Economy of Macedonia
Population: 2.08 M (2018)
GDP per Capita: 6,084 USD (2018)
12,670 M.

GDP USD

(2018)

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7,650 M.

EXPORTS USD

(2018)

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9,240 M.

IMPORTS USD

(2018)

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40.18 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 2.66 % (2018)
GDP of 2010 USD USD 11.20 B. (2018)
GDP Current USD USD 12.67 B. (2018)
GDP per Capita Current USD USD 6,084 (2018)
GDP per capita, PPP USD 13,483 (2018)
GDP per Capita, 2010 USD USD 5,394 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 15.24 % (2018)
Government Spending USD 1.93 B. (2018)
Government Debt % GDP 40.18 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 94.80 (2017)
Trade Openness 133.24 % (2018)
Exports of Goods and Services % GDP 60.34 % (2018)
Exports Goods & Services USD 7.65 B. (2018)
Exports Annual Growth 15.28 % (2018)
Imports as % GDP 72.90 % (2018)
Total Imports USD 9.24 B. (2018)
Foreign Direct Investment % GDP 5.12 % (2018)
Foreign Direct Investment USD 0.67 B. (2018)
Current Account Balance % GDP USD -0.20 % (2018)
Current Account Balance USD -0.03 B. (2018)
Trade Balance % GDP -12.55 % (2018)
Trade Balance USD -1.62 B. (2018)
Foreign Exchange Reserves incl Gold USD 3.28 B. (2018)
Remittances % GDP 2.72 % (2018)
Remittances USD 236 M. (2018)
Balance of Payments USD 9 M. (2018)

Labor Market

Indicator Value
Labor Force 0.96 M. (2019)
Unemployment Rate 21.58 % (2019)
Unemployment Rate Females 17.05 % (2019)
Unemployment Rate Males 18.22 % (2019)
Youth Unemployment (ages 15-24) 45.31 % (2019)
Labor Force Participation Rate 54.93 % (2019)
Labor Force (Percent Female) 39.26 % (2019)
Female Labor Force Participation Rate 42.70 % (2019)
Male Labor Force Participation Rate 67.30 % (2019)
Dependent People 43.24 % (2018)

Agriculture Sector

Indicator Value
Forest Area 39.60 % (2016)
Forest Area km² 9,980 km² (2016)
Agricultural Land 50.16 % (2016)
Agricultural Land km² 12,650 km² (2016)
Employment 15.98 % (2019)
Value added % GDP 7.24 % (2018)
Agriculture Value added USD 0.92 B. (2018)
Crop Production Index 124.40 (2016)
Precipitation 619 mm (2014)
Arable Land 17 % (2016)
Cereal Yield 3,859 kg/hectare (2016)
Food production index 125 (2016)
Rural Population 42 % (2018)
Fertilizer use of Arable Land 79 kg/hectare (2016)
Livestock Production Index 113 (2016)
Economy of Macedonia

According to the World Bank and its latest published data, the economy of the Macedonia presents a growth rate of 2.66 % (2018) to the previous year.

With a population that reaches 2.08 M (2018) and a gross domestic product of USD 12.67 B. (2018), it translates a Gross Domestic Product per Capita of USD 6,084 placing its inhabitants on the threshold of an Upper middle income country (according to the World Bank's updated classification).

Macedonia also has a workforce of 0.96 M. (2019) with an unemployment rate of 21.58 % (2019), where women represent 17.05 % (2019) and men 18.22 % (2019), the unemployment rate for young people between 15-24 years old stood at 45.31 % (2019). The total number of dependent people stands at 43.24 % (2018).

The central government spent 15.24 % (2018) of its gross domestic product that year, which in absolute terms is USD 1.93 B. (2018). Its consolidated public debt reached 40.18 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Macedonia exported USD 7.65 B. (2018), which represents 60.34 % (2018) of its gross domestic product, in that same sense its imports reached USD 9.24 B. (2018) with a direct foreign investment of USD 0.67 B. (2018).

Macedonia has a forest area of 9,980 km² (2016), which represents 39.60 % (2016) of its total area, an average rainfall of 619 mm (2014) per year and a population of 42 % (2018) living in rural areas. With a total area of 12,650 km² (2016) available for agriculture and 15.98 % (2019) of its employments, the agricultural sector contributes to the economy of the Macedonia about USD 0.92 B. (2018) (7.24 % (2018) of its GDP).