North Macedonia/Economy

Economy of North Macedonia

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon
GDP (USD)
$15.8B(2023)
GDP PPP (USD)
$44.6B(2023)
GDP per Capita (USD)
$8,624(2023)
GDP Growth (inflation-adjusted)
2.1%(2023)
Inflation (CPI Annual %)
3.5%(2024)

Trade & Finance

Coming Soon
Exports (as share of GDP)
67.8%(2023)
Imports (as share of GDP)
80.9%(2023)
FDI Inflows (as share of GDP)
4.1%(2023)
Remittance Inflow (USD)
$462.5M(2023)
Tax Revenue (as share of GDP)
17.4%(2021)

Labor & Income

Coming Soon
Unemployment Rate
13.4%(2024)
Employment in Services
60.5%(2023)
Poverty Rate
21.8%(2019)
GINI Index
33.5(2019)
GNI per Capita (USD)
$7,900(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1481 kg oil eq.(2022)
Renewable Energy Consumption (%)
19.5%(2021)

Economic Snapshot Overview

A summary of key economic indicators for North Macedonia

  • The economic architecture of North Macedonia is substantial, anchored by a Gross Domestic Product (GDP) of approximately $15.76B
    2023
    . This places it as the 134th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $8.62K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $44.58B, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 2.1%
    2023
    , while managing moderate inflation, with a CPI of 3.5%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 67.8% of GDP and imports at 80.9%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 4.07% of the economy
    2023
    . This performance positions the country 46th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $462.46M annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 17.4% of GDP
    2021
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $7,900
    2023
    . Globally, this ranks the nation 86th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 13.4%
    2024
    . The services sector is a primary driver of the labor market, accounting for 60.5% of total employment
    2023
    . Poverty remains a key issue, with 21.8% of the population living below the national poverty line
    2019
    . The country has a relatively equitable distribution of income, with a Gini index of 33.5
    2019
    .
  • On the environment and energy front, energy consumption per capita is 1,480.634 kg of oil equivalent
    2022
    . There is a growing focus on sustainability, with renewable energy accounting for 19.5% of consumption
    2021
    . Its commitment to clean energy places it 83rd among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.