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: milk, grapes, chilies/peppers, wheat, potatoes, apples, tomatoes, cabbages, maize, barley (2022).
More about the economy of North Macedonia
Labor force 801,000 (2023 est.)
Industrial production growth rate -1.07% (2023 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 17.39% (of GDP) (2021 est.)
Fiscal year
Exchange rates
Currency Macedonian denars (MKD) per US dollar -
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.)
Exchange rates 2019 54.947 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $5.015 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $4.12 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $4.129 billion (2021 est.)
Current account balance
Current account balance 2023 $99.23 million (2023 est.)
Current account balance 2022 -$864.777 million (2022 est.)
Current account balance 2021 -$374.85 million (2021 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 3.13% of GDP (2023 est.)
Remittances 2022 3.33% 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 33% of household expenditures (2022 est.)
On alcohol and tobacco 6% of household expenditures (2022 est.)
Imports
Imports 2023 $12.745 billion (2023 est.)
Imports 2022 $13.008 billion (2022 est.)
Imports 2021 $11.362 billion (2021 est.)
Imports (partners) UK 16%, Greece 13%, Germany 9%, Serbia 8%, China 6% (2022)
Comodities Imports force platinum, refined petroleum, electricity, precious metal compounds, natural gas (2022)
Exports
Imports 2023 $12.745 billion (2023 est.)
Imports 2022 $13.008 billion (2022 est.)
Imports 2021 $11.362 billion (2021 est.)
Exports (partners) Germany 42%, Serbia 8%, Greece 7%, Bulgaria 5%, Italy 3% (2022)
Comodities Exports force reaction and catalytic products, insulated wire, electricity, garments, vehicle parts/accessories (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $42.444 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $42.012 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $41.099 billion (2021 est.)
GDP (official exchange rate) $14.761 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $23,400 (2023 est.)
Real GDP per capita 2022 $22,900 (2022 est.)
Real GDP per capita 2021 $22,400 (2021 est.)
GDP - composition, by sector of origin
Agriculture 7% (2023 est.)
Industry 21.4% (2023 est.)
Services 58.2% (2023 est.)
GDP - composition, by end use
Household consumption 72.9% (2023 est.)
Government consumption 16.8% (2023 est.)
Investment in fixed capital 23.5% (2021 est.)
Investment in inventories 0.4% (2023 est.)
Exports of goods and services 72.8% (2023 est.)
Imports of goods and services -86.3% (2023 est.)
Unemployment rate
Unemployment rate 2023 13.08% (2023 est.)
Unemployment rate 2022 14.48% (2022 est.)
Unemployment rate 2021 15.8% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 28.6% (2023 est.)
Male 27% (2023 est.)
Female 31.5% (2023 est.)
All Important Facts about North Macedonia

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North Macedonia is found in Southeast Europe