City in North Macedonia

North Macedonia Economic Data & Projections

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.

Share of the region's population
Share of the region's GDP

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%.

GDP by economic sector
GDP by type of expenditure

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.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The 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.

North Macedonia Economic Indicators

2019 2020 2021 2022 2023
Population (million) 1.9 1.9 1.8 1.8 1.8
GDP (USD bn) 12.6 12.4 14.0 13.7 15.8
GDP per capita (USD) 6,729 6,671 7,620 7,480 8,605
GDP (EUR bn) 11.3 10.9 11.8 13.0 14.6
GDP per capita (EUR) 6,012 5,851 6,445 7,115 7,958
GDP (MKD bn) 693 669 729 803 898
Economic Growth (Nominal GDP, ann. var. %) 4.8 -3.4 9.0 10.1 11.8
Economic Growth (GDP, ann. var. %) 3.9 -4.7 4.5 2.8 2.1
Domestic Demand (ann. var. %) 5.2 -5.5 6.1 6.0 -2.1
Private Consumption (ann. var. %) 3.7 -3.6 8.6 5.5 1.2
Government Consumption (ann. var. %) 2.5 9.8 0.9 -4.3 -1.8
Total Investment (ann. var. %) 9.5 -15.1 2.9 12.0 -9.9
Exports (G&S, ann. var. %) 8.9 -10.9 14.3 10.6 -0.6
Imports (G&S, ann. var. %) 10.1 -10.9 14.8 13.6 -5.8
Industrial Production (ann. var. %) 3.7 -9.6 1.5 -0.2 0.6
Unemployment (% of active population, aop) 17.2 16.2 15.4 14.4 13.1
Fiscal Balance (% of GDP) -2.0 -8.0 -5.3 -4.4 -4.6
Public Debt (% of GDP) 40.5 50.8 51.4 49.7 49.8
Money (ann. var. of M2 %) 9.9 11.2 10.3 6.4 6.1
Inflation (CPI, ann. var. %, aop) 0.8 1.2 3.2 14.1 9.6
Central Bank Bills Interest Rate (%, eop) 2.25 1.50 1.25 4.75 6.30
Exchange Rate (MKD per USD, eop) 54.88 50.29 54.46 57.71 55.74
Exchange Rate (MKD per USD, aop) 54.87 54.05 52.11 58.61 56.95
Exchange Rate (MKD per EUR, eop) 61.59 61.54 61.94 61.58 61.57
Exchange Rate (MKD per EUR, aop) 61.41 61.63 61.61 61.62 61.57
Current Account Balance (EUR bn) -0.3 -0.3 -0.3 -0.8 0.1
Current Account Balance (% of GDP) -3.0 -2.9 -2.8 -6.1 0.4
Merchandise Trade Balance (EUR bn) -1.9 -1.8 -2.3 -3.5 -2.6
Merchandise Exports (EUR bn) 5.3 4.8 6.0 7.3 7.2
Merchandise Imports (EUR bn) 7.3 6.6 8.4 10.8 9.9
Merchandise Exports (ann. var. %) 9.5 -9.9 25.3 21.2 -1.1
Merchandise Imports (ann. var. %) 10.2 -9.2 26.5 28.9 -8.6
Foreign Direct Investment (EUR bn) 0.4 0.2 0.5 0.7 0.6
International Reserves (EUR bn) 3.3 3.4 3.6 3.9 4.5
International Reserves (months of imports) 5.4 6.1 5.2 4.3 5.5
External Debt (EUR bn) 8.1 8.6 9.5 10.8 11.3
External Debt (% of GDP) 72.2 78.8 80.5 82.7 77.8
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