Countries
North Macedonia
Key Economic Indicators
$49.25 billion
$26,995
2.99%
3.49%
12.26%
$16.685 billion (2024 est.)
<strong>note:</strong> official data from Ministry of Finance; data cover centra
$-356,019,873
Economic Overview
<p>upper-middle-income European economy; GDP growth driven by private consumption, public infrastructure investments, and wage growth; stalled progress on EU accession; public debt rising due to high pensions, wages, and interest payments; structural challenges of emigration, low productivity growth, and governance</p>
All Economic Data
Agricultural products
chillies/peppers, milk, wheat, potatoes, grapes, barley, cabbages, maize, watermelons, tomatoes (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
4.8% of household expenditures (2023 est.)
On food:
30.6% of household expenditures (2023 est.)
Budget
Expenditures:
$5.514 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$4.787 billion (2023 est.)
Currency
code:
MKD
name:
denar (MKD) [den]
Current account balance
$-356,019,873
Current account balance 2022:
-$868.965 million (2022 est.)
Current account balance 2023:
$56.573 million (2023 est.)
Current account balance 2024:
-$374.385 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$12.84 billion
Debt - external 2023:
$5.637 billion (2023 est.)
Note:
<strong>note:</strong> present value of external debt in current US dollars
Exchange rates
Currency:
Macedonian denars (MKD) per US dollar -
Exchange rates 2020:
54.144 (2020 est.)
Exchange rates 2021:
52.102 (2021 est.)
Exchange rates 2022:
58.574 (2022 est.)
Exchange rates 2023:
56.947 (2023 est.)
Exchange rates 2024:
56.873 (2024 est.)
Exports
$10.46 billion
Exports 2022:
$10.123 billion (2022 est.)
Exports 2023:
$10.691 billion (2023 est.)
Exports 2024:
$10.445 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
reaction and catalytic products, insulated wire, electricity, garments, seats (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Germany 39%, Serbia 8%, Bulgaria 6%, Greece 5%, Czechia 3% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.06 billion
GDP - composition, by end use
Exports of goods and services:
62.7% (2024 est.)
Government consumption:
16.8% (2024 est.)
Household consumption:
67.9% (2024 est.)
Imports of goods and services:
-75.8% (2024 est.)
Investment in fixed capital:
28.4% (2024 est.)
Investment in inventories:
0% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
6% (2024 est.)
Industry:
22.7% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
59.2% (2024 est.)
GDP (official exchange rate)
$16.685 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$9,292
Gini Index coefficient - distribution of family income
33 (2018)
Gini Index coefficient - distribution of family income 2019:
33.5 (2019 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$16.08 billion
GNI per capita
$8,300
Gross domestic investment
31 % of GDP
Household income or consumption by percentage share
Highest 10%:
22.9% (2019 est.)
Lowest 10%:
1.9% (2019 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$12.65 billion
Imports 2022:
$13.009 billion (2022 est.)
Imports 2023:
$12.748 billion (2023 est.)
Imports 2024:
$12.644 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
platinum, refined petroleum, laboratory ceramic ware, cars, natural gas (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
UK 12%, Germany 10%, Greece 9%, China 9%, Serbia 8% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
1.8% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts
Inflation rate (consumer prices)
3.49%
Inflation rate (consumer prices) 2022:
14.2% (2022 est.)
Inflation rate (consumer prices) 2023:
9.4% (2023 est.)
Inflation rate (consumer prices) 2024:
3.5% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
779,200 (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
786,790 persons
Labor force - by occupation
agriculture:
8.5%
industry:
30.63%
services:
60.87%
Population below poverty line
21.8% (2019 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<strong>note:</strong> official data from Ministry of Finance; data cover central government debt; this data excludes debt instruments issued (or owned) by government entities other than the treasury; includes treasury debt held by foreign entitites; excludes debt issued by sub-national entities; there are no debt instruments sold for social funds
Public debt 2017:
39.3% of GDP (2017 est.)
Real GDP (purchasing power parity)
$49.25 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$41.801 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$42.668 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$43.844 billion (2024 est.)
Real GDP growth rate
2.99%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
2.8% (2022 est.)
Real GDP growth rate 2023:
2.1% (2023 est.)
Real GDP growth rate 2024:
2.8% (2024 est.)
Real GDP per capita
$26,995
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$22,800 (2022 est.)
Real GDP per capita 2023:
$23,300 (2023 est.)
Real GDP per capita 2024:
$24,500 (2024 est.)
Remittances
$458.21 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
3.3% of GDP (2022 est.)
Remittances 2023:
2.9% of GDP (2023 est.)
Remittances 2024:
2.7% of GDP (2024 est.)
Reserves of foreign exchange and gold
$5.25 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$4.12 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$5.015 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$5.252 billion (2024 est.)
Revenue (excl grants)
29 % of GDP
Tax revenue
18 % of GDP
Taxes and other revenues
17.9% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
12.26%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
14.5% (2022 est.)
Unemployment rate 2023:
13.2% (2023 est.)
Unemployment rate 2024:
13.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
32.3% (2024 est.)
Male:
29.2% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
30.3% (2024 est.)
World Bank Indicators
Currency
denar (MKD) den (2025)
Gini Index
33.00 (2018)
Languages
Macedonian (2025)
Economic Rankings
Unemployment Rate
#22
Inflation Rate
#45
External Debt
#64
GDP per Capita
#74
Reserves
#97
Imports
#111
Exports
#114
Gini Index
#127
GDP (PPP)
#133
GDP (Nominal)
#135
GDP Growth Rate
#154
Quick Facts
Industries
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts
Agricultural products
chillies/peppers, milk, wheat, potatoes, grapes, barley, cabbages, maize, watermelons, tomatoes (2023)
Labor force
779,200 (2024 est.)
Exports - partners
Germany 39%, Serbia 8%, Bulgaria 6%, Greece 5%, Czechia 3% (2023)
Imports - partners
UK 12%, Germany 10%, Greece 9%, China 9%, Serbia 8% (2023)
Exchange rates
Macedonian denars (MKD) per US dollar -
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