North Macedonia’s economy grew by 3.0% year-on-year in the first quarter of 2025, easing slightly from a 3.2% expansion in the previous quarter.
The moderation in GDP growth was mainly due to weaker increases in government spending (1.1% vs 6.8% in Q4 2024) and gross capital formation (18.0% vs 21.5%).
In contrast, the slowdown was partially offset by stronger growth in household consumption (2.1% vs 0.2%), which accounts for 69.0% of GDP. On the external side, exports rebounded (1.2% vs -6.0%), while imports grew at a faster pace (5.8% vs 1.5%).
On a seasonally adjusted quarterly basis, GDP grew by 0.6% in Q1, easing from a 0.8% expansion in the previous quarter.