North Macedonia's GDP growth rate down 12.7 pct in Q2

Source: Xinhua| 2020-09-08 02:15:47|Editor: huaxia

SKOPJE, Sept. 7 (Xinhua) -- The growth rate of the gross domestic product (GDP) in North Macedonia decreased by 12.7 percent in the second quarter of 2020, the country's Statistical Office (SSO) said in a report on Monday.

In the second quarter of 2020, household final consumption, including non-profit institutions serving households, decreased by 9.9 percent in nominal terms, and its share in the GDP structure was 70.6 percent.

In this period, both export and import of goods and services in North Macedonia decreased respectively by 32 percent and 30.2 percent in nominal terms.

According to the SSO data, in the second quarter of 2020, an increase was registered in the sections of agriculture, forestry and fishing by 4.5 percent, public administration and defense, compulsory social security, education, health and social work activities by 2.2 percent as well as in the sections of information and communication by 0.9 percent.

In the first quarter of 2020, North Macedonia's GDP saw a 0.2 percent increase.

Speaking to reporters on Monday, Prime Minister Zoran Zaev said that the GDP drop comes as a result of the coronavirus crisis, and expressed his belief that the government will manage to keep the country's economy as one of the least affected in the region.

He said a growth in the country's economy is expected by the end of the year, according to the projections made by the authorities. Enditem