North Macedonia’s economy expanded 3.8% year-on-year in the third quarter of 2025, the fastest pace since Q4 2024, accelerating from an upwardly revised 3.5% growth in Q2.
The acceleration was mainly driven by a surge in gross fixed capital formation, which accounts for 31.1% of GDP, jumping 30.6% (vs 5.4% in Q2).
Government spending also contributed, rising 5.7% (vs 3.5%).
In contrast, household consumption slowed to 0.9% growth (vs 3.1%).
External trade weighed on the expansion, with exports rising 3.4% (vs 8.5%) while imports climbed 9.9% (vs 8.1%).
On a seasonally adjusted quarterly basis, GDP increased 0.8% in Q3, moderating from a revised 1.1% growth in Q2.