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GDP up 0.2% in Q1: statistics

The growth rate of the Gross Domestic Product (GDP) in the first quarter of 2020 was 0.2%, State Statistical Office data shows. 

Skopje, 8 June 2020 (MIA) – The growth rate of the Gross Domestic Product (GDP) in the first quarter of 2020 was 0.2%, State Statistical Office data shows.

In this quarter, the biggest increase was recorded in sections: J – Information and communication by 10.4%; L – Real estate activities by 6.5% and R, S and T – Arts, entertainment and recreation; Other service activities; Activities of households as employers; undifferentiated goods- and services-producing activities of households for own use by 5.2%.

In Q1 of 2020, Household final consumption, including Non-profit institutions serving households, increased by 2.7% in nominal terms, and its share in the GDP structure was 63.2%.

In the same period, Export of goods and services decreased by 7.1% in nominal terms, while Import of goods and services decreased by 4.6%.

Due to the coronacrisis, the government has projected a 3.4% decrease in economic activity in 2020. Estimates prior to the crisis projected an economic growth of 3.8%.

The Finance Ministry has said that the economy will suffer the worst effects of the crisis in Q2, while economic growth and recovery are expected in Q4.

The GDP growth rate at the end of 2019 was 3.6%.

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