Macedonia already reaping NATO benefits: Exports down 37%, GDP down 12.7%

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The growth rate of Macedonia’s Gross Domestic Product (GDP) in the second quarter of 2020 was -12.7%, State Statistical Office data shows.

In this quarter, increase was recorded in: Agriculture, forestry and fishing by 4.5 %; Public administration and defense; Compulsory social security; Education; Human health and social work activities by 2.2 % and Information and communication by 0.9 %.

In the second quarter of 2020, Household final consumption, including Non-profit institutions serving households, decreased by 9.9 % in nominal terms, and its share in the GDP structure was 70.6%.

In the same period, Export of goods and services decreased by 32.0 % in nominal terms, while Import of goods and services decreased by 30.2 %.

Before the start of the coronacrisis, Macedonia’s GDP saw a 0.2% increase in Q1 of 2020.