North Macedonia

After a large initial decline, North Macedonia’s economy improved in the second half of 2020, ending the year with a minus of 4.5%. The improvement came as a result of government fiscal support. 2021 will be a year when the damage created by the pandemic will be slowly repaired, with real GDP growing by 4.1%. The pre-crisis level of activity will be reached at the beginning of 2022, and then, when ground zero is reached after two lost years, old structural challenges will come to the fore.

map North Macedonia
Main Economic Indicators201820192020202120222023
Population, 1000 persons207620772075...
GDP, real change in %2.93.2-
GDP per capita (EUR at PPP)113401185011490...
Gross industrial production, real change in %5.43.7-9.6...
Unemployment rate - LFS, in %, average20.717.316.416.015.515.0
Average gross monthly wages, EUR579609658...
Consumer prices, % p.a.
Fiscal balance in % of GDP-1.1-2.2-8.2...
Public debt in % of GDP40.440.651.2...
Current account in % of GDP-0.1-3.3-3.5-3.3-3.7-3.7
FDI inflow, EUR m53948874...
Gross external debt in % of GDP73.072.783.4...

Basic data are continuously updated.

* Forecasts are changed beginning of April, July and November.
See Press Conferences.



Branimir Jovanovic
in: Darkest before the dawn?
wiiw Forecast Report No. Spring 2021, April 2021 , pp. 102-105
Details and Buy


Monthly Report No. 5/2020

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Hermine Vidovic
wiiw Monthly Report No. 5, May 2020
96 pages including 27 Tables and 39 Figures