North Macedonia: Fresh FDI
A lively export sector is helping boost North Macedonia out of the Covid-19 crisis.
North Macedonia GDP and Economic Data
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.
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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
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GDP (Purchasing Power Parity)
USD 37.38 billion (2021 estimate)
IMF - World Economic Outlook, October 2021
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Real GDP growth
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 1.2% | 2.9% | 3.2% | –4.5% | 4% |
*Estimate
Source
GDP per capita - current prices
USD 6,711.73 (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP per capita - PPP
USD 18,068.90 (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP (PPP) - share of world total
0.03% (2021 estimate)
IMF - World Economic Outlook, October 2021
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GDP - composition by sector
- agriculture: 9.1%
- industry: 22.6%
- services: 57.0%
(2020 estimate)
Inflation
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 1.4% | 1.5% | 0.8% | 1.2% | 3.1% |
*Estimate
Source
Unemployment rate
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 22.4% | 20.7% | 17.3% | 16.4% | 15.9% |
*Estimate
Source
Public debt (General government gross debt as a % of GDP)
| 2017 | 2018 | 2019 | 2020 | 2021* |
| 39.4% | 40.4% | 40.6% | 51.3% | 53% |
*Estimate
Source
Public deficit (General government net lending/borrowing as a % of GDP)
| 2017 | 2018 | 2019 | 2020 | 2021* |
| –1.4% | –0.6% | -0.8% | –6.9% | -4.6% |
*Estimate
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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
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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)
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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)
FDI inflows
| 2019 | 2020 | 2021 |
| 725 million | 446 million | 274 million |
FDI outflows
| 2019 | 2020 | 2021 |
| 12 million | 40 million | 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
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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
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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
Religions
Macedonian Orthodox 64.8%, Muslim 33.3%, other Christian 0.4%, other and unspecified 1.5% (2002 est.)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020 |
| N/A | 2.03 million | 2.06 million | 2.07 million | 2.07 million |
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2020 |
| 34% | 53.5% | 58.5% | 58.5% |
Literacy
Total population: 98.4%
Male: 99.1%
Female: 97.6% (2020)
Definition: age 15 and over can read and write
% 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)
Source
Freedom House rating
Total score: 67/100
Status: Partly Free
Political Rights: 28/40
Civil Liberties: 39/60 (2022)
Source
Total telephone subscribers as % of population
Fixed: 19.9%
Mobile: 89.4% (2020) (fixed-telephone subscribers and mobile-cellular subscribers)