North Macedonia's economy in numbers:
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.
Economic structure:
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.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.
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.