North Macedonia's Macroeconomic Analysis:
Nominal GDP of USD 14.8 billion in 2023.
Nominal GDP of USD 13.7 billion in 2022.
GDP per capita of USD 6,652 compared to the global average of USD 10,589.
GDP per capita of USD 7,155 compared to the global average of USD 10,589.
Average real GDP growth of 2.2% over the last decade.
Average real GDP growth of 2.1% over the last decade.
Sector Analysis
In 2021, services accounted for 71% of overall GDP, manufacturing 13%, other industrial activity 8%, and agriculture 8%. Looking at GDP by expenditure, private consumption accounted for 66% of GDP in 2021, government consumption 16%, fixed investment 34%, and net exports -16%.International trade
In 2020, manufactured products made up 84% of total merchandise exports, mineral fuels 1%, food 10%, ores and metals 4% and agricultural raw materials 0%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 65% of total merchandise imports, mineral fuels 8%, food 10%, ores and metals 16% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 8 billion in 2022, while total imports were USD 11 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.0% in the decade to 2022. To read more about GDP growth in North Macedonia, go to our dedicated page.
Fiscal policy
North Macedonia's fiscal deficit averaged 3.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 22.2% in the decade to 2022. For more information on North Macedonia's unemployment click here.
Inflation
Inflation averaged 2.5% in the decade to 2022. Go to our North Macedonia inflation page for extra insight.
Monetary Policy
North Macedonia's monetary policy rate ended 2022 at 4.75%, up from 3.25% a decade earlier. See our North Macedonia monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the denar weakened by 18.5% vs the U.S. dollar. For more info on the denar, click here.
Economic situation in North Macedonia
Year-on-year GDP growth picked up in Q2 due to a larger expansion in public consumption and a smaller decline in exports. Shifting to Q3, available data indicates that economic growth accelerated further. Retail sales grew at a quicker pace than in Q2, aided by lower inflation. Additionally, the downturns in both industrial output and goods exports softened in Q3. That said, tourist arrivals lost some steam. Turning to Q4, an improvement in economic sentiment in October heralds a strong start to the quarter. In other news, in late October, the government approved the 2025 budget—the first under the coalition led by the right-wing VMRO-DPMNE party. The document aims to stabilize public finances, lowering to 4.0% of GDP the fiscal deficit from 2024’s projection of 4.9%. Meanwhile, the country recently signed a natural gas supply agreement with Azerbaijan to enhance energy security.North Macedonia Economic Forecasts
Projections out to 2034.50 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 13 expert analysts.
Want to get insight on the economic outlook for North Macedonia in the coming years? FocusEconomics collects projections out to 2034 on 50 economic indicators for North Macedonia from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the North Macedonia economy. To download a sample report on the North Macedonia's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.