Macedonia Economy Shrinks 12.7% In Q2

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Macedonia’s economy shrank sharply in the second quarter as domestic demand declined amid the coronavirus, or Covid-19, pandemic, preliminary data from the State Statistical Office showed on Monday.

Gross domestic product decreased 12.7 percent year-on-year following a 0.2 percent increase in the first quarter. In the second quarter of 2019, the economy expanded 3.4 percent.

Investments slumped 25.6 percent and household consumption decreased 11.6 percent.

Exports dropped 31.3 percent and imports declined 29.6 percent.

Separately, the statistical office reported that the consumer price inflation accelerated to 1.5 percent in August from 1.3 percent in July. Prices rose 0.5 percent from July, when they decreased 0.2 percent.


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