Key facts
- North Macedonia's GDP grew 3.1% year-on-year in Q1.
- Industrial performance and export activity weakened during the quarter.
- Household consumption remained a key driver of economic activity.
- The central bank lowered its 2026 GDP growth forecast by 0.5 percentage points to 3.5%.
North Macedonia's Gross Domestic Product (GDP) expanded by 3.1% year-on-year in the first quarter, a slowdown attributed to weaker industrial performance and a deceleration in export activity. Despite these headwinds, improving household consumption continued to bolster economic activity throughout the period. In light of current economic conditions, the central bank recently revised its GDP growth forecast for 2026 downwards by 0.5 percentage points to 3.5%.