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.
Annual GDP growth accelerated in the first quarter from Q4 2023 due to a strong rebound in total investment. On the flip side, both private and public spending lost steam, while exports shrank. Available data for Q2 is mixed. Households were seemingly the backbone of growth, as retail sales growth accelerated in April–May from Q1 and an improvement in consumer sentiment drove economic sentiment above Q1’s average in Q2. On the flip side, the downturn in industrial production deepened in April–May from Q1, and merchandise exports continued to fall at a steep rate in the same two-month period. In other news, in mid-July, the new government approved a budget revision for 2024, targeting a deficit of 4.9% of GDP, wider than the initial projection of 3.4%.
Projections out to 2033.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 14 expert analysts.

Want to get insight on the economic outlook for North Macedonia in the coming years? FocusEconomics collects projections out to 2033 on 50 economic indicators for North Macedonia from a panel of 14 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

2019 2020 2021 2022 2023
Population (million) 2.1 2.1 2.1 2.1 2.1
GDP (USD bn) 12.6 12.4 14.0 13.7 14.8
GDP per capita (USD) 6,078 5,973 6,765 6,642 7,155
GDP (EUR bn) 11.3 10.9 11.8 13.0 13.7
GDP per capita (EUR) 5,430 5,238 5,722 6,318 6,618
GDP (MKD bn) 693 669 729 803 841
Economic Growth (Nominal GDP, ann. var. %) 4.8 -3.4 9.0 10.1 4.7
Economic Growth (GDP, ann. var. %) 3.9 -4.7 4.5 2.2 1.0
Domestic Demand (ann. var. %) 4.9 -5.5 6.5 4.2 -3.1
Private Consumption (ann. var. %) 3.5 -3.6 8.8 3.8 2.4
Government Consumption (ann. var. %) 2.5 9.8 0.9 -5.0 -0.6
Total Investment (ann. var. %) 8.7 -15.1 3.7 9.4 -16.7
Exports (G&S, ann. var. %) 8.9 -10.9 14.3 11.4 -0.1
Imports (G&S, ann. var. %) 10.1 -10.9 14.8 12.4 -5.8
Industrial Production (ann. var. %) 3.7 -9.6 1.5 -0.2 0.6
Unemployment (% of active population, aop) 17.3 16.4 15.4 14.4 13.1
Fiscal Balance (% of GDP) -2.0 -8.0 -5.3 -4.4 -4.9
Public Debt (% of GDP) 40.5 50.8 51.4 50.5 53.1
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 0.7
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 7.3
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 -0.4
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 11.4
External Debt (% of GDP) 72.2 78.8 80.5 82.7 83.9

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