FX.co ★ North Macedonia Economy Expands 3.8% in Q4

North Macedonia’s economy grew by 3.8% year-on-year in the final quarter of 2025, matching the pace recorded in the previous three-month period and marking the strongest expansion since Q4 2024. Growth was primarily driven by a rise in final consumption (6.4% vs 5.7% in Q3), which represents 77.9% of GDP. Both household expenditure (2% vs 0.9%) and government spending (6.4% vs 5.7%) accelerated. Net external demand also made a positive contribution, as exports (9.7% vs 3.4%) increased more sharply than imports (3.3% vs 9.9%). In contrast, gross investment fell by 3%, reversing the strong 30.6% increase seen in Q3. On the production side, the largest gains were recorded in the construction sector (14.6% vs 21%) and in professional, scientific and technical activities, as well as administrative and support service activities (8.1% vs 6.1%). On a seasonally adjusted quarterly basis, GDP rose by 0.9% in Q4, unchanged from the previous quarter. For the full year 2025, the economy expanded by 3.5% compared with 2024.