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North Macedonia

Headline economic indicators for North Macedonia, with the most recent official readings.

Prices

Prices — North Macedonia
Indicator Value Change
Inflation rate · 4.1% +0.58 (+16.7%)
Consumer price index · 159.4 +6.24 (+4.1%)
Inflation rate (monthly) · 3.5% +0.90 (+34.6%)
Harmonised consumer price index · 156.1 +0.78 (+0.5%)
House price index (quarterly) · 210.0 +10.94 (+5.5%)
House price inflation, year on year (quarterly) · 13.3% -3.31 (-19.9%)
Real house price index (quarterly) · 127.1 +4.09 (+3.3%)
Real house price growth, year on year (quarterly) · 8.4% -4.14 (-33.1%)
Producer prices, year on year (monthly) · 6.9% -0.10 (-1.4%)
GDP deflator inflation · 4.6% +0.96 (+26.0%)

GDP

GDP — North Macedonia
Indicator Value Change
GDP growth rate · 3.5% +0.49 (+16.5%)
GDP per capita · 10,489.93 +1,198 (+12.9%)
GDP growth, quarter on quarter · 1.3% +0.90 (+225.0%)
GDP growth, year on year (quarterly) · 4.0% +0.50 (+14.3%)
Industrial production, year on year (monthly) · 2.4% +4.30 (+226.3%)
Retail sales volume, year on year (monthly) · 3.6% -1.90 (-34.5%)
Economic sentiment indicator (monthly) · 97.5 +2.00 (+2.1%)
Consumer confidence (monthly) · -8.5 +1.30 (+13.3%)
GDP per capita, long-run history · 14,051 +358.95 (+2.6%)
GDP · 19,101,199,817.02 +2,149,517,596 (+12.7%)
GDP, PPP · 51,037,468,857 +1,787,946,525 (+3.6%)
GDP per capita, PPP · 28,029 +1,033 (+3.8%)
GDP per capita growth · 3.7% +0.49 (+15.5%)
GNI per capita · 9,490 +1,190 (+14.3%)
Agriculture to GDP · 6.0% -0.11 (-1.7%)
Industry to GDP · 24.1% +0.03 (+0.1%)
Manufacturing to GDP · 14.3% -0.02 (-0.1%)
Services to GDP · 57.0% +0.70 (+1.2%)
Household consumption to GDP · 65.6% -1.19 (-1.8%)
Gross capital formation to GDP · 31.7% +1.13 (+3.7%)
Gross savings to GDP · 27.5% -0.90 (-3.2%)

Labour

Labour — North Macedonia
Indicator Value Change
Unemployment rate · 12.3% -0.01 (-0.1%)
Unemployment rate (monthly) · 10.7% -0.30 (-2.7%)
Labour force participation rate · 51.9% -0.27 (-0.5%)
Female labour force participation rate · 42.7% -0.14 (-0.3%)
Youth unemployment rate · 28.8% +0.09 (+0.3%)
Employment to population ratio · 45.6% -0.23 (-0.5%)
Employment in agriculture · 8.5% -0.26 (-3.0%)
Employment in industry · 30.6% -0.03 (-0.1%)
Employment in services · 60.9% +0.29 (+0.5%)

Money

Money — North Macedonia
Indicator Value Change
Real interest rate · 0.8% -1.35 (-64.2%)
Central bank policy rate · 4.3% +0.25 (+6.3%)
Real effective exchange rate (monthly) · 113.4 -0.65 (-0.6%)
Nominal effective exchange rate (monthly) · 112.5 -0.03 (-0.0%)
Broad money to GDP · 60.5% +1.88 (+3.2%)
Private sector credit to GDP · 56.3% +2.39 (+4.4%)
Lending rate · 5.4% -0.44 (-7.4%)
Bank deposit rate · 2.7% +0.31 (+12.9%)
Bank nonperforming loans · 1.9% -0.65 (-25.2%)
Official exchange rate · 54.65 -2.22 (-3.9%)

Trade

Trade — North Macedonia
Indicator Value Change
Current account to GDP · -4.3% -2.17 (-103.2%)
Exports to GDP · 59.6% -2.03 (-3.3%)
Imports to GDP · 73.4% -1.25 (-1.7%)
Trade to GDP · 133.0% -3.28 (-2.4%)
Exports of goods and services · 11,393,731,930.47 +938,069,314 (+9.0%)
Imports of goods and services · 14,019,083,806.04 +1,365,386,624 (+10.8%)
Trade balance, goods and services (annual) · -2,643,154,488.15 -455,339,076 (-20.8%)
Current account balance (annual) · -814,978,428.72 -458,958,556 (-128.9%)
Foreign direct investment to GDP · 3.5% -2.70 (-43.3%)
Remittances received to GDP · 2.4% -0.25 (-9.4%)
Total reserves, including gold · 5,803,955,793.72 +552,019,580 (+10.5%)
Reserves in months of imports · 4.6 -0.01 (-0.2%)
External debt to GNI · 81.2% -2.53 (-3.0%)

Government

Government — North Macedonia
Indicator Value Change
Government revenue to GDP · 30.9% +1.56 (+5.3%)
Government expense to GDP · 33.4% +1.18 (+3.7%)
Tax revenue to GDP · 18.8% +1.00 (+5.6%)
Government budget balance to GDP · -4.3% +0.24 (+5.2%)
Government consumption to GDP · 16.4% +0.84 (+5.4%)
Education spending to GDP · 3.3% -1.00 (-23.3%)
Health spending to GDP · 7.4% +0.01 (+0.1%)

Demography

Demography — North Macedonia
Indicator Value Change
Population · 1,820,909 -3,450 (-0.2%)
Population, long-run history · 2,048 -9.52 (-0.5%)
Population growth · -0.2% +0.00 (+0.0%)
Life expectancy · 76.6 +1.30 (+1.7%)
Fertility rate · 1.40 -0.10 (-6.7%)
Birth rate · 8.8 -0.40 (-4.3%)
Death rate · 11.1 +0.10 (+0.9%)
Urban population share · 62.9% +0.33 (+0.5%)
Population aged 65 and over · 18.5% +0.50 (+2.8%)
Under-five mortality rate · 2.8 -0.60 (-17.6%)
Population density · 72.3 -0.14 (-0.2%)
Net migration · -5,645 +83.00 (+1.4%)
Gini index · 33.5 +0.50 (+1.5%)

Source: Bank for International Settlements (BIS). Translated titles are not official BIS translations.

Source: Bolt, J. and van Zanden, J.L. (2024), Maddison style estimates of the evolution of the world economy: A new 2023 update, Journal of Economic Surveys, 1-41, DOI 10.1111/joes.12618. Licensed under CC BY 4.0. The original sources are listed on each page.

All data sources

Original sources of these estimates

GDP pc: 2008 - 2022: Total Economy Database the Conference Board for all countries included in TED. Otherwise UN national accounts statistics

North Macedonia

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