North Macedonia Economy - 2023

GEOGRAPHICAL NAMES 

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.)

Labor force - by occupation

agriculture: 16.2%

industry: 29.2%

services: 54.5% (2017 est.)

Unemployment rate

16.2% (2021 est.)

17.2% (2020 est.)

17.26% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 34.1%

male: 31.6%

female: 38.4% (2021 est.)

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.)

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 -

52.102 (2021 est.)

54.144 (2020 est.)

54.947 (2019 est.)

52.107 (2018 est.)

54.665 (2017 est.)

NOTE: The information regarding North Macedonia on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of North Macedonia 2023 information contained here. All suggestions for corrections of any errors about North Macedonia 2023 should be addressed to the CIA or the source cited on each page.