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)