Includes North Macedonia real GDP growth rate

North Macedonia

Includes North Macedonia real GDP growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.

Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about North Macedonia economic outlook, debt to GDP ratio, international trade performance and population trends. 

Basic Information

Government Type: Parliamentary democracy

Capital City: Skopje

GDP & Economic Information

Macroeconomy & Sovereign Data

Central Bank National Bank of the Republic of Macedonia
Currency Macedonian denars (MKD)
International Reserves USD 4.13 billion (2020)
World Bank, last updated 12/16/2021
Gross Domestic Product – GDP USD 13.89 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP (Purchasing Power Parity) USD 37.38 billion (2021 estimate)
IMF – World Economic Outlook, October 2021

GDP Data

Real GDP growth 2017 1.2%
2018 2.9%
2019 3.2%
2020* -3.2%
2021* 4%

*Estimate
GDP per capita – current prices USD 6,711.73 (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP per capita – PPP USD 18,068.90 (2021 estimate)
IMF – World Economic Outlook, October 20021
GDP (PPP) – share of world total 0.03% (2021 estimate)
IMF – World Economic Outlook, October 2021
GDP – composition by sector agriculture: 9.1%
industry: 22.6%
services: 57.0%
(2020 estimate)
Gross domestic expenditure on R&D; (% of GDP) N/A
Inflation 2017 1.4%
2018 1.5%
2019 0.8%
2020* 1.2%
2021* 3.1%

*Estimate

Inflation & Debt

Inflation 2017 1.4%
2018 1.5%
2019 0.8%
2020* 1.2%
2021* 3.1%

*Estimate
Government Bond Ratings N/A

(January 2022)
Unemployment rate 2017 22.4%
2018 20.7%
2019 17.3%
2020* 16.4%
2021* 15.9%

*Estimate
Household saving rates N/A
Public debt (General government gross debt as a % of GDP) 2017 39.4%
2018 40.4%
2019 40.6%
2020* 51.3%
2021* 53%

*Estimate
Public deficit (General government net lending/borrowing as a % of GDP) 2017 –1.4%
2018 –0.6%
2019 -0.8%
2020* -6.9%
2021* -4.6%

*Estimate

Market value of publicly traded shares N/A
Largest Companies N/A

Import/Export

Exports as percent of GDP (Exports of goods and services) 58.1% (2020)
World Bank – World Development Indicators (updated Feb 2022)
Shares in world total merchandising export 0.04% (2020)
United Nations Conference on Trade and Development (UNCTAD)
Shares in world total commercial services export
0.03% (2020)
Compiled by GFMag – Based on World Bank – World Development Indicators
Total exports USD 7.1 billion (2020 estimate)
United Nations Conference on Trade and Development (UNCTAD)

Export commodities Support catalysts, centrifuges, insulated wiring, vehicle parts, buses, seats (2019)
Total imports USD 8.7 billion (2020 estimate)
United Nations Conference on Trade and Development (UNCTAD)
Import commodities Platinum, refined petroleum, laboratory ceramics, cars, insulated wiring (2019)
Exports – major partners Germany 45%, Serbia 8%, Bulgaria 5% (2019)
CIA World Factbook
Imports – major partners United Kingdom 14%, Germany 14%, Greece 8%, Serbia 8% (2019)

Competitiveness & Trade

Current account balance USD -0.29 billion (2021 estimate)
IMF – World Economic Outlook, October 2021
Current account balance by percentage of GDP -2.1% (2021 estimate)
IMF – World Economic Outlook, October 2021
FDI inflows 2019 725 million
2020 446 million
2021 274 million
FDI Outflows 2019 12 million
2020 40 million
2021 39 million
Value of cross-border M&A, by country of purchaser N/A
Cross-border M&A deals worth over $3 billion completed in 2014 N/A
Cross-border M&A deals worth over $3 billion completed in 2015 N/A
Best countries for doing business Overall ranking: 17 out of 190 countries (2020)

Subcategories:

Starting a Business: 78 out of 190 countries
Dealing with Construction Permits: 15 out of 190 countries
Getting Electricity: 68 out of 190 countries
Registering Property: 48 out of 190 countries
Getting Credit: 25 out of 190 countries
Protecting Minority Investors: 12 out of 190 countries
Paying Taxes: 37 out of 190 countries
Trading across Borders: 32 out of 190 countries
Enforcing Contracts: 47 out of 190 countries
Resolving Insolvency: 30 out of 190 countries
World Bank – Doing Business 2020
Global competitiveness ranking 132 out of 141 (2019)

(2019)
Index of Economic Freedom Ranking: 53 / Score: 65.7 (Moderately Free)
The Heritage Foundation – 2022 Index of Economic Freedom

Population & Geographic Data

Total Area 25,713 sq km

Total Population 1990 N/A
2000 2.03 2.03 2.03 Million
2010 2.06 Million
2015 2.07 Million
2020 2.07 Million
Urban population as % of total population 1960 34%
1980 53.5%
2000 58.5%
2020 58.5%
Population median age 38.2 years (2022 estimate)


CIA World Factbook / Population median age
Population growth rate 0.189% (2022 estimate)
Life expectancy 75.9 years (2018 estimate)
% of population living on less than $3.10 a day 7.1% (last available estimate, 2018)
Inequality of wealth distribution (Gini index) 33.0 (last available estimate, 2018)
Freedom House rating Total score: 67/100

Status: Partly Free

Political Rights: 28/40

Civil Liberties: 39/60 (202
Total telephone subscribers as % of population Fixed: 19.9%

Mobile: 89.4% (2020) (fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population 81.4% (2020)

Language & Religon

Languages Macedonian (official) 66.5%, Albanian (official) 25.1%, Turkish 3.5%, Romani 1.9%, Serbian 1.2%, other (includes Aromanian (Vlach) and Bosnian) 1.8% (2002 est.); note – minority languages are co-official with Macedonian in municipalities where they are spoken by at least 20% of the population; Albanian is co-official in Tetovo, Brvenica, Vrapciste, and other municipalities; Turkish is co-official in Centar Zupa and Plasnica; Romani is co-official in Suto Orizari; Aromanian is co-official in Krusevo; Serbian is co-official in Cucer Sandevo
Literacy Total population: 98.4%

Male: 99.1%

Female: 97.6% (2020)

Definition: age 15 and over can read and write
Religions Macedonian Orthodox 64.8%, Muslim 33.3%, other Christian 0.4%, other and unspecified 1.5% (2002 est.)

World Rankings

Population 2.07 million
Mercer Cost of living index N/A
C02 Emissions per capita 3.5 metric tons per capita (2018)

Global Finance Rankings & Awards: North Macedonia

Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.


Data Sources:

IMF World Economic Outlook

UN World Population Prospects

World Inequality Report

S&P Global Ratings

Moody’s

Fitch Ratings

IMF Direction of Trade Statistics (DOTS)

UN Conference on Trade and Development (UNCTAD)

CIA The World Factbook

World Bank’s World Integrated Trade Solution

Forbes Global 2000

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