N. Macedonia Q2 GDP records highest growth ever
North Macedonia's gross domestic product (GDP) jumped 13.1% year-on-year in the second quarter of 2021, ending a five-quarter period of contraction, data from the Skopje-based State Statistical Office (Makstat) showed on Monday.
It was the highest growth rate ever, amid a low base effect from last year due to the coronavirus lockdown and as the economy consolidated its recovery. Household consumption rose 12.9% (vs 0.4% in Q1) and public spending advanced 2.9% (vs -2.2% in Q1).
In addition, gross capital formation increased 38.4% (vs -16.6% in Q1) while net external demand contributed negatively to the GDP, as exports rose less than imports.
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