Turkey experienced the highest annual change in house prices in 2025, followed by North Macedonia and Portugal. In the second quarter of the year, the nominal house price in Turkey grew by **** percent, while in North Macedonia and Portugal, the increase was **** and **** percent, respectively. Meanwhile, some countries saw prices fall throughout the year. That has to do with an overall cooling of the global housing market that started in 2022. When accounting for inflation, house price growth was slower, and even more countries saw the market shrink.

North Macedonia Real GVA per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data was reported at 1.150 % in 2020. This records a decrease from the previous number of 3.120 % for 2019. North Macedonia Real GVA per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 2.160 % from Dec 2001 (Median) to 2020, with 20 observations. The data reached an all-time high of 19.670 % in 2010 and a record low of -22.870 % in 2009. North Macedonia Real GVA per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

Global house prices experienced a significant shift in 2022, with advanced economies seeing a notable decline after a prolonged period of growth. The real house price index (adjusted for inflation) for advanced economies peaked at nearly *** index points in early 2022 before falling to around ***** points by the second quarter of 2023. In the second quarter of 2025, the index reached ***** points. This represents a reversal of the upward trend that had characterized the housing market for roughly a decade. Likewise, real house prices in emerging economies declined after reaching a high of ***** points in the third quarter of 2021. What is behind the slowdown? Inflation and slow economic growth have been the primary drivers for the cooling of the housing market. Secondly, the growing gap between incomes and house prices since 2012 has decreased the affordability of homeownership. Last but not least, homebuyers in 2024 faced dramatically higher mortgage interest rates, further contributing to worsening sentiment and declining transactions. Some markets continue to grow While many countries witnessed a deceleration in house price growth in 2022, some markets continued to see substantial increases. Turkey, in particular, stood out with a nominal increase in house prices of over ** percent in the first quarter of 2025. Other countries that recorded a two-digit growth include North Macedonia and Russia. When accounting for inflation, the three countries with the fastest growing residential prices in early 2025 were North Macedonia, Portugal, and Bulgaria.

In the second quarter of 2025, North Macedonia, Portugal, and Bulgaria registered the highest house price increase in real terms (adjusted for inflation). In North Macedonia, house prices outgrew inflation by nearly ** percent. When comparing the nominal price change, which does not take inflation into consideration, the average house price growth was even higher.

Meanwhile, many countries experienced declining prices, with Hong Kong recording the biggest decline, at ***** percent. That has to do with a broader trend of a slowing global housing market.

North Macedonia Real GVA per Person Employed: Index: Business Sector Services excluding Real Estate data was reported at 113.820 2015=100 in 2020. This records an increase from the previous number of 112.530 2015=100 for 2019. North Macedonia Real GVA per Person Employed: Index: Business Sector Services excluding Real Estate data is updated yearly, averaging 99.390 2015=100 from Dec 2000 (Median) to 2020, with 21 observations. The data reached an all-time high of 114.940 2015=100 in 2008 and a record low of 77.760 2015=100 in 2001. North Macedonia Real GVA per Person Employed: Index: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

North Macedonia Real GVA: Index: Non Agriculture Business Sector excluding Real Estate data was reported at 113.740 2015=100 in 2022. This records an increase from the previous number of 111.040 2015=100 for 2021. North Macedonia Real GVA: Index: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 82.290 2015=100 from Dec 2000 (Median) to 2022, with 23 observations. The data reached an all-time high of 115.310 2015=100 in 2019 and a record low of 45.880 2015=100 in 2001. North Macedonia Real GVA: Index: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Non OECD Member: Annual.

North Macedonia Real GVA: Annual Growth: Non Agriculture Business Sector excluding Real Estate data was reported at 2.440 % in 2022. This records a decrease from the previous number of 3.500 % for 2021. North Macedonia Real GVA: Annual Growth: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 4.350 % from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 12.040 % in 2010 and a record low of -6.960 % in 2020. North Macedonia Real GVA: Annual Growth: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Non OECD Member: Annual.

Revenue is forecast to contract at a compound annual rate of 2% over the five years through 2025 to €44.7 billion. This is mostly the result of COVID-19 restrictions dampening downstream demand in 2020. While 2021 saw some recovery, poor economic conditions since 2022 have stifled any significant recovery, continuing to weigh on the industry’s revenue performance. In 2025, revenue is slated to dip by 1.1% owing to the cooling housing market, despite significant investment in civil engineering projects across Europe. Despite public funding and support for new residential properties, a weaker housing market has limited stone and aggregates demand from property developers. This is primarily the result of persistently high interest rates, inhibiting borrowing and investing. Another key factor is the decline in cement and concrete manufacturing (two key downstream markets) in Europe since 2021, according to CEMBUREAU, owing to construction companies moving towards lower embedded CO2 construction materials. Still, revenue has been propped up by growing demand from non-construction markets, like glass manufacturers, fertiliser manufacturers and other industrial and building-environment solutions applications (like sand and gravel being used to prevent coastline erosion) Over the five years through 2030, revenue is forecast to grow at a compound annual rate of 2.5%, to €50.7 billion. Economic conditions are likely to remain fairly weak in the short to medium term as inflation remains above the universal 2% target. The elevated rate of inflation will ensure central banks delay any reductions in the base rate, keeping the cost of borrowing high for would-be home buyers. Weaker demand for houses will contribute to weak price performance and disincentivise developers from increasing production, weighing on activity levels in the construction sector. However, pockets of opportunity will remain in alternative uses of stone, clay, gravel and sand.

North Macedonia Real GVA: Annual Growth: Business Sector Services excluding Real Estate data was reported at 6.550 % in 2022. This records a decrease from the previous number of 6.610 % for 2021. North Macedonia Real GVA: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 6.535 % from Dec 2001 (Median) to 2022, with 22 observations. The data reached an all-time high of 20.720 % in 2007 and a record low of -9.760 % in 2009. North Macedonia Real GVA: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Non OECD Member: Annual.

North Macedonia Real GVA per Person Employed: Annual Growth: Non Agriculture Business Sector excluding Real Estate data was reported at 1.510 % in 2020. This records a decrease from the previous number of 2.320 % for 2019. North Macedonia Real GVA per Person Employed: Annual Growth: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 2.355 % from Dec 2001 (Median) to 2020, with 20 observations. The data reached an all-time high of 14.470 % in 2010 and a record low of -8.270 % in 2009. North Macedonia Real GVA per Person Employed: Annual Growth: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Gross Value Added: Per Person Employed: Non OECD Member: Annual.

North Macedonia Total Employment: Annual Growth: Business Sector Services excluding Real Estate data was reported at -8.700 % in 2020. This records a decrease from the previous number of 3.050 % for 2019. North Macedonia Total Employment: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 3.020 % from Dec 2001 (Median) to 2020, with 20 observations. The data reached an all-time high of 17.000 % in 2009 and a record low of -8.700 % in 2020. North Macedonia Total Employment: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Employment: by Industry: Non OECD Member: Annual.

North Macedonia Unit Labour Costs: Employment Based: Index: Non Agriculture Business Sector excluding Real Estate data was reported at 116.570 2015=100 in 2018. This records an increase from the previous number of 112.320 2015=100 for 2017. North Macedonia Unit Labour Costs: Employment Based: Index: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 107.250 2015=100 from Dec 2000 (Median) to 2018, with 19 observations. The data reached an all-time high of 123.830 2015=100 in 2000 and a record low of 97.830 2015=100 in 2013. North Macedonia Unit Labour Costs: Employment Based: Index: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Unit Labour Costs: by Industry: Non OECD Member: Annual.

North Macedonia Unit Labour Costs: Employment Based: Index: Business Sector Services excluding Real Estate data was reported at 107.810 2015=100 in 2018. This records an increase from the previous number of 104.990 2015=100 for 2017. North Macedonia Unit Labour Costs: Employment Based: Index: Business Sector Services excluding Real Estate data is updated yearly, averaging 101.040 2015=100 from Dec 2000 (Median) to 2018, with 19 observations. The data reached an all-time high of 111.210 2015=100 in 2001 and a record low of 76.340 2015=100 in 2007. North Macedonia Unit Labour Costs: Employment Based: Index: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Unit Labour Costs: by Industry: Non OECD Member: Annual.

North Macedonia Unit Labour Costs: Employment Based: Annual Growth: Business Sector Services excluding Real Estate data was reported at 2.680 % in 2018. This records an increase from the previous number of 2.470 % for 2017. North Macedonia Unit Labour Costs: Employment Based: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 1.410 % from Dec 2001 (Median) to 2018, with 18 observations. The data reached an all-time high of 30.500 % in 2009 and a record low of -22.960 % in 2007. North Macedonia Unit Labour Costs: Employment Based: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Unit Labour Costs: by Industry: Non OECD Member: Annual.

North Macedonia Labour Compensation per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data was reported at 5.480 % in 2018. This records an increase from the previous number of 3.760 % for 2017. North Macedonia Labour Compensation per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data is updated yearly, averaging 2.255 % from Dec 2001 (Median) to 2018, with 18 observations. The data reached an all-time high of 16.640 % in 2006 and a record low of -15.160 % in 2007. North Macedonia Labour Compensation per Person Employed: Annual Growth: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Labour Compensation: by Industry: Non OECD Member: Annual.

North Macedonia Labour Compensation per Person Employed: Index: Business Sector Services excluding Real Estate data was reported at 117.660 2015=100 in 2018. This records an increase from the previous number of 111.550 2015=100 for 2017. North Macedonia Labour Compensation per Person Employed: Index: Business Sector Services excluding Real Estate data is updated yearly, averaging 95.480 2015=100 from Dec 2000 (Median) to 2018, with 19 observations. The data reached an all-time high of 117.660 2015=100 in 2018 and a record low of 84.410 2015=100 in 2000. North Macedonia Labour Compensation per Person Employed: Index: Business Sector Services excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Labour Compensation: by Industry: Non OECD Member: Annual.

North Macedonia Total Employment: Index: Non Agriculture Business Sector excluding Real Estate data was reported at 103.000 2015=100 in 2020. This records a decrease from the previous number of 112.380 2015=100 for 2019. North Macedonia Total Employment: Index: Non Agriculture Business Sector excluding Real Estate data is updated yearly, averaging 88.050 2015=100 from Dec 2000 (Median) to 2020, with 21 observations. The data reached an all-time high of 112.380 2015=100 in 2019 and a record low of 71.760 2015=100 in 2003. North Macedonia Total Employment: Index: Non Agriculture Business Sector excluding Real Estate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s North Macedonia – Table MK.OECD.PDB: Employment: by Industry: Non OECD Member: Annual.