Macedonia’s economy recorded real growth of 4.3% in the second quarter of 2026, accelerating from the 3.1% growth registered in the first quarter. Finance Minister Gordana Dimitrieska-Koçoska said at today’s press conference, where she presented the latest GDP data from the State Statistical Office, that this was one of the highest quarterly growth rates recorded in the past two and a half years.
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According to her, the data show that this is not an isolated result, but part of an ongoing process. From growth of 1.6% in the first quarter of 2024, the economy has reached 4.3%, while maintaining positive growth rates for ten consecutive quarters. For most of this period, growth was around or above 3%, Dimitrieska-Koçoska noted.
The minister pointed out that the improvement in economic activity is also confirmed by a comparison of the two halves of 2024. Growth accelerated from 2.3% in the first six months to 3.6% in the second half of the year. During 2025, the economy recorded real growth of 3.5%, and the positive trend continued into 2026.
According to her, second-quarter growth was supported by a broad base of economic activity. Gross investment rose by 16.5% in real terms, while exports of goods and services expanded by 10.4%, following growth of 6.2% in the first quarter.
Improvement was also recorded in the productive sectors. Construction grew by 21.9%, manufacturing by 4.1%, trade, transport and hospitality by 4.1%, and the information and communications sector by 4.3%. At the same time, final consumption rose by 2.8%, while household consumption increased by 3.3%.
“Growth of 4.3% in real terms, or 8.3% in nominal terms, was achieved in a significantly more complex economic environment, characterized by moderate growth in the European economy, continued global uncertainty and pronounced geopolitical risks,” Dimitrieska-Koçoska said. She added that this result is particularly significant for a small and open economy such as Macedonia’s, which is closely linked to the European market.
With a growth rate of 4.3% in the second quarter of 2026, Macedonia ranks among the fastest-growing European economies. According to the available data, higher growth was recorded by Slovenia at 5%, Denmark at 4.7% and Malta at 4.5%.
The minister emphasized that Macedonia’s result is significantly above the European Union average of 1.2%, as well as the eurozone average of 1.0%. In the region, the country’s growth rate is higher than Serbia’s 3.8%, Bulgaria’s 2.5% and Croatia’s 1.7%.
The continuation of positive developments is also evident in high-frequency indicators. Industrial production grew by an average of around 4% in the second quarter, while civil engineering works recorded average growth of 53.5%. In July, industrial production rose by 1.3% year-on-year, while manufacturing registered growth of 3.4%.
Alongside the acceleration in economic activity, inflation declined significantly. The annual rate, which stood at 4.8% in May, fell to 3.4% in June and 2.3% in July. This represents a decrease of 2.5 percentage points in just two months.
Dimitrieska-Koçoska said that the Government and the Ministry of Finance would continue pursuing policies aimed at creating conditions for higher and sustainable growth, implementing capital projects, supporting the private sector and investment, improving the business climate and responsibly managing public finances.
According to the minister, the goal is for the economy’s positive results to translate into a higher standard of living for citizens, more opportunities for companies, new investment and a stronger, more competitive Macedonian economy.
