3rd September 2026, Skopje – According to the latest GDP data released by the State Statistical Office, the Macedonian economy grew by 4.3% in real terms in the second quarter of 2026, accelerating from 3.1% in the first quarter, Minister of Finance, Gordana Dimitrieska-Kochoska, said, highlighting that the result ranks among the highest quarterly growth rates achieved over the past two and a half years.
“If we look at the broader trajectory, growth has risen from 1.6% in the first quarter of 2024 to 4.3% today. More importantly, the economy has maintained an upward trajectory over the past ten consecutive quarters. Throughout most of this period, growth has remained at around or above 3%. This is the key takeaway from these data. “This is not growth limited to a single quarter, but evidence of sustained economic growth,” Minister Dimitrieska-Kochoska emphasized.
She indicated that the positive trend becomes also evident when comparing H1 and H2 of 2024. Economic growth stood at 2.3% in the first half of 2024, accelerating to 3.6% in the second half. In 2025, the economy recorded real growth of 3.5%, with the positive momentum continuing into 2026.
According to the Minister, it is particularly significant that growth in the second quarter was broad-based and supported by multiple segments of the economy. Gross investments recorded strong real growth of 16.5%, while export of goods and services increased by 10.4%, accelerating from 6.2% in the first quarter.
Positive developments were also recorded on the production side of the economy. Construction recorded 21.9% growth, Manufacturing grew by 4.1%, Trade, transport and accommodation and food services by 4.1%, while Information and communication sector by 4.3%. Final consumption increased by 2.8%, with household consumption recording growth of 3.3%.
“The 4.3% real growth, or 8.3% in nominal terms, was achieved under a different set of circumstances, amid moderate growth of the European economy, global uncertainties and geopolitical risks. This is particularly significant for a small and open economy such as ours, with strong links to the European market. The Macedonian economy continues to accelerate despite the challenging external environment,” Dimitrieska-Kochoska said.
The Minister highlighted that the Macedonian economy’s growth rate was significantly above the EU average of 1.2% and the eurozone average of 1.0%, as well as above the growth rates recorded in several countries across the region.
She highlighted that, according to the available data for the second quarter of 2026, Macedonia’s 4.3% economic growth rate ranked among the highest growth rates recorded across Europe, with higher growth rates recorded in Slovenia at 5%, Denmark at 4.7%, and Malta at 4.5%.
“Moreover, Macedonian economy’s growth is significantly above the EU average of 1.2% and the eurozone average of 1%. Our growth rate is among the highest in the region, exceeding that of Serbia at 3.8%, Bulgaria at 2.5%, and Croatia at 1.7%. This result becomes even more significant when viewed in the broader economic context, taking into account that the 4.3% growth was achieved amid moderate growth of the European economy and a challenging international environment,” the Minister said.
As pointed out, the continuation of the positive trend was also confirmed by the high-frequency indicators. Industrial production grew by an average of around 4% in the second quarter, while civil engineering grew by an average of 53.5%. The upward trend continued into July, when Industrial production increased by 1.3% on annual level, while Manufacturing by 3.4%.
Alongside the acceleration of economic activity, inflation also slowed significantly. The annual inflation rate fell from 4.8% in May to 3.4% in June and 2.3% in July, declining by 2.5 percentage points in just two months.
Dimitrieska-Kochoska highlighted that the Government and the Ministry of Finance remain committed to policies aimed at fostering higher and sustainable economic growth, implementing capital projects, supporting the private sector and investments, improving the business environment, and responsible public finance management.
The ultimate objective, as highlighted by the Minister, is for positive economic results to translate into a higher standard of living for citizens, greater opportunities for businesses, new investments, and a stronger, more competitive Macedonian economy.
