Economy of North Macedonia

Economy of North Macedonia
	Skopje, the financial centre of North Macedonia
Currency	Macedonian denar (den, MKD)
Fiscal year	calendar уеаr
Trade organisations	WTO, CEFTA, Open Balkan
Country group	Developing/Emerging; Upper-middle income economy;
Statistics
Population	1,821,016 (2025 vital statistics)
GDP	$20.75 billion (nominal; 2026); $56.11 billion (PPP; 2026);
GDP rank	134th (nominal; 2025); 132th (PPP; 2025);
GDP growth	3.4% (2025); 3.2% (2026); 3.2% (2027f); 3.1% (2028f);
GDP per capita	$11,530 (nominal; 2026); $31,170 (PPP; 2026);
GDP per capita rank	81st (nominal; 2025); 71st (PPP; 2025);
GDP by sector	agriculture: 6%; industry: 22.7%; services: 59.2%; (2024);
Inflation (CPI)	3.9% (2025)
Population below poverty line	21.8% (2020); 41.1% at risk of poverty or social exclusion (2018); 16.9% on less than $5.50/day (2020f);
Gini coefficient	29.8 low (2022)
Human Development Index	0.765 high (2022) (83rd); 0.679 medium IHDI (2022) 62nd;
Corruption Perceptions Index	41 out of 100 points (2023, 76th rank)
Labour force	796 930 (2025); 46.5 % employment rate (2025);
Labour force by occupation	agriculture: 16.6%; industry: 29.6%; services: 53.8%; (2016);
Unemployment	11.5% (2025); 27.2% youth unemployment (2023);
Average gross salary	MKD 69,141 / €1,122.02 / $1,311.86 monthly (Nov, 2025)
Average net salary	MKD 45,961 / €745.86 / $872.05 monthly (Nov, 2025)
Main industries	food processing, beverages, textiles, chemicals, iron, steel, cement, energy, pharmaceuticals, automotive parts
External
Exports	$9.254 billion (2024)
Export goods	foodstuffs, beverages, tobacco; textiles, miscellaneous manufactures, iron, steel; automotive parts
Main export partners	EU 74.73% Germany 36.3%; Bulgaria 5.43%; Czechia 4.49%; Greece 4.3%; Hungary 3.32%; ; Serbia 9.51%; Turkey 1.9%; South Africa 1.81%; Bosnia and Herzegovina 1.69%; United States 1.61% (2024);
Imports	$12.548 billion (2024)
Import goods	machinery and equipment, automobiles, chemicals, fuels, food products
Main import partners	EU 51.43% Germany 10.3%; Greece 8.79%; Bulgaria 5.66%; Italy 4.01%; Poland 3.57%; ; United Kingdom 10.6%; China 9.22%; Serbia 7.98%; Turkey 6.54%; United States 1.55% (2024);
FDI stock	$6.937 billion (31 December 2017 est.); Abroad: $1.169 billion (31 December 2017 est.);
Current account	−$151 million (2017 est.)
Gross external debt	$8.79 billion (31 December 2017 est.)
Public finances
Government debt	47.3% of GDP (2017)
Foreign reserves	$2.802 billion (31 December 2017 est.)
Budget balance	−2.7% (of GDP) (2017 est.)
Revenues	3.295 billion (2017 est.)
Expenses	3.605 billion (2017 est.)
Credit rating	Standard & Poor's:; BB-(Domestic); BB-(Foreign); BB(T&C Assessment); Outlook: Stable (2014); Fitch:; BB+; Outlook: Stable (2011)
	All values, unless otherwise stated, are in US dollars.

The economy of North Macedonia is a developing transition economy. Since its 1991 independence movement, the Macedonian economy liberalized, with highly accommodative foreign policy. Its economic growth was severely curbed during the 1990s after the United Nations heavily sanctioned Yugoslavia and Greece independently sanctioned North Macedonia. The economy stabilized through remittances and foreign aid, with positive growth until 2001. Successful privatization boosted regional integration during the 2000s. North Macedonia is self-sufficient in meeting basic food needs but is dependent on imports for nearly all energy and modern infrastructure.