North Macedonia - Economy
How is the economy of North Macedonia? Based on the information we have, North Macedonia has a upper-middle-income European economy; recovering from energy-driven inflation; macroeconomic support from IMF and EU lending facilities; stalled progress on EU accession; fiscal consolidation hampered by deficit spending on public works; structural challenges of emigration, low productivity growth, and governance. Key agricultural products in this country include: chillies/peppers, milk, wheat, potatoes, grapes, barley, cabbages, maize, watermelons, tomatoes (2023).
More about the economy of North Macedonia
| Labor force | 790,800 (2024 est.) |
|---|---|
| Industrial production growth rate | -1.63% (2022 est.) |
| Industries | food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts |
| Population below poverty line | 21.8% (2019 est.) |
| Taxes and other revenues | 17.4% (of GDP) (2021 est.) |
| Fiscal year | |
| 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.) |
| Debt - external | |
| Debt - external 2023 | $5.637 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $4.674 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.) |
| 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.) |
| Public debt | |
| Public debt 2017 | 39.3% of GDP (2017 est.) |
| Budget | |
| Revenues | $4.141 billion (2021 est.) |
| Expenditures | $4.666 billion (2021 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.93% of GDP (2023 est.) |
| Remittances 2022 | 3.28% of GDP (2022 est.) |
| Remittances 2021 | 3.5% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 1.9% (2019 est.) |
| Highest 10% | 22.9% (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.) |
| 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) |
| Comodities Imports force | platinum, refined petroleum, laboratory ceramic ware, cars, natural gas (2023) |
| Exports | |
| Imports 2024 | $12.644 billion (2024 est.) |
| Imports 2023 | $12.748 billion (2023 est.) |
| Imports 2022 | $13.009 billion (2022 est.) |
| Exports (partners) | Germany 39%, Serbia 8%, Bulgaria 6%, Greece 5%, Czechia 3% (2023) |
| Comodities Exports force | reaction and catalytic products, insulated wire, electricity, garments, seats (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $43.108 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $42.233 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $41.099 billion (2021 est.) |
| GDP (official exchange rate) | $15.764 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $23,600 (2023 est.) |
| Real GDP per capita 2022 | $23,100 (2022 est.) |
| Real GDP per capita 2021 | $22,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.6% (2023 est.) |
| Industry | 23.3% (2023 est.) |
| Services | 57.2% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 68.5% (2023 est.) |
| Government consumption | 14.9% (2023 est.) |
| Investment in fixed capital | 24.7% (2023 est.) |
| Investment in inventories | 4.9% (2023 est.) |
| Exports of goods and services | 67.8% (2023 est.) |
| Imports of goods and services | -80.9% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 13.4% (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.) |
All Important Facts about North Macedonia
Want to know more about North Macedonia? Check all different factbooks for North Macedonia below.
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North Macedonia Factbook
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The Economy of North Macedonia
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Learn about the Government of North Macedonia
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Communication in North Macedonia
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Popular Universities in North Macedonia
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Enerny in North Macedonia
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Transport in North Macedonia
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The Geography and society of North Macedonia
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The Environment of North Macedonia
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Military and security in North Macedonia