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N. Macedonia's GDP declines 4.5% in 2020 - prelim data

N. Macedonia's GDP declines 4.5% in 2020 - prelim data Qatar Airways/All rights reserved.

SKOPJE (North Macedonia), March 2 (SeeNews) – North Macedonia's economic output shrank by an estimated 4.5% year-on-year in real terms in 2020, the country's statistical office said on Tuesday, citing preliminary data.

Gross domestic product (GDP) totalled 664 billion denars ($13 billion/11 billion euro) at current prices in 2020, Makstat said in a statement.

Exports of goods and services fell by 10.9% in nominal terms in the year under review, while imports declined by 10.5%.

Household final consumption decreased by an estimated 5.6% last year.

In the last quarter of 2020 alone, North Macedonia's GDP declined by an estimated 0.7% year-on-year.

In 2019, North Macedonia recorded 3.6% economic growth.

The World Bank said in January it expects North Macedonia's economy to expand by 3.6% in 2021.

(1 euro = 61.62 denars)

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