North Macedonia Real Interest Rate
Real interest rate FR.INR.RINR
North Macedonia's real interest rate was -1.79% in 2025, ranked 75th globally. This represents a 185.2% decrease from 2024. Data from World Bank, covering 2005–2025.
Overview
North Macedonia's real interest rate stood at -1.79% in 2025, a decline of +3.89pp from 2024. Based on recent trends, this figure is projected to reach -1.79% by 2025. North Macedonia ranked 75th globally.
North Macedonia’s real interest rate has fallen sharply from a high of 10.84 % in 2009 to a trough of –3.89 % in 2022, before easing to –1.79 % in 2025, placing the country 75th globally. The 21‑year series shows a pronounced downward swing that mirrors the post‑global‑financial‑crisis tightening and subsequent accommodative monetary policies across emerging markets. Compared with peers of similar rank, Antigua and Barbuda recorded –1.76 % and Samoa –2.06 % in the same year, indicating that North Macedonia’s negative real rate is broadly consistent with the lower‑end of the global distribution. The persistent negative stance reflects subdued inflation expectations and the need to stimulate credit growth, yet it also raises concerns about real returns on savings and potential capital outflows. Should inflation pressures intensify or fiscal consolidation tighten, the real rate could begin to rise, altering the current trajectory toward higher borrowing costs.
Data & projection
| Year | Real Interest Rate | YoY change | Rank |
|---|---|---|---|
| 2027* trend | -3.02% | - | - |
| 2026* trend | -2.41% | - | - |
| 2025* trend | -1.79% | - | - |
| 2025 | -1.79% | −3.89pp | #75 |
| 2024 | 2.10% | +4.36pp | #21 |
| 2023 | -2.26% | +1.63pp | #15 |
| 2022 | -3.89% | −4.44pp | #23 |
| 2021 | 0.55% | −3.22pp | #43 |
| 2020 | 3.77% | −0.93pp | #35 |
| 2019 | 4.70% | +2.60pp | #36 |
| 2018 | 2.10% | −1.60pp | #32 |
| 2017 | 3.70% | +0.26pp | #58 |
| 2016 | 3.43% | −1.91pp | #38 |
| 2015 | 5.35% | −0.88pp | #57 |
| 2014 | 6.23% | +2.40pp | #63 |
| 2013 | 3.83% | −4.15pp | #41 |
| 2012 | 7.99% | +2.32pp | #95 |
| 2011 | 5.67% | −2.81pp | #87 |
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 real interest rate improve within 24 months. View full analysis →
Frequently Asked Questions
North Macedonia's real interest rate was -1.79% in 2025. Ranked 75th globally. This represents a 185.2% decrease from the previous year.
North Macedonia's real interest rate peaked at 10.84% in 2009.
The lowest real interest rate in North Macedonia was -3.89% in 2022.
North Macedonia ranks 75th globally in real interest rate as of 2025.
The World Bank indicator code is FR.INR.RINR. Data sourced from World Bank.
North Macedonia's real interest rate is projected to reach -1.79% by 2025 based on trend extrapolation.
The real interest rate of North Macedonia in 2025 was -1.79%. This ranks 75th in the world.
Cite this page
@misc{historysaid_north-macedonia_real-interest-rate,
title = {North Macedonia Real Interest Rate},
url = {https://historysaid.com/north-macedonia/real-interest-rate/},
publisher = {HistorySaid},
year = {2026}
}