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 |
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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 |
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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 |
North Macedonia
Inflation & Debt
Inflation |
2017 1.4% 2018 1.5% 2019 0.8% 2020* 1.2% 2021* 3.1% *Estimate |
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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) |
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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 |
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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 |
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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 |
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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 |
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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