its total use, followed by gross fixed capital formation (31 percent) and government expenditure (17 percent). Exports of goods and services account for 48 percent while imports account for 65 percent, subtracting 17 percent of total GDP.

Latest Updates

North Macedonia’s economy advanced by 3.2% year-on-year in the fourth quarter of 2024, up from a 3% expansion in the previous three-month period. This marked the highest growth since Q2 2022, mainly driven by a higher increase in gross capital formation (1.7% vs 0.6% in Q3). Additionally, government spending (6.8% vs 13.3%) and consumer spending (0.2% vs 1.9%) continued to rise. Meanwhile, net trade contributed negatively to the GDP, as exports declined by 6%, whilst imports rose by 1.5%. On a seasonally adjusted quarterly basis, the GDP grew by 0.8% in Q4, following an upwardly revised 0.7% gain in the preceding quarter.