North Macedonia's GDP changed from approximately $2B 443M in 1992 to $15B 873M in 2024, showing an overall 549.7% sharply increased during the period.
The lowest GDP was recorded in 1992 at $2B 443M, and the highest in 2024 at $15B 873M.
Over the 32-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 6.0%.
For comparison, the average annual growth rate of Albania was 6.0%, and that of Serbia was 9.3%.
North Macedonia GDP from 1992 to 2024
The total market value of goods and services produced annually in North Macedonia.
Overview of North Macedonia's GDP (1992–2024)
The Gross Domestic Product (GDP) of North Macedonia recorded a 549.7% sharply increased from 1992 to 2024.
The average GDP during this period was $8B 256M, and the median was $9B 400M.
GDP fluctuated within a range of $13B 430M, with a standard deviation of $4B 31M.
The average annual change was $405M 524K.
Highest and Lowest GDP Records
- Lowest GDP: 1992, $2B 443M
- Highest GDP: 2024, $15B 873M
- Most Recent GDP: 2024, $15B 873M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and North Macedonia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $12B 609M → $12B 385M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $8B 337M → $9B 400M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $3B 774M → $3B 709M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $3B 928M → $3B 764M
- Outcome: declined
Key Economic Indicators of North Macedonia (1992–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1992 | $ 2B 443M | $ 1,263.86 | $ 5,987.64 | $ 11B 572M | 0 % | -0.379 % | 4.34 % | 0 % | 1M 933K people |
1993 | $ 2B 687M | $ 1,383.54 | $ 5,642.42 | $ 10B 957M | -7.5 % | -4.075 % | 2.05 % | 0 % | 1M 942K people |
1994 | $ 3B 561M | $ 1,824.42 | $ 5,630.39 | $ 10B 990M | -1.8 % | -8.57 % | 3.02 % | 0 % | 1M 952K people |
1995 | $ 4B 687M | $ 2,387.16 | $ 5,651.61 | $ 11B 97M | -1.1 % | -5.83 % | 14.49 % | 0 % | 1M 963K people |
1996 | $ 4B 642M | $ 2,348.11 | $ 5,783.99 | $ 11B 436M | 1.2 % | -7.14 % | 13.23 % | 0 % | 1M 977K people |
1997 | $ 3B 928M | $ 1,980.43 | $ 5,944.41 | $ 11B 790M | 1.351 % | -7.57 % | 12.94 % | 1.662 % | 1M 983K people |
1998 | $ 3B 764M | $ 1,888.76 | $ 6,184.57 | $ 12B 326M | 3.381 % | -8.253 % | 14.14 % | 0.174 % | 1M 993K people |
1999 | $ 3B 867M | $ 1,931.99 | $ 6,515.95 | $ 13B 43M | 4.348 % | -2.522 % | 16.20 % | 1.438 % | 2M 1K people |
2000 | $ 3B 774M | $ 1,878.24 | $ 6,939.17 | $ 13B 944M | 4.539 % | -1.791 % | 19.37 % | 4.048 % | 2M 9K people |
2001 | $ 3B 709M | $ 1,839.62 | $ 6,855.26 | $ 13B 821M | -3.067 % | -6.694 % | 10.99 % | -4.155 % | 2M 16K people |
2002 | $ 3B 991M | $ 1,974.06 | $ 7,046.24 | $ 14B 245M | 1.494 % | -8.927 % | 10.61 % | -3.858 % | 2M 21K people |
2003 | $ 4B 946M | $ 2,440.81 | $ 7,327.92 | $ 14B 850M | 2.223 % | -3.881 % | 14.06 % | 0.947 % | 2M 25K people |
2004 | $ 5B 684M | $ 2,796.62 | $ 7,852.99 | $ 15B 962M | 4.674 % | -7.914 % | 13.14 % | 1.234 % | 2M 33K people |
2005 | $ 6B 257M | $ 3,071.90 | $ 8,463.91 | $ 17B 240M | 4.724 % | -2.436 % | 17.41 % | 1.06 % | 2M 37K people |
2006 | $ 6B 860M | $ 3,362.43 | $ 9,157.97 | $ 18B 684M | 5.137 % | -0.428 % | 20.98 % | 0.429 % | 2M 40K people |
2007 | $ 8B 337M | $ 4,079.52 | $ 9,998.66 | $ 20B 433M | 6.473 % | -6.925 % | 16.80 % | 1.359 % | 2M 44K people |
2008 | $ 9B 912M | $ 4,842.22 | $ 10,731.40 | $ 21B 966M | 5.472 % | -12.792 % | 15.20 % | -0.296 % | 2M 47K people |
2009 | $ 9B 400M | $ 4,583.67 | $ 10,739.07 | $ 22B 22M | -0.359 % | -6.776 % | 18.99 % | -2.038 % | 2M 51K people |
2010 | $ 9B 415M | $ 4,581.31 | $ 11,211.02 | $ 23B 39M | 3.359 % | -2.029 % | 22.44 % | -1.685 % | 2M 55K people |
2011 | $ 10B 499M | $ 5,100.37 | $ 11,689.92 | $ 24B 64M | 2.34 % | -2.509 % | 24.41 % | -1.726 % | 2M 59K people |