North Macedonia

map North Macedonia
The country has not yet recovered from the pandemic shock, and now the energy crisis and the war in Ukraine are rubbing salt into its wounds. The economic prospects appear gloomy, with weak growth and elevated inflation. We are revising our GDP projection for 2022 downwards, to 2.5% (from 3.5%); meanwhile, we expect inflation to be higher, at around 8% (from 3.5%).
Main Economic Indicators201920202021202220232024
Population, 1000 persons207720731837...
GDP, real change in %3.9-
GDP per capita (EUR at PPP)119401117013420...
Gross industrial production, real change in %3.7-9.61.4...
Unemployment rate - LFS, in %, average17.316.415.715.214.814.5
Average gross monthly wages, EUR609658696...
Consumer prices, % p.a.
Fiscal balance in % of GDP-2.1-8.3-5.4-4.0-3.0-2.0
Public debt in % of GDP40.451.951.8...
Current account in % of GDP-3.3-3.4-3.5-6.8-6.7-6.8
FDI inflow, EUR m48828615...
Gross external debt in % of GDP72.480.381.4...

Basic data are continuously updated.

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


NORTH MACEDONIA: Too fragile for so many shocks

Branimir Jovanović
in: Overshadowed by War and Sanctions
wiiw Forecast Report No. Spring 2022, April 2022 , pp. 95-98
Details and Buy


Monthly Report No. 1/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Marcus How, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 1, January 2022
58 pages including 4 Tables and 21 Figures