North Macedonia GDP Trends from 1992 to 2024: A overall increase with some decline Flow

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%.

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.


North Macedonia GDP from 1992 to 2024

The total market value of goods and services produced annually in North Macedonia.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    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