City in North Macedonia

North Macedonia Economy

North Macedonia's economy in numbers:

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.

Average real GDP growth of 2.1% over the last decade.

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

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%.

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

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.
GDP growth ticked up year on year in Q3, largely due to a steeper fall in imports. Household consumption growth was broadly stable, while public spending, total investment and exports all contracted at sharper rates. The economy likely gained some traction in Q4: Industrial output rebounded slightly, and retail sales posted a smaller contraction than in Q3. Less downbeat economic sentiment in January points to sturdier activity at the outset of 2024. In other news, in late January, the World Bank announced that it would provide around EUR 700 million to the country over the next five years to boost its competitiveness and support the energy transition. In politics, on 25 January, the government resigned ahead of May’s general elections. Polls indicate that opposition party VMRO-DPMNE is currently in the lead, but there is a high risk of a deadlock in government formation.
Projections out to 2033.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 15 expert analysts.

Want to get insight on the economic outlook for North Macedonia in the coming years? FocusEconomics collects projections out to 2033 on 47 economic indicators for North Macedonia from a panel of 15 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 Data

2018 2019 2020 2021 2022
Population (million) 2.1 2.1 2.1 2.1 2.1
GDP (USD bn) 12.7 12.6 12.4 14.0 13.7
GDP per capita (USD) 6,109 6,081 5,984 6,778 6,652
GDP (EUR bn) 10.8 11.3 10.9 11.8 13.0
GDP per capita (EUR) 5,177 5,433 5,249 5,733 6,327
GDP (MKD bn) 661 693 669 729 803
Economic Growth (Nominal GDP, ann. var. %) 6.9 4.8 -3.4 9.0 10.1
Economic Growth (GDP, ann. var. %) 2.9 3.9 -4.7 4.5 2.2
Domestic Demand (ann. var. %) 2.9 4.9 -5.5 6.5 4.2
Private Consumption (ann. var. %) 3.7 3.5 -3.6 8.8 3.8
Government Consumption (ann. var. %) 1.5 2.5 9.8 0.9 -5.0
Total Investment (ann. var. %) 1.7 8.7 -15.1 3.7 9.4
Exports (G&S, ann. var. %) 12.8 8.9 -10.9 14.3 11.4
Imports (G&S, ann. var. %) 10.7 10.1 -10.9 14.8 12.4
Industrial Production (ann. var. %) 5.4 3.7 -9.6 1.4 -0.2
Unemployment (% of active population, aop) 20.7 17.3 16.4 15.4 14.4
Fiscal Balance (% of GDP) -1.8 -2.0 -8.0 -5.3 -4.4
Public Debt (% of GDP) 40.4 40.5 50.8 52.0 51.0
Money (ann. var. of M2 %) 11.8 9.9 11.2 10.3 6.4
Inflation (CPI, ann. var. %, aop) 1.4 0.8 1.2 3.2 14.1
Central Bank Bills Interest Rate (%, eop) 2.50 2.25 1.50 1.25 4.75
Exchange Rate (MKD per USD, eop) 53.77 54.88 50.29 54.46 57.71
Exchange Rate (MKD per USD, aop) 52.09 54.87 54.05 52.11 58.61
Exchange Rate (MKD per EUR, eop) 61.49 61.59 61.54 61.94 61.58
Exchange Rate (MKD per EUR, aop) 61.46 61.42 61.63 61.61 61.62
Current Account Balance (EUR bn) 0.0 -0.3 -0.3 -0.3 -0.8
Current Account Balance (% of GDP) 0.2 -3.0 -2.9 -2.8 -6.1
Merchandise Trade Balance (EUR bn) -1.7 -1.9 -1.8 -2.3 -3.5
Merchandise Exports (EUR bn) 4.9 5.3 4.8 6.0 7.3
Merchandise Imports (EUR bn) 6.6 7.3 6.6 8.4 10.8
Merchandise Exports (ann. var. %) 19.8 9.5 -9.9 25.3 21.2
Merchandise Imports (ann. var. %) 12.9 10.2 -9.2 26.5 28.9
Foreign Direct Investment (EUR bn) 0.6 0.4 0.2 0.5 0.7
International Reserves (EUR bn) 2.9 3.3 3.4 3.6 3.9
International Reserves (months of imports) 5.2 5.4 6.1 5.2 4.3
External Debt (EUR bn) 7.8 8.1 8.6 9.5 10.8
External Debt (% of GDP) 73.0 72.2 78.8 80.5 82.7

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