Country Details
North Macedonia
Southeastern Europe, north of Greece
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Economy
Detailed information and insights
Economic overview
upper-middle-income European economy; GDP growth driven by private consumption, public infrastructure investments, and wage growth; stalled progress on EU accession; public debt rising due to high pensions, wages, and interest payments; structural challenges of emigration, low productivity growth, and governance
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024
$43.844 billion (2024 est.)
Real GDP (purchasing power parity) 2023
$42.668 billion (2023 est.)
Real GDP (purchasing power parity) 2022
$41.801 billion (2022 est.)
Real GDP growth rate
Real GDP growth rate 2024
2.8% (2024 est.)
Real GDP growth rate 2023
2.1% (2023 est.)
Real GDP growth rate 2022
2.8% (2022 est.)
Real GDP per capita
Real GDP per capita 2024
$24,500 (2024 est.)
Real GDP per capita 2023
$23,300 (2023 est.)
Real GDP per capita 2022
$22,800 (2022 est.)
GDP (official exchange rate)
$16.685 billion (2024 est.)
Note
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2024
3.5% (2024 est.)
Inflation rate (consumer prices) 2023
9.4% (2023 est.)
Inflation rate (consumer prices) 2022
14.2% (2022 est.)
GDP - composition, by sector of origin
Agriculture
6% (2024 est.)
Industry
22.7% (2024 est.)
Services
59.2% (2024 est.)
GDP - composition, by end use
Household consumption
67.9% (2024 est.)
Government consumption
16.8% (2024 est.)
Investment in fixed capital
28.4% (2024 est.)
Investment in inventories
0% (2024 est.)
Exports of goods and services
62.7% (2024 est.)
Imports of goods and services
-75.8% (2024 est.)
Agricultural products
chillies/peppers, milk, wheat, potatoes, grapes, barley, cabbages, maize, watermelons, tomatoes (2023)
Note
note: top ten agricultural products based on tonnage
Industries
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts
Industrial production growth rate
1.8% (2024 est.)
Note
note: annual % change in industrial value added based on constant local currency
Labor force
779,200 (2024 est.)
Note
note: number of people ages 15 or older who are employed or seeking work
Unemployment rate
Unemployment rate 2024
13.5% (2024 est.)
Unemployment rate 2023
13.2% (2023 est.)
Unemployment rate 2022
14.5% (2022 est.)
Youth unemployment rate (ages 15-24)
Total
30.3% (2024 est.)
Male
29.2% (2024 est.)
Female
32.3% (2024 est.)
Population below poverty line
21.8% (2019 est.)
Note
note: % of population with income below national poverty line
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2019
33.5 (2019 est.)
Average household expenditures
On food
30.6% of household expenditures (2023 est.)
On alcohol and tobacco
4.8% of household expenditures (2023 est.)
Household income or consumption by percentage share
Lowest 10%
1.9% (2019 est.)
Highest 10%
22.9% (2019 est.)
Remittances
Remittances 2024
2.7% of GDP (2024 est.)
Remittances 2023
2.9% of GDP (2023 est.)
Remittances 2022
3.3% of GDP (2022 est.)
Budget
Revenues
$4.787 billion (2023 est.)
Expenditures
$5.514 billion (2023 est.)
Public debt
Public debt 2017
39.3% of GDP (2017 est.)
Taxes and other revenues
17.9% (of GDP) (2023 est.)
Note
note: central government tax revenue as a % of GDP
Current account balance
Current account balance 2024
-$374.385 million (2024 est.)
Current account balance 2023
$56.573 million (2023 est.)
Current account balance 2022
-$868.965 million (2022 est.)
Exports
Exports 2024
$10.445 billion (2024 est.)
Exports 2023
$10.691 billion (2023 est.)
Exports 2022
$10.123 billion (2022 est.)
Exports - partners
Germany 39%, Serbia 8%, Bulgaria 6%, Greece 5%, Czechia 3% (2023)
Note
note: top five export partners based on percentage share of exports
Exports - commodities
reaction and catalytic products, insulated wire, electricity, garments, seats (2023)
Note
note: top five export commodities based on value in dollars
Imports
Imports 2024
$12.644 billion (2024 est.)
Imports 2023
$12.748 billion (2023 est.)
Imports 2022
$13.009 billion (2022 est.)
Imports - partners
UK 12%, Germany 10%, Greece 9%, China 9%, Serbia 8% (2023)
Note
note: top five import partners based on percentage share of imports
Imports - commodities
platinum, refined petroleum, laboratory ceramic ware, cars, natural gas (2023)
Note
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024
$5.252 billion (2024 est.)
Reserves of foreign exchange and gold 2023
$5.015 billion (2023 est.)
Reserves of foreign exchange and gold 2022
$4.12 billion (2022 est.)
Debt - external
Debt - external 2023
$5.637 billion (2023 est.)
Exchange rates
Currency
Macedonian denars (MKD) per US dollar -
Exchange rates 2024
56.873 (2024 est.)
Exchange rates 2023
56.947 (2023 est.)
Exchange rates 2022
58.574 (2022 est.)
Exchange rates 2021
52.102 (2021 est.)
Exchange rates 2020
54.144 (2020 est.)