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North Macedonia
North Macedonia
HistorySaid - pattern
North Macedonia matched the Export Boom Cycle pattern in 2023. 6 pattern matches detected historically. View →
Economy & Growth
GDP $18.8B
GDP per Capita $10,378
GDP Growth 3.40%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Value Added | 6.23% | 6.08% | 5.30% | 5.30% Trend | 4.71% Trend | 4.12% Trend | - | - | - |
| GDP | $15.9B | $17.0B | $18.8B | $18.8B IMF WEO Oct 2025 | $20.8B IMF WEO Oct 2025 | $22.0B IMF WEO Oct 2025 | $23.1B IMF WEO Oct 2025 | $24.3B IMF WEO Oct 2025 | $25.5B IMF WEO Oct 2025 |
| GDP Deflator | 7.88% | 3.67% | 7.68% | 7.68% Trend | 8.49% Trend | 9.31% Trend | - | - | - |
| GDP Growth | 2.55% | 2.99% | 3.40% | 3.40% IMF WEO Oct 2025 | 3.20% IMF WEO Oct 2025 | 3.20% IMF WEO Oct 2025 | 3.10% IMF WEO Oct 2025 | 3.10% IMF WEO Oct 2025 | 3.00% IMF WEO Oct 2025 |
| GDP PPP | $46.3B | $49.2B | $53.4B | $53.4B IMF WEO Oct 2025 | $56.1B IMF WEO Oct 2025 | $58.9B IMF WEO Oct 2025 | $61.7B IMF WEO Oct 2025 | $64.7B IMF WEO Oct 2025 | $67.9B IMF WEO Oct 2025 |
| GDP per Capita | $8,674 | $9,292 | $10,378 | $10,378 IMF WEO Oct 2025 | $11,527 IMF WEO Oct 2025 | $12,269 IMF WEO Oct 2025 | $12,954 IMF WEO Oct 2025 | $13,715 IMF WEO Oct 2025 | $14,510 IMF WEO Oct 2025 |
| GDP per Capita PPP | $25,354 | $26,995 | $29,510 | $29,510 IMF WEO Oct 2025 | $31,169 IMF WEO Oct 2025 | $32,882 IMF WEO Oct 2025 | $34,647 IMF WEO Oct 2025 | $36,561 IMF WEO Oct 2025 | $38,604 IMF WEO Oct 2025 |
| GNI | $15.1B | $16.1B | $17.0B | $17.0B Trend | $18.0B Trend | $19.0B Trend | - | - | - |
| GNI per Capita | $7,940 | $8,300 | $8,835 | $8,835 Trend | $9,292 Trend | $9,749 Trend | - | - | - |
| Gross Savings | 29.96% | 28.45% | 26.42% | 26.42% IMF WEO Oct 2025 | 27.73% IMF WEO Oct 2025 | 28.94% IMF WEO Oct 2025 | 29.73% IMF WEO Oct 2025 | 30.41% IMF WEO Oct 2025 | 34.08% IMF WEO Oct 2025 |
| Industry Value Added | 24.01% | 24.07% | 24.51% | 24.51% Trend | 24.92% Trend | 25.33% Trend | - | - | - |
| Services Value Added | 56.92% | 56.25% | 56.45% | 56.45% Trend | 56.41% Trend | 56.38% Trend | - | - | - |
Italic values are IMF World Economic Outlook projections.
Prices & Inflation
Inflation Rate 3.90%
Consumer Price Index 165.78
PPP Conversion Factor 20.06
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Consumer Price Index | 147.96 | 153.12 | 165.78 | 165.78 Trend | 176.41 Trend | 187.03 Trend | - | - | - |
| Inflation Rate | 9.36% | 3.49% | 3.90% | 3.90% IMF WEO Oct 2025 | 3.00% IMF WEO Oct 2025 | 2.20% IMF WEO Oct 2025 | 2.00% IMF WEO Oct 2025 | 2.00% IMF WEO Oct 2025 | 2.00% IMF WEO Oct 2025 |
| PPP Conversion Factor | 19.48 | 19.58 | 20.06 | 20.06 Trend | 20.52 Trend | 20.98 Trend | - | - | - |
Italic values are IMF World Economic Outlook projections.
Population
Population 1.8M
Population Growth 0.22%
Population Density 71.3
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| Birth Rate | 9.2 | - | 9.6 | 9.6 Trend | 9.6 Trend | - | - |
| Death Rate | 11.0 | - | 13.1 | 13.1 Trend | 13.4 Trend | - | - |
| Dependency Ratio | 52.83 | 53.49 | 54.28 | 54.28 Trend | 55.02 Trend | 55.76 Trend | - |
| Fertility Rate | 1.50 | - | 1.71 | 1.71 Trend | 1.78 Trend | - | - |
| Life Expectancy | 75.3 | - | 73.8 | 73.8 Trend | 73.5 Trend | - | - |
| Net Migration | -5,597 | -5,728 | -5,645 | - | -5,777 Trend | -5,852 Trend | -5,928 Trend |
| Population | 1.8M | 1.8M | 1.8M | 1.8M Trend | 1.8M Trend | 1.8M Trend | - |
| Population Density | 72.5 | - | 71.3 | 71.3 Trend | 70.8 Trend | - | - |
| Population Growth | -0.21% | -0.19% | 0.22% | 0.22% Trend | 0.48% Trend | 0.74% Trend | - |
| Refugee Population | - | - | - | - | - | - | - |
| Urban Population | 62.25% | 62.56% | 62.94% | 62.94% Trend | 63.27% Trend | 63.61% Trend | - |
Italic values are IMF World Economic Outlook projections.
Employment
Unemployment Rate 12.26%
Youth Unemployment 28.75%
Labor Force Participation 51.94%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Employment | 7.77% | 8.76% | 8.50% | - | 7.36% Trend | 6.77% Trend | 6.18% Trend | - | - |
| Female Labor Participation | 42.16% | 42.88% | 42.74% | - | 43.47% Trend | 43.90% Trend | 44.33% Trend | - | - |
| Industry Employment | 31.04% | 30.66% | 30.63% | - | 30.65% Trend | 30.63% Trend | 30.60% Trend | - | - |
| Labor Force Participation | 51.75% | 52.20% | 51.94% | - | 52.06% Trend | 52.05% Trend | 52.04% Trend | - | - |
| Services Employment | 61.19% | 60.58% | 60.87% | - | 61.99% Trend | 62.61% Trend | 63.22% Trend | - | - |
| Unemployment Rate | 13.17% | 12.27% | 12.26% | 12.84% IMF WEO Oct 2025 | 12.70% IMF WEO Oct 2025 | 12.50% IMF WEO Oct 2025 | 12.40% IMF WEO Oct 2025 | 12.20% IMF WEO Oct 2025 | 12.10% IMF WEO Oct 2025 |
| Youth Unemployment | 29.69% | 28.66% | 28.75% | - | 25.57% Trend | 23.70% Trend | 21.84% Trend | - | - |
Italic values are IMF World Economic Outlook projections.
Government
Tax Revenue 18.37%
Government Spending 34.57%
Military Spending 2.20%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Budget Deficit | -4.61% | -4.45% | -5.04% | -5.04% IMF WEO Oct 2025 | -4.47% IMF WEO Oct 2025 | -3.97% IMF WEO Oct 2025 | -3.53% IMF WEO Oct 2025 | -3.03% IMF WEO Oct 2025 | -2.53% IMF WEO Oct 2025 |
| Government Debt to GDP | 50.83% | 54.83% | 52.86% | 52.86% IMF WEO Oct 2025 | 53.90% IMF WEO Oct 2025 | 54.75% IMF WEO Oct 2025 | 55.58% IMF WEO Oct 2025 | 55.78% IMF WEO Oct 2025 | 55.54% IMF WEO Oct 2025 |
| Government Revenue | 30.87% | 32.28% | 33.90% | 33.90% IMF WEO Oct 2025 | 33.80% IMF WEO Oct 2025 | 34.00% IMF WEO Oct 2025 | 34.20% IMF WEO Oct 2025 | 34.40% IMF WEO Oct 2025 | 34.60% IMF WEO Oct 2025 |
| Government Spending | 33.38% | - | 34.57% | 34.57% Trend | 35.03% Trend | - | - | - | - |
| Health Spending | 7.43% | - | 7.78% | 7.78% Trend | 7.82% Trend | - | - | - | - |
| Military Spending | 1.69% | 2.10% | 2.20% | 2.20% Trend | 2.40% Trend | 2.60% Trend | - | - | - |
| Tax Revenue | 17.76% | - | 18.37% | 18.37% Trend | 18.66% Trend | - | - | - | - |
Italic values are IMF World Economic Outlook projections.
Debt
External Debt $13.7B
External Debt to GNI 81.87%
Short-term Debt 27.09%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Debt Service | 17.00% | 14.42% | 13.91% | 13.91% Trend | 13.56% Trend | 13.21% Trend |
| Domestic Credit | 70.71% | 73.72% | 72.94% | 72.94% Trend | 73.16% Trend | 73.37% Trend |
| External Debt | $12.5B | $12.8B | $13.7B | $13.7B Trend | $14.4B Trend | $15.1B Trend |
| External Debt to GNI | 83.68% | 81.15% | 81.87% | 81.87% Trend | 81.23% Trend | 80.59% Trend |
| Interest Payments to Revenue | 4.75% | - | 4.59% | 4.59% Trend | 4.68% Trend | - |
| Short-term Debt | 25.08% | 24.77% | 27.09% | 27.09% Trend | 28.13% Trend | 29.16% Trend |
Italic values are IMF World Economic Outlook projections.
Money
Lending Rate 5.77%
Deposit Rate 2.34%
Real Interest Rate -1.79%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Credit to GDP | 52.04% | 53.93% | 52.17% | 52.17% Trend | 51.46% Trend | 50.75% Trend |
| Deposit Rate | 1.81% | 2.41% | 2.34% | 2.34% Trend | 2.59% Trend | 2.84% Trend |
| Lending Rate | 5.44% | 5.85% | 5.77% | 5.77% Trend | 5.95% Trend | 6.14% Trend |
| M2 Money Supply Growth | 5.89% | 10.20% | 8.09% | 8.09% Trend | 8.25% Trend | 8.40% Trend |
| Non-Performing Loans | 2.67% | - | 1.54% | 1.54% Trend | 1.10% Trend | - |
| Real Interest Rate | -2.26% | 2.10% | -1.79% | -1.79% Trend | -2.41% Trend | -3.02% Trend |
Italic values are IMF World Economic Outlook projections.
Currency
Exchange Rate 58.82
Real Effective Exchange Rate 114.45
Foreign Reserves $5.5B
▾
| Indicator | 2024 | 2025 | 2026 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|---|---|---|
| Exchange Rate | 56.87 | 58.82 | - | 58.82 Trend | 59.85 Trend | 60.88 Trend | - | - |
| Foreign Reserves | $5.3B | $5.5B | - | $5.5B Trend | $5.8B Trend | $6.1B Trend | - | - |
| Real Effective Exchange Rate | 110.90 | 112.61 | 114.45 | - | - | 117.25 Trend | 119.53 Trend | 121.81 Trend |
| Reserves in Months of Imports | 4.6 | 4.1 | - | 4.1 Trend | 3.9 Trend | 3.8 Trend | - | - |
Italic values are IMF World Economic Outlook projections.
Trade
Exports $11.9B
Imports $14.5B
Trade Balance $-2.5B
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Current Account Balance | 0.32% | -2.10% | -3.56% | -3.56% IMF WEO Oct 2025 | -3.08% IMF WEO Oct 2025 | -2.69% IMF WEO Oct 2025 | -2.66% IMF WEO Oct 2025 | -2.64% IMF WEO Oct 2025 | -2.54% IMF WEO Oct 2025 |
| Exports | $10.7B | $10.5B | $11.9B | $11.9B Trend | $12.7B Trend | $13.5B Trend | - | - | - |
| FDI Inflows | 4.05% | 6.23% | 7.71% | 7.71% Trend | 8.86% Trend | 10.00% Trend | - | - | - |
| FDI Outflows | 0.72% | -0.38% | 0.66% | 0.66% Trend | 0.75% Trend | 0.84% Trend | - | - | - |
| Imports | $12.7B | $12.6B | $14.5B | $14.5B Trend | $15.4B Trend | $16.3B Trend | - | - | - |
| Remittances Received | $462.5M | $458.2M | $452.1M | $452.1M Trend | $447.0M Trend | $441.9M Trend | - | - | - |
| Tourism Receipts | - | - | - | - | - | - | - | - | - |
| Trade Balance | $-2.1B | $-2.2B | $-2.5B | $-2.5B Trend | $-2.6B Trend | $-2.7B Trend | - | - | - |
| Trade Openness | 147.79% | 136.32% | 150.22% | 150.22% Trend | 151.94% Trend | 153.67% Trend | - | - | - |
Italic values are IMF World Economic Outlook projections.
Financial Markets
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Interest Rate Spread | 3.63% | 3.44% | 3.42% | 3.42% Trend | 3.36% Trend | 3.30% Trend |
| Listed Companies | - | - | - | - | - | - |
| Market Capitalization | - | - | - | - | - | - |
| Stock Turnover Ratio | - | - | - | - | - | - |
Italic values are IMF World Economic Outlook projections.
Political Stability
Political Stability 0.26
Government Effectiveness -0.06
Regulatory Quality 0.43
▾
| Indicator | 2022 | 2023 | 2025 | 2025 | 2026 |
|---|---|---|---|---|---|
| Control of Corruption | -0.32 | -0.35 | -0.25 | -0.25 Trend | -0.21 Trend |
| Government Effectiveness | -0.08 | -0.05 | -0.06 | -0.06 Trend | -0.05 Trend |
| Political Stability | 0.18 | 0.17 | 0.26 | 0.26 Trend | 0.30 Trend |
| Regulatory Quality | 0.45 | 0.43 | 0.43 | 0.43 Trend | 0.43 Trend |
| Rule of Law | -0.10 | -0.17 | -0.04 | -0.04 Trend | -0.01 Trend |
| Voice and Accountability | 0.16 | 0.16 | 0.29 | 0.29 Trend | 0.33 Trend |
Italic values are IMF World Economic Outlook projections.
Health
Health Expenditure per Capita $720
Infant Mortality Rate 1.1
Maternal Mortality Ratio 4.00
▾
| Indicator | 2022 | 2023 | 2025 | 2025 | 2026 |
|---|---|---|---|---|---|
| Health Expenditure per Capita | $562 | $639 | $720 | $720 Trend | $759 Trend |
| Hospital Beds | - | - | - | - | - |
| Infant Mortality Rate | 3.6 | 2.8 | 1.1 | 1.1 Trend | 0.3 Trend |
| Maternal Mortality Ratio | 3.00 | 3.00 | 4.00 | 4.00 Trend | 3.60 Trend |
| Physicians | 2.94 | - | 2.93 | 2.93 Trend | - |
Italic values are IMF World Economic Outlook projections.
Education
Literacy Rate 96.13%
Tertiary Enrollment 61.09%
Education Spending 3.30%
▾
| Indicator | 2022 | 2023 | 2025 | 2025 | 2026 |
|---|---|---|---|---|---|
| Education Spending | - | - | - | - | - |
| Literacy Rate | - | - | - | - | - |
| Primary Completion Rate | 93.41% | 95.76% | 97.37% | 97.37% Trend | 98.59% Trend |
| Primary Enrollment | 97.49% | 96.31% | 98.58% | 98.58% Trend | 99.52% Trend |
| Secondary Enrollment | 91.45% | 90.07% | 95.77% | 95.77% Trend | 98.18% Trend |
| Tertiary Enrollment | 53.16% | 55.01% | 61.09% | 61.09% Trend | 64.39% Trend |
| Youth Literacy Rate | - | - | - | - | - |
Italic values are IMF World Economic Outlook projections.
Energy
Renewable Energy 19.50%
▾
| Indicator | 2022 | 2023 | 2025 | 2025 | 2026 |
|---|---|---|---|---|---|
| CO2 Emissions | - | - | - | - | - |
| CO2 per Capita | - | - | - | - | - |
| Electricity Access | 100.00% | 100.00% | 100.00% | 100.00% Trend | 100.00% Trend |
| Energy Use per Capita | 1,476 | 1,450 | 1,447 | 1,447 Trend | 1,445 Trend |
| Forest Area | 39.71% | 39.71% | 39.71% | 39.71% Trend | 39.71% Trend |
| Renewable Energy | - | - | - | - | - |
Italic values are IMF World Economic Outlook projections.
Technology
Internet Users 89.43%
Mobile Subscriptions 111.96
R&D Spending 0.40%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| High-tech Exports | 5.23% | 6.36% | 6.43% | 6.43% Trend | 6.99% Trend | 7.54% Trend |
| Internet Users | 87.18% | - | 89.43% | 89.43% Trend | 90.95% Trend | - |
| Mobile Subscriptions | 104.84 | - | 111.96 | 111.96 Trend | 113.86 Trend | - |
| Patent Applications | - | - | - | - | - | - |
| R&D Spending | 0.40% | - | 0.40% | 0.40% Trend | 0.41% Trend | - |
Italic values are IMF World Economic Outlook projections.
Inequality
Gini Index 33.5
Poverty Rate 3.90%
Income Share Top 10% 22.90%
▾
| Indicator | 2017 | 2018 | 2019 |
|---|---|---|---|
| Gini Index | 34.2 | 33.0 | 33.5 |
| Income Share Bottom 10% | 1.70% | 2.00% | 1.90% |
| Income Share Top 10% | 23.70% | 22.90% | 22.90% |
| Poverty Rate | 5.60% | 4.30% | 3.90% |
Italic values are IMF World Economic Outlook projections.
Data & analysis
Real GDP growth (%)
| 2023 | 2.07 |
| 2024 | 2.76 |
| 2025 | 3.20 |
| 2026 | 3.20 |
| 2027 | 3.20 |
| 2028 | 3.10 |
| 2029 | 3.10 |
| 2030 | 3.00 |
CPI inflation (%)
| 2023 | 9.36 |
| 2024 | 3.50 |
| 2025 | 3.40 |
| 2026 | 2.20 |
| 2027 | 2.00 |
| 2028 | 2.00 |
| 2029 | 2.00 |
| 2030 | 2.00 |
Unemployment rate (%)
| 2023 | 13.05 |
| 2024 | 13.01 |
| 2025 | 12.84 |
| 2026 | 12.70 |
| 2027 | 12.50 |
| 2028 | 12.40 |
| 2029 | 12.20 |
| 2030 | 12.10 |
Source: IMF World Economic Outlook via DBnomics
North Macedonia, an upper-middle-income economy in Europe and Central Asia, is currently navigating a period of stabilization following a sharp inflation spike. After consumer prices surged by 9.36 percent in 2023, the IMF projects inflation will moderate to 3.50 percent in 2024 and gradually converge to 2.00 percent by 2027. This disinflation occurs alongside a steady, if modest, recovery in real GDP growth, which is expected to rise from 2.07 percent in 2023 to 3.20 percent by 2025 and hold near that level through 2030. Unemployment, while high at 13.05 percent in 2023, is forecast to decline only slowly to 12.10 percent by 2030, indicating persistent labor market slack. Historically, North Macedonia achieved a #1 global ranking in Youth Literacy Rate in 1994, a strength in human capital that has not yet translated into rapid economic convergence. The macro story is one of post-inflation normalization rather than a strong boom or crisis. To shift this trajectory toward faster growth, deeper structural reforms to reduce the structurally high unemployment rate would be essential.