Economy of North Macedonia

Economy of North Macedonia
National Bank of North Macedonia
CurrencyMacedonian denar (den, MKD)
calendar уеаr
Trade organisations
WTO, CEFTA, Open Balkan
Country group
Statistics
PopulationDecrease 1,829,713 (2023 state statistics) [3]
GDP
GDP rank
GDP growth
  • +2.2% (2022)[4]
  • +1.0% (2023)[4]
  • +2.7% (2024)[4]
GDP per capita
  • Increase $8,847 (nominal, 2024 est.)[4]
  • Increase $25,586 (PPP, 2024 est.)[4]
GDP per capita rank
GDP by sector
4.0% (2024)[4]
Population below poverty line
  • Positive decrease 21.8% (2020)[6]
  • Positive decrease 41.1% at risk of poverty or social exclusion (2018)[7]
  • Steady 16.9% on less than $5.50/day (2020f)[8]
Positive decrease 33.5 medium (2019, Data World Bank)[9]
Increase 41 out of 100 points (2023, 76th rank)
Labour force
790,152 (2024)[11]
Labour force by occupation
Unemployment
  • Positive decrease 12.5% (Q2, 2024)[11]
  • Positive decrease 27.2% youth unemployment (2023)[12]
Average gross salary
MKD 61,569 / €1,000.00 / $1,117.20 monthly (July, 2024)[13]
MKD 40,961 / €665.14 / $743.26 monthly (July, 2024)[14]
Main industries
food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts
External
ExportsIncrease $8,996 billion (2023)[15]
Export goods
foodstuffs, beverages, tobacco; textiles, miscellaneous manufactures, iron, steel; automotive parts
Main export partners
ImportsIncrease $12,053 billion (2023)[15]
Import goods
machinery and equipment, automobiles, chemicals, fuels, food products
Main import partners
FDI stock
  • Increase $6.937 billion (31 December 2017 est.)[18]
  • Increase Abroad: $1.169 billion (31 December 2017 est.)[18]
Increase −$151 million (2017 est.)[18]
Negative increase $8.79 billion (31 December 2017 est.)[18]
Public finances
Positive decrease 47.3% of GDP (2017)[19]
−2.7% (of GDP) (2017 est.)[18]
Revenues3.295 billion (2017 est.)[18]
Expenses3.605 billion (2017 est.)[18]
Standard & Poor's:[20]
BB-(Domestic)
BB-(Foreign)
BB(T&C Assessment)
Outlook: Stable[21] (2014)
Fitch:[21]
BB+
Outlook: Stable (2011)
Increase $2.802 billion (31 December 2017 est.)[18]
All values, unless otherwise stated, are in US dollars.


The economy of North Macedonia has become more liberalized, with an improved business environment,[5] since its independence from Yugoslavia in 1991, which deprived the country of its key protected markets and the large transfer payments from Belgrade. Prior to independence, North Macedonia was Yugoslavia's poorest republic (only 5% of the total federal output of goods and services). An absence of infrastructure, United Nations sanctions on its largest market (the Federal Republic of Yugoslavia),[22] and a Greek economic embargo hindered economic growth until 1996.[23]

Worker remittances and foreign aid have softened the subsequent volatile recovery period. The country's GDP has increased each year except in 2001, rising by 5% in 2000. However, growth in 1999 was held down by the severe regional economic dislocations caused by the Kosovo War.

Successful privatization in 2000 boosted the country's reserves to over $700 million. Also, the leadership demonstrated a continuing commitment to economic reform, free trade, and regional integration. The economy can meet its basic food, coal and hydroelectric power needs but depends on outside sources for all of its petroleum and natural gas and most of its modern machinery and parts. Inflation jumped to 11% in 2000 largely due to higher oil prices,[citation needed] but the currency has calmed since the exchange rate was normalised when the EU Stabilisation and Association Agreement entered into force in 2004.

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e f g h "International Monetary Fund". IMF.org. International Monetary Fund.
  5. ^ a b c "Europe :: Macedonia". The World Factbook. Central Intelligence Agency. Retrieved 19 February 2018.
  6. ^ "Laeken poverty indicators in 2020 -final data". Republic of North Macedonia - State Statistical Office. 6 May 2022. Retrieved 11 October 2022.
  7. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 26 December 2019.
  8. ^ Europe Central Asia Economic Update, Spring 2020 : Fighting COVID-19. World Bank. 9 April 2020. pp. 63, 64. ISBN 9781464815645. Retrieved 9 April 2020 – via openknowledge.worldbank.org.
  9. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 26 December 2019.
  10. ^ a b "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme.
  11. ^ a b "Active Population in the Republic of North Macedonia, I quarter 2024".
  12. ^ {{https://data.worldbank.org/indicator/SL.UEM.1524.ZS?locations=MK=Unemployment, youth total (% of total labor force ages 15-24) (modeled ILO estimate) - North Macedonia | Data |url=https://data.worldbank.org/indicator/SL.UEM.1524.ZS?locations=MK |access-date=2022-10-11 |website=The World Bank (IBRD - IDA)}}
  13. ^ "Average monthly gross wage paid per employee, April 2023". 20 June 2023.
  14. ^ "Average monthly net wage paid per employee, April 2023". 20 June 2023.
  15. ^ a b "Клучни показатели од областа: Надворешна трговија" (in Macedonian).
  16. ^ "Export partners of Macedonia". The Observatory of Economic Complexity. Retrieved 7 April 2023.
  17. ^ "Import partners of Macedonia". The Observatory of Economic Complexity. Retrieved 7 April 2023.
  18. ^ a b c d e f g h "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 11 March 2019.
  19. ^ "Пад на државниот и јавниот долг во 2017 година, прв од 2009 година" [Decline of public and public debt in 2017, the first since 2009] (in Macedonian). Republic of Macedonia. Archived from the original on 12 April 2019. Retrieved 18 February 2018.
  20. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 29 March 2012. Retrieved 28 March 2014.
  21. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
  22. ^ "Doing Business in Macedonia, FYR 2013". World Bank. Archived from the original on 23 October 2012. Retrieved 21 October 2012.
  23. ^ "Macedonia's dispute with Greece ESI". European Stability Initiative.