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 916,000 (2022 est.)
Industrial production growth rate -4.33% (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 17.39% (of GDP) (2021 est.)
Fiscal year
Exchange rates
Currency Macedonian denars (MKD) per US dollar -
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.)
Exchange rates 2018 52.107 (2018 est.)
Debt - external
Debt - external 2019 $9.065 billion (2019 est.)
Debt - external 2018 $9.398 billion (2018 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022 $4.12 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $4.129 billion (2021 est.)
Reserves of foreign exchange and gold 2020 $4.126 billion (2020 est.)
Current account balance
Current account balance 2022 -$864.777 million (2022 est.)
Current account balance 2021 -$374.85 million (2021 est.)
Current account balance 2020 -$360.444 million (2020 est.)
Public debt
Public debt 2017 39.3% of GDP (2017 est.)
Public debt 2016 39.5% of GDP (2016 est.)
Budget
Revenues $3.505 billion (2020 est.)
Expenditures $4.5 billion (2020 est.)
Budget surplus (+) or deficit (-) -2.7% (of GDP) (2017 est.)
Remittances
Remittances 2022 3.36% of GDP (2022 est.)
Remittances 2021 3.5% of GDP (2021 est.)
Remittances 2020 3.8% of GDP (2020 est.)
Household income
Lowest 10% 1.9%
Highest 10% 22.9% (2019 est.)
Average household expenditures
On food 33.3% of household expenditures (2021 est.)
On alcohol and tobacco 5.9% of household expenditures (2021 est.)
Imports
Imports 2022 $13.008 billion (2022 est.)
Imports 2021 $11.362 billion (2021 est.)
Imports 2020 $8.773 billion (2020 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 2022 $13.008 billion (2022 est.)
Imports 2021 $11.362 billion (2021 est.)
Imports 2020 $8.773 billion (2020 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) 2022 $35.245 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $34.505 billion (2021 est.)
Real GDP (purchasing power parity) 2020 $32.704 billion (2020 est.)
GDP (official exchange rate) $13.563 billion (2022 est.)
Real GDP Per capita
Real GDP per capita 2022 $17,100 (2022 est.)
Real GDP per capita 2021 $16,700 (2021 est.)
Real GDP per capita 2020 $15,800 (2020 est.)
GDP - composition, by sector of origin
Agriculture 10.9% (2017 est.)
Industry 26.6% (2017 est.)
Services 62.5% (2017 est.)
GDP - composition, by end use
Household consumption 65.6% (2017 est.)
Government consumption 15.6% (2017 est.)
Investment in fixed capital 13.6% (2017 est.)
Investment in inventories 20.2% (2017 est.)
Exports of goods and services 54% (2017 est.)
Imports of goods and services -69% (2017 est.)
Unemployment rate
Unemployment rate 2022 14.43% (2022 est.)
Unemployment rate 2021 15.78% (2021 est.)
Unemployment rate 2020 16.55% (2020 est.)
Youth unemployment rate (ages 15-24)
Total 34.1% (2021 est.)
Male 31.6%
Female 38.4%
All Important Facts about North Macedonia

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North Macedonia is found in Southeast Europe