North Macedonia External Debt to GNI
External debt stocks as % of GNI DT.DOD.DECT.GN.ZS
North Macedonia's external debt to gni was 81.87% in 2025, ranked 14th globally. This represents a 0.9% increase from 2024. Data from World Bank, covering 1993–2025.
Overview
North Macedonia's external debt to gni stood at 81.87% in 2025, a rise of +0.72pp from 2024. Based on recent trends, this figure is projected to reach 81.87% by 2025. North Macedonia ranked 14th globally.
North Macedonia’s external debt-to‑gross national income ratio has risen steadily since the early 1990s, moving from 38.08 % in 1993 to a peak of 87.29 % in 2022 before easing slightly to 81.87 % in 2025, placing the country 14th globally. The all‑time trough of 25.89 % in 1995 reflects a period of limited external borrowing, whereas the post‑2000 expansion of debt coincides with increased infrastructure financing and fiscal stimulus during the global financial crisis and the COVID‑19 pandemic. Compared with peers of similar rank, North Macedonia’s ratio is marginally lower than Zambia’s 87.07 % and higher than Djibouti’s 79.46 %, indicating a moderate but persistent reliance on external financing. The 33‑year coverage shows that debt accumulation has been a long‑term feature of the economy, and the modest decline from the 2022 peak suggests that tighter fiscal consolidation or stronger export growth could gradually reduce the debt burden in the coming years.
Data & projection
| Year | External Debt to GNI | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 80.59% | - | - |
| 2026* trend | 81.23% | - | - |
| 2025* trend | 81.87% | - | - |
| 2025 | 81.87% | +0.72pp | #14 |
| 2024 | 81.15% | −2.53pp | #96 |
| 2023 | 83.68% | −3.61pp | #98 |
| 2022 | 87.29% | +6.08pp | #101 |
| 2021 | 81.21% | −4.36pp | #93 |
| 2020 | 85.58% | +11.70pp | #93 |
| 2019 | 73.88% | +3.01pp | #94 |
| 2018 | 70.87% | −6.75pp | #94 |
| 2017 | 77.62% | +5.75pp | #95 |
| 2016 | 71.87% | +4.24pp | #92 |
| 2015 | 67.63% | +7.63pp | #91 |
| 2014 | 60.00% | −0.11pp | #88 |
| 2013 | 60.11% | −7.44pp | #88 |
| 2012 | 67.56% | +9.51pp | #96 |
| 2011 | 58.04% | +2.88pp | #92 |
Detected Pattern
Analysis
North Macedonia matched the Export Boom Cycle pattern in 2023. Historically, 71% of countries showing this pattern (546 out of 768) saw external debt to gni improve within 24 months. View full analysis →
Frequently Asked Questions
North Macedonia's external debt to gni was 81.87% in 2025. Ranked 14th globally. This represents a 0.9% increase from the previous year.
North Macedonia's external debt to gni peaked at 87.29% in 2022.
The lowest external debt to gni in North Macedonia was 25.89% in 1995.
North Macedonia ranks 14th globally in external debt to gni as of 2025.
The World Bank indicator code is DT.DOD.DECT.GN.ZS. Data sourced from World Bank.
North Macedonia's external debt to gni is projected to reach 81.87% by 2025 based on trend extrapolation.
The external debt to gni of North Macedonia in 2025 was 81.87%. This ranks 14th in the world.
Cite this page
@misc{historysaid_north-macedonia_external-debt-to-gni,
title = {North Macedonia External Debt to GNI},
url = {https://historysaid.com/north-macedonia/external-debt-to-gni/},
publisher = {HistorySaid},
year = {2026}
}