North Macedonia Economy - 2024

Economic overview

growing upper middle-income European economy; EU accession stalled due to Bulgarian dispute; new NATO member; private consumption-driven growth; investment declined due to COVID-19; regional economic power gains since Greek naming resolution

Real GDP (purchasing power parity)

$34.007 billion (2021 est.)
$32.71 billion (2020 est.)
$34.839 billion (2019 est.)

note: data are in 2017 dollars; Macedonia has a large informal sector that may not be reflected in these data

Real GDP growth rate

3.96% (2021 est.)
-6.11% (2020 est.)
3.91% (2019 est.)

Real GDP per capita

$16,500 (2021 est.)
$15,800 (2020 est.)
$16,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$12.696 billion (2019 est.)

Inflation rate (consumer prices)

3.23% (2021 est.)
1.2% (2020 est.)
0.77% (2019 est.)

Credit ratings

Fitch rating: BB+ (2019)

Standard & Poors rating: BB- (2013)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 10.9% (2017 est.)

industry: 26.6% (2017 est.)

services: 62.5% (2017 est.)

GDP - composition, by end use

household consumption: 65.6% (2017 est.)

government consumption: 15.6% (2017 est.)

investment in fixed capital: 13.6% (2017 est.)

investment in inventories: 20.2% (2017 est.)

exports of goods and services: 54% (2017 est.)

imports of goods and services: -69% (2017 est.)

Agricultural products

milk, grapes, wheat, potatoes, green chillies/peppers, cabbages, tomatoes, maize, barley, watermelons

Industries

food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts

Industrial production growth rate

-2.37% (2021 est.)

Labor force

916,200 (2021 est.)

Unemployment rate

16.2% (2021 est.)
17.2% (2020 est.)
17.26% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 34.1% (2021 est.)

male: 31.6%

female: 38.4%

Population below poverty line

21.6% (2018 est.)

Gini Index coefficient - distribution of family income

33 (2018 est.)

Average household expenditures

on food: 30.8% of household expenditures (2018 est.)

on alcohol and tobacco: 7.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%

highest 10%: 25% (2015 est.)

Remittances

3.54% of GDP (2021 est.)
3.34% of GDP (2020 est.)
2.52% of GDP (2019 est.)

Budget

revenues: $3.505 billion (2020 est.)

expenditures: $4.5 billion (2020 est.)

Budget surplus (+) or deficit (-)

-2.7% (of GDP) (2017 est.)

Public debt

39.3% of GDP (2017 est.)
39.5% of GDP (2016 est.)

note: 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

Taxes and other revenues

16.13% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$420.178 million (2021 est.)
-$360.444 million (2020 est.)
-$376.487 million (2019 est.)

Exports

$9.157 billion (2021 est.) note: data are in current year dollars
$7.19 billion (2020 est.) note: data are in current year dollars
$7.8 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 45%, Serbia 8%, Bulgaria 5% (2019)

Exports - commodities

support catalysts, centrifuges, insulated wiring, iron alloys, seats (2021)

Imports

$11.354 billion (2021 est.) note: data are in current year dollars
$8.773 billion (2020 est.) note: data are in current year dollars
$9.605 billion (2019 est.) note: data are in current year dollars

Imports - partners

United Kingdom 14%, Germany 14%, Greece 8%, Serbia 8% (2019)

Imports - commodities

platinum, refined petroleum, laboratory ceramics, cars, insulated wiring (2019)

Reserves of foreign exchange and gold

$4.129 billion (31 December 2021 est.)
$4.126 billion (31 December 2020 est.)
$3.651 billion (31 December 2019 est.)

Debt - external

$9.065 billion (2019 est.)
$9.398 billion (2018 est.)

Exchange rates

Macedonian denars (MKD) per US dollar -

Exchange rates:
52.102 (2021 est.)
54.144 (2020 est.)
54.947 (2019 est.)
52.107 (2018 est.)
54.665 (2017 est.)