Macedonia Country Dashboard – 2017 -Q1 update
The economy was flat in the first quarter of 2017 with a decrease of -0.04 percent in real GDP compared to the same quarter last year (year-ending). As a result, the year-on-year average for real GDP fell from 2.4 percent last quarter to 1.8 percent this quarter (graph 1).
In production terms (at constant prices), there were notable year-ending decreases in construction (‑6.3 percent); public administration, defence, health, and education (-3.9 percent); and, arts, recreation, and household production (-9.9 percent). In expenditure terms (at constant prices), household final consumption increased by 2.7 percent year-ending, while Government spending grew modestly. Net exports decreased by 16.4 percent.
Despite the decrease in GDP, unemployment continued to decrease this quarter and through the year. Further, the percentage of people working or looking for work increased (to a participation rate of 56.7 percent).
New 2014 and 2015 unemployment data from the World Bank Development Indicators shows that while Macedonia’s unemployment rate continues to fall, the unemployment rate of its peers is also falling. Thus, Macedonia continues to lag most of its Country Dashboard peers in terms of unemployment (table 1).
Table 2: Macedonia Country Dashboard: Growth Enablers