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Indicators of economy in North Macedonia

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,183 USD per capita. GDP in North Macedonia, on the other hand, reached USD 6,695 per capita, or 13.83 billion USD for the whole country. North Macedonia is one of the smaller economies and is currently ranked 136. If this is calculated per inhabitant, taking purchasing power parity into account, then North Macedonia ranks 79th in the list of the richest countries.

Inflation in North Macedonia in 2022 was around 14.20%. Within the EU, the average in the same year was 9.22 percent. In the United States, it was most recently 8.00%.

The index for perceived corruption in the public sector is 40, which is below average by global standards.


Back to overview: North Macedonia

Impact of the COVID-19 pandemic

Overall, the gross domestic product in North Macedonia in 2020 decreased moderatly from 12.61 billion US dollars to 12.36 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 1.9 percent is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 37 percent. Fortunately, the unemployment rate actually fell from 17.4 to 16.5 percent. The consumer inflation rate has risen from 0.8 percent previously to 1.2 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 13.83 billion US dollars (=109.7% of 2019).

Income and purchasing power

The average monthly income in North Macedonia is 516 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 61.6 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in North Macedonia than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 77.3 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

 North Macedonia
Total		North Macedonia
per capita		EU
Total		EU
per capita
GDP13.83 bn USD6,694.64 USD17.177 tn USD33,384.92 USD
Gross national product12.78 bn USD6,187.83 USD16.895 tn USD32,835.37 USD


In the Global Innovation Index, North Macedonia ranked 66th in 2022 with 28.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points.

Development of gross domestic product in billions of USD 1990 - 2021


› Debt budget development
› Development of inflation
› Corruption in North Macedonia
› Cost of living in a global comparison


Imports and Exports 2022

 North Macedonia
Total		North Macedonia
per capita		EU
Total		EU
per capita
Imports11.35 bn USD5,495.21 USD8.916 tn USD17,329.02 USD
Exports9.15 bn USD4,430.91 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1996 - 2022

Exports
Imports



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