Macedonia del Norte Economic Data & Projections

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.

Annual economic growth accelerated in Q2 from Q1 on the back of a bigger expansion in government spending and a smaller fall in exports. Turning to Q3, the data at hand hints that the economy gained further traction. Industrial output rebounded in July–August from its Q2 slump. Additionally, retail sales grew at a faster clip over the same two-month period relative to Q2. Moreover, economic sentiment rose in the retail and services sectors in Q3 from Q2. Meanwhile, external sector data is mixed. In July–August, good exports rebounded from Q2, but tourist arrivals growth lost steam. In other news, Fitch Ratings affirmed the country’s ‘BB+’ rating with a stable outlook in October, praising its macroeconomic policies. That said, the agency highlighted banks’ heavy use of euros—which creates exchange-rate risks—and elevated structural unemployment as negative factors.

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 This means you avoid the risk of relying on out of date, biased or outlier forecasts.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.