Economy — North Macedonia
GDP, employment, industries, public finance, and currency.
Profile updated 2026-06-02
⚡ Economy at a glance
GDP, employment, industries, public finance, and currency. Key figure for North Macedonia: Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment. Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe. Corruption and weak rule of law remain signi…
Immigration rules and fees change frequently — confirm current requirements on official government or embassy websites.
Economic overview
- Economic Overview
Since its independence in 1991, Macedonia has made progress in liberalizing its economy and improving its business environment.
Its low tax rates and free economic zones have helped to attract foreign investment, which is still low relative to the rest of Europe.
Corruption and weak rule of law remain significant problems.
Some businesses complain of opaque regulations and unequal enforcement of the law.
Macedonia’s economy is closely linked to Europe as a customer for exports and source of investment, and has suffered as a result of prolonged weakness in the euro zone.
Unemployment has remained consistently high at about 23% but may be overstated based on the existence of an extensive gray market, estimated to be between 20% and 45% of GDP, which is not captured by official statistics.
Macedonia is working to build a country-wide natural gas pipeline and distribution network.
Currently, Macedonia receives its small natural gas supplies from Russia via Bulgaria.
In 2016, Macedonia signed a memorandum of understanding with Greece to build an interconnector that could connect to the Trans Adriatic Pipeline that will traverse the region once complete, or to an LNG import terminal in Greece.
Macedonia maintained macroeconomic stability through the global financial crisis by conducting prudent monetary policy, which keeps the domestic currency pegged to the euro, and inflation at a low level.
However, in the last two years, the internal political crisis has hampered economic performance, with GDP growth slowing in 2016 and 2017, and both domestic private and public investments declining.
Fiscal policies were lax, with unproductive public expenditures, including subsidies and pension increases, and rising guarantees for the debt of state owned enterprises, and fiscal targets were consistently missed.
In 2017, public debt stabilized at about 47% of GDP, still relatively low compared to its Western Balkan neighbors and the rest of Europe.
- Industries
coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco, food processing, buses, steel
- GDP - per capita (PPP)
$14,000.00 (USD)
- GDP - real growth rate
3.2%
GDP & growth
- GDP - Gross Domestic Product (PPP)
$33,020,000,000 (USD)
- GDP Per Capita
$14,000.00 (USD)
- GDP - real growth rate
3.2%
- GDP - official exchange rate
$10,090,000,000 (USD)
- GDP - composition, by end use
- household consumption: 69.1%
- government consumption: 16.6%
- investment in fixed capital: 24%&
- investment in inventories: 6.8%
- exports of goods and services: 52%
- imports of goods and services: -68.5%
- GDP - note
Macedonia has a large informal sector that may not be reflected in these data
- GDP by Sector- agriculture
10.2%
- GDP by Sector- Industry
24.9%
- GDP by Sector- services
64.9%
- Industrial Growth Rate
4%
Prices & money
- Inflation Rate
1.6%
- Currency Name and Code
Macedonian Denar (MKD)
- Fiscal Year
Calendar Year
- Commercial Bank Prime Lending Rate
6.4%
Employment & labor
- Labor Force
949,300
- Unemployment Rate
31.7%
- Major Industries
coal, metallic chromium, lead, zinc, ferronickel, textiles, wood products, tobacco, food processing, buses, steel
- Agriculture Products
wheat, grapes, rice, tobacco, corn, millet, cotton, sesame, mulberry leaves, citrus, vegetables; beef, pork, poultry, mutton
- Population Below Poverty Line
28.7%
- Child Labor - # of children ages 5-14
16,782
- Child Labor - % of children ages 5-14
6%
Public finance
- Annual Budget
$2,772,000,000 (USD)
- Public Debt (% of GDP)
37.4%
- Budget Surplus or Deficit - percent of GDP
-4.1%
- Taxes and other revenues - percent of GDP
30.6%